HomeMy WebLinkAboutordinance.council.063-85 ORDINANCE NO. 63 (Series of 1985)
AN ORDINANCE AUTHORIZING THE BORROWING OF THE SUM OF $280,000 IN
THE 1986 FISCAL YEAR IN ANTICIPATION OF THE COLLECTION OF TAXES
OR OTHER REVENUES FOR THE PURPOSE OF FINANCING THE ACQUISITION OF
OPEN SPACE AND AUTHORIZING THE ISSUANCE OF A SHORT-TERM NOTE TO
EVIDENCE THE AMOUNT SO BORROWED;
WHEREAS, pursuant to Ordinance No. 17 (Series of 1985) the
City Council consummated an agreement to purchase open space; and
WHEREAS, pursuant to Section 10.2 of the City Charter, the
City, upon affirmative vot~ of a majority of the entire Council,
may borrow money without an election in anticipation of the
colleciton of taxes or other revenues and to issue short-term
notes to evidence the amount so borrowed; and
WHEREAS, the City Council desires to refinance the aforesaid
transaction by borrowing the sum of $280,000 during the 1986
fiscal year from First National Bank of Aspen and to issue a
short-term note to evidence the amount so borrowed, such loan to
originate no earlier than January 2, 1986, and to mature before
the end of the 1986 fiscal year.
NOW, THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF ASPEN, COLORADO:
Section 1
That the City Council does hereby authorize the borrowing of
the sum of $280,000 in fiscal year 1986 and the issuance of
short-term notes to evidence the amount so borrowed in antici-
pation 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 short-term note shall mature before the close of the
1986 fiscal year.
Section 2
If any section, subsection, sentence, clause, phrase or
portion of this ordinance is for any reason held invalid or
unconstitutional 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
day of ~ , 1985, at the Aspen Community Center,
0100 Lone Pine Road~ Aspen, Colorado.
INTRODUCED, READ AND ORDERED published as provided by law of
the City Council of the City of Aspen on the ~ day of
~ , 198§.
%
:- "('~ William L. Stifling, Mayor
~T~ES.T:
Kathryn S~ Koch, City Clerk
FINALLY adopted, passed and approved this day of
_.~ , 1985.
-. . : }: William L. Stirling, Mayor
ATTEST: :
Kathryn 8~Koch, City Clerk
EXHIBIT "A"
Lender: First National Bank of Aspen
Amount Borrowed: $280,000.00
Maturity Date: December 31, 1986
Interest Rate: 4.15% below published First National Bank, Aspen's
base rate.
Interest Hate Calculation: Adjusted daily; no compounding; 365
day year.
First National Base Hate: Published rate set at approximately
5.0% over First National Bank,
Aspen's money fund rate yield.
Interest Payment: Monthly
Collateral: Unsecured
Prepayment Penalty: None
RECORD OF PROCEEDINGS 100 Leaves
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 Aspen Times, a weekly newspaper of
general circulation published in the City of Aspen,Colorado, in
its issue of ~/~%J ~ 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 __/_Z__~___ day of
,~J 1985.
Kathryn S~Koch, City Clerk
Deputy City Clerk