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A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS "
TO ADVANCE FUNDS TO THE PITKIN COUNTY WEST BUTTERMILK GENERAL t��=' '.,
IMPROVEMENT DISTRICT AND AGREE TO LOAN FUWDS TO THE DISTRICT � �`a
IN THE EVENT LONG TERM BONDS ;y'',' '�'
ARE NOT ISSUED PRIOR DECEMBER 31,1997 ' •
RESOLUTION#97-� ��� �
RECITALS �< '� ':
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1. The Pitkin County West Buttermilk General Improvement District (the
"District")has approved Resolution No 97-�Zstating that it is the intent of the District
to reimburse Pitkin County West Buttermilk General Improvement District fund for any �' I^ �
costs incurred by the prior to the issuance of long term bonds for the project;and �
2. Due to timing of the project approval process, estimating project costs, and `'�
- issuance of bonds, it may not be possible to close on the long term funding prior to
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December 31, 1997,and
3. The District may only levy property taxes for the repayment of debt issued { '
associated with the project,and �."r
4. It is necessary to incur costs for the project to be approved; .��i
THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY '�'
. . COMMISSIONERS THAT: ,yl
Section 1. The General Fund of Pitkin County, Colorado will advance the al
. West Buttermilk General Improvement District an amount not to exceed$10,000 to fund
immediate interim costs which are necessary to begin the review process for the project. ,
Section 2. This advance will be repaid according to the terms of a short
' • term loan agreement between the Pitkin County, Colorado Board of County
- Commissioners and the Pitkin County West Buttermilk General Improvement District
- which will be negotiated by December 31, 1997 in the event that long term financing for
the project cannot be obtained by that time. -
Section 3. This Resolution shall be in full force and effect immediately y
upon its final adoption.
INTRODUCED AND APPROVED ON THE 13TH DAY OF AUGUST,1997.
. ATTEST: BOARD OF COUNTY �
COMMISSIONERS,PITKIN ,��
' COUNTY,CO DO:
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Jean e Jones Bill Tuite,Chairman ��� •
Dep y C�erk 8�Rec rder =i'
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APPROVED AS TO FORM: '
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John Ely • -
County A
RECOMMENDED FOR APPROVAL: MANAGER APPROVAL: ' 7 "I
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Debe Nelson Suz n e Konc {n i
Pitkin County Finance Director Cou y Manager
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