HomeMy WebLinkAbout20071636.tiff HEARING CERTIFICATION
RE: IRS TEFRA HEARING CONCERNING THE ISSUANCE OF REVENUE BOND (NORTH
RANGE BEHAVIORAL HEALTH PROJECT) SERIES 2007
A public hearing was conducted on May 30, 2007, at 9:00 a.m., with the following present:
Commissioner David E. Long, Chair
Commissioner William H. Jerke, Pro-Tern
Commissioner William F. Garcia
Commissioner Robert D. Masden
Commissioner Douglas Rademacher
Also present:
Director of Finance and Administration, Don Warden
Acting Clerk to the Board, Jennifer VanEgdom
County Attorney, Bruce Barker
The following business was transacted:
I hereby certify that pursuant to a notice duly published May 9, 2007, in the Fort Lupton Press, a
public hearing was conducted to consider the IRS TEFRA Hearing Concerning the Issuance of
Revenue Bond (North Range Behavioral Health Project) Series 2007. Bruce Barker, County
Attorney, made this a matter of record.
Don Warden, Director of Finance and Administration, stated the County donated land to North
Range Behavioral Health for the purpose of building a new facility, which will be approximately
33,000 square feet in size. He stated the facility will be located at 1300 North 17th Avenue,within
the City of Greeley. He further stated the County has agreed to complete a $4.5 million private
activity bond to provide financing for the North Range Behavioral Health facility to be constructed;
however,the County does not have any legal liability for the bonds. He stated the County may issue
the bonds as a local government, and as the issuing authority, the County may elect to make the
bonds tax-exempt,which enables the company to borrow the funds at a cheaper rate. Mr.Warden
stated since North Range Behavioral Health is a non-profit company, the issuance does not go
against the total allocation of private activity bonds received from the State of Colorado, and there
is no limit on the amount that may be issued. Mr.Warden stated under IRS Regulations, a public
TEFRA hearing must be held prior to issuance of the bonds, and the hearing today satisfies the
requirement. He further stated at the conclusion of the public input portion of the hearing,the Board
may consider the Resolution which authorizes the issuance and sale of the bonds, known as the
North Range Behavioral Health Project Series 2007. He stated the Resolution will give authority to
the Chairman to sign the actual closing documents,which should be completed within the next ten
to twelve days. In response to Commissioner Jerke, Mr.Warden stated the real estate transfer has
already occurred,and the closing he referred to is for the closing of the bonds. He stated the bonds
will go to market, which will establish the interest rate. He further stated the bonds are set not to
exceed six percent, and Wells Fargo will be the purchaser of the bonds.
Dr.Wayne Maxwell, Executive Director, North Range Behavioral Health,expressed his appreciation
to County staff for their involvement in this process. He stated there is no financial risk to be
2007-1636
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HEARING CERTIFICATION - IRS TEFRA HEARING (NORTH FRONT RANGE BEHAVIORAL
HEALTH PROJECT)
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assumed by the County, and the issuance of the bonds allows North Range to obtain a better
financing rate than obtaining a commercial loan.
Mr.Warden stated the Resolution will authorize the completion of the Bond Resolution, Financing
Agreement, Public Approval Certificate, General Certificate, Delivery Certificate,Tax Certificate,
Specimen Copy of the Bond, and the Issuer's Counsel Opinion.
No public testimony was offered concerning this matter, and Chair Long closed the public input
portion of the hearing.
Chair Long read the title of Resolution regarding the issuance and sale of the revenue bond into the
record. Commissioner Jerke moved to approve said Resolution. Seconded by Commissioner
Rademacher, the motion carried unanimously.
There being no further discussion, the hearing was completed at 9:50 a.m.
This Certification was approved on the 4th day of June 2007.
APPROVED:
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,_ David E. Long, Chair
Weld County Clerk to the``��B..,,illit( .� ,A.w
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William H Jerl Pro em
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Dep.a Cler o the Boards v" -. i r
William F. Garcia
TAPE #2007-15 EXCUSED
Robert D. Masden
Douglas Rademacher
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2007-1636
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