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AMENDED AND RESTATED INTERGOVERNM$NTAL AGREEMENT �,��� �
THIS AMENDED AND RESTATED INTERGOVERNMENTAL AGREEMENT (this
"Intergovernmental Agreement") made and entered into this 26th
day of SeptembeY, 1989, by and between the CITY OF ASPEN,
COLORADO, a municipal corporation (the "City") ; and the BOARA OF
COUNTY COMMISSIONERS OF PITKIN COUNTY, COLORADO, a body corpozate
and politic (the "COVnty"):
W I T N E S S E T H: -
WHEREAS, the City and county entered in�o an '�Y
Intergovernmental Agreement (the "Initial Intergovernmental ���`,J�
Agreement") on January 9, 1984, by and among the City, the ��+."
County, the Housing Authority of Aspen, Colorado (the ��City �"' �
Housing Authority") and the Pitkin County Housing Authority (�he
"COUnty Aousing Authority") estabZishinq a multijurisdic�ional �.- � `•
housing authority under the provisions of C,R.S. 1973, Section '�
29-1-203 et. seq. which authority is known as the Aspen/Pitkin
County Housing Authority (the "AUthoxity") for the purpose of "� ,
providing a program and a system �o assure the existence o� a �y
supply of desirable and affordable housing £or permanent ., ; ,,
residents, persons employed in the City or the County, senior : �?.`:
citizens, disabled persons and other population segments residing
or needing to reside in the Roaring Fork Valley which are
necessary for a balanced community; and
WHEREAS, on November 14, 1988, and November 15, 1988, -
respectively, the City Council of the City (the °City Council")
and the Baard of County Com:ttissioners of the County (the "Board
oP County Commissioners") authorized an amendment to the Initial
Tntergovernmental Agreement; and
WHEREAS, the City Sousing Authority and the County Housing
Authority are no I.onger in existence as separate governmental
entities; and
, WHEREAS, the City and the County desire to further amend and
to restate the Initial Intergovernmental Agreement; and
$ WHEREAS, this Intergovernmental Agreement shall be deemed to
+ incoxporate all terms in full and relate back in time to the date :
� of the Initial intergovernmental Agreement and the provisions of
i this Tntergovernmental Agreement shall supercede in all cases the ;�.
Initial Intergovernmental Agreement; and �
' WHEREAS, the City and County are each authorized by Article �t '
� XIV, Section 18 of the Colorado Constitution and Section 29-1- �
� 204.5, Colorado Revised Statutes to contract with each other to � � .
� establish a separate governmental entity to be known as a
� multijur3sdictional housing authority; and
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WHEREAS, the City and county wish, by this Intergovernmental
Aqreemen�, to provide for the establishment of a multi-
jurisdictional housing authority;
NOW, THEREFORE, in consideration of the mutual benefits to
be derived herefrom it is agreed by the City and the County as
follows:
I. MULTIJURISDICTIONAL HOUSING AUTHORITY NAME, PURPOSE, .
FUNCTIONS AND SERVICES - �
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The City and the County do hereby establish a •i"�'=):.
multijurisdictional housing authority designated as the "Aspen/ �!�;-�-�-- -
Pitkin County Housing Authority" (the "Authority") for the ,;,;�'::`'' -
purpose of effecting the planning, �inancing, acquisition,
construction, reconstruction or repair, maintenance, management _:.�<�:
and operation of housing projects pursuant to a
multijurisdictional plan to provide residential facilities and
dwelling accommodations at rental or sale prices within the means �I�•,.
of families or persons of low, moderate and middle income who are ��: ':-
permanent residents, persons employed in the City or the County, j��,•��:':-'
senior citizehs, disabled persons, or other population segments �t.� '
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,; identiEied by the Authority, residing in or needing to reside in a�; �_. •
the City or the County, intended for use as the sole place of '.,r"<'
� residenca by the owners or intended occupants. The Authority r�
shall be a political subdivision and a public corporation of the r ;
State of Colorado, separate from the City and the County, and
shall be a validly created and existing political subdivision and
pssblic corporation af the State of Colorado. It sha11 have the
duties, privileges, immunities, rights, liabilities, and _
disabilities of a public body politia and corporate. The
provisions of articles 10.5 and 47 of title il, Colorado Revised
Statutes, shall apply to moneys of the Authority.
The Authority shall determine "low, moderate and middle
income persons and £amilies�� as those persons and families
lacking the financial abi3ity to pay sale prices or rentals
sufPicient ta induce private enterprise in the City and the
County to build a sufficient supply of adequate, safe and
sanitary dwellings wi�hout the special assistance affordec2 by the
Authority and this Intergovernmental Agreement. The City and the
County intend that the Authority's determination of '�Iow,
moderate and middle income persons and families" for all t_
population segments designated herein or identified by the
Authority shall be conclusive. The Authority shall have any and
all powers, duties, rights and obligations as such are set forth i
in Section 29-1-204.5, Colorado Revised Statutes and herein, ' `
including (but not by limitation) the following:
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� 1. Administration: �r�t�i���'
(a) To prepare an annual budget for the Authority
which will identify revenues and expenditures required
to accomplish the goals and objectives of the Authority
as set forth herein;
(b) To maintain records of all Authority meetings,
resolutions and planning documents and make them
available in the Authority's office for public review;
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(ej To appoint an Executive Direatoz to serve as •�T'��?�i:`t:•�
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the executive secretary to the Board of Directors (the �� � -
"Board") of the Authority (as more particularly � y .
described in Section II hereof); and
(d) To comply with the personnel and -
administrative guidelines and procedures established by �;:, ..
and for the County, except to the extent superceded by
this Intergovernmental Agreement.
2. Housing bevelopment; General Powers: �
�- (a) To do all. things necessary or convenient to 1: �.
� define the need, planning, undertaking, construction, ��'•:'
ry� operation or financing of low, moderate and middle
_ income housing for the population segments designated
`' here or identified by the Authority residing in or
' needing to reside in the City or the County and to
�; develop creative financing and construction methods as
well as incentives for providing low, moderate and
� middie income housing in the City and the County, by the
public or private sector;
� (b) To plan, finance, acquire, construct,
.; ` reconstruct or repair, maintain, manage, and operate
1 housing projects pursuant to a multijurisdictional plan
� to provide residential facilities and dwelling
� accommodatlons at rental or sale prices within the means
of families or persons of low, moderate or middle income
intended for use as the sole place of residenca by the
',� owners or intended occupants; which housing projects
shall be subject to the zoning, review and approval
processes of the City Code or the County Code;
i (c) To make and enter into contracts, including,
I without limitation, contracts with state or federal S
� agencies also involved in providing such housing or the
� financing for such housing; ��
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(d) To employ agents and employees; ��`��'g�
(e) To cooperate with state and federal
governments in a11. respects concerning the financing of
such housing projects;
(f) To purchase, acquire, obtain options, hold,
lease (as lessor or lessee), sell, or otherwise dispose
of any real or personal property, commodity, or service
from firms, corporations, the City, the County, other _
governmental entities or any other persons; = '�'':?: -
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(g) To condemn property for public use, if such �6,
property is not owned by any governmental entity or any '�y � -
public utility and devoted to public use pursuant to
state authority; �' _
(h) To incur debts, liabilities, or obligations, � �
issue bonds or notes pursuant to Section III hereof, ���:i; '..
borrow money, secure mortgages, obtain grants, gifts or [;;'•;.
other�rise obtain funds for implementing, completinq and rg'iY' .
operating housing projects; ;;'��
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� (i) To sue and be sued in its own name; ; r•.�•.
(j) To have ahd use a corporate seal; ��
(k) To fix, maintain, and revise fees, rents,
prices, security deposits, and charges for funetions,
- services, or facilities provided by the Authority;
(1) To adopt, by resolution, regulations
respecting the exercise of its powers and the carrying �
out of its purposes; {
(m) To exercise any other powers which are
essential to the provision of functions, services, or
facilities by the Authority; and
(n) To @o and perform any acts and things
authorized by this Intergovernmental Aqreement under,
' through, or by means of an agent or by contracts with
any person, firm, or corporation.
3. Mana4ement and Enforcement:
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(a) To maintain records of existing low, moderate, 4"
and middle income rental or resale restricted housing
for the population segments designated herein or '.�
identified by the Authority and assure that such housing
is used and occupied in accordance with existing City or
County development approvaZs, contracts, or financing
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requirements;
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' (b} To assure Chat all deed restricted units of �'-�`�"t:.
housing comply with City and County regulations or
resolutions concezning rental or resale restricted
housing;
(c) To negotiate cantracts as required to provide
for management of Permanent Moderate Housing units (as
that term is defined in Authority housing guidelines as
such guidelines are published, modified, amended and
supplemented from time to time); and
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(d) To review and recommend establishment of a �.
computerized rental. avail.abiZity record system for use #�r��
by the City, the County, the population segments i�t �` �
designated herein or identified by the Authority and ����:��;
members of the general public. ,
4. Marketina of Resales and Rental Vacancies:
To provide for marketing and reviewing
qualification of applicants for rental deed restricted `�i`;L.,:
� or affordable housing units, and for marketing, ,
`' reviewing qualifications of applicants for, and
�, arranging for transfer o£ title of, deed restricted �',
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� 5. Review of Applications:
+ To review growth management policy applications (or
a equivalent application procedures as the same are
developed or established from time to time) by -
9' developers for low, moderate and middle income housing
�C in the City or the County as requested by the respective
Planning Offices of the City or the Couaty for
: conformance with housing needs.
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� 6. Master Plan and Needs Assessments:
(a) To investigate housing and employment
� conditions and needs within the jurisdiction of the City
d or the County and the means and methods for impraving
a those condition��;
� (b) To develop and recommend c�de changes
� . associated with the provisions of the City and County
� Master Plan (as the same may be modified, amended and `.
'� supplemented from time to time); and � .
� (c) To maintain data indicating housing needs in �i
� the City and the County for the population segments .�,
� designated herein or identifzed by the Authority.
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7. Authoritv Rec(uirements: Wr~��•��
To annually recommend to the City and the County
for approval, development af, and qua2ifications for,
ownership and rental of low, moderate and middle income
housing within the City and the County for the
population segments designated herein or identified by
the Authority as required by existing agreements and
land use requlations. .
II. BOARD OF DIRECTORS �`'�'?�
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1. Number; Manner of Appointment Etc.: s�
The Board shall consist of seven 7 Directors the =�` `�
( ) ( ir;;;:�.
. "Directors"), serving staggered terms to be appointed as follows: ���;:
(a} Three (3) Directors shall be appointed by the
Board of County Coaunissioners.
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(b) Three {3) Directors shall be appointed by the 1_. ,
City Council. �!r'•
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. (c) One (1) Director shall be appointed jointly by ; r.'.;;:.
the Board of County Commissioners and the City Council.
(d) One (1) Director shall be a member of the `
Hoard of County Commissioners and one {1) Director shall
be a member of the City Council to be appointed by the
Board of County Commissioners and the City Council,
respectively, on an annual basis, and to serve as such a
Director until a successor has been appointed.
The tertn of office of the members of the Board shall be two (2}
years, except as otherwise provided in Section II.1.(d) above and
except as provided herein with respect to the initial Board
members.
All Directors shall be residents of the County, provided
that three (3) of the Direotors shall also be residents of the
City. Except for the two (2) Directors described in Section
I2.1.(d) above, the Directors shall not be members of the Board
:i of County Commissioners or the City Council, and no members shall
be employees of the Authority. '�,
Except for the two (2) Directors described in Section �
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II.i.(d) above, the initial Board of Directors shall be appointed ;t"
ds folloWS: �`''
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Jurisdiction Term ��k,�;��'�
County 1 year (2/8g-2/g0)
County 2 years (2/89-2/91)
Joint 2 years (2/89-2/91)
City 2 years (2/89-2/90)
City 1 year (2/69-2/91)
2. Officers• .
The officers of the Authority shall be a Chairman, a ;�:-.�r�'..--
Vice Chairtttan, a Treasurer and a Secretary who shall be the '�{. �
Executive Director of the Authority. ��='���.'�
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(a) Chairman. The Chairman shall preside at aZl ';;:;.'-.?'-
meetings of the Authority. Except as otherwise �=:
authorized by resolution of the Authority, the Chairman t` '-`
shall sign all contracts, deeds and other instruments �:
made by the Authority. At each meeting, the Chairman s '
shall submit such recommendations and information as he ��-_ ,.
may consider proper concerning the business, affairs and �- '=
policies of the Authority. �; 4;:
; (b) Vice Chairman. The Vice Chairman shall � �
perform the duties of the Chairman in the absence or <.f`;`.
__ incapacity of the Chairman; and in casa of the ��� `
resignation or death of the Chairman, the Vice Chairman
shall perform such duties as are imposed on the Chairman
until such time as the Authority shall select a new
Chairman.
(c) Treasurer. The Treasurer shall perform the
duties of the Chairman in the absence or incapacity of
both the Chairman ahd the Vice Chairman. Either the
Treasurer or the Secretary shall sign all orders and
checks for payment of money and shall pay out and
disburse such moneys under the direction of the
Authority. The Treasurer shall serve as advisor to the
Authority and the Board on financial matters.
(d) Secretary/Executive Director of the Authoritv.
The Secretary shall be the Executive Director of the
Authority and, as such, shall have general supervision
over the administration of the Authority�s business and
affairs, subject to the direction of the Board. The
Secretary shall be charged with the management of the
housing projects of the Authority. The Secretary shall <
keep the records of the Authority, shall act as ''•
secratary of the meetings of the Authority and record
all votes, and shall keep a record of the proceedings of ��
the Authority in a journal of proceedings to be kept for
such purpose, and shall perform all duties incident to
his office. He shall keep in safe custody the seal of
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the Authority and shall have power to affix such seal to �1c4�
all contzacts and instruments authorized to be executed
by the Authority.
The Secretary shall have the care and custody of
aZ2 funds of the Authority and shall deposit the same in
the name of the Authority in such bank or banks as the
Authority may select. Either the Secretary or the
Treasurer shall sign all orders and checks for the
payment of money and shall pay out and disburse such _
moneys under the direction of the Authority. Except as -+':i-
otherwise authorized b resolution of the Authorit ' `" '
Y y, all :�;?:.:s, ;
such� orders and checks shall be countersiqned by the :,•�2. . -
Chairman. The Secretary shall keep regular books of �� ��
accounts showing receipts and expenditures and shall �'.':'�!�
`:' render to the Authority, at such regular meeting {or ` r �
oftener when requested), an account of Authority �
� transactions and also of the financiaZ condition of the
Authority. He shall give such bond foz the faithful -
performance of his duties as the Authority may require. '.
} }ti:
� The compensation of the Secretary/Executive
Director shall be determined ,by the Authority, provided ��
�, ' that a temporary appointee selected from among the �r .
� Directors of the Board sha7.1 serve without compensation � : ` •
'� (other than the payment of necessary expenses).
� (e) Election or Appointment, The Chairman, Vice
! Chairman and Treasurer shall be elected at the annual
meeting of the Authority from among the Directors of the
� Board, and shall hold office for one year or until their �`: �
,� successors are elacted and qualified. �
'� The Secretary shall be appointed by the Board. Any
� person appointed to Pill the office of Secretary or any
� vacancy therein, shall have such term as the Authority
fixes, but no Director of the Board shaZl be eligible to
,`�a this office except as a temporary appointee.
�
� (f) Vacancies. Should the office of Chairman,
� Vice Chairman or Treasurer becoma vacant, the Board
9 shalZ elect a successo.r from its membership at tha next
� regular meeting, and such election shall be for the
unexpired term of said office. When the office of
� Secretary becomes vacant, the Board shall appoint a
� successor, as aforesaid. �
a
' (g) Additional Personnel. The Authority may from ;+
k time ta time employ such personnel as it deeans necessary '
�1 to exercise its powers, duties and functions as =�
prescribed by this Intergovernmental Agreement and all
� other laws of the State of Colorado applicable there.
;
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The selection and compensation oP such personnel sha12 k§���
be determined by the Authority in accordance with the
requirements of Section 2.1. (d) hereof.
3. Votinq Requirements:
(a) Quorum. The powers of the Authority shall be •
vested in the Directors o£ the Board in office frou time
to time. Four Directors of the Board shall constitute a
quorum for the purpose of conductinq Authority business
and exercising Authority powers and for all other `'�"' '
purposes, but a smaller number may adjourn from time to ���{;t:-�•
time until a quorum is obtained. When a quorum is in ��
attendance, action may be taken by the Authority upon a
a vote of a majority of the Directors of the Board
"" present. � �'
3 � .
(b) Manner of VotincT. The voting on all questions '� •
' coming before the Authoity shall be by ro11 call, and
'� the ayes and nays shall be entered upon the minutes of
such meeting by name, except on the election of officezs
;; which may be by baZlot. 5
i
`' a 4. Duties•
'� _
`'.
; The officers of the Authority shall perform the '
duties and functions of the Authozity as prescribed
=`F herein and such other duties and functions as may from
`�� time to time be reguired by the Authority or the bylaws
�„� or rules and regulations of the Authority. As provided
_;� in Section 29-1-204.5(2) (b) (IV), Colorado Revised �
�:�;� Statutes, the Board sha11 comply with the provisions of
parts 1, 5 and 6 of article 1 of title 29, Colorado
,..� Revised 3tatutes, the "Local Government Budget Law of
, Colorado," the "Colorado Local Government Uniform
' Accoanting Law," and the ��COlorado Local Government
�;.q Audit Law." .
- III. BONDS, NOTES AND OTHER OBLIGATIONS
*'':�:� (aj The bonds, notes, and other obligatioris of the
�� Authority shall nat be the debts, liabilities, or
,'�� obligations of the City or the County unless expressly
assumed by the City or the County;
'ry (b) The City and the County may provide for ;
,, payment to the Authority of funds from proprietary ,.
;"�`� revenues for services rendered or facilities provided by
;� the Authority, from proprietary revenues or other public >
funds as contributions to defray the aost of any purpose ;
..� set forth herein, and from proprietary revenues or other
public funds as advances for any purpose subject to -
repayment by the Authority; .
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(c) To carry out the purposes for which the
Authority was estab2ished, the Authority is authorized
to issue bonds, notes, or other obligations payable
solely from the revenues derived or to be derived from
the function, service, or facility or the combined
Eunctions, services, or facilities of the Authority or
from any other available funds of the Authority. The
ternts, conditions, and details of said bonds, notes, and
other obligations, the procedures related thereto, and •"
the refunding thereof shall be set forth in the '�:;��;'~ _
resolution authorizing said bonds, notes, or other
obligations and shall, as nearly as may be practicable, ,�<i.;'' �-
be substantially the same as those provided by law for " - "
any of the contraating parties to this Intergovernmental
Agreement; except that bonds, notes, ox other � ; :
; obligations so issued shall not constitute an G' '
, indebtedness of the Authority, the City or the County `
within the meaning of any constitutional, home rule
charter or statutory limitation or other provision
unless expressly assumed by the City or the County. �.
' Each bond, note, or other obZigation issued under this �
� subsection shall recite in substance that said bond,
note, or other obligation, including the interest � L.°�.
thereon, is payable solely from the revenues and other r���'
� availabla funds of the Authority pledged for the payment f '
�� thereof unless expressly assumed by the City or the
County and that said bond, note, or other obligation
' does not constitute a debt of the Authozity, the City or
� the County or within the meaning of any constitutional,
y home rule charter or statutory limitations or provisions
. ' unless expressly assumed by the City or the County.
� Notwithstanding anything in this section III to the
contrary, such bonds, notes, and other obligations may
� be issued to mature at such times not beyond forty (40) ,i
years from their respective issue dates, sha21 bear
� interest at such rates, and shall be sold at such
� prices, at, above, or below the principal amount
� thereof, as shall be determined by the Board.
�
� (d) The resolution, trust indenture, or other
security aqreement under which any bonds, notes, or
g other obligations are issued shall constitute a contract
3 with the holders thereof, and it may contain such
� provisions as shall be determined by the Board to be
appropriate and necessary in cor�nection with the
rissuance thereof and to provide security for the payment f'�,
thereof, including, without limitation, any taortgage or
; other security interest in any revenues, funds, rights, �
or properties of the Authority. The bonds, notes and �_�t
' other obligations of the Authority and the income
. therefrom are exempt from taxation, except inheritance,
estate, and transfer taxes pursuant to Section 29-1- ;�
204.5(7) (b) Colorado Revised Statutes. -
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IV. BUDGET �r�S ��''
The Authority shall annually prepare a budget pursuant to
the terms and provisions of the Local Government Budget Law of
Colorado. In expending the budqet, the Executive Director of the
Authority shall, insofar as practical, devote the time and monies
equally between the City and County functions as shown on said
budget. All work allocations among Authority personnel,
including "exclusive" City or County work shall be the
responsibility of the Executive Director. The Executive Director .
shall certify as to the distribution of office time in the form
of bi-monthly time sheets which shall varify the actual employee '•�'�^ .-
time effort on specific program allocation. This information ,�
will be summarized in monthly progress reports submitted to the �
City Manager and the County Manager. The reports will also -
? summarize the program and financia2 status of work contracted r �:
� with the Authority. - '_�
,�
V. ACCOUNTING, REPORTSt AUDIT AND OPERATIONS
With respect to accounting, reporting, auditing and
operational procedures, the Authority shall follow the provisions
`;;� and guidelines of the Colarado Local Government Uniform �::;;, :
a Accounting Law and the Colorado Local Government Audit Law. In ` �
'' .,i addition to such provisions and guidelines: ;`'•'>
,;� (aj AZ1 accounting, payroll, and audit services
for the Authority shall be performed by, or follow the
�� same procedures as those folZowed by, the Finance
'.`.e Department of the County.
�'� (b) The Executive Director shall assure compliance -
_�.`.� with personnel and procurement policies as established
� '� by the County.
�;;; (c} For each fisaal year of the City, the County
�:;�., and the Authority (each January 1 through each
*`�y December 31) the City and the County shall each
,,.� apgropriate one-half (1/2) of the moneys necessary to _
provide for any deficit arising in connection with the
,.;..� Authority's operations, provided however, that bonds,
notes or other obligations payable solely from revenues
;;'� as described in Section III(c) hereof shall never
..LL� constitute an indebtedness of the City or the County.
Any revenues of the Authority in any fiscal year in
;:, excess of the moneys necessary to the operation of the
,-� Authority shall be retained by the Authority £or use in ::
the Authority�s operations in the then subsequent fiscal `
year.
� (dj The C3ty shall pay to the County for the ;.
,,;� benefit of the Authority its share of the Authority's i�:�;
{ annual budget upon the request oP the Finance Director �
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oE the County. Revisions to the budget shall be �"�iq.`�f :R-
approved by both the City Council and the Board of
County Commissioners.
(e) On or before April 15 of each £iscal year, the
actual operations for the Authority for the immediate
preceding fiscal year sha11 be reviewed Hy the City and
County finance directors with the Executive Director for
the determination of any necessary final reimbursements
(and, therefore, necessary supplemental appropriations
of moneys by the City and the County) as a result of any -
nonbudget appropriation of Authority staff or F�- '`i� �
expendituze. n'�?=�=-:
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V2. I,EGAL ASSISTANCE
-.�:_
Legal assistance for the Autharity will be provided both by . �
the City and the County attorneys for specific problems related �
to Housing O£fice programs. The Executive Director shaZl
: recommend to the Board when legal services are required and how
they could be attained. ���
VII. DISPOSITION OE ASSETS UPON TERMINATION ���,
2;�';�,` .
Tn the event of the termination of this Intergovernmental `;; r;:°:
Agreement which termination may only occur in accordance with the
requirements and limitations of Section IX hereof, and the �!'
resulting dissoZution of the Authority, the assets of the ��
; Authority shall be distributed as follows:
! (a) All assets acquired from contributions from
� the City or the County shall be returned to the -
j contributing party if said assets are still in
�
existence.
i
` (b) If assets contributed to the Authority are not
1 in existenca, the contributing party shall have the
option of receiving the Eair market value of the asset
at the time of disposal by the Authority in either cash
or assets of the Authority.
i
j (c) All remaining assets acquired by the Authority
after the date of this Intergovernmental Agreement fzom
j funds provided by the parties shall be distributed to
the parties on the basis of the appraised value oF said :i
assets at the time of termination and in the same
proportion as the respective contributions of funds by '�
the parties for acquisition of the asset. ?t'
(d) The City and the County may agree to dispose
cf any assets of the Authority in any other acceptable :� ,
manner. "
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e) Tf the Cit and the Count cannot a ree on the ;$�5'*'`�
' � Y Y 5 �'.�,.�.
disposition of any assets of the Authority within sixty
(60) days after termination, said assets shall be
subject to an independent appraisal and shall be sold at
public auction as soon as practicable with the proceeds
allocated to the City and the County in the same
proportion as the total contribution of funds by the
respective parties for acquisition of the asset. �
VTII. MODIFTCATION OF THIS INTERGOVERNMENTAL AGREEMENT
. `:i!'.. :.
This Intergovernmental Agreement may be modified by wrftten
amendment appraved by both the City Council and Board of County * " .`
Commissioners, acting separately. •��;'`
IX. ANNUAL RENEWAL AND TERMINATION
� .
�; . --
� The term of this Intergovernmental Agreement shal2 be
" January 1, 1989, through December 31, 1989, and shall
automatically be renewed for successive one-year periods
:,� thereafter upon the approval of the annual budget for such year
by the City Council and the Board of County Commissioners.
.�; Either party thereto may terminate this Interqovernmental
� Agreement for any reason upon ninety (90) days' written notice, �;r`;
'" ..;� provided, however, that this Intergovernmental Agreement may not >;,'--`?
be terminated ox rescinded so long as the Authority has bonds, '
,.:� notes, or other obligations outstanding, unless provision for z'
>.S fu11 payment of such obligations, by escrow or otherwise, has
;.{� been made pursuant to the terms of such obligations; provided,
however, that if full payment has been provided by escrow, such
':;� termination or recision shall not occur unless nationally _
�� recognized bond aounsel has delivered an opinion to the e£fect
!`h•� that such termination or recision, in end of itself, will not
,^� adversely affect the tax status of the interest on such escrowed
obligations.
_:•+ X. NOTICES
:f�.{
i Any formal notice, demand or request provided for in this
'�!`.`,•� Intergovernmental Agreement shal2 be in writing and shall be
deemed properly given if deposited in the United States Mail,
,.� postage prepaid to:
�� City of Aspen, Colorado
c/o City Manaqer
130 South Galena Stzeet
Aspen, Colorado 81611 =
'``� Board of County Commissioners of - e
Pitkin County, Colorado {
;� c/o County Manager
_,,:� 506 East Main Street
Aspen, Colora$o 8i611
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Aspen/Pitkin County Housing Authority �� �`-
c/o City of Aspen, Colorado �
130 South Galena Street �
Aspen, Colorado 81611
IN WITNESS WHEREOF, the parties hereto have executed this
Intergovernmental Agreement on the day and year first above ;
written.
ATTEST: CITY COUNCIL OF ASPEN, :`
COLORADO ' ''rt;,� :
y � t -
E By:ri��/� ���C.i�L`� ' � r�-
Clerk and ecorder Mayor ; r:YE.��--:;.�;
: y
F � i �
! P OVED AS FORM: �
�,�.� A�-----�-"^ �,�'�
1 ty Attorney � ?
TTEST: BOARD OF COUNTY COMMISSIONERS ��� -
:�_ OF PITKIN COUNTY, COLORADO , a �,
i �� BY. � � 's r+.
Irk an Rec r er hairman r:, ;
• APPROVED AS TO FORM:
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5�County Attorney
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