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HomeMy WebLinkAboutordinance.council.034-84 (Series of 1984) ORDINANCE DELEGATING TO THE COUNTY OF SUMMIT, COLORADO, THE AUTHORITY OF THE CITY OF ASPEN TO ISSUE REVENUE BONDS UNDER THE COUNTY AND MUNICI- PALITY DEVELOPMENT REVENUE BOND ACT ARTICLE 3, TITLE 29, COLORADO REVISED STATUTES, TO FINANCE A PROJECT FOR THE ASPEN SKIING COMPANY AND AUTHOR- IZING 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 County of Summit, Colorado ("Summit") are each authorized to finance "projects" under the County and Municpality Development Revenue Bond Act, Article 3, Title 29, Colorado Revised Statutes (the "Act") through the issuance of revenue bonds; and WHEREAS, the Tax Reform Act of 1984 (the "Federal Act") places various restrictions and limitations on the issuance and use of bonds, the interest on which is exempt from federal income taxation, some of which restrictions are effective on January 1, 1985; and WHEREAS, the Aspen Skiing Company(the "Company") desires to finance capital 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 Act; and WHEREAS, two of the ski areas of the Company, Aspen Mountain and Buttermilk are within or within eight miles of the city limits of the City and, under the Act, the City is authorized to issue revenue bonds for such ski area; and WHEREAS, the City and Summit deem it necessary and advisable that the Project be financed as expeditiously as possible on or prior to December 31, 1984 for the mutual benefit'of the residents and economy of the City and Summit; and W~4EREAS, 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 Project; and WHEREAS, it is necessary to evidence such delegation and the acceptance of such delegation by the Delegation Agreement attached hereto as Exhibit A (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: Section 1. In order to allow the financing of 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. Section 2. 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. Section 3. 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 snd the Delegation Agreement. Section 4. Nothing contained in this ordinance or in the Delegation Agreement shall obligate the City, except to the extent described in the Delegation Agreement, nor constitute the debt or indebtedness of the City within the meaning of the Constitution 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, nor 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 provision of this ordinance shall for any areason 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. -2- Document No. 37 CERTIFICATE OF ELECTED ~EPRESENTATIVE OF THE CITY OF ASFEN REGARDING PUBLIC APPROVAL FOR INDUSTRIAL DEVELOPMENT BONDS $25,000,000 County of Summit, Colorado Variable Rate Industrial Developmen~ Revenue Demand Bonds (Aspen Skiing Company Project) -Series !984 1. The undersigned is the Mayor of the City of Aspen, Colorado ("Aspan") and as such is the chief elected executive official of the governmental unit having jurisdiction oyer an area in which a portion of the facilities ~o be financed.from the proceeds of the above-captioned bond issue (t_he"Bonds") is located. 2. On October 4, 1984, notice of a public hearing was published in The Aspen Times, a copy of which is attached to this certificate. The notice was designed to apprise residents of Aspen 6f the proposed issuance of-the Bonds and was published no less than 14 days before the scheduled date of the public hearing. 3. On October 22, 1984,. a public hearing was held at $:00 p.m. in the normal place for the holding of meetings of the City Council of Aspen with regard ~o the !ssuance of the Bonds. The hearing was conducted in a manner that provided a reasonable opportunity for persons with differing views on both the issuance of Bonds and the location and nature of the proposed facility ~o be heard. After the public hearing following reasonable public notice, the undersigned hereby approves of the issuance of the Bonds for the purpose of financing certain ski and recreational facilities and related facilities located within the boundaries of the City of Aspen, Colorado. This approval is intended To comply with the provisions of Section 103(k) of the Internal Revenue Code of 1954, as amended by Section 21S(a) of the Tax Equity and Fiscal Responsibility Act of 1982. Date:' DecemberS, 1984 CITY OF ASPEN, 'COLORADO Mayor The Asp0n T .mes Box E Aspen, Colorado PROOF OF PUBLICATION s~A~ o~ COLOgne ) Copy of Notice counly Pitkin ) public notice l, William R. Dunaway do ~lemnXy swear that I ~ ~e . Pqbl i sher of THE ASPEN TI~ES; ~af ~e s~e ~ a weekly newspaper prin~d~ in whole or in part, a~4 published in the County of Pitkin, State of Colormdo, and has a general circulation there/n; that said newspaper h~ been pub- ]~hed continuously ~nd uninterruptedly in said Coun:y of Pit,in, for a period of. more tha~ fifty-two consecutive weeks nex~ to the first publication of the annexed legal notice or advertise- hmi~d~e merit; that said newspaper has been addmitted [o the United States mails as second.class matter under the provisions of the Act of March 3,-1~9, or any ~mendmen~ thereoi, and thai said news- paper is a weekly newspaper duly qualified for publishing legal notices and advertisemen~ with the meaning of the laws of the State of ~lorado. That the annexed legal notice or advertisement was published in the regular and entire i~ue of eve~ number of said weekly ~ewspaper for the period of ~ consecutive insertions; and ~at the ii~t publication of said notice was in the issue of said newspaper dated Oc[ober 4 A.D., 19 8g. and that ~e last publication of said notice was in the issue et said news. pap~r dated A.D., 19 Subscribed ~nd sworn to before me. ~ notary public in and tot INTRODUCED, RE~ AND O~ERED PUBLISHED at a regular meeting held October 9, 1984, by the City Council. Mayor .Attest: ~Clbrk FINALLY ADOPTED AND APPROVED at a regular meeting held October 22, 1984, by the City Council. ~-' Mayor Attest: -3- RECORD OF PROCEEDINGS 100 Leaves STATE OF COLORADO ) ) ss CERTIFICATE 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 at a regular meeting of the CityC~uncil of the City of Aspen on ~. ~ , 19 ~, and published in the Aspen Times a weekly newspaper of general circulation published in the City of Aspen, Colorado, in its issue of ~ // , 19~, and was finally adopted and approved at a regular meetinq of the City Council on ~ ~ , 19 d ~7- ,. and ordered published as Ordinance No. ~ , Series of 19 ~, 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 .~ day -- ~ , City Clerk _ S~E AL - Deputy City Clerk