HomeMy WebLinkAboutordinance.council.035-82 RECORD OF PROCEEDINGS 100 Leaves
(Series of 1982)
AN ORDINANCE AUTHORIZING LOANS OF $150,000.00 AND $100,000.00
RESPECTIVELY TO TWO KEY CITY EMPLOYEES TO ASSIST THEM IN
FINANCING THEIR PRIMARY RESIDENCES
WHEREAS, the City Council of Aspen, Colorado, through its
City Council, has established a policy that it is in the best
interest of the City to assist key employees of the City in
financing their primary residences, in order to promote stability
in government; and
WHEREAS, two key City employees have applied for such assist-
ance;
NOW, THEREFORE, BE IT ORDAINED BY THE THE CITY COUNCIL OF THE
CITY OF ASPEN, COLORADO:
Section 1
A fund is hereby created of $250,000.00, from which the City
Manager is hereby authorized and directed to execute the appropri-
ate documents, the form of which shall be approved by the City
Attorney, to lend up to $150,000.00 to Daniel McArthur, City Engi-
neer, and $100,000.00 to Robert McClung, Chief of Police, which
loans shall have at least the following terms and conditions:
a. The loans will be evidenced by Promissory Notes,
secured by First Deed of Trust on the recipients'
duplexes on Cemetery Lane for the full amount of
the notes.
b. The interest rate on the notes will be variable at
one-half of one percent (0.5%) higher than the
then-existing loan from the First National Bank in
Aspen funding these loans, with default interest at
a rate to be negotiated.
c. The notes will be for periods of up to thirty (30)
years, but will be accelerated in the event that
RECORD OF PROCEEDINGS 100 Leaves
the underlying First National Bank loan is termi-
nated or not renewed.
Section 2
If any section, subsection, sentence, clause, ~rase or ~r-
tion of this ordinance is for any reason held invalid or unconsti-
tutional by ~y court of competent jurisdiction, such ~rtion
shall be deemed a separate, distinct and independent provision and
such holding shall not affect the validity of the remaining ~r-
tions thereof.
Section 3
A public hearing on the ordinance shall be held on the ~w~_~
day of .~~ , 1982, at 5:00 p.m. in
the City Council Chambers, Aspen City Hall, Aspen, Colorado.
INTRODUCED, READ AND ORDERED published as provided by law by
the City Council of the City of Aspen, Colorado, at its regular
meeting held at the City of Aspen on ~ ~
1982.
- ~.-~ Herman Edel, Mayor
ATTEST:
Kathryn S.~/Koch, City Clerk
FINALLY adopted, passed and approved on the ~;=W.... day of
, 1982.
........ Edel, Mayor
ATTEST: ~
K~ itY Cl}rk
2
RECORD OF PROCEEDINGS 100 Leaves
STATE OF COLORADO } CERTIFICATE
) SS
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 __ _
reading an ~ regular meeting of the city he
City of Aspen on ~ ,~____, 19~ and publishes
in the Aspen Time~ a wc~kly newspaper of general circul-
~hion, published in the City of Aspen, Colorado, in its
issue of ~.~ , 19~ and was finally adopted
an~prove/d~~at ~ regular meeting~ ~f the City C~unci! on
provided by law.
IN WITNESS WHEREOF, I have hereunto set my hand and
the seal of said City of Aspen, Colorado, this /~
Deputy Ciky ~l~e_,.,