HomeMy WebLinkAboutordinance.council.008-80RECORD OF PROCEEDINGS
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ORDINANCE NO. ~
(Series of 1980)
AN ORDINANCE AMENDING SECTION 2-3001 OF THE ASPEN MUNICIPAL CODE
PROVIDING THAT THE RETIREMENT COMMITTEE MAY REQUIRE A PARTICIPANT
IN THE FUND TO ASSIGN ALL OR PART OF HIS INTEREST IN THE FUND AS
SECURITY FOR A PERSONAL LOAN GRANTED TO A PARTICIPANT UNDER THE
PROVISIONS OF SECTION 2-802
WHEREAS, the City Council desires to amend Section 2-3001 of
the Aspen Municipal Code to provide that the Retirement Committee
may require a participant in the fund to assign all or part of his
interest in the fund as security for a personal loan granted to a
participant under the provisions of Section 2-802 for the benefit
of the City of Aspen,
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF ASPEN, COLORADO:
Section 1
That Section 2-3001 of the Aspen Municipal Code is hereby
repealed and reenacted to read as follows:
Sec. 2-3001. Rights of participants and others.
No participant shall have any right to pledge, hypothecate,
anticipate, or in any way create a lien upon any part of the
trust fund. Distributions to participants, their benefi-
ciaries, spouses, heirs-at-law, or legal representatives,
excepting minors and persons under legal disability, shall be
made only to them and upon their personal receipts or
endorsements, and no interest in the trust fund, or any part
thereof, shall be assignable in anticipation of payment
either by voluntary or involuntary act, or defaults of such
participants, their beneficiaries, spouses, or heirs-at-law.
The provisions of this section notwithstanding, the Committee
may require, as a term or condition of a personal loan
granted to a participant under the provisions of Section 2-
802, an assignment by the participant of all or a part of his
interest in the fund as security for the personal loan and
the participant shall have the right to assign in anticipa-
tion of payment either by voluntary or involuntary act of
termination all or a part of his interest in the fund as
security for the personal loan.
RECORD OF PROCEEDINGS
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Section 2
If any section, subsection, sentence, clause, phrase or
portion of this ordinance is for any reason held invalid or
unconstitutional by any court of competent jurisdiction, such
portion shall be deemed a separate, distinct and independent
provision and such holding shall not affect the validity of the
remaining portions thereof.
Section 3
A public hearing on the ordinance shall be held on the~
day of/~%~ , 1980, 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
meeting held on the //°~ day °ie~'
Mayor
regular
, 1980.
ATTEST:
FINALLY adopted, passed and approved
on the ~'~-~day of
, 1980.
Mayor
ATTEST:
2
RECORD OF PROCEEDINGS
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STATE OF COLORADO
COUNTY OF PITKIN
ss
CERTIFICATE
I, Kathryn S. Koch, City Clerk of Aspen, Colorado,
do hereby certify that the above and foregoing ordinance was
introduced, rea(~ in full, and passed on~
reading at a resular meeting of the City ~ouncil of the
City of Aspen on ~~ // , 1~_~_, and published
in the Aspen Tir~es a Qeekly newspaper of general circul-
ation/ published in the City of Aspen, Colorado, in its
issue of/'~~~ /~ , 19~O,~and :as finally adopto
and approved at a regu~lar meeting of thy Cit~ Council on
/'~~~_~ , 1~__, and ordered published as
Ordinance No. F , Series of !9~'~ of said City, as
provided by law.
IN WITNESS WHEREOF, i have hereunto set my hand and
the seal of said City of Aspen, Colorado, this c~~
day of ~~ , 19~.
'Kat~yr~'7_~och, City C~er~-
SEAL
Deputy City Clerk