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Home My WebLink Aboutresolution.council.037-07 Attachment A RESOLUTION NO. ~ RESOLUTION OF THE CITY OF ASPEN DECLARING ITS OFFICIAL INTENT TO REIMBURSE ITSELF WITH PROCEEDS OF FUTURE BORROWINGS FOR CERTAIN CAPITAL EXPENDITURES IN CONNECTION WITH THE ACQUISITION OF REAL PROPERTY FOR MUNICIPAL AND/OR AFFORDABLE HOUSING PURPOSES TO BE UNDERTAKEN BY THE CITY; IDENTIFYING SAID CAPITAL EXPENDITURES AND THE FUNDS TO BE USED FOR SUCH PAYMENT; AND PROVIDING CERTAIN OTHER MATTERS IN CONNECTION THEREWITH. WHEREAS, the City of Aspen (the "City") in the County of Pitkin and the State of Colorado (the "State") is a legally and regularly created, established, organized and existing municipal corporation under the provisions of Article XX of the Constitution of the State of Colorado and the home rule charter of the City; and WHEREAS, the City Council of the City (the "Council") is the governing body of the City; and WHEREAS, the City has determined that it is in the best interests of the City to make capital expenditures for the purpose of acquiring real property for municipal and/or affordable housing purposes; and WHEREAS, the City currently intends and reasonably expects to borrow money to finance such capital expenditures, including an amount not to exceed $30,000,000 for reimbursing the City for the portion of such capital expenditures incurred or to be incurred subsequent to the date which is 60 days prior to the date hereof but before such borrowing, within 18 months of the date of such capital expenditures or the placing in service or abandonment of each Project (as hereinafter defined), whichever is later (but in no event more than 3 years after the date of the original expenditure of such moneys); and WHEREAS, the Council hereby desires to declare its official intent, pursuant to 26 C.F.R. S 1.150-2, to reimburse the City for such capital expenditures with the proceeds of the City's future taxable or tax-exempt borrowing. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ASPEN THAT: Section I. Declaration of Official Intent. The City shall, presently intends and reasonably expects to finance the acquisition of real property for general municipal and/or affordable housing purposes (as more particularly described in the Schedule corresponding to such property to be attached hereto, each, a "Project") with moneys currently contained in its [General] Fund. Prior to or upon each acquisition of real property by the City for such purpose, the Council hereby authorizes and directs the City Director of Finance and Administration (the "Finance Director") to attach a schedule ("Schedule") to this Resolution, which Schedule shall 4824-5824-4097.2 identify the real property so acquired and state the amount expended by the City for such property. Upon attachment of each Schedule to this Resolution, such Schedule shall be incorporated herein and thereupon form a part of this Resolution as if fully set forth herein. Section 2. Dates of Capital Expenditures. All of the capital expenditures covered by this Resolution were made not earlier than 60 days prior to the date ofthis Resolution. Section 3. Borrowing. The City presently intends and reasonably expects to borrow money within 18 months of the date of the expenditure of moneys on each Project or the date upon which each Project is placed in service or abandoned, whichever is later (but in no event more than 3 years after the date of the original expenditure of such moneys), and to allocate the proceeds thereof, in an amount not to exceed the lesser of (i) $30,000,000 and (ii) the sum of the City's expenditures on all Projects (as set forth on the Schedules attached hereto), to reimburse the City for its expenditures in connection with all Projects, as identified on the Schedules hereto attached by the Finance Director. Section 4. Confirmation of Prior Acts. All prior acts and doings of the officials, agents and employees of the City which are in conformity with the purposes and intent of this Resolution, and in furtherance of each Project, shall be and the same hereby are in all respects ratified, approved and confirmed. Section 5. Severability. If any section, paragraph, clause or provlSlon of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Resolution, Section 6. Repeal of Inconsistent Resolutions. All other resolutions of the Council, or parts thereof, inconsistent with this Resolution are hereby repealed to the extent of such inconsistency. Section 7. Effective Date of Resolution. This Resolution shall be effective immediately upon its adoption. APPROVED AND ADOPTED this.l.!i...- day of May, 2007. [SEAL] CITY OF ASPEN, COLORADO ::~ 4fk 4824-5824-4097.2 2 Exhibit A Properties under Contract or Pending Parcel A 4,105,000.00 Under Contract Parcel B 5,400,000,00 Under Contract Parcel C 6,831,666.67 Pending Parcel D 6,831,666.67 Pending Parcel E 6,831,666.67 Pending 30,000,000.00 ... " ~ '" ~ ~ Ul I- Z ::l .. 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I ~ ..' ;; " c . .. m ~ c . ~ ~ c w . ~ ~ '" '!e ~ ~ r-- a a N - co - '" C) o o N I CO o o N c:: .- o Lt) - =It 'C J!) .- s:: c:: ~ ::J u.C::Q) _CU- s::C:~ (1) Q) ... CD E C) 0.... c.C::LL~ oS......;, _1.&.C'\lC (1)C)~C > c:: ;> N (1)0- C...JQ) C) ~ s:: ::l 'w m ~ '0 o Q) :I: '5. o '0 <C ..... o o N -~ ...I ~ ~i ..Ji ....I]l : cou.;(ij '" Co ,=> o x -~~ ~I-"" -"',....... . __ -'.'$"4 '" o o N <Xl o 1il <0 8 N B ((0' <-) "' 8 a N a a a a a ci a a a a ci a a a a a ci a a ci a a ci a a co ci a a a a CD ci a ci a ... ci a ci N a a ci a N ci ... , , Attachment A RESOLUTION NO. Series of 2007 RESOLUTION OF THE CITY OF ASPEN DECLARING ITS OFFICIAL INTENT TO REIMBURSE ITSELF WITH PROCEEDS OF FUTURE BORROWINGS FOR CERTAIN CAPITAL EXPENDITURES IN CONNECTION WITH THE ACQUISITION OF REAL PROPERTY FOR MUNICIPAL AND/OR AFFORDABLE HOUSING PURPOSES TO BE UNDERTAKEN BY THE CITY; IDENTIFYING SAID CAPITAL EXPENDITURES AND THE FUNDS TO BE USED FOR SUCH PAYMENT; AND PROVIDING CERTAIN OTHER MATTERS IN CONNECTION THEREWITH, WHEREAS, the City of Aspen (the "City") in the County of Pitkin and the State of Colorado (the "State") is a legally and regularly created, established, organized and existing municipal corporation under the provisions of Article XX of the Constitution of the State of Colorado and the home rule charter of the City; and WHEREAS, the City Council of the City (the "Council") is the governing body of the City; and WHEREAS, the City has determined that it is in the best interests of the City to make capital expenditures for the purpose of acquiring real property for municipal and/or affordable housing purposes; and WHEREAS, the City currently intends and reasonably expects to borrow money to finance such capital expenditures, including an amount not to exceed $30,000,000 for reimbursing the City for the portion of such capital expenditures incurred or to be incurred subsequent to the date which is 60 days prior to the date hereof but before such borrowing, within 18 months of the date of such capital expenditures or the placing in service or abandonment of each Project (as hereinafter defined), whichever is later (but in no event more than 3 years after the date of the original expenditure of such moneys); and WHEREAS, the Council hereby desires to declare its official intent, pursuant to 26 C.F .R, ~ 1.150,2, to reimburse the City for such capital expenditures with the proceeds of the City's future taxable or tax-exempt borrowing, NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ASPEN THAT: Section 1. Declaration of Official Intent. The City shall, presently intends and reasonably expects to finance the acquisition of real property for general municipal and/or affordable housing purposes (as more particularly described in the Schedule corresponding to such property to be attached hereto, each, a "Project") with moneys currently contained in its [General] Fund. Prior to or upon each acquisition of real property by the City for such purpose, the Council hereby authorizes and directs the City Director of Finance and Administration (the "Finance Director") to attach a schedule ("Schedule") to this Resolution, which Schedule shall 4824-5824-4097.2 identify the real property so acquired and state the amount expended by the City for such property, Upon attachment of each Schedule to this Resolution, such Schedule shall be incorporated herein and thereupon form a part of this Resolution as if fully set forth herein. Section 2. Dates of Capital Expenditures. All ofthe capital expenditures covered by this Resolution were made not earlier than 60 days prior to the date of this Resolution. Section 3. Borrowing. The City presently intends and reasonably expects to borrow money within 18 months of the date of the expenditure of moneys on each Project or the date upon which each Project is placed in service or abandoned, whichever is later (but in no event more than 3 years after the date of the original expenditure of such moneys), and to allocate the proceeds thereof, in an amount not to exceed the lesser of (i) $30,000,000 and (ii) the sum of the City's expenditures on all Projects (as set forth on the Schedules attached hereto), to reimburse the City for its expenditures in connection with all Projects, as identified on the Schedules hereto attached by the Finance Director. Section 4. Confirmation of Prior Acts. All prior acts and doings of the officials, agents and employees of the City which are in conformity with the purposes and intent of this Resolution, and in furtherance of each Project, shall be and the same hereby are in all respects ratified, approved and confirmed. Section 5. Severability. If any section, paragraph, clause or proVISIOn of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions ofthis Resolution. Section 6. Repeal of Inconsistent Resolutions. All other resolutions of the Council, or parts thereof, inconsistent with this Resolution are hereby repealed to the extent of such' inconsistency. Section 7. Effective Date of Resolution. This Resolution shall be effective immediately upon its adoption. APPROVED AND ADOPTED this 14th day of May, 2007. [SEAL] CITY OF ASPEN, COLORADO By Helen Kalin Klanderud, Mayor Attest: By Kathryn S. Koch, City Clerk 4824-5824-4097.2 2