HomeMy WebLinkAboutbocc.res.091.2001 A RESOLUTION OF
THE BOARD OF COUNTY COMMISSIONERS
OF PITKIN COUNTY, COLORADO
AUTHORIZING THE REIMBURSEMENT OF TRANSIT PROJECT
EXPENDITURES FROM BOND PROCEEDS
RESOLUTION
RECITALS
1. Pitkin County, Colorado (the "County"), is a home rule county and
political subdivision of the State of Colorado, duly organized and validly existing under
the Constitution and laws of the State, particularly title 30, article 35, Colorado Revised
Statutes, as amended, and the Pitkin County Home Rule Charter, adopted March 21,
1978, as amended.
2. The County declared its official intent to reimburse current transit program
expenditures from a future issuance of Pitkin County sales tax revenue bonds by
obtaining voter approval of the following question on November 7, 2000:
$10.2 MILLION TRANSIT REVENUE BONDS
SHALL PITKIN COUNTY DEBT BE INCREASED BY AN AMOUNT NOT TO
EXCEED $10.2 MILLION WITH A MAXIMUM REPAYMENT COST OF $14
MILLION (BUT WITH NO INCREASE IN THE COUNTY'S EXISTING TAXES)
FOR THE PURPOSE OF SUPPLEMENTING EXISTING DEBT AUTHORIZATION
OF $8.1 MILLION AND OTHER LOCAL, STATE AND FEDERAL FUNDING TO
ACCOMPLISH THE FOLLOWING TRANSIT PROJECTS:
• PROVIDE LOCAL FUNDS TO PARTICIPATE WITH THE COLORADO
DEPARTMENT OF TRANSPORTATION IN THE COMPLETION OF THE
IMPROVEMENTS TO HIGHWAY 82 FROM BUTTERMILK TO 7TH AND
MAIN, INCLUDING A CUT AND COVER TUNNEL, NEW BRIDGES OVER
MAROON CREEK AND CASTLE CREEK, AND REALIGNING THE
HIGHWAY TO CONNECT DIRECTLY WITH THE 7TH AND MAIN STREET
INTERSECTION,
• $7 MILLION FOR SNOWMASS VILLAGE TRANSPORTATION
IMPROVEMENTS,
• $1.5 MILLION FOR SAFETY IMPROVEMENTS TO PITKIN COUNTY BUS
STOPS, AND
• $7.5 MILLION FOR BUSES, MAINTENANCE FACILITY IMPROVEMENTS,
AND AFFORDABLE HOUSING FOR THE ROARING FORK TRANSIT
AGENCY OR SUCCESSOR REGIONAL TRANSPORTATION AUTHORITY;
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SUCH DEBT TO CONSIST OF REVENUE BONDS WHICH SHALL BEAR
INTEREST, MATURE, BE SUBJECT TO REDEMPTION, WITH OR WITHOUT
PREMIUM, AND BE ISSUED, DATED AND SOLD (AT, ABOVE OR BELOW PAR)
IN SUCH MANNER AND CONTAINING SUCH OTHER TERMS, NOT
INCONSISTENT HEREWITH, AS THE BOARD OF COUNTY COMMISSIONERS
MAY DETERMINE, PITKIN COUNTY BEING AUTHORIZED TO PAY SUCH
BONDS AND OTHER PREVIOUSLY AUTHORIZED REVENUE BONDS FROM,
AND TO SECURE SUCH PAYMENT BY A PLEDGE OF, EXISTING PITKIN
COUNTY SALES AND USE TAXES AND OTHER LEGALLY AVAILABLE
FUNDS?
3. The Board of the Roaring Fork Transit Authority has expressed its intent
to reimburse current expenditures for a transit maintenance facility project in Glenwood
Springs from a future issuance of Pitkin County sales tax revenue bonds.
4. The Board of County Commissioners desires to ratify and refine the
official intent previously declared by itself and the Roaring Fork Transit Authority Board
to reimburse these project expenditures from a future issuance of Pitkin County bonds.
NOW THEREFORE, BE IT RESOLVED, by the Board of County
Commissioners of Pitkin County, Colorado as follows:
1. The Board hereby declares its official intent and ratifies and refines the official
intent previously declared by itself and the Roaring Fork Transit Authority Board to
reimburse current transit facility project expenditures from a future issuance of Pitkin
County sales tax revenue bonds. The maximum amount of bonds expected to be issued
for the transit facility project is $5,000,000.
APPROVED AND ADOPTED ON THE 9TH DAY OF MAY, 2001.
ATTEST: BOARD OF COUNTY
COMMISSIONERS
OF PITKIN COUNTY, COLORADO
i
Je ette Jones MiM�land
D uty Clerk Chair
Date: /( Q
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APPROVED AS TO FORM: MANAGER'S APPROVAL:
L
John Ely Hilary iith
Cou ttorney County anager