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A RESOLUTION OF THE BOARD OF
� COUNTY COMMISSIONERS OF PITKIN COi7NTY, COLORADO�
DECLARING ITS INTENT TO ISSUE BONDS TO FINANCE THE RUSEY PROJSZ'�
Resolution # 91-�_
�, WHEREAS, the Soard of County Commissioners of Pitkin County
("Board") has authorized the construction of the Rubey affordable
housing project and has included such project in the 1991 budget; �
�
and
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� WEiEREAS, the Board intends to finance approximately $2 million
� of the cost of the Rubey project from the sale of bonds or other
' : i debt instruments, but project expenditures will be made before such
� financing is in place; and
�
- WHEREAS, the United States Treasury has issued regulations
i requiring local governments to officially declare their intent to
_ • `:��., .; reimburse project expenditures by incurring tax-exempt debt.
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"-??=.'�';a:j NOW, TAEREFORE, BE IT RESOLVED BY THE SOARD OF COUNTY
,�*'?-,i COMMISSIONERS OF PITKIN COUNTY, COLORADO:
}
I 1. The Board hereby reaffirms its authorization of the Rubey
. � affordable housing project, which consists of the construction of
� 18 townhomes at an estimated cost of $2,312,670 and the sale
�-.;;��,_-I thereof to buyers who are qualified under the current Affordable
Housing Guidelines for categories 1 and 2.
. ,yi 2. The Board intends to finance approximately $2 million of
��'`� the cost of the Rube ro ect b issuin tax-exem t debt but
:;�:_ ;.` Y P ] Y 4 P �
- project expenditures will be made from payment-in-lieu-of-housing
* ,.`*;�� funds before such financing is in place and then reimbursed from
the debt proceeds.
. - `�''�,`';�`•`� 3. The Board intends to pay off the debt with the sale
';;�'��;i� proceeds from the project.
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�?=.F;;f APPROVEA AND ADOPTED ON THE 13TH DAY OF AUGUST, 1991.
-:;F.,. � I
`=��_.,�;:� PUBLISHED AFTER ADOPTION IN THE ASPEN TIMES ON THE 22ND DAY
°�`.`=s,,�-.j OF AUGUST, 1991.
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` `.';"�r:°L' AT S :
'N�� BOARD OF COUNTY COMMISSIONERS
;;:�.� OF PITKIN COUNTY, C07ARAD0
_�:
�,r:.`:r By. � '
,.r'! anette Jon Wayn E hridge, h irman �
`^�#-; eputy Clerk & Recorder �
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APPROVED AS TO FORM:
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i John Ely � ,"- .
+ Assist C y Attorney i1��"�'
RECONII�NDED FOR APPROVAL: MANAGER APPROVAL: � `
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,� /����z°�� � � z? �?
Reid Haughe �
;-� Tom Oken Count Mana er �
,..5 Administrative Services Dir. Y g ,
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� Chairtnan Wayne Ethrid9e�otirx� �
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, Commissioner 7rue Voting �
. Gommissioner Yuite vating �'
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Cammissioner Crovrfey voting
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