HomeMy WebLinkAboutordinance.council.022-86
ORDINANCE NO. 22
(SERIES OF 1986)
ORDINANCE DELEGATING TO THE COUNTY OF SUMMIT, COLORADO, THE
AUTHORITY OF THE CITY OF ASPEN TO ISSUE REVENUE BOUNDS UNDER THE
COUNTY AND MUNICIPALITY DEVELOPMENT REVENUE BOUND ACT, ARTICLE 3,
TITLE 29, COLORADO REVISED STATUTES, TO FINANCE A PROJECT FOR THE
ASPEN SKIING COMPANY AND AUTHORIZING THE EXECUTION AND DELIVERY
BY THE CITY OF ASPEN OF A DELEGATION AGREEMENT IN CONNECTION
THEREWITH.
WHEREAS, the City of Aspen, Colorado (the"City") and the
Coun ty of Summi t, Colorado (" Summi t") a re each author ized to
finance "projects" under the County and Municipality Development
Revenue Bond Act, Article 3, title 29, Colorado Revised Statutes
(the "Act") through the issuance of revenue bonds1 and
WHEREAS, the Aspen Skiing Company (the"Company") desires to
finance capi tal improvements to its ski areas (Aspen Mountain,
Snowmass, Breckenridge and Buttermilk), and related ski facilities
(the"Project") through the issuance of revenue bonds by Summit in
accordance with the Act1 and
WHEREAS, two of the ski areas of the company, Aspen Mountain
and Buttermilk are wi thin , or wi thin eight miles of, the city
limits of the City and, under the Act, the City is authorized to
issue revenue bonds for such ski area1 and
WHEREAS, the City and Summit deem it necessary and advisable
that the Project be financed as expeditiously as possible for the
mutual benefit of the residents and economy of the City and
Summit 1 and
WHEREAS, the City desires to delegate to Summit its authority
to issue revenue bonds for the Project in accordance with the Act
and Summit desires to accept such delegation to finance the
Project1 and
WHEREAS, it is necessary to evidence such delegation and the
acceptance of such delegation by the Delegation Agreement which
will be executed and delivered by the City.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF ASPEN, COLORADO:
Sect i on 1 . I nor de r to a 11 ow the fin an c i n g 0 f the
Project at the earliest date, which will promote the public
health, welfare, safety, convenience and prosperity of the
inhabitants of the City, it is deemed necessary and advisable
that the Delegation Agreement be approved, executed and delivered
by and on behalf of the City.
Secti on2 .
The forms, terms and provisions of the
Delegation Agreement hereby are approved and the Mayor of the
City and the City Clerk hereby are authorized and directed to
execute and deliver the Delegation Agreement in substantially the
form presented at this meeting.
Sectiun3. The Mayor of the City and the City Clerk
hereby are authorized and directed to take such other steps or
actions as may be required to carry out the terms and intent of
this Ordinance and the Delegation Agreement.
Section ~4. Nothing contained in this Ordinance or tin
the Delegation Agreement shall obligate the City, except to the
extent described in the Delegation Agreement, nor the extent
described in the Delegation Agreement, nor constitute the debt or
indebtedness of the City within the meaning of the Constiution
or statutes of the State of Colorado or the home rule charter of
the City or of any political subdivision of the State of Colorado,
no give rise to a pecuniary liability of the City or a charge
against its general credit or taxing powers.
Section~ -5. If any section, paragraph, clause or prov1s1on
of this Ordinance 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 Ordinance.
Section-6. All action (not inconsistent with the provisions
of this Ordinance) heretofore taken by the City Council and the
officers of the City directed toward the authorization of the
Delegation Agreement hereby is ratified, approved and confirmed.
Se<:ti:!lJ) "7.. ~A publ ic he~ the Ordinance will be
held the .1/- ~ . day of ~ - -. 1986.
INTRODUCED, READ AND ORDERED PUBLISHED at a regular meeting
held June 23, 1986, by the City Council.
(SEAL)
FINALLY ADOPTED AND APPROVED at a regular meeting held July
14, 1986, by the City Council
(SEAL)
BY~
Mayor Bill Stirling
Attest:
BY/~~
City Clerk ryn Koch