HomeMy WebLinkAboutordinance.council.036-82 RECORD OF PROCEEDINGS 100 Leaves
ORDINANCE NO.
(Series of 1982)
AN ORDINANCE AUTHORIZING THE BORROWING OF UP TO $250,000.00 FROM
THE FIRST NATIONAL BANK IN ASPEN BY A NON-RECOURSE PROMISSORY NOTE
SECURED BY ASSIGNMENT OF CERTAIN DEEDS OF TRUST ON REAL PROPERTY
TO FUND CERTAIN LOANS TO KEY CITY EMPLOYEES FOR THE FINANCING OF
THEIR PRIMARY RESIDENCES
WHEREAS, the City of Aspen, Colorado, through its City Coun-
cil has established a policy that it is in the best interests of
the City to assist key employees of the City in financing their
primary residences, in order to promote stability in City govern-
ment; and
WHEREAS, the City is authorized to borrow funds for this pur-
pose by Section 10.2 of the Charter of the City of Aspen;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF ASPEN, COLORADO:
Section 1
The City Manager is hereby authorized and directed to exe-
cute the appropriate documents, the form of which shall be
approved by the City Attorney, to borrow up to $250,000.00 from
the First National Bank in Aspen solely for the purpose of assist-
ing certain key City employees with the financing of their primary
residences, which borrowing shall have the following terms:
a. The loan shall be evidenced by a non-recourse pro-
missory note secured by assignments of Deeds of
Trust on the property owned by the key employees
receiving loans from the fund hereby created.
b. The loans shall mature on December 31, 1982, but
contain the option of up to thirty (30) one-year
extensions thereof, at rates to be renegotiated.
c. The loan rate shall be twelve percent (12%) for
1982, and thereafter be that rate then-charged by
the bank for standard municipal borrowing.
RECORD OF PROCEEDINGS 100Leaves
d. The underlying note shall contain no provision for
up-front "points" or prepayment penalties.
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 any 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 por-
tions thereof.
Section 3
A public hearing on the ordinance shall be held on the
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 ~M~-<-~.~ ~ ,
1982.
~ ~ ~ ~ Herman
ATTEST:
K~,?Cit'y Clerk
FINALLY adopted, passed and approved on this~ ~f--'~day of
, 1982.
_~- ~ ~ , Mayor
ATTEST:
~ City C~er~'
2
RECORD OF PROCEEDINGS 100 Leaves
STATE OF COLOP~DO ) 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 ful±, and pass~d on
reading ah a regular meeting of the City ~tSuncil of the
City of Aspen on ~~/ ~ _, !~ and pnblished
in the Aspen Time~ a w~e~ly newspaper of general circul-
ation, published in %he City of Aspen, Colorado, in its
issue of __~~. , 19~and was finally adopted
and approved at a~regular meeumng of the City Council on
~/~~~ 19~and ordered pubiisned as~'
provided by law.
t2~ WITNESS WhEREOz, I have hereunto set my nan~ and
the seal of said City of Aspen, CoTDrado, this
, SEAL