HomeMy WebLinkAboutbocc.res.221.1997 �--- --- -- � .,
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A RESOLUTION OF THE BOARD OF COUNTY COMMfSSIONERS �' '���
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'TO ADVANCE FUNDS TO THE PITKIN COUN7Y WEST BUTTERMILK GENERAL
IMPROVEMENT DISTRICT AND AGREE TO LOAN FUNDS TO THE DISTRICT ` �_,�
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RESOLUTION#97-� `.�.;' ,
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RECJTALS `; .
1. The Pitkin County West Buttermilk General Improvement District (the "
"District") has approved Resolution No 97-�� stating that it is the intent of the
District to reimburse Pitkin County West Buttermilk Generai improvement District fund `�'?� �
for any costs incurred prior to the issuance of long term bonds for the project;and
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� 2. Due to timing of the project approval process, estimating project costs, and 'I � "
� issuance of bonds, it ma not be ossible to close on the lon term fundin '
y p g g prior to
� December 31,1997,and �
+,,.., ` ' ;� 3. The District may only levy property taxes for the repayment of debt issued �f
F associated with the project,and
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}, 4. It is necessary to incur costs for the project to be approved; l
THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY �,
COMMISSIONERS THAT: ,I
Fr Section 1. The General Fund of Pitkin County,Colorado wili advance the
- j' West Buttermil General Improvement District an amount not to exceed $100,OU0 to
� fund immediate�interim costs which are necessary to begin the review process for the
project. � !
E; Section 2. This advance wili be repaid according to the tertns of a short �
�, term loan agreement between the Pitkin County, Colorado Board of County
' �' Commissioners and the Pitkin CouMy West 8uttermitk General Improvement District �^
t' which wilf be negotiated by December 31, 1997 in the event that long term financing for �
� the project cannot be obtained by that time.
�`� Section 3. This Resolution shall be in full force and effect immediately i:
�+ upon its ftnal adoption. �
; INTRODUCED AND APPROVED ON THE�DAY OF DECEMBER,1997.
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� t; ATTEST: BOARD OF COUNTY
• � ! COMMISSIONERS,PITKIN
C i ' COUNT'Y,COLORADO:
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Jefanette Jones Bi0 Tuite,C a'man U� C� —
Deputy Clerk 8 Recorder � �
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APPROVED AS TO FORM: � ��-,'
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APPROVED AS TO FORM: ; _,`
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John Eiy �
� County�tt ney
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RECOMMENDED FOR APPROVAL: MANAGER APPROVAL:
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Debe Nelson Suza e Konchan �
�.-,r: `� Pitkin County Finance Director Coun Manager � .
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PRONIISSORY NOTE ��—�2/ , �; �-;;'
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U.S.$ 100,000 Aspen,Colorado '�`�
December �, 1997 ''`�; +.
1. FOR VALUE RECEIVED, the West Buttermilk General Improvement ���" �'
District ("Maker") hereby promises to pay Pitkin County, Colorado, a home-rule
county and political subdivision of the State of Colorado,("Note Holder")the principal �1'`'� +"
sum of up to one hundred thousand dollars plus interest on the terms and conditions set =.�':,;..��
forth herein.
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, 2. Principal Amount. The loan is approved in an amount of$100,000(one hundred E` � �
thousand dollars)which will be drawn as needed as costs incurred are drawn from the ��.
+_; West Buttermilk General lmprovement District Fund. `
3. Interest Rate. Interest on the outstanding principal balance shall accrue and be
payable at the rate of 6.0%per annum.
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4. �avment. Semiannual principal and interest payments shall be due and payable ��
ion the�of June and December,commencing on June�, 1998. Amounts payable ���
` will be calculated by the Pitkin County Finance Office to the maximum extent possible �
± based on cash available in the fund on the payment dates. Such payments shall continue �
! until the entire indebtedness evidenced by this Note is fully paid;or at the date of closing
� of the permanent general obligation debt to be issued, provided, however, that if not
sooner paid, the entire principal amount outstanding shall be due and payable on -
j• December�,1999.
5. Pledge of General Ad Valorem Taxes. For the purpose of paying the interest on
i and principal of this Note as the same become due and payable,respectively,there shal(
t1 be levied by the District, on all property in the District, general ad valorem taxes for
�; collection in each of the yeazs 1998 and 1999 inclusive,which will be sufficient to meet i.
t i promptly such principal and interest payments. Such general ad valorem taxes shali be
. �� levied in addition to all other taxes levied by the District for other purposes. '-
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• �� 6. Prenavment. Maker may prepay the principal amount outstanding plus accrued
! interest against this Note,in whole or in part,at any time without penalty. Any partial
`•. payment shall be applied against the principal amount outstanding and shall not postpone �
� the due date of any subsequent payments or change the amount of such payments. :
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7. GoverningJ�aw. This Note shall be govemed by and construed according to the
laws of the State of Colorado. Maker, endorsers,suredes and guarantors of this Note
hereby waive presentment for payment, notice of non-payment, protest, and notice of
� protest. .
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8. Headines. The paragraph headings are inserted herein for the purpose of -
convenient reference only and they shall in no way define,limit or prescribe the scope or
intent of this Note. ':"'�
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EXECUTED as of the date first above written. , '.
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j WEST BU'TTERMILK GEI3ERAL IMPROVEMENT DISTRICT
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