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1 ; R E S O L U T I O N 0 q- 07/
AUTHORIZING TEE ISSUANCE OF
1' ANTICIPATION WARRANTS, SERIES F OF 1971
OF PITKIN COUNTY, COLORADO
FOR COUNTY AIRPORT PROPERTY AND INI'ROVEMENTS
WHEREAS, Pitkin County, acting by and through its BOARD
'rrr
OF COUNTY COMMISSIONERS and the PITKIN COUNTY AIRPORT AUTHORITY
(owns and operates the Pitkin County Airport and public needs
i resulting from greatly increased air traffic require the improve-
d
lment and construction of tie -down parking aprons (65' x 445' and
X 35' x 325') and a stub taxiway (100' x 50'), all for general avia-
;ition use and
WHEREAS, plans have been prepared to construct parking
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( areas and overlay aprons at the Pitkin County Airport, and
WHEREAS, Pitkin County must
y provide approximately
415,000.00 in order to make the improvements contemplated and
WHEREAS, pursuant to Resolution of the Board of County
of Pitkin County, affirmed by vote of the electors
' the General Election held in November, 1968, a 2% sales tax
w as duly enacted, with proceeds to be divided between The City of
PAspen and the County of Pitkin on the basis and under the repre-
sentation that a portion of the proceeds of such sales tax would
be used for airport expansion and improvements,
1 AND, WHEREAS, the Regional Service Authority representing
I the County,of Pitkin and the City of Aspen have considered and
""' 'approved the issuance of the Anticipation Warrants hereinafter
provided for,
THEREFORE BE IT RESOLVED by THE BOARD OF COUNTY
COMMISSIONERS OF PITKIN COUNTY, COLORADO, That:
1. Pitkin County shall proceed as soon as reasonably
4 p ossible to construct additional aircraft tie -down
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aviation aircraft and a stub taxiway for general
aviation use and, to pay the cost thereof, shall
and does hereby direct issuance of Anticipation
Warrants pursuant to the Provisions of Article XIX,
Chapter 36, Colorado Revised Statutes 1963, as
amended, in the principal sum of $15,000.00
payable out of sales tax revenues received in the
Office of the Pitkin County Treasurer from the 2%
sales tax levied by The Board of County Commissioners
of ?itkin County, Pursuant to Article X, Chapter 138,
Colorado Revised Statutes, 1963 as amended, to which
may from time to time be appropriated by the Board
of Pitkin County Commissioners and the County shall
and does pledge irrevocably a sufficient amount of
such sales tax proceeds to pay when due the said
Anticipation Warrants and the interest thereon, such
warrants to be known and denominated as Airport Improve-
ment Anticipation Warrants, Series F, 1971, each to
be in the sum of $1,000.00, to be numbered 1 through 15
inclusive, and to mature on August 1, in each of the
following years:
Warrant Nos. Amount Maturity
1 $1,000 8 -1 -72
2 $1,000 8 -1 -73•
3 $1,000 8 -1 -74
4 $i 8 -1 -75
5 $1,000 8 -1 -76
6 $1,000 8 -1 -77
7 $1,000 8 -1 -78
8 $1,000 8 -1 -79
9 $1,000 8 -1 -80
10 -15 $6,000 8 -1 -81
2. Said Anticipation Warrants shall bear interest at the
rate of 6% per annum from date of issuance, payable
semi- annually on February 1, and August 1, of each
year on and after February 1, 1972.
3. In advance of maturity, Pitkin County may retire the
Series F Warrants hereinbefore authorized by paying
the principal and accrued interest to the date of
retirement. Thirty Days notice of any retirement prior
to maturity shall be given to the purchaser of said
Warrants by certified mail or by publication in a
newspaper of general circulation in Pitkin County,
Colorado, in one issue, at least thirty days prior to
any redemption date. All redemptions prior to maturity
shall be made in inverse numerical order.
4. The said Series F Warrants hereinbefore authorized
shall be payable, principal and interest, in lawful
money of the United States of America at the Office of
the Pitkin County Treasurer in Aspen, Colora &o, to be
handled by County Cash Warrants drawn upon the special
fund created for retirement thereof. Said Warrants
shall be negotiable Warrants, payable to the bearer,
shall be signed by the Chairman of the Board of County
Commissioners and attested by the County Clerk and
Recorder of Pitkin County, Colorado, with the seal of
said County affixed thereto. A registry of said
warrants as shown upon said regiistry. Changes in
ownership must be made known to said Clerk and Recorder
for inclusion on the registry at least thirty days prior
to the next interest payment, or warrant retirement data,
or else shall be paid to the registered holder as of the
date thirty days prior to such retirement or interest
payment.
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5. Said Anticipation Warrants shall be in substantially
+, the following form:
: UNITED STATES OF AMERICA
I`
STATE OF COLORADO
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11 COUNTY OF PITKIN
1i SERIES F, 1971
II AIRPORT•IMPROVEMENT ANTICIPATION WARRANT
I ; I
:No. $1,000.00
!
! 11
II The County of Pitkin in the State of Colorado, acting
Ilby and through its Board of County Commissioners, hereby acknow-
,I 'ledges itself indebted and for value received, promises to pay
I 1, to the bearer out of the special fund hereinafter mentioned, and
f �
{{ knot otherwise,
I ;
II I ONE THOUSAND DOLLARS
is
on the 1st day of August, A.D. 19 ___ and to pay interest
i;
. rthereon at the rate of 6% per annum, on the 1st day of _ .19 .
it
!`and semi - annually thereafter, this warrant to be paid upon sur--
1
ii when due. Both principal and interest of this anticipa-
Ition warrant shall be payable in lawful money of the United
!States of America at the office of the Pitkin County Treasurer
in Aspen, Pitkin County, Colorado.
I I On the first of August, A.D. 1972 and on any interest
it payment date thereafter, prior to maturity, the County shall , I
have the option of redeeming this warrant by paying principal
;! interest, this Warrant being redeemable in its inverse numeri-
•
.c al order ln the issue of which it is one.
!; Payment of this Warrant and the interest thereon shall
y
be made solely from, and as security for such payment, there is
. 'pledged a special fund created by Resolution of the Board of
li
!County Commissioners of Pitkin County, Colorado, dated Novem-
per 18, 1969, and additional Resolution authorizing and directing
(issuance of a Series of Warrants, of which this Warrant is one,
1
i t - $.-
dated June 23, 1971, identified as AIRPORT IMPROVEMENT ANTICIPATION;
';A::RaVT RETIREMENT FUND in the office of the Pitkin County
Treasurer, into which Pitkin County covenants to pay from the
revenues to be derived from County Sales Tax receipts, which
are pledged to the extent required for annual retirement of prin-
cipal, together with accrued interest, and together with a
reasonable reserve to be maintained for warrant retirement and
interest payment, to which may be added additional sums from
ijother available sources as may from time to time be appropriated
'by the Board of Pitkin County Commissioners and the Board of
'County Commissioners of Pitkin County agrees with the holder
jof this Warrant and with each and every person who may becom e
ti the holder thereof, that it will keep and perform the covenants
li
of said Resolution.
This Warrant is issued for the purpose of paying for
it
Pitkin County Airport Improvements pursuant to authority of
Article XIX, Chapter 36, Colorado Revised Statutes, 1963, as
.amended, and does not constitute a general obligation or indebt-
hedness of Pitkin County within the meaning of any constitutional
provision or limitation, and does not pledge general income of
!I I
;'Pitkin County, but shall be payable from Lhe sources above-
stated.
IN WITNESS WHEREOF, the Board of County Commissioners of
Pitkin County, Colorado, have caused this anticipation warrant
h to be subscribed by the Chairman, attested by the Secretary with
f seal affixed this 3rd day of August 1971.
THE BOARD OF COUNTY COMMISSIONERS
Il
By �c / M
Chairman
ATTEST:
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le /
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IN WITNESS WHEREOF, the Board of County Commissioners
of Pitkin County have caused this Anticipation Warrant to be
subscribed by the Chairman, attested by the Secretary, with
the seal affixed this 10th day of May, 1971.
THE BOARD OF COUNTY COMMISSIONERS OF
PITKIN COUNTY, COLORADO
By:
41m, Chairman
ATTEST:
Clerk
The date of issuance and commencement of interest on
this warrant is June 1, 1971.
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