HomeMy WebLinkAbout950838.tiff �� Recorded m -�C� o'clock r,G_ _...M C_Cl.. 3 1978
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827 Rec. Na .. Mary Ann Feuerstein, Recorder
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ORDINANCE NO. 25
RE : ADOPTION OF A COUNTY DEVELOPMENT REVENUE BOND POLICY FOR
WELD COUNTY, COLORADO.
m^
C'2 BE IT ORDAINED by the Board of County Commissioners of
tt�
C" Weld County , Colorado that Weld County hereby does adopt the
following policy regarding the issuance of County development
revenue bonds .
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ca SECTION 1 . DECLARATION OF POLICY
r It is hereby declared to be the policy of the County of Weld,
State of Colorado , to encourage the location , relocation , or
erg expansion of manufacturing , industrial or commercial enterprises
within the corporate limits of the County , and to that end to
issue development revenue bonds pursuant to the 1967 County and
Municipality Development Revenue Bond Act , as set forth in
Section 29-3-101 et . seq . , CRS 1973 , as amended. This policy is
adopted in furtherance of the primary objectives to mitigate the
serious threat of extensive unemployment , to secure and maintain
a balanced and stable economy , to ameliorate pollution and
other environmental problems and to provide for the public welfare .
All such action provided under this policy as set forth herein
in Sections 2 and 3 shall be taken only when the same is
exercised for the benefit of the inhabitants of Weld County and
for the promotion of their safety , welfare , convenience and pros-
perity.
In furtherance of the policy set forth in Section 1 , the
Board declares that :
1 . 1 The Board of County Commissioners will make all necessary
determinations of the desirability of projects and will
not delegate this determination to any agent , contractor
or employee of the County .
1 . 2 The County will not employ the provisions of the 1967
County and Municipality Development Revenue Bond Act to
industries presently located in other parts of the State
of Colorado if the result of such act is to induce
removal of these industries from their present location .
1 . 3 The County declares its intention to require payments in
lieu of ad valorem real estate taxes on any project in the
same amount and manner as if the ownership of the real
estate remained in private hands rather than in the owner-
ship of the County .
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950838
e ‘( 1'7492 52
1 . 4 The County will require information and proof of such
matters necessary to establish the bona fide purposes of
the applicant , while not unnecessarily divulging informa-
tion to the competitive disadvantage of the applicant .
1 . 5 The County will , in performing its duties , seek to protect
and enlarge the good fiscal reputation of the County .
1 . 6 Material supplied under the following Sections of this
policy may be made public by the Board of County Commis-
sioners at a public hearing to consider the application
for Industrial Development Revenue Bonds , or at a public
hearing to consider issuing such bonds .
SECTION 2 . COUNTY PLANNING CRITERIA
2 . 1 All proposed projects shall be in accordance with and
shall meet the goals , concepts and objectives for
development as set forth in the County ' s Comprehensive
Master Plan , and the comprehensive plan of any incorpo-
rated Town or City if such project will be located
therein or within three ( 3) miles of the corporate
limits of such Town or City .
2 . 2 The property on which any such project is to be located
must be within the corporate boundaries of Weld County
and such property must have affixed thereto a zoning
district classification of the County or of an
incorporated City or Town which permits the proposed
project use .
2 . 3 The plans for the proposed project shall be in strict
compliance with appropriate zoning and subdivision
regulations of Weld County and of any incorporated City
or Town , if such project will be located within the
corporate limits of such City or Town .
2 . 4 The County , in consultation with municipalities and
districts , will review and determine the adequacy of
water and sewer services prior to approval by the Board
of County Commissioners .
2 . 5 The proposed project plans shall be reviewed and analyzed
by the County to determine necessary off-site capital
improvements including , but not limited to , streets , curbs ,
gutters , sidewalks , utility easements , water and sewer
lines and traffic control devices . Such review shall
include analysis and comments offered by any incorporated
City , Town , and School District which may be affected by
the project . Such analysis is for the purpose of reporting
to the Board of County Commissioners the impact of such
development upon other municipal services and facilities .
The determination of which parties shall bear the cost of
any required off-site improvements shall be set forth in
an agreement between all parties in interest prior to the
consideration by the Board of County Commissioners of a
resolution of intent to issue bonds for the project .
SECTION 3 . APPLICATION REQUIREMENTS
In order to properly process and consider applications to issue
bonds for projects set forth herein , certain criteria , procedures ,
guidelines and requirements shall be followed and submitted by
the applicants as set forth below :
3 . 1 Legal opinion from an attorney who is a qualified municipal
bond counsel , acceptable to the Board , stating that the
applicants proposal falls within the intent and meaning
of the Economic Development Revenue Bond Act .
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e063 827 1749252
3. 2 Evidence that the proposed bond issue can be sold through
an acceptable underwriter or to an experienced investor
or group of investors.
3. 3 A written application containing the following information,
to-wit:
(a) A history of the applicant including a description of
it operations.
(b) Historical financial statistics of applicant for the
last five (5) years or for the entire time it has
conducted business. If the applicant is proposing
co-signers or guarantors of the bond issue, this same
historical financial data must be supplied for the
co-signers or guarantors.
(c) A written report form the applicant' s principal
banker concerning the applicant' s financial position
and ability to meet the expense of the proposed bond
issue. The applicant should also provide a Dunn and
Bradstreet Report or other equivalent national rating
of its financial position.
(d) Major customers of applicant and the annual sales to
each for the preceding two (2) years.
(e) A resume of principals and key employees of applicant,
including directors and officers, if applicant is a
corporation.
(f) Applicants pro forma balance sheets, income statements
and cash flow projections for the next five (5) years,
reflecting the proposed revenue bond issue.
(g) Applicant' s prepared financial statements dated within
sixty (60) days of the application date.
(h) Copies of the applicant' s financial statements, either
audited or otherwise satisfactory to the County, for
the preceding five (5) years or the entire time during
which the applicant has conducted business.
(i) Complete list of assets to be purchased or constructed
and expenses incidental to the acquisition, including
costs of the sale of the revenue bonds.
(j ) A payment schedule or formula for retirement of the
bonds and payment in lieu of taxes and cost of main-
taining project in good repair and properly insured.
3. 4 An application fee of $250 to defray the costs of the County
analysis of the proposal as set forth in Section 4 of this
Ordinance.
3. 5 Other information specifically desired by the Board not set
forth above.
SECTION 4. COUNTY REVIEW OF APPLICATION
At such time when the applicant has provided all of the required
information and met all of the above stated requirements, the
County shall conduct an analysis of the information and the
suitability of the proposal for implementation under this
Ordinance. A review team consisting of the County Finance
Officer, the County Planner, and the County Attorney shall be
responsible to analyze the application and to make a recommenda-
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E#27 1749252
tion to the Board of County Commissioners concerning the
advisability of proceeding with the proposed bond issue. The
recommendation shall include an analysis of the impact of the
development upon the County and upon any other interested
Municipal Governments . The form of agreement for any required
off-site improvements shall also be recommended by the review
team to the Board of Commissioners . The review team may
recommend certain conditions to be placed upon the applicant
further to insure the repayment of the bonds , and may recommend
that the applicant provide guaranteed construction contracts or
a completion bond prior to undertaking the proposed project .
4 . 1 At such time that the review team has presented its
recommendation , impact analysis , and off-site improvement
agreement to the Board, and to the applicant , the Board
shall schedule a public hearing for the purpose of
discussing the application and considering public comment
on the proposed bond issue. At the close of such public
hearing, the Board may determine whether or not to proceed
to issue the bonds and shall adopt a resolution formally
declaring its intent .
4 . 2 If the Board of Commissioners has considered the applica-
tion and the report from the review team, has conducted a
public hearing on the application , and has adopted a
resolution of intent to issue the proposed bonds , it shall
direct the review team to prepare the bond issue . The
review team will work with the applicant and with an
investment banker and bond counsel suitable to the appli-
cant and to the County .
4 . 3 The bond issue shall be sold at public bid in accordance
with State Statutes and with the Weld County Charter. The
specifications and invitation to bid shall be approved by
the Board at a regular meeting , and shall be designed to
include the entire costs of the bond issue including
associated agency and legal fees and commissions . At a
subsequent regular meeting the Board shall consider all
qualified bids and shall resolve to award the sale to the
best responsible bidder or it may resolve not to issue the
bonds . If the Board determines not to accept any of the
bidders , it may direct the review team and the applicant
to prepare new bid specifications to present to the Board .
SECTION 5 . VALIDITY OF ORDINANCE
If any section , subsection , paragraph , sentence , clause , or
phrase of this Ordinance is , for any reason , held or decided to
be invalid or unconstitutional , such decision shall not affect
the validity of the remaining portions . The Board of County
Commissioners of Weld County , Colorado , hereby declare that it
would have passed this Ordinance and each and every section ,
subsection , paragraph , sentence , clause and phrase thereof
irrespective of the fact that any one or more sections , sub-
sections , paragraphs , sentences , clauses , or phrases might be
declared to be unconstitutional or invalid.
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327 1749252
SECTION 6. EFFECTIVE DATE �- S.
This Ordinance shall take effect five (5) days after its final
publication , as provided by Section 3-14(2) of the Weld County
Home Rule Charter.
The above and foregoing Ordinance No. 25 was, on motion
duly made and seconded, adopted by the following vote on the
3rd day of April , A.D. , 1978 .
BOARD O'' COUNTY COMMISSIONERS
OF WELD OUNTY, COLORADO
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14*a r l ATTEST:
tr1.,�,, ,�.`I �'t�e
WELD COUNTY CLERK AND RECORDER
D CLERK TO THE /�RD
- Deputy County Clerk
P Y
,
/
(AAR,�(-1:_ __ ED AS TO FORM: j
0
County Attorney
Date Presented: April 3 , 1978
DATED: April 5 , 1978
PUBLISHED: April 6 , 1978 in the Johnstown Breeze
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14-THE JOHNSTOWN BREEZE—Johnstown,Weld County CO 80534 Thursday
(a) A history of the applicant June K.Steinmark
Including a description of it Victor L.Jacobuccl
PUBLIC NOTICE operations. Norman Carlson
Pe f Leonard L.Roe
ORDINANCE NO.25 (b 1 Historical financial statistics
o applicant for the last five (5) ATTEST: Mary Ann Feuersteln
RE: ADOPTION OF A COUNTY years�r for the entire I time a has WELD COUNTY CLERK
DEVELOPMENT REVENUE conduced business. If the apply AND RECORDER
BOND POLICY FOR WELD guarantors
is proposing fth - co-signers this os AND CLERK TO THE BOARD
COUNTY, COLORADO. same brs of the bond issue, I
same historical financial data BY: Jeannette Ordway DAVIT OF PUBLICATION
BE IT ORDAINED by the Board must be supplied for the co-signers Deputy County Clerk of County Commissioners of Weld or guarantors.
County,eeb does r adoptatheeld ollowing applicant'sritten report principal bankers con- Thomas O.APAPROVED FORM:
policy regarding the issuance of cerning the applicants financial County Attorney
p y g position and ability to meet the Dated April 5, 1978
County development revenue expense of the proposed bond -IE JOHNSTOWN BREEZE
bonds. issue. The applicant should also Date Presented: April 3. 1978
provide a un and Bradstreet Published in the Johnstown Breeze
ASECTION i. DECLARATION OF Report or other equivalent na- CoriLegal877-9-Clerk to Bd.78. IAILAO )
tional rating of its financial ) so.
It is hereby declared to be the position. yi
policy of the County of Weld,State cani1 Mand jor caustomual ersea to ers of each COL tiTT O1' `VELD )
location,of Colorado,relocation,
tio encourage, expansion the for the preceding two (2) years. -
ofm actor rig industrial (el A resume of principals and 1,(ai�citior_tihciln do solemnly swear that I ani publisher
cf m ercial enter wthin or ke employees of applicant. in-
commateli itsofrpthe County,
eluding irctors and officers, if or 'Pip, Johnstown Breeze; that the same is a weekly
corporate d to issue the evelop,and applicant is a corporation.re that end is development P lie tva.,vi) Printed, in whole or in part, and published in
Countrevenue ndbonds cipalit to the lop' (f 1 Applsheets, ts pro forma bal.
County and Municipality Develop- ance sheets, income statements the County of Weld, State of Colorado, and has a general
and cash flow projections for the
ment in Revenue Bond Act, as setq., reng circulation therein; that said newspaper has been pub-
forth Section 29-3-101 et. seq., next five revenue(5 years,bond
issue. the
CRS 1973,as amended.This policy pub-
pro, bond issue. liahed continuously and uninterruptedly in said County of
Is ( ) Applicant's prepared finan-
p adopted in furtherance of the [ sixty i- c
primary objectives to mitigate the cis statements dated within �.did L�_ period of inure than fifty-two consecutive
(60) days of the application date.
�� a pserious threat cf extensive inem- h) inweeks neat Prior to the first publication of the annexed
a to secure and maintain ( Copies of a applicant's, eie
a balanced and stable economy,to financial statements, either c that said newspaper has
t audited or otherwise satisfactory local smites or adV erti„enlcnt;
ameliorate pollutionproblems and other to the County, for the preceding linen admitted to the United States mails as second-class
environmental the welfare.and to five (5) years or the entire time
provide for the provided All during which the applicant has matter under the provisions of the Act of March 3, 1879,
action set rt under this condcted business. PP
policy as fhall be herein In (I) Complete list of assets to be or any amendments. thereof, and that said newspaper is a
e when the 2 and same shall taken the purchase or constructed and weekly n,.vssaaper duly qualified for publishing legal
benefi is exercised for Weld d expenses incidental to the ac uisi- .
County t of the inhabitants of tion, including costs of the sale of notices rind advertisements within the meaning of the
and welfare,e the promotion cofe the revenue bonds.
their safety, convenience (j) A payment schedule or IONS of the State of Colorado.
and prosperity. formula for retirement of the
In furtherance of the policy set bonds and payment in lieu of taxes
and cost of maintaining project in That the annexed legal notice or advertisement was
forth in Section 1, the Board good repair and properly insured.
declares that: 3-4 An application fee of $250 to published in the regular and entire issue of every number
1.1 The Board of County Com- defray the costs of the County
missioners will make all necessary analysis of the proposal as set
determinations of the desirability forth in Section 4o7 this Ordinance. of lid weekly newspaper for the period ofof projects and will not delegate 3.5 Other information specifical-
this determination to any agent, 1y desired by the Board not set col.. c -ice cisertions, and that the first publication of
contractor or employee of the forth above. said notice was in the issue of said newspaper dated
County. SECTION 4.COUNTY REVIEW
1.2 The County will not employ OF APPLICATION
the provisions of the 1967 County
and Municipality Development At such time when the applicant7"6Revenue Bond Act to industries has provided all of the required AA.D. 19 and that Lhe last
presently located in other parts of information and met all of the
the State of Colorado if the result of above stated requirements, the publication of said notice was in the issue of said news-
such act is to induce removal of County shall conduct an analysis of
these industries from their present the information and the suitability
location. of the proposal for implementation A X1/1 V
1.3 The County declares its under this Ordinance. A review paper dated __._l_..✓ t A.17. 19--�.j---
lieuofintention to require payments in team consisting of the County
lieu of ad valorem real estate taxes Finance Officer, the County Plan-
on any project in the same amount ner,and the County Attorney shall
and manner as if the ownership of be responsible to analyze the In witness whereof I have hereunto set my hand this
the real estate remained in private application and to make a recom-
hands rather than in the ownership mendation to the Board of County
of the County. Commissioners concerning the 1 /t// �)
1.4 The County will require advisability of proceeding with the / _ day of / ' - A.U. 19.7d. -
mftters and proof of such -
matters necessary to establish the proposed
shall include hanranaly •
-
bona fide purposes of the spun- sis of the impact of the develop- �� i9k,)4(1-11-41W-
divulging
cant, while not unnecessar]y ment upon the County and upon "J-�"1 -------
information to the coin- any other Interested Municipal 1'uhl her.
petltive isadvantage of the apple- Governments. The form of agree-
cant. ment for any required off-site
1.5 The County will, in perform- improvements shall also be re-com-
ing its duties, seek to protect and mended by the review team to the Notary Public
enlarge the good fiscal reputation Board of Commissioners. The Suhsel'i bed and sworn to before me, a y'
of the County. review team may recommend in and for the County of Weld, Slyte of Colorado, this
1.6 Material supplied under the
following gybeSections of this policy certain po plic to be placedto
upon the applicant further to i yI- X14
may be made public by the Board insure the repayment of the bonds, I Y_ ' ' ' !. �� _- A.D 19 _---
of County Commissioners at a and may recommend that the _ -- day of .— - - -
applic hearing Industrial tria Del' the applicant provide guaranteed con-
rnent o enu nd , Develop- s ruction contracts or a completion )1
merit Revenue Bonds, or at a bond prior to undertaking the
such bon ---
public
hearing to consider issuing proposed project.
.�o�'tr>- Public.
My commission expirHS'G initissicn eXpitesSeptetuLt 2, l4CI
4.1 At such-time that the review
SECTION 2.COUNTY team has resented its recommen-
PLANNING CRITERIA dation, Impact analysis, and
off-site improvement agreement to
2.1 All proposed projects shall be the Board,and o the applicant the
in accordance with and shall meet Boa' shall echedu e a onus-
- goals,concepts and objectives hearing for flee purpose of oscus-
for development as set tort][in the sing the-abplica on.and.consider-
. County's Comprehensive Master ing publliic comment on the
-Plan,and the.comprehensive plan proposed bond issue. At the close
of any incorporated Town or Cary H or such public hearing, the Board
such project will be located therein may determine whether or not to
or within three (3) miles of the proceed_o issue the bonds and
corporate limits of such Town or shall adopt a resolution formally
City. property declaring its intent.4
a 2.2ch project is o ben which
ed any stoners has consideredf the the of Commis-
2.2ust
within the corporate boundaries lion and the report from the review
of Weld County and such property team,a on the anducted a li atlon and hasc
must have affixed thereto a zoning adopted a resolution of application, to
district
an classification
ncorff icatied City or Town tasue the proposed bonds, it shall
which permits the proposed pro- direct the review team to prepare
the bond-jesue. The review team use.
Will work with the app
2.8 The plans for the proposed applicant and
project shall be in strict compli- with an n el suitablebanker to and
ance with appropriate zoning and bond counsel Coo to the
subdivision regulations of Weld applicant and to the County-
subdivision
County and of any Incorporated Sp The bond issue shall be sold
City or Town, if such project will at to Statutes bid in accordance with
be located within the corporate Cain and_ specifications
d the Weld
limits of such City or Town. County
in Charter, to e bid shallbe
2,4 The County. in consultation approved by the Board at a regular
with municipalities and districts. meeting, and shall be designed to
will review and determine the include the entire costs of the bond
aaequacy or water and sewer issue including associated agency
services prior to approval by the and legal fees and commissions.At
Board of County Commissioners. a subsequent regular meeting the
2.8 The proposed project plans Board than consider all qualified
shall be reviewed and analyzed by bids and shall resolve to award the
the County to determine necessary sale to the best responsible bidder
off-site capital improvements In- or it may resolve not to issue the
eluding,but not limited to.streets, bonds.lithe Board determines not
' curbs, gutters. sidewalks, utility to accept any of the bidders,it may
easements,water and sewer lines direct The review team and the
and traffic control devices. Such app licant to prepare new bid
review shall Include analysis and _.,pciffcations to present to the
comments cpoo offered by any incor- Hoard.
School
District which i may be affected by SECTION 5.VALIDITY OF
the project.Such analysis s fo�ree ORDINANCE
purpose of reporting o
of County Commissioners the If any section, subsection, para-
impact of such development upon graph sentence,clause,or phrase
other municipal services and of this Ordinance is for any .
facilities. The determination of reason. held or. decided to be
which parties shall bear the coat of invalid or unconstitutional, such
• any required off-site Improve- decision shall not affect the
ments shall i set forth I an validity of the remaining portions.
agreement be,ween all parties in The Hoard of County Commis-
intereat prior to the consideration stoners of Weld County,Colorado,
b]' the Hoard <d County Commis- hereby declare that ft would have
stoners of a re.-olution of intent to passed this Ordinance and each
issue bonds fo the project. _and every section, subsection,
paragraph, sentence, clause and
SECTION APPLICATION phrase thereof irrespective of the
REQUIREMENTS
fact that any one or more sechem,
In order to pr ,.erly process and subsections, paragraphs.
consider apt,'cationa to issue and sentences, clauses, or phrases
bonds for pro .its set forth herein, might l in al to be unconatl•.
certain criria, procedures 4,„ or Invalid'
. guidelines and -equirements shall SECTION e.EFFECTIVE DATE
be followed an submitted by the
applicants as t forth below: This Ordinance shall take effect
8.1 Legal opith from an attorney five (5)
dad s after
ft ed by i Sections final
who le a quail :d municipal bond S 14(2 of the Weld County Home
counsel, acre ible to the Board, )Charts
stating that S applicants pro- Note
above andforego'g.OMm-
pbeal falls wit tin the intent and ante No.-28 wee, on motion "y
meaning of the_.:conomic Develop-, made and seconded adopted by .
meet Revenue Bond Act. the following vote on the 3rd day of
8.2 Evidence thatthe proposed April A.D., 19Ts.
bend issue cin to sold an
• lw acceptable uerwrttsr or to an , . BOARD OF COUNTY
eaperienepd.'•,estor or group of COMMISSIONERS
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8.3Ayver thatt1sp(tinp deft �1 b tilAk1q k.
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settl-
•
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Af
it 'a 1 C •
Aoereview en thwientidionong f t:
soon
o p County d ,and the t
ism, l>n At AEolde islet
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Ma licomme red vY the r om
((}) AppNqan Ijo pro, m- team to ni. Board of Com•
m f) Apte p Curnt* Inaom , te• mleelonerFThs rev aem
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'4t ib t�•d � -
(h) Cool*Tef•the a Cs �Sb ,} A y , w .•
financial .statement Ary
tap�udtited or°tins,se
thhai ' arstn a
t M r e
co �` .. f t .
It ' s0t"u4+td ti: '111..
nd
ez�eeselMot Mal to-the th
qu eitlon,inewd costs of the O li'TY OLHRK hMQ`.
sale of the revenu bonde..
t!O THE BOREDi
utilerk
y ate sbrY
DATE* Feh{uary.27,ter►
Published lit:the Fort L. .n
First Pdbilcy(on:March 2, 1978
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SECT( (CATION RE- repIWO ay
p r Winds •
(ECuEE canon t furl r to Insure
le or s b b Woes may reefipsinmini that the
Ip1�ad y etioOfldabittracts Or E
d atpyat
a- i._ iweY',es tom la ar n. I in
Wtela
Meadatl n,.l.m 1
sot !�� and et-site •I
att 'opinion't Reed to reetheatto th
etMr b halo e
t „ •attBeard',
pro I tarpon of lk
of and nteerting Epn I tton and cons
m it I3evtiopment ol ton the p •
d e.At the.cl
dq d a we
best j ,,, Abe.scold th -dette hire whether or
an ,;,le undMWAter Or o proceed to Issue the bond'
en ' • Investor or group Ma II adopt a resolution.
•�
sue, 2,3 . u rplOereO the
9 in epptleafi� IG ' hi
In :•,1-hit:tolloYiln'p � 'and repert I
r of the applicant the review team, has Co
In description of Its a publk hearing,on the
�
tloh„and has adopted•
rical financial Mat- lutIontil Intent to Issue •
l re et , pllc•nt for the last prop bonds, It shag
Ive or for the entire the review tram'to preppie
if Vi -aortdis�W pees,. _ __ wbo d rk Wet*.the apphcaMa ant
It late uarentereal theebe co-
e ban
d
ehistorical•fl - counsel suitable the a
-beSupr guarantors. M 4.3 Tim bond Issue Mall be •
written report from the at public bid 1n smartens,
t'e principal banker con- State Statutes and with
the applicant's financial Weld County Charter.
Hello