HomeMy WebLinkAbout810380.tiff G
ORDINANCE NO. 87--A
AN ORDINANCE REPEALING ORDINANCE No. 87 AND AUTHORIZING
L THE ISSUANCE AND SALE OF $2 ,400 ,000 , WELD COUNTY, COLORADO
INDUSTRIAL DEVELOPMENT FIRST MORTGAGE REVENUE BONDS , S & A
PARTNERSHIP PROJECT, SERIES 1981 , FOR THE PURPOSE OF LOANING
FUNDS TO S & A PARTNERSHIP, A COLORADO GENERAL PARTNERSHIP, TO
FINANCE THE ACQUISITION AND CONSTRUCTION OF A BUILDING FOR LEASE
TO EDWARDS CHEVROLET COMPANY IN WELD COUNTY, COLORADO; PROVIDING
FOR THE PLEDGE OF REVENUES FOR PAYMENT OF SAID BONDS; APPROVING
AND AUTHORIZING THE EXECUTION OF A LOAN AGREEMENT BETWEEN S & A
PARTNERSHIP, A COLORADO GENERAL PARTNERSHIP, AND WELD COUNTY,
COLORADO; APPROVING AND AUTHORIZING A MORTGAGE AND INDENTURE OF
TRUST AMONG S & A PARTNERSHIP, WELD COUNTY, COLORADO AND CENTRAL
BANK OF DENVER, DENVER, COLORADO; AND AUTHORIZING THE PREPARATION
OF CERTAIN RELATED DOCUMENTS AND INSTRUMENTS; AND DECLARING AN
EMERGENCY.
7,7 BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF WELD
COUNTY, COLORADO:
WHEREAS, Weld County, Colorado is a political subdivision of
the State of Colorado, and a body politic and corporate ; and
WHEREAS, the Board of County Comissioners of Weld County,
Colorado, pursuant to Colorado statute and the Weld County Home
Rule Charter, is vested with the authority of administering the
affairs of Weld County, Colorado; and
WHEREAS, Weld County, State of Colorado (the "Issuer" ) , is
authorized by the County and Municipality Development Revenue
Bond Act, C.R.S . 1973 , constituting Title 29, Article 3 , Part 1 ,
C.R.S . 1973, as amended (the "Act" ) , to finance one or more
projects to promote industry and develop trade or other economic
activity by inducing manufacturing, industrial, commercial or
business enterprises to locate, expand or remain in the State of
Colorado, to mitigate the serious threat of extensive
unemployment in parts of the State of Colorado, to secure and
maintain a balanced and stable economy in all parts of the State
of Colorado and to further the use of its agricultural products
or natural resources; and
WHEREAS, such counties and municipalities are further
authorized by the Act to issue industrial development revenue
bonds for the purpose of defraying the cost of financing any
project and all incidental expenses incurred in issuing such
bonds, and to secure payment of such bonds as provided in the
Act; and
R sc 934 410 fcre Or at , o clock P._..APR..2.0.1981
1855543 4f\24.-.- ,<n-w .rw
Rec. No. l e d a /a n
�nx+ 310380
State of,Csojpxpdo, Weld County Clerk Cr Recorder
BOOK934 185554310-A
WHEREAS , Steven E . Ley and Adolf H . Ley, have presented to
the Issuer a proposal whereby the Issuer will, pursuant to the
Act , finance the cost of land, a building, site improvements ,
fixtures and equipment (the "Project" ) to be used as an auto
sales and service facility, which Project will be located within
the Issuer and qualifies as a "project" within the meaning of the
Act; and
WHEREAS, on December 29, 1980, the Issuer' s Board of
Commissioners (the "Board" ) adopted a resolution inducing Steven
E. Ley and Adolf H. Ley to complete the Project within the City
of Greeley, and Issuer agreed to take all steps necessary or
advisable to effect the issuance of industrial development
revenue bonds, it being understood that none of the Project costs
or the costs of said issuance and sale were to be borne by the
Issuer and that the necessary financing documents were subject to
formal approval by further action of the Board pursuant to the
Act; and
WHEREAS, Steven E . Ley and Adolf H. Ley have formed a
general partnership, S & A Partnership (the "Company" ) , under the
laws of the State of Colorado to complete the Project; and
WHEREAS , Weld County, Colorado, Industrial Development First
Mortgage Revenue Bonds , S & A Partnership Project, Series 1981 ,
in the aggregate principal amount of $2,400 ,000 (the "Bonds" )
will be issued, sold and delivered by the Issuer to Gibralco,
Inc. , (the "Underwriter" ) , and the proceeds thereof used to pay
the cost of financing the Project, including the interest on the
Bonds during the construction period of the Project, and certain
incidental costs and expenses incurred in connection with the
issuance of the Bonds; and
WHEREAS, concurrently with the issuance of the Bonds , the
Company will enter into a Loan Agreement with the Issuer
providing for payments by the Company sufficient to pay the
principal of, redemption premium, if any, and interest on the
Bonds and to meet other obligations as herein and therein
provided; and
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B°°K 934 1855543
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WHEREAS, there have been or shall be presented to the
Issuer: ( 1 ) the proposed form of Loan Agreement (the
"Agreement" ) between the Issuer and the Company, ( 2 ) the proposed
form of Mortgage and Indenture of Trust (the "Indenture" ) between
the Issuer and Central Bank of Denver, Denver, Colorado, as
Trustee (the "Trustee" ) , (3 ) the proposed form of Lease Agreement
between the Company and Edwards Chevrolet Company, (the "Lease" ) ,
and ( 4 ) the proposed form of Official Statement to be used in
connection with the offering and sale of the Bonds (the "Official
Statement" ) ; and
WHEREAS, the Issuer has considered the Company ' s proposal
and has concluded that the economic and other benefits to the
Issuer will be substantial and that it wishes to proceed with the
financing of the Project;
NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF COUNTY
COMMISSIONERS OF WELD COUNTY, COLORADO:
Section 1 . All action (not inconsistent with the provisions
of this Ordinance) heretofore taken by the Board and the officers
of the Issuer directed toward the financing of the Project and
the issuance and sale of the Bonds therefor be, and the same is
hereby, ratified, approved and confirmed.
Section 2. The Issuer shall finance the Project, including
capitalized interest during construction of the Project, and
incidental issuing expenses, by loaning the proceeds of the Bonds
to the Company in accordance with the provisions of the Agreement
for the purposes described above.
Section 3 . To defray the cost of financing the Project,
including capitalized interest and incidental issuing expenses ,
there is hereby authorized an issue of industrial development
first mortgage revenue bonds to be designated "Weld County,
Colorado, Industrial Development First Mortgage Revenue Bonds,
S & A Partnership Project, Series 1981 , in the aggregate
principal amount of $2,400 ,000 , to be issued in the form of
coupon bonds in the denomination of $5,000 each, registrable as
to principal only, or as fully registered bonds in the
denomination of $5,000 or any integral multiple thereof, to be
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Booigdated as of May 1 , 1981 , to bear interest from their date,
payable semiannually, commencing not more than six months
following their date, at a rate or rates not exceeding 20% per
annum at the specific rates to be set forth in the Indenture, and
having a final maturity not exceeding twenty-five years from
their date, as set forth in the Indenture.
The Bonds shall be payable, shall be subject to redemption
prior to maturity and shall be in substantially the form as
provided in the Indenture. The Bonds shall be sold to the
Underwriter at a private sale at a purchase price of ninety-two
and one-half percent (92. 5% ) of par amount thereof, plus accrued
interest from their date to the date of their issuance and
delivery to and payment therefor by the Underwriter. The maximum
net effective interest rate on the Bonds shall not exceed 20%.
Section 4. The following determinations and findings are
hereby made in accordance with Section 29-3-113 , 29-3-114, and
29-3-120 of the Act:
( a) The amount necessary in each calendar year to pay the
principal of and the interest on the Bonds is equal to the amount
payable by the Company pursuant to the Agreement and Indenture;
(b) The Bond Reserve Fund established in the Indenture
shall be funded in the amount of $360,000 from the proceeds of
the Bonds and from earnings on the other funds established in the
Indenture;
( c) The terms of the Agreement under which the Project is
to be financed provide that the Company, at the Company's
expense, shall be obligated to maintain the Project in good
repair, to carry all proper insurance with respect thereto, and
to pay all taxes, or payments in lieu thereof , payable pursuant
to Section 29-3-120 of the Act;
(d) The revenues payable under the Agreement and the
Indenture are sufficient to pay, in addition to all other
requirements of the Agreement, the Indenture, and this Ordinance,
the sums referred to in paragraph (a) of this Section;
(e) The revenues payable under the Agreement and the
Indenture are further sufficient to pay, in addition to all other
requirements of the Agreement, the Indenture and this Ordinance,
all fees, charges, costs and expenses of the Trustee; and
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1855541
Boole 934 ►o
(f ) The action on the part of the Issuer in providing
financing for the Project in accordance with the Act will induce
the Company to locate and remain within the Issuer and State, and
possibly to expand therein, and will assist the Issuer to avoid
or mitigate any serious threat of extensive unemployment and to
secure and maintain a balanced and stable economy.
Section 5. The forms , terms and provisions of the
Agreement, the Indenture, the Lease and the Official Statement be
and they are hereby approved, and the Issuer shall enter into the
Agreement, the Indenture and the Official Statement in
substantially the forms of each of such documents as presented to
the Issuer, with such changes therein as are not inconsistent
herewith; and the Chairman of the Board of County Commissioners
is hereby directed to execute and deliver such documents, the
County Clerk and Recorder and Clerk to the Board is hereby
authorized and directed to affix the Issuer's seal to and to
attest and countersign such documents. The Underwriter is hereby
authorized to distribute the Official Statement in connection
with the offering and sale of the Bonds.
Section 6 . The form, terms and provisions of the Bonds and
any coupons appertaining thereto, as set forth in the Indenture,
be and they are hereby approved, with such changes therein as are
not inconsistent herewith; and the Chairman of the Board of
County Commissioners is authorized and directed to execute the
Bonds and any coupons appertaining thereto, the County Clerk and
Recorder and Clerk to the Board is hereby authorized and directed
to attest the Bonds and any coupons appertaining thereto and
directed to countersign the Bonds and any coupons appertaining
thereto, and each is authorized to deliver the Bonds. The seal
of the Issuer is hereby authorized and directed to be affixed to
the Bonds. The seal and the signatures of the Chairman of the
Board of Commissioners on the Bonds and any coupons appertaining
thereto, and of the County Clerk and Recorder and Clerk to the
Board on any coupons appertaining thereto, may be by facsimile.
Section 7 . Bonds of any series may be issued initially in
temporary form exchangeable for definitive Bonds of the same
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series when ready for delivery. The temporary Bonds shall be of
such denomination or denominations, without coupons, as may be
determined by the Issuer through its Chairman of the Board of
Commissioners, and may contain such references to any of the
provisions of the Indenture as may be appropriate. Every
temporary Bond shall be executed by the Issuer and authenticated
by the Trustee. If the Issuer issues temporary Bonds , it will
execute and furnish definitive Bonds without delay and thereupon
the temporary Bonds will be surrendered for cancellation in
exchange therefor at the principal office of the Trustee, and the
Trustee shall authenticate and deliver in exchange for such
temporary Bonds an equal aggregate principal amount of definitive
Bonds of the same series and maturity and in denominations
authorized by the Indenture. Until so changed, the temporary
Bonds shall be entitled to the same benefits under the Indenture
as definitive Bonds authenticated and delivered thereunder.
Section 8. The Chairman of the Board of Commissioners and
all other appropriate officers and officials of the Issuer are
hereby authorized and directed to sign, file, or cause to be
signed or filed, or approve, accept, or concur in all other
necessary or appropriate documents for the issuance of the Bonds
and preservation and assurance of the security for the payment of
the principal of and interest on the Bonds.
Section 9 . The Chairman of the Board of Commissioners is
hereby authorized and directed to execute and deliver to the
Trustee the written order of the Issuer for the Authentication
and delivery of the Bonds by the Trustee, in accordance with the
Indenture.
Section 10 . The Underwriter is hereby authorized to
distribute the final Official Statement in connection with the
offering and sale of the Bonds.
Section 11 . The officers and officials of the Issuer shall
take any and all action in conformity with the Act which may be
necessary or reasonably required by the parties to the Indenture,
or their counsel or bond counsel, to effectuate its conformity
with the Act, to finance the Project, including interest during
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ROOK 934 1855543
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construction and issuing expenses, and for carrying out , giving
effect to and consummating the transactions contemplated by this
Ordinance, the Agreement, the Indenture and the Official
Statement, including, without limitation, the execution and
delivery of any closing documents to be delivered in connection
with the sale, issuance and delivery of the Bonds.
Section 12. The cost of financing the Project , including
any capitalized interest and incidental issuing expenses, will be
paid out of the proceeds of the Bonds and none of the Bonds will
be the general obligation of the Issuer nor shall any of the
Bonds, including interest thereon, constitute the debt or
indebtedness of the Issuer within the meaning of the Constitution
or statutes of the State of Colorado or of the home rule charter
of the Issuer or any other entity, nor shall anything contained
in this Ordinance, or in the Bonds, the Agreement, the Indenture,
the Lease, or the Official Statement, or any other instrument,
give rise to a pecuniary liability or a charge upon the general
credit or taxing powers of the Issuer, nor shall the breach of
any agreement contained in this Ordinance, or in any of the
above-mentioned instruments impose any pecuniary liability on the
Issuer or any charge upon its general credit or against its
taxing powers, the Issuer having no power to pay out of its
general funds, or otherwise contribute, any part of the costs of
financing the Project, nor power to operate the Project as a
business or in any manner, nor shall the Issuer condemn any land
or other property for the Project nor contribute any land or
other property to the Project.
Section 13. After any of the Bonds are issued, this
Ordinance shall be and remain irrepealable until the Bonds and
the interest thereon shall have been fully paid, cancelled and
discharged.
Section 14. If any section, paragraph, clause, or provision
of this Ordinance shall for any reason be held to be invalid or
unenforceable, the invalidity or unenforceability of such
section, paragraph, clause, or provision shall not affect any of
the remaining provisions of this Ordinance.
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Section 15. The Chairman of the Board of Commissioners and
the County Clerk and Recorder and Clerk to the Board and other
proper County officials, and each of them, are hereby authorized
to execute and deliver for and on behalf of the County any and
all additional certificates, documents and other papers and to
perform all other acts they may deem necessary or appropriate in
order to implement and carry out the matters herein authorized.
Section 16 . All by-laws, orders, resolutions and
ordinances , or parts thereof, inconsistent herewith and with the
documents hereby approved, are hereby repealed to the extent only
of such inconsistency. This repealer shall not be construed as
reviving any by-law, order, resolution, or ordinance, or part
thereof previously repealed.
Section 17. By reason of the volatile condition of the bond
market and the uncertainty of stable interest rates, it is
necessary that moneys to be provided by the issuance of the Bonds
be available immediately; consequently it is determined that this
Ordinance, providing for the issuance and sale of the Bonds, is
necessary to the immediate preservation of the public health and
safety of the Issuer.
Section 18. The effective date of this Ordinance shall be
the date of its enactment and public notice shall be given
forthwith after passage.
Section 19. Due to the lack of time for the issuance of
said Industrial Revenue Bonds, and so as not to jeopardize the
issuance of said Bonds, the Board of County Commissioners of Weld
County, Colorado, pursuant to Section 3-14 (6) of the Weld County
Home Rule Charter, does hereby declare this Ordinance to be an
emergency ordinance.
THE ABOVE AND FOREGOING ORDINANCE NO. 87-A, on motion duly
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1855543
Uoorc 934 1(3-9
made and seconded, was adopted by the following vote on the
20th day of April , 1981 .
/) �`y .��' BOARD OF COUNTY COMMISSIONERS
ATTEST: fil (fnn,t f�lK/n4/lA��r/ WEL COUNTY, COLORADO
Weld County Clerk and (/�//,�
Recorder and Clerk to ���i
the Board
putt' County erk ?LiOHN MARTIN (absent)
APPROVED AS TO FORM: W7414
Coun y Attorney
PRESENTED: April 20, 1981
PUBLISHED: April 23, 1981
•
1855543
0ic 934 /0-/0
STATE OF COLORADO
) ss.
COUNTY OF WELD
I, Mary Ann Feuerstein, County Clerk of Weld County,
Colorado, do hereby certify that the foregoing pages numbered 1
to 9, inclusive, contain a true and correct copy of the
proceedings taken by the Board of County Commissioners of the
County at a regular meeting thereof, held on Monday, the 20th day
of April , 1981 , so far as said proceedings relate to an Ordinance
authorizing the issuance and sale of $2,400 ,000 Weld County,
Colorado, Industrial Development First Mortgage Revenue Bonds ,
S & A Partnership Project, Series 1981 , a true and correct copy
of which is set forth in full in the proceedings of the Board ;
that said Ordinance has been duly authenticated by the signatures
of the Chairman, as presiding officer of the Board, and myself,
as County Clerk of the County, and duly sealed with the corporate
seal of the County and recorded in the official records of the
County.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the official seal of said County at Greeley, Colorado, this 20th
day of April, 1981 . 'M
Mary Ann Feuerstein,
( S E A L ) County Clerk
J
4� BY:
ry N. A ; eitha White, Deputy
'et• r4:
j
10
WHEREAS, Steven E. Lay
and Adolf H. lay, have pre-
sented to the Issuer a proposal
PUBLICNOTICE whereby the Issuer will, pursu-
antto the Act,finance the cost of AFFIDAVIT OF PUBLICATION
ORDINANCE NO.87-A land a building, site improve-
AN ORDINANCE REPEAL menhir fixtures and equipment
ING ORDINANCE NO.87 AND (the"Project")to be used as an
AUTHORIZING THE ISSU• auto sales and service faclllty,
ANCE AND SALE OF 88.500 000 which Protect will be located
WELD COUNTY COII.AORDd within the suer and qualifies THE JOHNSTOWN BREEZE
INDUSTRIAL DEVELOP- as a protect" within the STATE OF COLORADO )
BENT FIRST MORTGAGE meaning of the Act; and
REVENUE BOND% S 6 A ) SS
PARTNERSHIP PROJECT, WHEREAS,on December?0
SERIES 1981, FOR THE PUR- 1980, the Issuer's Board of COUNTY OF WELD )
POSE OF LOANING FUND tdopted a (the "Board") I, Clyde Briggs, solemnly TO S & A PARTNERSHIP �t- adopted a sresolution inducing Y do swear that I
GENERAL PAM'.
Steven E.Le and Adolf H.Ley am publisher of The Johnstown Breeze;
COLORADO P TO FINANCE THE to complete the Project within
ACQUISITION AND CON-
agreed City of Greeley, and Issuer that the same is a weekly newspaper
STRUCPION OF A BUILDING agreed t take W
FOR LEASE TO EDWARDS sary or advisable to effect the printed, in whole or in part, and published
Issuance of industrial develop- in the C CHEVROLET COMPANY IN Count
WELD COUNTY, COLORADO• ment revenue bonds, it being y of Weld, State of Colorado,
PROVIDING FOR THE
that none of the and has a general circulation therein; that
PLEDGE OF REVENUES FOR Project cost or the cotta a said
PAYMENT OF SAID BONDS;
borne by the Issuer and that the issuance and sale were to be said newspaper has been published
APPROVING AUTHORPL•
ING THE iEXEON OF A necessary financing document continuously and uninterruptedly in said
LOAN AGREEBEN.T BE- were subject to-formal approval County of
TWEEN StAPARTNERSHIP, by further action of the rd Weld for a period of more than
A COLORADO GENERAL pursuant to the Act; and fifty-two consecutive weeks prior to the
PARTNERSHIP AND WELD first
COUNTY, AND COLONIC); and Adolf WHEREAS„Laytheave formed a publication of the annexed legal notice
!ZING A MORTGAGE ND OR-
general artnership, S A A or advertisement; that said newspaper has
,INDENTURE OF TRUST underPartn the (the 'COmPany' ) been admitted to the United States mails as
V'AMONG
COUNPARTNERSHIP
'Y�OEI.O d Colors to complete e the tS Pro-ox
second-class matter under the provisions of
AND CENTRAL BANK OF ject; and the Act of March 3, 1879, or any
DENVER DENVER COLO• WHEREAS, Weld County,_ amendments thereof, and that said
L ADO; AND AUTHORIZING Colorado,Inustrial Develo -
THE PREPARATION OF ment First Mortgage Develop
-
THE RELATED DOCU• Bonds, S A A�Fartnershlp newspaper is a weekly newspaper duly
BENTS AND INSTRUMENTS_..
AND DECLARING AN project,te ci�'a��lsgamonnt of qualified for publishing legal notices and
EMERGENCY. a ds")rill be advertisements within the meaning of the
anion,solo and delivered by the
BE IT ORDAINED BY THE Issuer to Gibralco, Inc., (the laws of the State of Colorado.
BOARD OF COUNTY COMMIS- "Underwriter"), and the
SIGNERS OF WELD COUNTY, coeds thereof used to That the annexed legal notice or advertise-
coLORADo: cost of financing the $roPect, ment was published in the regular and
WHEREAS, Weld County, Bonds
the interest on the g
Colorado is a political subdivi- inpe h esd dot a interest
entire issue of every number of said weekly
alon of the State of Colorado,and certain incidental costa and
newspaper for the period of ..1... consecu-
a body politic and corporal; expenses incurredinconnectton Live insertions; and that the first
with the issuance of the Boma; publication of said notice was in the issue of
WHEREAS, the Board of and and
County Commissioners of Weld WHEREAS, concurrently said newspaper dated i;iPe1: A.D. 19e/,
County Colorado, pursuant - with the issuance of the Bonds, pap
colornd to o strata ant the welt the company will enter into a and that the last publics ion of said notice
County Home Rule Charter, is Loan Agreement with the Lauer
Agreement with the authority of providing for payment by the
was in the issue of said newspaper dated
administering the affairs of company sufficient to Pay the Weld County, Colorado; and principal of, redemption , A.D. 19
WHEREAS, Weld County, premium if ,andintereston In witness Whereof I have hereunto set
the Bonds and to meet other -
State of Colorado (the "Faso- obligations as herein and therein mY hand this day of .Q
er' ) is authorized by the provided; and ,
County and Municipality navel. A.D. 19�/..
pment Revenue Bond Act,
aWHEREAS' there have been
R.S.1978 constituting Title 2P, or shall be presented to the
Article 8,hart 1 C.R.S.1978,as Issuer: (1)theproposed form of
amende (the"Act") ]finance Loan Agreement the "Agree.
�� // �
one or more project to yromot ment")between the Lauer and '"' )�K
industry and develop Trade or the Com (7) the proposed
Publisher
other economic activity by term of and Indenture
inducing manufacturing, Indus-
between Trust (t e "Indenture'
trial, commercial or business between the Issuer and Central
Colo-
enterprises to locate,expand or Bank of Denver, Denver remain in the State of Colorado. rue as Trustee (the i'11rus-
to mitigate the serious threat o to"j, (8) the proposed forma Subscribed and sworn to before me, a
extensive unemployment in Lease Agreement between the Notary Public in and for the Co my of
parts of the State of Colorado,to Company and_ a EAwarde Chevro y
Secure and maintain a balanced let Comp proposed>' •' Wel t� f Colorado, this-�2''"':�iab.!day and stable economy in all parts and (5 the `' of
of the State of Colorado and to Official Statement to be used in A.D. 19a."/
further the use of its apricot- connection with the offering and
rural products or natural re- sale of the Bonds (the 'Official
sources; and Statement"); and
WHEREAS,such counties and
municipalities are further Guth- WHEREAS, the Issuer has 9t.e.;. J2;?�+�
orized by the Act. to issue comtderod the Company's
industrial development revenue pose]and has concludedro-
that theNotary Public.
bonds for the purpose of economic and other benefits to
detrayin the coat of flnmclne the Issuer will be substantial
any protect and all inaeen and that it wishes to proceed
expenses incurred in issuing with the financing of the pi . [/2_ p7
such bonds and to secure Project; My commission expires l ?
payment of such bonds as
provided in the Act; and NOW THEREFORE, BE IT
ORDAINED BY THE BOARD
OF COUNTY COMMISSION.
ERS OF WELD COUNTY,
COLORADO:
Section 1. All action ((not
of this inconsistent heretofore
Pl. blie lotiees
Sett W,Me yoera Ewa -'.---"1-such chances therein as are Bonds are ;-this Oath-
-&--[the- 'YUte j�,�:tnconetstent herewith; and ante shall b -, 4 remain --
towa�trrd� She oft the-Chairman of the Board of irrepealable un Bond■and
pnjeeI and the ce and t' County Commissioners is the interest th '. shall have
sale of the Bolds therefor be authorized and directed to been fully paid ` celled and
and the same is hereby,ratified, execute the Inds and.any discharged.
approved and confirmed. appe
Seethe 8. The. Issuer'shall s`° the
Pc�onusnty Clerk an Recorder Section 14. I 1tny section,
., and Clerk to the Board is hereby paragraph, cla or rovision
finiaee the Project including authorized and directed to attest of t Ordman for any
capital d interest dUS
during con the Bonds and any coupons- reason be held invalid or
struetion of the Project, and appertaining thereto and unenforceable,W invalidity or
incidental issuing expenses, by directed to countersign the unenforceabllity of such section,
loaning the progsseeds of the Bonds and any coupons apoer- paragraph, clause,or provision
Bonds to the Company in tinning thereto and eaa is shall- not affect any of the
accatdence with theprovision authorized to deliver the Bonds. remaining provisions of this
of the Agreement for the - The seal of the Issuer is hereby Ordinance.
purposes described above. authorized and directed to be
TTyy ddee¢rmaa9 to tot affixed to the Bonds. The seal Section 16. The Chairman of
Mast&ells be['-Inclu�ng ,,- and the signatures of the the Board of Commissioners and
- Chairman of the Board of the County clerk ad Recorder
capitalized interest and Intl-
*IMO Issuing expenses there is Commissioners on the Bonds and Clerkto the Board and other
dent y authorizedexpse issue is and any coupons appertaining proper County officials, and
hereby
develo an
Is first thereto.and of the County clerk each of them, are hereby
imortgage bonds to f be • and Recorder and Clerk to the authorized to execute and
designated revenue'bontr,Colo- Board on any coupons apper- deliver for and q0tl behalf of the
S� taming thereto, may be by County any anti all additional
redoq,Industrial Development- tateimne certificates, documents and
pmret Mortgaggee Revenue Bonds, other papers and to perform all
8 Is A Partnership Project,: Section 7,Bonds of any Series other acts they may deem
Series e;t881,- in to a to may be issued initially in necessary or appropriate in
p -issu—edlunt ofen temporary form exchangeable order to implement tad carry
to be bonds the for definitive Bonds of the same out the matters herein author-
coupon a_ series when ready for delivery. Wed.
lion of 000 each. rotatable The temporary Bonds shall be of
into principal only,or as fully such denomination or thiamine. Section 16.All by-laws,orders,
registered bonds in the denomin-
ation dons without coupons, as may resolutions and ordinances, or
mull of 86 000 or any te be determined by the Issuer parts thereof,inconsistent here-
multiple thereof,to be dated as through its Chairman of the' with and with the documents
of May 1 1981, o bear interest Board of Commissioners, and hereby approved, are hereby
from Their date, payable semi-. may contain such references to repealed to the-extent only of
annually,commencing not more an of the provisions of the such inconsistency.This repeal-
tan-sic months following their Indenture as may be appropri- er shall not be construed as
date, at a rate pe or rates not - ate. Every temporary Bond reviving any lay-law, order,
exceeding
specific ratesbe y set shall be extuteday the Issuer resolution,or ordinance or part
spaand.authenticated by the Trus- thereof.previously repeals
forth in the Indenture, and tee If the Issuer issues tempor-
ary11av Myths a final maturity not Bonds it will execute and Section 17. By reason of the
e%Feeding twenty-five years furnish definitive Bonds without volatile condition of the bond
from their date,as set forth in:. delay and thereupon the tempor' market and the,uncertainty of
the Indenture. ary Bonds will be surrendered stable interest rates, it is
The Bonds shall be payable, for cancellation in exchange necessary that moneys to be
shall be subject l re on therefor at the principal office of provided by the uance of the
jthe Trustees and the Trustee Bonds be avail immediate-
prior to maturity and shall be in shall authenticate and deliver in ly• consequent it is deter-
substantially the form as pro- exchange for such temporary mined that t Ordinance
vlded In the Indenture. 1'he Bonds an equal aggregate providing for Issuance and
Bonds shall be sold to the principal amount of deflnitlye sale of the Bonds,is necessary to
Underwriter ata private sale ta at Bonds of the same series and the,immediate preservation of
and done-elf percent(92.5 per. Maturity
by the denominations
the Issuer.health and safety of
cent) of par amount thereof, Until so changed,the temporary
plus accrued interest from their- Bonds shall be entitled to the Section 18.The effective date
date to the date of their issuance same benefits under the Inden- of this Ordinance shall be the
and delivery to and payment ture as definitive Bonds authen- date of its enactment and public
therefor by the Underwriters- , nutted,and delivered there- notice shah be given forthwith
The maximum net effective under. after passage.
Interest rate on the Bonds shall
not exceed 20 percent. Section 8.The Chairman of the Section it Due to the lack of
Section 4. The following de- Board of Commissioners and all time for the issuance of said
nd findings other appropriate officers and Industrial Revenue Bonds, and
terminations
ers yamadsin sdaordanto with c officials
and directed� to sig,, issuance not to
said Bo din the
Section 88.8.118,' 29.8.114, and file, or cause to be signed or Board of CountyCommissioners
80.8.180 of the Act: filed, or approve, accept, or of Weld County, Colorado,
concur in all other necessary or ursuant to Section 8-14(6)of the
(a) The amount necessary in appropriate documents for the Weld County Home Rule Char-
each calendar year to pay the .. Issuance of the Bonds and ter does hereby declare this
principal of and the interest on preservation and assurance of Ordinance to be an emergency
the Bonds a equal to the amount the security for the payment of ordinance. _
payable by the Company purrsu- the principal of and interest on_ -
ant to the Agreement and the Bonds. -
Indenture: -. - - —
b its it
m utoIr a.at the
�. ., ,5�• a(.v MY...v s- nd deu�a®Tyu,a E a VNTY ..
ficrus
RADd
in Y�' It The G< - 7•loraiaa�
iegn
t0
00b any at C.W p e��Y�..
gnmad
m and J June ohn Martin
BteInrn
1B1� �per/gpW ,,
" + Act Ei L -
a
( ) fThhe revea p s .yam
b "TT• M a e' its app O'Dttold
A8 TO FORM.
of t e trailing,
Project, ? yAttorney
and »7ka -Jn- .Lid t 70, ton
(a)oofM1 9gcUon;paia- t" rfocttr to Auld D. April 98, yen
(e) The. revenues payable -- this S STATE OF COLORADO
the Agreement:< L � 'aw s,.p�. " ', `(7(SIT7C(,ftl'tV�`
M. •,, eau C, w( 'out i
pig e- lbn and dative of I, Mar Ann Feuerateln,
(�eeere antl ortlh+ ., gl
ee of theh°r .tillverY s'" - n
the( uerinn nmvl financre the Parting 'Se st 12ProT et, cost of
gds pro _ ,
for !ha prWaart In "catchall'," - ea Wed jinter at an
S'to And of
Ma to¢Veld or I Py�f -
Yer shall�an of r Ewe ' jam
G any esrlau threat of Y sue Wuane tl of p
''''"I"
a„ ve unemp�e ant and to a C to th d ell.
andmaId a baLnced -
tattovom om ( °b ;ineafnln6 Pp�•tnere rakcf 8
3 TM ay.�t terms or atat at of.Me Len,a true and correct soy
jhfahaIF; to ofrthenn;
eeE of teat
as Mat
- t t MIndenture y, the
Ut. Lease,fl
r We officer..Of e 'B d, an
a
Y of rha,ChanejS -
e to +in any of the above-mentioned nave e hereunto t myineraxttr ifed deliver instrum us r , � a°""annt �FlY of spry
tII
o rr �.,1 out r m �A�Oo�iuf -Belt'.'
I data••- is Is tithe a ca
t tbu the b 8�talemee ° of et p'oofwerf to rate BY.tlettha White,Deputy
- �In camecttic .. 'Ycnote *ifs-
rag,
tat LIt fl(EAL)
esAdein; any 1 or othe Co Lend 81.106CIerk 'to the _
the
;.
and *iv are bataey approved, Beetles.10. After any of the
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