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Home My WebLink Aboutordinance.council.031-85 O INANCE NO. 3/ (Series of 1985-~--- AI~ ORDINANCE PROVIDING FOR THE AMENDMENT OF ORDINANCE NO. 72 (SERIES OF 1982) TO PERMIT THE SUBSTITUTION OF REVENUES TO BE DERIVED BY THE CITY FROM A PORTION OF THE COUNTYWIDE SALES TAX FOR THE CITY'S SEVENTH PENNY SALES TAX AS SECURITY FOR THE CITY'S SALES TAX REFUNDING REVENUE BONDS, SERIES DECEMBER 1, 1982; PROVIDING CERTAIN ANCILLARY MISCELLANEOUS AMENDMENTS THERETO IN CONNECTION THEREWITH; AND PROVIDING THE EFFECTIVE DATE HEREOF. WHEREAS, the City of Aspen (the "City"), in the County of Pitkin (the "County") and State of Colorado, has by Ordinance No. 72 (Series of 1982) (the "Bond Ordinance") authorized the issuance of $1,105,000 of its "City of Aspen, Colorado, Sales Tax Refunding Revenue Bonds, Series December 1, 1982" (the "Bonds"), which are payable and collectable, both as to principal and interest, from the Pledged Revenues as defined in the Bond Ordinance; and WHEREAS, the term "Pledged Revenues" in the Bond Ordinance means: 1) All receipts and revenues derived from time to time by the City from the 1972 Sales Tax pursuant to the 1972 Sales Tax Ordinance, after due provision for any food tax refunds required by the 1972 Sales Tax Ordinance, the 1970 Sales Tax Ordinance, or otherwise; and 2) Ail receipts and revenues derived from time to time by the City from any legally available tax or taxes which replace or supercede the 1972 Sales Tax; and WHEREAS, the term "1972 Sales Tax" in the Bond Ordinance means "the additional one percent sales tax levied by the City pursuant to the 1972 Sales Tax Ordinance"; and WHEREAS, the term "1972 Sales Tax Ordinance" in the Bond Ordinance means "Ordinance No. 15-A (Series of 1972), adopted by the governing body of the City on August 28, 1972, and approved by the qualified electors of the City on November 7, 1972; and WHEREAS, the City desires to rescind the 1972 Sales Tax by repealing the 1972 Sales Tax Ordinance in order to allow the County to implement an additional one percent countywide sales tax (the "1983 Countywide Sales Tax") which was approved by the Board of County Commissioners pursuant to Resolution No. 29 (Series of 1983) (the "County Sales Tax Resolution); and WHEREAS, it is the desire of the City to amend the Bond Ordinance in order to release the lien thereof on the 1972 Sales Tax as security for the Bonds, and to substitute therfor a pledge of that portion of the revenues which are received by the City from the 1983 Countywide Sales Tax pursuant to the County Sales Tax Resolution; and WHEREAS, Section 33 of the Bond Ordinance requires the consent of all the holders of the Bonds in order to effectuate the amendments to the Bond Ordinance provided herein; and WHEREAS, this Ordinance shall not be effective until consented hereto by 100% of the Bondholders and as otherwise provided herein; NOW, THERFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO THAT: Section 1. In order to effectuate the rescission of the 1972 Sales Tax and the repeal of the 1972 Sales Tax Ordinance, and so as to permit the City to remain in compliance with the Bond Ordinance, the Bond Ordinance is hereby amended as provided in Sections 2 through 7 hereof, such amendments to be effective only upon the consent thereto by all of the holders of the Bonds and as otherwise provided in Section 11 hereof. Section 2. Section lB of the Bond Ordinance is hereby amended in its entirety to read as follows: B. "county Sales Tax" means the one percent countywide sales tax which was approved by the Board of County Commissioners of Pitkin County, Colorado pursuant to the County Sales Tax Resolutions. (2) All receipts and revenues derived from time to time by the City from any legally available tax or taxes which may replace or supercede the source of revenue described in (1) above. Section 3. Section lC of the Bond Ordinance is hereby amended in its entirety to read as follows: C. "County Sales Tax Resolutions" means Resolution No. 29 (Series of 1983) adopted by the Board of County Commissioners of Pitkin County, Colorado. -2- Section 4- Section iN of the Bond Ordinance is hereby amended in its entirety to read as follows: N. "P19d~ed Revenues" means (1) All receipts and revenues derived from time to time by the City from the distribution of the County Sales Tax pursuant to the County Sales Tax Resolution; and (2) All receipts and revenues derived from time to time by the City from any legally available tax or taxes which may replace or supercede the source of revenue described in (1) above. Section 5. Sections 19C, 19D, 19F and 25D of the Bond Ordinance are hereby amended in part by deleting all references therein to the 1970 Sales Tax Ordinance and the 1972 Sales Tax Ordinance. Section 6. Section 25C of the Bond Ordinance is hereby repealed, with the consent of the holders of all of the Bonds. Section 7. Section 25E of the Bond Ordinance is hereby amended in part by deleting all references therein to the 1972 Sales Tax Ordinance. Section 8. This Ordinance shall be and remain irrepealable until the Bonds and the interest thereon shall be fully paid, cancelled and discharged as provided in the Bond Ordinance, and this Ordinance shall be deemed a part of the Bond Ordinance and may be amended only in accordance with the provisions set forth in Section 33 of the Bond Ordinance. Section 9. A true copy of this Ordinance, as adopted by the governing body of the City, shall be numbered and recorded and its adoption and publication shall be authenticated by the signatures of the Mayor and the City Clerk, and by a certification of publication. Section 10. If any section, subsection, sentence, clause, phrase or portion of the Ordinance is for any reason held invalid or unconstitutional by any court of competent jurisdiction, such portion shall be deemed a separate, distinct and independent provision and such holdings shall not affect the validity of the remaining portions therof. Section 11. This Ordinance shall not be effective until the following conditions have been fully complied with: (a) The holders of all of the Bonds shall have consented to the amendment of the Bond Ordinance by this Ordinance in form satisfactory to the City Attorney. (b) The 1972 Sales Tax shall have been rescinded and the 1972 Sales Tax Ordinance repealed, and the Countywide Sales Tax shall be in full force and effect. Section 12. A publ~? hearing on this_.Ordinan~e shall be held ~n the ~ day of ~ 1985 at ~" p.m. in the City Council Chambers, Aspen Cit~Hall, Aspen, Colorado. INTRODUCED, READ AND ORDERED PUBLISHED at its regular meeting on ~2~/~ , 1985, as provided by law, by the City Council. Mayor At ~e~t :~ : city Cler~ ~FIN~LY ~PTED ~D ~PROVED at its regular meeting on~, 1985 by the City Council. A~est. ~ Ci~ cl~rk~' -4- RECORD OF PROCEEDINGS 100 Leaves STATE OF COLORADO CERTIFI~TE COUNTY OF PITKIN I, Kathryn S. Koch, City Clerk of Aspen, Colorado, do hereby certi~ that the above and foregoing ordinance was introducedr 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 Aspen Times, a ~eekly newspaper of general circulation published in the Ci~ of Aspen,Colorado, in its issue of 7~/~/ /~D 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 Ci~ as provided by law. IN WITNESS WHEREOF, I have hereunto set ~ hand and the seal of said City of Aspen, Colorado this _~ .... day of ~ 1985. K~City Clerk Deputy City Clerk