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R E S O L U T T O N �
:� • �
" � ' � 89-87 I
�:
i A RESOLUTION AUTHORIZING THE SALE AND AWARD BY THE
:j TWINING FLATS R(�AD GENERAL IMPROVEMENT DISTRICT, PITKIN �i
COUNTY� COLORADO, OF ITS GENERAL OBLIGATION BOND OR � .
� 1 BONDS, SERIF.S 1984� IN THE PRINCIPAL AMOUNT OF $55,000�
"' ,:,._,_j SUBJECT TO APPROVAL AT AN ELECTION TO BE HELD IN THE
" DISTRICT ON THE 11TH DAY OF SEPTEMBCR� 1984� FOR THE ��
PURPOSES OF PAYING ORGANIZATIONAL AND FINANCING COSTS FOR �
• THE DZSTRICI' AND CONSTRUCTING AND INSTALLING PAVING AND �".,',
•:'�" ;-• GRADING FOR TWZNING FLATS ROAD IN THE DISTRICT; AND
PROVIDING FOR 02'HER DETAZLS kELATING TO SAID BOND AND +
BOND SALE. � ?
'�:` -
a �..;I WHEREAS, the County Commissioners of the County of Pit- �
i.:l kin, Colorado, arting ex-officio as the Board of Directors (the y
'i�����-_�;;;:j "eoard") of Twining Flats Raad General Improvement DistriCt (the •
';<;� "District") has previously determined to issue a General Obligation
Sond or l�onds, Series 1989, of the District in the principal amount
oE $SS,OOU, for the purposes of payinq organizational and financing
� - costs of the District and constructing and installing paving and �
' grading for Twining Flats Road,a sCreet vrithin said District, sub-
- „",� .� ject to authorization at a'special elect;.on to be held in the Dis-
.':;� ' trict on September 11, 1984; and
� � WHEREAS, the Board has authorized, ratified, and approv-
_ "• ed the notice of sale of said Bond in the princigal amount of
`i $55,000 published in the Aspen Times, a newspaper published and of
general circulation in Pitkin County, in accordance with the pro-
" visions of .the applicable laws of the State of Colorado; and
' ; S �ir�l
i `S
°�� WHF.REAS, a bid or bids were received in response to said
��•�':�:;:? Notice, and, it appearing that the bid o�
� `` William Gruenberq '='
� of Aspen , Colorado , '
� �' at a net effect interest rate of 10.75 8 per annum, a Net Inter-
_ est Cost of $37,826.56 and a "True Interest Cost of� 1D.75% , is
'� the highest and best bid for cash in accordance with the Notice of
4,v9 Sale: � :
M1'
i.: • •
`•; WHEREAS, it is now necessary and appropriate that the "
Board of Directors of the District meke provision for the sale and d
�` � award of said Bond in the manner required by Law;
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.; THGREFORE, AE I'f RESOLVED BY THE BOARD OF COUNTY COMMIS- 3
;_�y SIONER3 OF PITKIN CVUNTY, COLORADO, ACTING EX-OFC•ICIO AS THE BOARD I
"" OP UIREC'PORS OF T4QINING ELATS ROAD GBNERAL IMPROVEMENT �ISTRICT�
-:;. PITKIN COUNTY, COLORADO: "
1. 'Phat the $SS,�OU General Obligation Bond or Bonds, �;
''.j Series 19d4, heretofore duly offered for sale by the Twining Flats ��
- `� Road General Improvement District is hereby awarded to
�
`� William Gruenberq . �
,�.�.
.i of Aspen . Colorado . +
;�_- .i
the hiqhest and best bidder there£or, in substantial compliance
with the terms and conditions of the Notice of Sale and Ufficial
- Notice of Sale heretofore adopted and published, and including the
='=°°" details stated in the id of said bidder, as hereto attached as
i;.w,.'.,:� 4.
Exhibit "A".
�.J""'•'`-' 2. That the floard and the officers of the District are
;`��::�%� authorized to do any and all things necessary to complete the is- '
;'F::l;:'<� suance and delivery oE the Bond to said bidder, at the earliest
; convenient date.
,� 3. Emergencv Provisions. That by reason of the fact '
,� that the financing herein authorized must be completed almost im- '�
_ rr_;-;: , mediately in order to give the District the advantage of the cur-
rent proposal and the existing market, it is hereby declared that
an emergency exists, that this Resolut?on is necessary for the
K •�a preservation of the public peace, health and safety, that it shall
a- ',`:i be adopted on one reading, and that it shall take effect immedi-
� . ately upon its adoption.
, , '_,..; 4. Publication Provision. That rhe Board has determin-
1 ed and does hereby declare that publication in .full of this Reso- ti
�!� lution is not necessary, nor is it appropriate to incur such ex- 'u:�
!z ,,,� pense, and therefore this Resolution shall be published after its
� -; adoption by title and short outline only. �
� { RESOLUTION ADOPTED AND APPROVE� This 10th day of Septem- `�;
3
ber 1984.
i� ,`I .
M,:.:
� ( S E A L )
Chairman
i`�`��•�fi ex-officio Chairman and President
�:a:�._i . .
�..,.;__�-, _Twitting Flats Road General
Improvement District �
ATTEST: �
t;;_;t'�
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�rr:!�;:r,
�:>�;;::; County Clerk, ex-officio
�r�;`;ti;j Seccetary. Twining Flats Road
�fr,:�i;; General Zmprovement District
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PITKIN COUNTY�COLORADO '
T�ININ6 FLATS ROpD CENERALIMPROYEMENT OLSTRICT �
• GENERAL OBIIGpTION BONOS � .'
SERIES OCTOBER 15.1984
� 555�000 �:��;r�
.l-f.:.'�: :q�;:= ;
• PURCHASE PROPOSAL
Pitkin C ounty, C oloredo
C/o Mr.J. G. MiLLson,Jr.,Esq
1801 Broadrey,Suite 1100
- Denver, Colorada B0202
_ y
^'^? In eccordance with the Ofttcial Notice of Bond Sale, dated August 23, 1984, the
�'�? undersigned hereby submit their bid Por the purchase ot the Pitkin County, Colaredo, ?
�=� Twining Flats GeneralInprovement Dfstrict, Ceneral ObBgetion Bonds, Series October �
- .:.� 15, 1984,in the aggregate principal amount of y55,000 dated October 15, 1984("Bonds).
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�`'�� For your legelly issued Bonds, as descrlbed in such notice, we riil pay you the .
r a ` prfncipal amount�hereof end eccrued interest thereon to dete of theix delivery to us �
from Oct. iS 198y less a cash discount (�ot exceeding 3% of principal) of •, for
i eonds maturing and bearing interest as follows:
� M etu�ty P=lnctpel Intecest R ete
`' � �ate q�ount (Pes Annu�)
''� Dec. 1, 1985 E 3,000 Jp�S � _%
- ,.i Dec. 1, 1986 4,000 �U7S :• _X �
�` :ii Dec. 1, 1987 4,000 �p7S .•;_x 1
�'�'":=< ; Dec. l, 1988 5,000 �p�5 % �
'.:. . ,_
` "'''•' Dec. 1, 1989 5,000 �p� ,''; X
�:,;1�`-"' Dec. 1, 1990 6,000 �o'S ,; '_%
� Dec. 1, 1991 6,000 ���5 ;_% �� �0,�[��
� , �ec. 1, 1992 7,000 p �,.. J
� _ .,� Dec. 1, 1993 7,000 ��'� . r% �
(, •'� Uec. 1, 1994 8,000 '��s , ! %
Our calculetion (which is not part of this bid) of the interest cost from the above,
S� t.� co m puted fro m 0 ct. 15, 1984,is: •'
r� ;
' Gross�nterest Cost: $ j7p$7so i
� Plus Discaunt: s� �
�
, � N et Interest C ost: s O 5 u �
NetInterest Rate: S�� !
'ti'�'r�.:.'::�. G � . .
i
Enclosed herexith is a certified check drawn on, or a cashiers or treasuxex's check �
� '\, of, e salvent bank or trust co m pany, peyeble to the order of the T rining Flets G eneral �
v;; ,.:: In�provement District,in the amount of E2,750, rhich xill be returned to the understgned �
f=,f.::".t:-:�. if the bid is not accepted. If the undersigned are the successful bidden and shall fail, j
�`� neglect, or refuse to eccept the Bo�ds sald to them and to camplete and pay theretor in �
�'" "' accordance with the terms of their bid such check shall be forfieted to the District. L'
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, ,'� EXHIBIT "A^ ',
�`�:;.F;=� (Attach Copy of Proposal for Purchase of Bonds, as Accepted) '
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; Thereupon Director Klanderud seconded
the motion for adoption of said Resolution, and the question being ;
;;:;? upon the passage and adoption of said Resolution, the ro21 was �
;:;-,� called with the following result: j
,.;,,;:<:; Those voting AYE:
i
Directors:
, � Robert W. 'Child
`�'�!�i Michael Kinsley ='�"��.;��.
�.''�.��
r _.� Helen Klanderud � �.y :
.z-�.;':
George Madsen
y,;�.. • Those voting Nay: �
:�;:i-:,� Those Absent: Thomas Blake �
,-R-•r,v. �
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��.,: A majority of the entire Board of Directors being pre-
:���r:'s+`� sent and having voted in favor of the passage a�d adoption of the ;
c'�`^-`�:c:
; �_. Resolution, the presiding oEficer thereupon declared the Resolu-
�-1 "j tion was duly passed and adopted as an emergency measure. �
7 !
'- ,.;;� It was then ordered that the Resol�tion, after its �
;";j approval by the Chairman and Presidentt and attestation by the I
- ,,-.s,'': ' Secretary, be placed in the District records by the Secretary, ! j
:'��:___;;! according to law, and published by title and outline only: '
.� j.
� Thereupon, after consideration of other matters not �
',� relating to the bonds of the District, the meeting was adjourned.
„] �
� '<{ ( S E A L ) �
o� i � �
y� Chairman I
, �,,�;y,_�� ex-officio Chairman and President f �+'
� � ATTEST: Twining Flats Road General � ..
� Improvement District � '"
� County Clerk, ex-officio � ,r'
� :� Secretary, Twining Elats Road , � -
} • General Improvement District �
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� The Aspen. Times
�
" Box E
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Aspen, Colorado
" ��.
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PROOF OF PUBLICATION ��
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STATE OF COLORADO � Copy. of KOftC6
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'7 CountY of Pitkin ) � .�-�.�� pcqp�vnan e�.ei.... . . !
�'a'„ A RE90Lt1770N AVI'FIOA17,iNG TNE SALY.
. � ANDAWARDBYTH6TNININGPW79A0 P'
��7 1, &h ✓ do solemnly s�eear that -GENa6nLOaaoveweNiD�S�wCT PmtiA',
Mary Eshbau Ha es COVMfY COLOMDO OF 173 C�NERAL
L,: . OBL[GA7'/ON BONDOR�ONOS:SERI6S 198�.:
INTHePRINCIPALAp10UNfOF OOOSUtl!
.��if �OECfTO APPROYALATI�N E1.6C�7'IZ1N'I'O HE;
Associate Editor HewINrxgoisrwcrorr�rxsu�aa+roe;
F :,, I am the ot THE ASPEN TIMES; �p�,1esg�5�.troa,rHg.euReOSes�t
that the same is a weekly newspaper printed, in whole or in parl, PAYRdC O&GANI�AT[ONAL�AND PINANC-:
� and ublished in the Count of Pitkin,State o!Colondo, and has �����R�B����'W���`•�.
P Y �SIRULTaIC AND INS[ALLWO PAVING ANO'
� a generel ctrculation therein; Lhat said newspaper has been pub aRAO�NG PoR TWIMNO FLATS ROM 1M1:
..'j 7'f�.DIS[AICI:ANDPeOViD1N0POA0'1'fitiR �.
�_�-'��� D6TAlI5 RBLAT�NG T�1 SAID BOND AND�
�;,�;�; ]ished continuously md uninteiruptedly in said County of Pitliin, ppNOg�. . f
�T,'y for a period of more than fifty-tu•o consecutive K•eelu next priur �wwt.tietMaK�7qm«u�mh�r_i.ies+.
:r:-��•'� to the first publicatfon of the annexed legal mtice or advertisr
" �^.`�''-�-� ment; that said nex�spaper has been addmi[ted to lhe Uaited States
�.�<,x mails as seeond-class matter under the provisions ot the Act of
`:.-�'::tA March 3, 1879, or any amendmenls thereof, and that said news-
�'�`'�`.'w paper is a weekly newspaper duly qualified for publishing legal
��::.���.-..�i
, v;� notices and advertfsements with the meaning of the laws of the
'� State of Colorado.
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Y�::,_`r:a .
t,�':��.?�:� ThBt the annexed legal notice or advertisement «•as published
�� `�::� in the reguhr and entire issue ot every number of said weekly ��'
� �.
i' ��y! aewspaper for the period of � consecutive insertions: and "
r .�� thal the tirst publicatian ot said notice was in the issue o[ said �
i
- i{ ..� newspaper dated October � � p,D., 19 84 and that ��.
4 '3�
�.� the last publication of said notice was in the issue of said news-
� t�l :
��:.�:`„ paper dated A.D., 19_ :�� �`
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