HomeMy WebLinkAboutbocc.res.161.1976PITKIN COUNTY
BOARD OF COMMISSIONERS
Resolution #76- I(o
CONCERNING: Temporary Borrowing for FAA Property
WHEREAS, the Board of County Commissioners of Pitkin County,
Colorado, has entered into an agreement with the Department of Transportation,
Federal Aviation Administration, to acquire land for airport development,
clear zones, and transitional protection -- Parcels A, B, C, D-1, D-3, D-4,
D-5, E, F-l, F-2, and G (approximately 155 acres); provide relocation assis-
tance; acquire communications equipment for CF & R vehicles; install security
fence (approximately 4000 l.f.) including gates, and
WHEREAS, the cost of this project will be approximately $1,635,823,
and
WHEREAS, the Federal Aviation Administration has agreed to share
90% of the costs of the above project, or a maximum of $1,472,241. ~~
WHEREAS, it is required that the County purchase and hold good title
to properties before being reimbursed by the FAA, and the County has agreed to
purchase said properties.
WHEREAS, it is not advisable to cash in all the County's certificates
of deposit and to draw down all cash reserves for this project.
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NOW, THEREFORE, BE IT RESOLVED that the County of Pitkin be authorized
to borrow on a temporary short term basis an amount not exceeding $1,472.241
from the United Bank of Denver, at an interest rate not to exceed 5-3/4% on
an annual basis through September 18, 1977.
DATED: /;Z~ 7,/7 ,~
' AT7~ST:
BY: In ( ~ ~n
BOARD OF COUNTY COMMISSIONERS
PITKIN COUNTY
Joseph F~dd'~,..~°"~,~i,
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