HomeMy WebLinkAboutresolution.council.107-07RESOLUTION NO. la
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 regulazly 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 $5,000,000 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 ortax-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 of Aspen, 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 or Housing Development 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
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Resolution, which Schedule shall 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 eazlier 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) $5,000,000 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. Conftrmation of Prior Acts. All prior acts and doings of the officials,
agents and employees of the City which aze in
Resolution, and in furtherance of each Project,
ratified, approved and confirmed.
conformity with the purposes and intent of this
shall be and the same hereby aze in all respects
Section 5. Severability. If any section, pazagraph, clause or provision of this
Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or
unenforceability of such section, pazagraph, 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. This Resolution is not intended to supersede Resolution No 37, Series of 2007,
adopted May 15, 2007, but rather is adopted in addition thereto.
Section 7. Effective Date of Resolution. This Resolution shall be effective
immediately upon its adoption.
APPROVED AND ADOPTED this lOs' day of December, 2007.
[SEAL]
CITY OF ASPEN, COLORADO
By ~1-~
Mayor _ 7
Attest: ~~_"°_~~
By
City Cler
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EXHIBIT A to Resolution #~~~, Series of 2007
BMC West Parcel, up to a maximum total value of $5.0 million not covered under
Resolution #37, Series of 2007
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