HomeMy WebLinkAboutordinance.council.032-85 OROI ANCE NO. JA
(Series of 1985)
AN ORDINANCE AUTHORIZING THE BORROWING OF THE SUM OF $257,771.32
TO FINANCE DEBT SERVICE DUE ON MAY 1, 1985 AND THE ISSUANCE OF
SHORT-TERM NOTES IN ANTICIPATION OF THE COLLECTION OF TAXES OR
OTHER REVENUES
WHEREAS, pursuant to Ordinance No. 26 (Series of 1984) the
City Council authorized the issuance of $12,340,000 in Sales Tax
Revenue Refunding Bonds, dated February 1985, to refund existing
City debt at a rate beneficial to the City; and
WHEREAS, pursuant to the debt service schedules for this
bond issue the first payment was due on November 1, 1985; however,
it was recently determined that $257,771.32 was due on May 1,
1985; and
WHEREAS, Kirchner Moore & Company, the City's underwriter
has offered to loan the City the May 1, 1985 payment at no
interest until November 1, 1985, which will then allow no loss to
the City as a result of the schedulers error; and
WHEREAS, pursuant to Section 10.2 of the City Charter, the
City, upon the affirmative vote of a majority of the entire
Council, may borrow money without an election in anticipation of
the collection of taxes or other revenues and to issue short-term
notes to evidence the amount so borrowed; and
WHEREAS, in order to remedy the aforesaid situation, the
City Council desires to borrow the sum of $257,771.32 from
Kirchner Moore & Company and to issue a short-term note to
evidence the amount so borrowed.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF ASPEN, COLORADO:
That the City Council does hereby authorize the borrowing of
the sum of $257,771.32 at no interest or other borrowing cost
from Kirchner Moore & Co. and the issuance of short-term notes to
evidence the amount so borrowed in anticipation of the collection
of taxes or other revenues, and the City Manager is hereby
empowered to execute such documents as may be necessary to borrow
the money aforesaid; provided, however that any such short-term
note shall mature before the close of the fiscal year in which
the money is borrowed.
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 /~-~ , 1985, at 5:00 p.m. in the City
Council Chambers, Aspen City Hall, Aspen. Colorado.
INTRODUCED, READ AND ORDERED published as provided by law of
the City Council of the City of Aspen, Colorado, at its regular
meeting held on the ~F~ day of ~ ~
1985.
~ '--- William L. Stirl~ing
ATT E ST:
City Clerk
FINALLY adopted, passed and approved this ~-~'. day of
~ , 1985.
~TTEST:
RECORD OF PROCEEDINGS 100 Leaves
STATE OF COLORADO CERTIFI~TE
COUNTY OF PITKIN
I, Kathryn S. Koch, City Clerk of Aspen, Colorado, do here~
certi~ that the above and foregoing ordinance was introduced,
read in full, and ~ssed on first reading at a regular meeting of
the City Council of the City of As~n on ~ ,
1985, and published in the Aspen Times, a weekly newspaper of
general circulation published in the Ci~ of Aspen,Colorado, in
~~ ~ 1985, and was finally
its
issue
of
adopted and approved at a regular meeting of the Ci~ Council on
~ _, 1985, and ordered published as
Ordina , Series of 1985, of said City as provided
by law.
IN WITNESS WSEREOF, I have hereunto set ~ hand and the seal
of said City of Aspen, Colorado this ......... c~~'-~J day of
~ 1985.
K~City Clerk
SEAL
Deputy City Clerk