HomeMy WebLinkAbout810675.tiff 5741B
WELD COUNTY, COLORADO
RESOLUTION
Adopted: April 6, 1981
SUPPLEMENTING RESOLUTION ADOPTED NOVEMBER 24, 1980;
APPROVING A FINANCING AGREEMENT WITH AIRPORT
DEVELOPMENT CORPORATION D/B/A TRI-COUNTY HANGAR CO. , A
TRUST INDENTURE, A NOTE PURCHASE AGREEMENT, AND AN
UNDERWRITING AGREEMENT IN CONNECTION WITH THE ISSUANCE
OF $975, 000 AGGREGATE PRINCIPAL AMOUNT OF ECONOMIC
DEVELOPMENT REVENUE BONDS (TRI-COUNTY HANGAR CO.
PROJECT) 1981 SERIES A, AND AUTHORIZING THE EXECUTION
AND DELIVERY THEREOF; AUTHORIZING AND DIRECTING THE
ISSUANCE AND DELIVERY OF SUCH BONDS AND INTEREST
COUPONS PERTAINING THERETO; PROVIDING FOR THE
PRINCIPLE AMOUNT, NUMBERS, PROVISIONS FOR REDEMPTION
AND MATURITY OF, AND RATE OF INTEREST ON, SUCH BONDS;
REQUESTING THE TRUSTEE TO AUTHENTICATE SUCH BONDS;
DETERMINING REVENUES TO BE PAID FOR SUCH PROJECT;
AUTHORIZING INVESTMENTS BY THE TRUSTEE; AUTHORIZING
EXECUTION OF OFFICIAL STATEMENT; AUTHORIZING
INCIDENTAL ACTION; AND REPEALING INCONSISTENT
RESOLUTIONS.
WHEREAS, the County by resolution adopted November 24,
1980 (the "Project Resolution) declared its intention to author-
ize the issuance of its bonds pursuant to the County and Munici-
pality Development Revenue Bond Act (the "Act") to finance the
construction of certain aircraft hangar facilities (the
"Project") for Airport Development Corporation d/b/a Tri-County
Hangar Co. (the "Company") ; and
WHEREAS, the County has determined that the Project
will promote the public purposes of the Act; and
WHEREAS, in futherance of the Project Resolution and
to assist in the permanent financing of the Project, the County
has determined to enter into a Financing Agreement dated as of
May 1 , 1981 (the "Financing Agreement") pursuant to which the
County will (i) issue $975, 000 aggregate principal amount of its
bonds to be known as "Economic Development Revenue Bonds
(Tri-County Hangar Co. Project) , 1981 Series A" (the "Series A
Bonds") , and (ii) enter into a Note Purchase and Servicing
Agreement dated as of May 1 , 1981 (the "Note Purchase Agree-
ment") to use the proceeds of the Series A Bonds to purchase the
Company' s Note evidencing approximately 90% of a loan for the
permanent financing of the Project; and
WHEREAS, the Series A Bonds are to be issued under and
pursuant to a Trust Indenture dated as of May 1 , 1981 (the
" Indenture") to The Colorado National Bank of Denver, as trustee
(the "Trustee" ) ; and
WHEREAS, The First National Bank of Denver (the
"Underwriter") proposes to purchase the Series A Bonds at a
price of 100% of the principal amount thereof for a public
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offering and to enter into an Underwriting Agreement (the
"Underwriting Agreement") with the County providing, among other
things, for the payment to the Underwriter of a $24, 360 fee and
an underwriting spread not to exceed 6% of the aggregate
principal amount of the Series A Bonds, and the Company has
approved such purchase and will join in said Underwriting
Agreement;
NOW THEREFORE, BE IT RESOLVED, by the Board of County
Commissioners of Weld County, Colorado, that:
Section 1 . APPROVAL OF FINANCING AGREEMENT, INDEN-
TURE, NOTE PURCHASE AGREEMENT AND UNDERWRITING AGREEMENT. The
forms of the Financing Agreement, the Indenture, the Note Pur-
chase Agreement and the Underwriting Agreement presented to this
meeting (copies of which shall be filed with the records of the
County) are hereby approved, and the Chairman of the Board of
the County Commissioners (the "Chairman") is hereby authorized
and directed to execute and deliver, and the County Clerk and
Recorder (the "Clerk" ) is hereby authorized and directed to
affix the seal of the County to, and attest, documents in sub-
stantially such forms upon the terms and conditions set forth
therein with such changes therein as such officers shall
approve, such approval to be evidenced by their execution
thereof.
In accordance with the requirements of the Act, the
County hereby determines that the following provisions shall be
set forth in the form of Indenture hereinbefore approved, which
form is hereby incorporated herein by reference as if set forth
herein in full :
(a) Custody of the proceeds from the sale of the
Series A Bonds, including their investment and reinvestment
until used to defray the costs of the Project;
(b) The creation of funds or accounts into which any
Series A Bond proceeds, revenues and income may be deposited or
credited;
(c) Limitation on the purpose to which proceeds of any
Series A Bonds or additional Bonds may be applied;
(d) Limitation on the issuance of additional Bonds,
the terms upon which additional Bonds are issued and secured,
the refunding of Bonds and the replacement of Bonds;
(e) The procedure by which the terms of any contract
with Bondholders may be amended or abrogated;
(f) Vesting in the Trustee such properties, rights ,
powers and duties in trust as the County determines and limiting
the rights, duties and powers of the Trustee; and
(g) The rights and remedies available in case of a
default to the Bondholders or to the Trustee under the Financing
Agreement or the Indenture.
In accordance with the requirements of the Act, the
County hereby determines that the following provisions shall be
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set forth in the form of Financing Agreement hereinbefore
approved, which form is hereby incorporated herein by reference
as if set forth herein in full :
(a) The fixing and collection of revenues from the
Project; and
(b) The maintenance and insurance of the Project .
Section 2 . ISSUANCE OF BONDS. The issuance of the
Series A Bonds is hereby authorized. The form of the Series A
Bonds set forth in the Indenture is hereby approved; the Series
A Bonds shall be executed with the manual or facsimile signa-
tures of the Chairman and the Clerk; and facsimiles of such
signatures are hereby authorized and directed to be imprinted on
the face of the Series A Bonds in substantially such forms with
appropriate insertions and variations, and the seal of the
County or a facsimile thereof is hereby adopted and authorized
to be affixed or imprinted thereon; the facsimile signature of
the Chairman is hereby authorized and directed to be imprinted
on the coupons pertaining to the Bonds; and the Chairman is
authorized and directed to deliver the Series A Bonds to the
Trustee for authentication under the Indenture and, when they
have been authenticated, to deliver them or cause them to be
delivered to the Underwriter pursuant to the Underwriting Agree-
ment against receipt of the purchase price plus any accrued
interest due and to deposit the amount so received with the
Trustee as provided in the Indenture.
Section 3. TERMS OF BONDS. The Series A Bonds shall
be in the aggregate principal amount of $975, 000 , shall be dated
May 1, 1981, shall be issued as coupon bonds in the denomination
of $5, 000 or as fully registered bonds without coupons in the
denomination of $5, 000 or any integral multiple thereof, shall
mature and shall bear interest as set forth below, such interest
to be payable on May 1 and November 1 of each year commencing
November 1 , 1981 . In accordance with Section 6 of the Act, the
County hereby determines that the actual maximum net effective
interest rate of the Series A Bonds does not exceed the autho-
rized maximum net effective interest rate therefor, which is set
at 10 . 5% per annum. The numbers and provisions for redemption
of the Series A Bonds, the registration and exchangeability
privileges, the medium and place of payment, and the priorities
in revenues of the County, shall be as set forth (a) in the
aforesaid forms of such Bonds which forms are hereby approved
and incorporated herein by reference as if set forth herein in
full , and (b) in the form of the Indenture hereinbefore approved
and incorporated.
Maturity Interest Maturity Interest
(November 1) Amount Rate (November 1) Amount Rate
1982 $15, 000 10-1/2% 1992 $40 , 000 10-1/2%
1983 15, 000 10-1/2% 1993 45, 000 10-1/2%
1984 15, 000 10-1/2% 1994 50 , 000 10-1/2%
1985 20, 000 10-1/2% 1995 55, 000 10-1/2%
1986 20, 000 10-1/2% 1996 60 , 000 10-1/2%
1987 25, 000 10-1/2% 1997 65, 000 10-1/2%
1988 25, 000 10-1/2% 1998 70, 000 10-1/2%
1989 30, 000 10-1/2% 1999 80, 000 10-1/2%
1990 30, 000 10-1/2% 2000 85, 000 10-1/2%
1991 35, 000 10-1/2% 2001 195, 000 10-1/2%
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Section 4 . DETERMINATION OF REVENUES. In accordance
with the Act, it is hereby determined that (a) in view of the
ownership of the Project by the Company and the consequent
subjection of the Project to ad valorem taxes, no amount is
necessary for payments in lieu of taxes; (b) no more than the
following amount will be paid from Bond proceeds into the Debt
Service Reserve Fund:
Year Amount
1981 $100, 000
and (c) no more than the following amounts, in addition to the
amounts set forth in Section 3 hereof, will be necessary for the
payment of principal and interest on the Bonds :
Year Interest Due Year Interest Due
1981 $ 51, 187. 50 1991 $81 , 900 . 00
1982 102, 375. 00 1992 78, 225. 00
1983 100 , 800 . 00 1993 74, 025. 00
1984 99 , 225. 00 1994 69 , 300 . 00
1985 97, 650 . 00 1995 64, 050 . 00
1986 95, 550 . 00 1996 58, 275. 00
1987 93, 450 . 00 1997 51 , 975 . 00
1988 90 , 825. 00 1998 45, 150 . 00
1989 88, 200 . 00 1999 37, 800 . 00
1990 85, 050 . 00 2000 29, 400 . 00
2001 20 , 475. 00
TOTAL ( Including Principal Payments) : $2, 489, 887 . 50 .
Section 5. AUTHENTICATION OF BONDS. The Trustee is
hereby requested to authenticate the Series A Bonds and to
deliver them to, or upon the order of, the Chairman.
Section 6. INVESTMENT OF FUNDS. The Trustee shall ,
by virtue of this Resolution and without further authorization
from the County, be authorized, directed and requested to invest
and reinvest all moneys available therefor held by it pursuant
to the Indenture, which by the terms of the Indenture may be
invested, or to deposit and redeposit such moneys in such
accounts as may be permitted by the Indenture, all subject to
the terms and limitations contained in the Indenture.
Section 7 . LIMITED OBLIGATION. AS REQUIRED BY THE
ACT, THE SERIES A BONDS SHALL BE SPECIAL OBLIGATIONS OF THE
COUNTY, PAYABLE SOLEY FROM THE REVENUES DERIVED FROM THE
PROJECT, AND SHALL NEVER CONSTITUTE THE DEBT OR INDEBTNESS OF
THE COUNTY OR THE STATE OF COLORADO OR ANY POLITICAL SUBDIVISION
THEREOF WITHIN THE MEANING OF ANY PROVISION OF LIMITATION OF THE
COLORADO CONSTITUTION, STATUTES, OR ANY HOME RULE CHARTER, AND
SHALL NOT CONSTITUTE NOR GIVE RISE TO A PECUNIARY LIABILITY OF
THE COUNTY OR A CHARGE AGAINST ITS GENERAL CREDIT OR TAXING
POWER.
Section 8 . OFFICIAL STATEMENT; INCIDENTAL ACTION.
The form of Official Statement relating to the Series A Bonds
presented at this meeting is hereby approved, and the Chairman
is hereby authorized and directed to execute and deliver a final
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Offical Statement reflecting the terms of the Underwriting
Agreement in substantially such form with such changes therein
as the Chairman shall approve, such approval to be evidenced by
his execution thereof. Anything herein to the contrary notwith-
standing, the Bonds, the Indenture, the Financing Agreement and
the Note Purchase Agreement may be dated the first day of June,
July or August, and the maturity dates and interest payment
dates of the Bonds may be adjusted accordingly with correspond-
ing changes in the tables set forth in Sections 3 and 4 hereof
and in the forms of said documents, all as the Chairman may
approve, such approval to be evidenced by his execution
thereof. The Chairman and the Clerk are hereby authorized and
directed to execute and deliver such other documents, and to
take such other action as may be necessary or appropriate in
order to effectuate the delivery of the aforesaid Financing
Agreement, Indenture, Note Purchase Agreement and Underwriting
Agreement, the performance of the County' s obligations there-
under, and the issuance and sale of the Bonds , provided,
however, that any such incidental action shall be in accordance
with the foregoing Sections hereof.
Section 9. REPEAL. This Resolution shall take effect
immediately upon its adoption by not less than a majority vote
of the Board of County Commissioners, and all prior resolutions
or parts thereof inconsistent herewith are hereby repealed.
Duly introduced on motion duly made and seconded, read
and adopted upon the affirmative vote of 5 Commissioners at a
regular public meeting of the Board of County Commissioners of
Weld County, Colorado, held this 6th day of April, 1981 .
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
ATTEST: Ptt✓wa
Weld eounty Clerk and Ch irman, Board of County
Recorder and Clerk to Commissioners
the Bo d
77/
[ ALA Deputy
)74279 ev‘.4-1^—
Pro-Tem, Board of County
Commissioners
County Co" issi ner
John Martin (absent date signed)
APPROVED AS TO FORM: County Commissioner
o seat
County Attorney unty Comm ssioner
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PRES-FVT'FJ: APRIL 20, 193:_
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