HomeMy WebLinkAboutordinance.council.023-85 RECORD OF PROCEEDINGS 100 Leaves
(Series of 1985)
AN ORDINANCE AUTHORIZING THE BORROWING OF THE SUM OF $280,000.00
TO FINANCE THE ACQUISITION OF OPEN SPACE AND THE ISSUANCE OF
SHORT-TERM NOTES IN ANTICIPATION OF THE COLLECTION OF TAXES OR
OTHER REVENUES
WHEREAS, pursuant to Ordinance No. 17 (Series of 1985) the
C~ty Council intends to consummate an agreement to purchase real
estate and to accept a gift of real estate between the City and
Frank J. Woods III, Thomas E. Rafael and Frederick Head with
regard to the real estate which is the subject of said agreement
which is located in Block 32 and 39, City and Townsite of Aspen;
and
WHEREAS, pursuant to Section 10.2 of the City Charter, the
City, upon the affirmative vote of a majority of the entire Coun-
cil, may borrow money without an election in anticipation of the
collection of taxes or other revenues and to issue short-term
notes to evidence the amount so borrowed; and
WHEREAS, in order to finance the aforesaid real estate trans-
action, the City Council desires to borrow the sum of $280,000.00
from First National Bank of Aspen and to issue a short-term note
to evidence the amount so borrowed.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF ASPEN:
Section 1
That the City Council does hereby authorize the borrowing of
the sum of $280,000.00 as described in Exhibit "A" attached hereto
and incorporated by this reference and the issuance of a short-
term note to evidence the amount so borrowed in anticipation of
the collection of taxes or other revenues, and the City Manager is
hereby empowered to execute such documents as may be necessary to
borrow the money aforesaid, provided however, that any such
RECORD OF PROCEEDINGS 100 Leaves
short-term note shall mature before the close of the fiscal year
in which the money is borrowed.
Section 2
If any section, subsection, sentence, clause, phrase or por-
tion of this ordinance is for any reason held invalid or unconsti-
tutional in a court of competent jurisdiction, such portion shall
be deemed a separate, distinct and independent provision and shall
not affect the validity of the remaining portions thereof.
Section 3
A public hearing on the ordinance shall be held on the /3~
day of ___~_~ ....... , 1985, in the City Council Cham-
bers, Aspen City Hall, Aspen, Colorado.
INTRODUCED, READ AND ORDERED published as provided by law of
the City Council of the City of Aspen on the ~ day of
, 1985.
William 5.
Y adopted, passed and approved this /~7-~ day of
.... , 1985.
ATTEST:
~--~, Cr~-~lerk
6G
2
RECORD OF PROCEEDINGS 100 Leaves
EXHIBIT A
Lender: First National Bank of Aspen
Amount Borrowed: $280,000.00
Maturity Date: December 31, 1985
Interest Rate: 4.45% below published FNB Aspen's base rate
Interest Rate Calculation: Adjusted daily; no compounding; 365
day year
FNB Base Rate: Published rate set at approximately 5.0% over FNB
Aspen's money fund rate yield
Interest Payment: Monthly
Collateral: Unsecured
Prepayment Penalty: None
STATE OF COLORADO CERTIFICATE
COUNTY OF PITKIN
I, Kathryn S. Koch, City Clerk of Aspen, Colorado, do hereby
certify that the above and foregoing ordinance was introduced,
read in full, and passed on first reading at a regular meeting of
the City Council of the City of Aspen on ~ ~-~ ,
1985, and published in the ~, a weekly newspaper of
general circulation published in the City of Aspen,Colorado, in
its issue of ~~ =~'-' 1985, and was finally
adopted and approved at a regular meeting of the City Council on
~/ /~ , 1985, and ordered published as
Ordinance No. .~.~ , Series of 1985, of said City as provided
by law.
IN WITNESS WHEREOF, I have hereunto set my hand and the seal
of said City of Aspen, Colorado this /~- day of
1985.
Kathryn S.~Koch, City Clerk
SEAL
Deputy City Clerk