HomeMy WebLinkAbout810395.tiff • BOOK S RECEPTION 187827G DA�E( 381 TIME_,( n iii
0 MARY ANN f- ERSTEIN, Cerk Rccorc'or, WeH County, ColorodoS/y
ORDINANCE NO. 99
AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE
BY WELD COUNTY, COLORADO OF $7 , 500 , 000 AGGREGATE
PRINCIPAL AMOUNT OF SINGLE FAMILY MORTGAGE
REVENUE BONDS 1981 SERIES A, TO FINANCE THE
PURCHASE OF MORTGAGE LOANS FOR RESIDENTIAL
FACILITIES FOR LOW AND MIDDLE-INCOME FAMILIES OR
PERSONS ; RATIFYING CERTAIN ACTION HERETOFORE
TAKEN; AUTHORIZING THE EXECUTION AND DELIVERY BY
WELD COUNTY, COLORADO OF A SALE AND SERVICE
AGREEMENT, INDENTURE, CLOSING DOCUMENTS AND SUCH
BONDS IN CONNECTION/ THEREWITH; PROVIDING FOR THE
,3 SALE OF SUCH BONDS TO THE FIRST NATIONAL RANK OF
DENVER AND THE EXECUTION AND DELIVERY OF A BOND
`i PURCHASE AGREEMENT TO EFFECT SUCH SALE; MAKING
DETERMINATIONS AS TO "LOW AND MIDDLE-INCOME
FAMILIES AND PERSONS , " AS TO THE SUFFICIENCY OF
REVENUES AND AS TO OTHER MATTERS RELATED TO THE
RESIDENTIAL FACILITIES ; REPEALING ACTION HERETO-
FORE TAKEN IN CONFLICT HEREWITH; PROVIDING AN
EFFECTIVE DATE HEREOF; DECLARING AN EMERGENCY
AND PROVIDING AN APPROPRIATE EFFECTIVE DATE FOR
THIS ORDINANCE AND RELATED MATTERS .
WHEREAS , Weld County , Colorado (the "Issuer ") is a legally
and regularly created , established , organized and existing
•
county under the provisions of Article XIV of the Constitution
of the State of Colorado; and
WHEREAS , the County and Municipality Development Revenue
Bond Act , Section 29-3-101 et seq. , Colorado Revised Statutes
1973 , as amended (the "Act") , authorizes counties to finance
and acquire one or more projects (which includes any land ,
building or other improvement and real and personal properties)
to the end that more adequate residential facilities for low
810395
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BOOKJ06 RECEPTION__. 1878276
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and middle-income families and persons may be provided which
promote the public health , welfare , safety, convenience and
prosperity ; and
WHEREAS , such counties are further authorized by the Act
to issue revenue bonds for the purpose of defraying the cost of
financing and acquiring any project , including the payment of
interest on the proposed revenue bonds for not exceeding three
years , the funding of any reserve funds which the governing
bodies of such counties may deem advisable to establish in
connection with the retirement of the proposed revenue bonds or
the maintenance of the project and all incidental expenses
incurred in issuing such bonds , and to secure payment of such
bonds as provided in the Act ; and
WHEREAS , pursuant to an ordinance , the Issuer will , in
accordance with provisions of the Act , finance through the
issuance of the Bonds hereinafter referred to the purchase of
mortgage loans (the "Mortgage Loans") for residential facili-
ties for low and middle-income families or persons intended for
use as the sole place of residence by the owners or intended
occupants , which residential facilities will he located within
the boundaries of the Issuer and which residential facilities
shall qualify as a "project" within the meaning of the Act ; and
BOOK y56 RECEPTION 1878276
18 3
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WHEREAS , Single Family Mortgage Revenue Bonds 1981 Series
A in the aggregate principal amount of $7 , 500 , 000 (the "Bonds " )
will be issued and delivered by the Issuer to provide funds for
the purchase of the Mortgage Loans , the funding of a reserve
fund in connection with the retirement of the Bonds and certain
costs incurred in connection with the issuance of the Bonds ; and
WHEREAS , concurrently with the issuance of the Bonds ,
certain home mortgage lending institutions (the "Participants" )
will enter into the Sale and Service Agreement with the Issuer
providing for the origination and servicing of the Mortgage
Loans by the Participants ; the Issuer will enter into an Inden-
ture with Central Bank of Denver , Denver , Colorado , as trustee
( the "Trustee" ) ; the Trustee , The First National Bank of Denver
(the "Bank" ) and the Issuer will enter into an Option and
Tender Agreement dated as of December 1, 1981 (the "Option and
Tender Agreement") ; and the Issuer and The First National Bank
of Denver as Purchaser (the "Purchaser ") will enter into a Bond
Purchase Agreement dated December 28 , 1981 (the "Bond Purchase
Agreement" ) ; and
WHEREAS , there have been presented to the Board of County
Commissioners ( the "Commissioners" ) : ( i) the proposed form of
Sale and Service Agreement dated as of December 1, 1981 (the
"Sale and Service Agreement") among the Issuer and the Partici-
BOOK..35 6 RECEPTION 1878276
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Pants , ( ii) the proposed form of Indenture dated as of December
1, 1981 (the "Indenture" ) between the Issuer and the Trustee ,
( iii) the proposed form of the Option and Tender Agreement
dated as of December 1 , 1981 between the Trustee and the Bank ,
(iv) the proposed form of the Bond Purchase Agreement dated
December 28 , 1981 between the Issuer and the Purchaser and (v)
the Preliminary Official Statement (the "Official Statement" )
relating to the sale of the Bonds dated December 18 , 1981 .
NOW, THEREFORE, RE IT ORDAINED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF WELD, STATE OF COLORADO:
Section 1 . All action (not inconsistent with the provi-
sions of this Ordinance) heretofore taken by the Commissioners
and the officers of the Issuer directed toward financing the
purchase of the Mortgage Loans 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 purchase of the
Mortgage Loans , the funding of a reserve fund in connection
with the retirement of the Bonds and issuance expenses by
depositing the proceeds of the Bonds with the Trustee , a por-
tion of which proceeds will be disbursed by the Trustee for the
purchase of the Mortgage Loans in accordance with the provi-
sions and conditions of the Sale and Service Agreement for the
purposes described above .
BOOK956 RECEPTION 1878276
18-S
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Section 3 . To defray the cost of financing the purchase
of the Mortgage Loans , the funding of a reserve fund in
connection with the retirement of the Bonds and issuance ex-
penses , there is hereby authorized and created an issue of
revenue bonds designated as "Weld County , Colorado , Single
Family Mortgage Revenue Bonds 1981 Series A" in the aggregate
principal amount of $7 , 500 , 000 , issuable as coupon bonds in the
denomination of $5 , 000 , registrable as to principal only with
the Option Bonds (as defined in the Indenture) having "A" and
"B" coupons attached , the "B" coupons being in fully registered
form and as fully registered Bonds in the denomination of
$5 , 000 or any integral multiple thereof , provided that fully
registered Option Bonds, shall bear "B" coupons which shall be
in fully registered form, dated as provided in the Indenture ,
bearing interest from their date payable semiannually on June 1
and December 1 in each year , commencing June 1, 1982 , at the
rates per annum set forth below, and maturing on December 1 in
the designated years and in the principal amounts , as follows :
Year
(December 1) Maturities Interest
1983 $ 55 , 000 10 . 25%
1984 80, 000 10 . 75
1985 125 , 000 11 .00
1986 175 ,000 11 . 25
1987 240 , 000 11 . 50
1988 310 , 000 11. 75
1997 6 , 515 , 000 13.00
956 BOOK RECEPTION 187827f;
6
The Bonds shall be payable , shall be subject to redemption
prior to maturity and shall he in the forms substantially as
provided in the Indenture . The Bonds shall be sold to the
Purchaser , at a private sale pursuant to the Bond Purchase
Agreement at a purchase price equal to 98% of the principal
amount of the Bonds plus accrued interest from December 1, 1981
to the date of their payment and delivery . The net effective
interest rate on the Bonds , after giving effect to original
issue discount referred to in this Section 3 , is 13 .08% , which
rate is hereby determined to be the maximum net effective
interest rate on the Bonds .
Section 4 . Pursuant to Section 29-3-103 (10) (d) of the
Act, the Commissioners hereby find and determine that "low and
middle-income persons and families" within the boundaries of
the Issuer are persons and families with maximum income (as
computed in accordance with the provisions of the Sale and
Service Agreement) does not exceed $38 , 500 (which maximum
income is subject to certain adjustments as provided in the
Sale and Service Agreement) and that such persons and families
lack the financial ability to pay prices or rentals sufficient
to induce private enterprise within the boundaries of the
Issuer to build a sufficient supply of adequate , safe and
1878276
BOOK 956 RECEPTION
( g ' 7
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sanitary dwellings without the special assistance afforded by
the Act. The interest rate on the Mortgage Loans will be
13 . 27% per annum.
Section 5 . The following determinations and findings are
hereby made in accordance with Sections 29-3-113, 29-3-114 and
29-3-120 and in reliance upon information furnished to the
Issuer by E. F. Hutton & Company Inc . , consultant to the Issuer
in structuring the financing :
(a) The amount necessary in each year to pay the '
principal of and the interest on the Bonds (assuming no
redemption, other than mandatory sinking fund redemption ,
prior to maturity) is set forth in Appendix A hereto .
(b) The Commissioners have deemed it advisable to
establish for contingent use in connection with the re-
tirement of the Bonds , among other purposes , the trust
fund created and established by the Indenture designated
as the Capital Reserve Fund . Moneys on deposit in such
fund shall be used to provide a reserve for the payment of
the principal of and interest on the Bonds . There shall
be deposited in the Capital Reserve Fund from the proceeds
of the Bonds an amount equal to the Capital Reserve Fund
Requirement (as defined in the Indenture) . Except for
such deposits of the proceeds of the Bonds into the Capi-
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BOOK.956 RECEPTION...1..7? .
S
tal Reserve Fund and for the amounts , if any , required to
restore the Capital Reserve Fund to the Capital Reserve
Fund Requirement (as defined in the Indenture) , it is not
necessary for the Participants or any other person or
entity to pay any amount into such fund or account in any
years .
(c) The terms of the Sale and Service Agreement
pursuant to which the Mortgage Loans will be made provide
that the Participants shall cause the properties subject
to the Mortgage Loans to be maintained in good repair and
shall carry all proper insurance with respect thereto in
the event that the owners or occupants of such properties
fail to do so .
(d) The revenues payable under the Sale and Service
Agreement are sufficient to pay , in addition to all other
requirements of the Sale and Service Agreement and this
Ordinance , all sums referred to in paragraphs (a) , (h) and
(c) of this Section 5 .
(e) The Sale and Service Agreement provides that
provisions of the Mortgage Loans require the owners or
occupants of the properties subject to the Mortgage Loans
to pay all taxes which all taxing entities are entitled to
receive from such persons with respect to such properties .
BOOK`356 RECEPTION 1878276
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Section 6 . The forms , terms and provisions of the Sale
and Service Agreement , the Indenture the Option and Tender
Agreement and the Bond Purchase Agreement be and they hereby
are approved and the Issuer shall enter into the Sale and
Service Agreement, the Indenture , the Option and Tender Agree-
ment and the Bond Purchase Agreement in substantially the forms
of each of such documents presented -to the Commissioners at
this meeting ; and the Chairman of the Board of County Commis-
sioners is hereby authorized and directed to execute and de-
liver such documents and the County Clerk and Recorder is
hereby authorized and directed to affix the Issuer ' s seal to ,
and to attest the signature of the Chairman on , such documents ;
provided , however , that certain changes are authorized to be
made in the Indenture subsequent to the date hereof to provide
for the issuance of the Bonds in coupon form. The Preliminary
Official Statement is on file with the County Clerk and Re-
corder . The Chairman , Board of County Commissioners , is autho-
rized to -execute a final Official Statement , substantially in
the form of the Preliminary Official Statement, but with such
changes therein as are necessary to accurately summarize the
above-listed documents and to reflect the terms of the Bonds .
Section 7 . The forms , terms and provisions of the Bonds ,
in the forms contained in the Indenture , be and they hereby are
BOOKli`16 RECEPTION 18'78271;
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approved ; and the Chairman of the Board of County Commissioners
is hereby authorized and directed to execute the Bonds and the
County Clerk and Recorder is hereby authorized and directed to
attest the signature of the Chairman on the Bonds and each is
authorized to deliver the Bonds . The seal of the Issuer (or a
facsimile thereof) is hereby authorized and directed to be
impressed or imprinted on the Bonds . The signature of the
Chairman of the Board of County Commissioners on the Bonds and
the signature of the County Clerk and Recorder on the Bonds may
be manual or by facsimile , except that there shall be at least
one manual signature on the Bonds which may be the signature of
the officer of the Trustee completing the Certificate of
Authentication thereon .
Section 8 . The following funds and accounts are created
by the. Indenture : the Bond Fund , the Capital Reserve Fund , the
Acquisition Fund , the Principal Account (and therein the Prin-
cipal Prepayment Subaccount) , the General Account, the Cost of
Issuance Account and the Excess Earnings Account . These funds
and accounts are generally described as follows :
(a) Capital Reserve Fund . The Capital Reserve Fund
is initially funded from Bond proceeds in an amount equal
to the Capital Reserve Fund Requirement (as defined in the
Indenture) . Moneys in the Capital Reserve Fund will be
956 1978276
BOOK..._....... RECEPTION
(S-
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used solely for the payment of the principal of , premium,
if any , and interest on the Bonds , but only when and to
the extent that other moneys are not available therefor
pursuant to the Indenture and the Sale and Service Agree-
ment or from other sources , provided that moneys in the
Capital Reserve Fund may he used to redeem all outstanding
Bonds as provided in the Indenture .
(b) Bond Fund . From the proceeds of the Bonds there
will be deposited in the Bond Fund accrued interest , if
any , paid by the Purchaser of the Bonds . There shall also
be deposited in the Bond Fund from the General Account and
the Principal Account amounts as necessary for the purpose
of paying principal of , premium, if any , and interest on
the Bonds . Moneys on deposit in the Bond Fund shall he
used solely for the payment of the principal of , premium,
if any , and interest on the Bonds .
(c) Principal Account and Principal Prepayment
Subaccount . The Indenture requires the Trustee to deposit
into the Principal Account all amounts representing pay-
ments of principal on Mortgage Loans as more specifically
referred to in Section 5 . 07 of the Indenture . Moneys in
the Principal Account representing regularly scheduled
Mortgage Loan principal payments shall be transferred to
BOOK 956 RECEPTION 187827f;
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the Bond Fund on the day preceding each Bond principal
payment date or sinking fund redemption date and shall be
used , first, to pay maturing principal of the Bonds and
thereafter to pay interest on the Bonds . Moneys trans-
ferred to the Principal Account representing Principal
Prepayments (as defined in the Sale and Service Agree-
ment) , excess moneys in the Capital Reserve Fund resulting
from decreases in the Capital Reserve Fund Requirement ,
certain moneys transferred from the General Account ( in
accordance with the provisions of Section 5 . 08 (x) of the
Indenture) and certain moneys remaining in the Acquisition
Fund on December 25 , 1982 shall he deposited in the Prin-
cipal Prepayment Subaccount and be used for the purpose of
redeeming Bonds on February 1, 1983 , all as more fully set
forth in the Indenture .
(d) Acquisition Fund . There shall be deposited in
the Acquisition Fund the balance of the proceeds of the
Bonds , after the deposit of such proceeds into the Cost of
Issuance Account , the Bond Fund , the Capital Reserve Fund ,
and any other moneys required to be deposited therein by
the Indenture or the Agreement . Moneys in the Acquisition
Fund will be used to purchase the Mortgage Loans (provided
that certain moneys remaining in the Acquisition Fund on
BOOK 956RECEPTION_.__ 878276
It- /3
13
December 25 , 1982 shall be transferred to the Principal
Prepayment Subaccount and used for the purpose of redeem-
ing Bonds on February 1 , 1°R3) all as provided in the Sale
and Service Agreement and the Indenture .
(e) General Account . All funds withdrawn by the
mrustee from the Receipts Account which are not deposited
in the Principal Account or the Principal Prenayment
Subaccount will he deposited in the General Account .
Moneys derived from investment of moneys in the various
funds and accounts created pursuant to the Indenture are
also deposited in the General Account . Certain other
deposits may also be made in the General Account . Moneys
in the General Account shall be user; --:; ? . - 1- to ?:e
certain transfers to the Excess Earnings Fund as provided
in the Indenture , to pay certain insurance premiums , to he
transferred to the Bond Fund in amounts necessary to pay
Bond principal maturing on Bond principal payment dates ,
to be transferred to the Bond Fund in amounts necessary to
pay Bond interest maturing on Bond interest payment dates ,
to pay the annual fees and reasonable expenses of the
Trustee and any other paying agents, to restore the Capi-
tal Reserve Fund to the Capital Reserve Fund Requirement ,
to reimburse any Participant for any reimbursement or
BOOK.956 RECEPTION 15:182'7r
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indemnity pursuant to the Sale and Service Agreement , to
pay the cost of certain accountant verifications and , on
the date specified in the Indenture , there shall he trans-
ferred to the Principal Prepayment Subaccount all moneys
remaining in the General Account .
In addition to the foregoing , the Trustee may with-
draw from the General Account moneys sufficient to pay
accrued interest upon the purchase of Bonds to be credited
against sinking fund payments pursuant to the Indenture .
(f) Cost of Issuance Account . The Cost of Issuance
Account is initially funded from Bond proceeds . Moneys in
the Cost of Issuance Account shall be used to pay F . F.
Hutton & Company Inc . the amount of $52 , 500 , from which
E . F. Hutton & Company Inc . will pay all costs of issuance
relating to the Bonds .
(g) Excess Earnings Fund . Under circumstances set
forth in the Indenture , certain moneys may he transferred
from the General Account to the Excess Earnings Fund .
Moneys in the Excess Earnings Fund may be paid to the
United States of America under circumstances set forth in
the Indenture .
Reference is hereby made to the provisions of the Indenture
relating to the source and application of moneys in the funds
BOOK 956 RECEPTION 1878276
15
and accounts created thereunder , which provisions are incor-
porated herein by reference .
Section 9 . The Chairman of the Board of County Commis-
sioners is hereby authorized and directed to execute and de-
liver to the Trustee the request and authorization of the
Issuer for the authentication and delivery of the Bonds by the
Trustee , in accordance with Section 2 . 05 of the Indenture .
Section 10 . Central Bank of Denver , having its principal
corporate offices in the City of Denver , Colorado , is hereby
appointed as Trustee , paying agent and bond registrar under the
Indenture .
Section 11 . The cost of financing the purchase of the
Mortgage Loans , the costs of issuance and the funding of a
reserve fund in connection with the retirement of the Bonds are
payable 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 the interest thereon, constitute the debt
or indebtedness of the Issuer within the meaning of any provi-
sion or limitation of the Constitution or statutes of the State
of Colorado or any home rule charter of any political subdivi-
sion thereof or the Home Rule Charter of the Issuer nor shall
anything contained in this Ordinance or in the Bonds , the Sale
and Service Agreement, the Indenture or any other instrument in
956 18'782'76_
BOOK RECEPTION
! % . Ili
15
connection therewith constitute or give rise to a pecuniary
liability of the Issuer or the State of Colorado or a charge
against their general credit or taxing powers , nor shall the
breach of any agreement contained in this Ordinance , or any of
the above-mentioned instruments , impose any pecuniary liability
upon the Issuer or any charge upon its general credit or taxing
powers , the Issuer having no power to pay out of its general
fund , or otherwise contribute any part of the costs of financ-
ing the purchase of the Mortgage Loans , nor power to operate
the properties which are the subject of the Mortgage Loans as a
business or in any manner , nor shall the Issuer condemn any
land or other property for the properties which are the subject
of the Mortgage Loans nor contribute any land or other property
to the properties which are the subject of the Mortgage Loans .
Section 12. 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 13 . If any section , paragraph , clause or provi-
sion 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 .
18'78276
BOOK qq.56 RECEPTION......._...-. ——?
17
Section 14 . All bylaws, orders, resolutions and ordi-
nances, or parts thereof, inconsistent herewith and with the
documents hereby approved, are hereby repealed to the extent
only of such inconsistency, and if so repealed, no other bylaw,
order, resolution or ordinance, or part thereof shall be re-
vived. -
Section 15 . This Ordinance shall take effect immediately
upon its passage.
Section 16 . The Board of County Commissioners hereby
finds and declares that an emergency exists because the Bonds
must be issued prior to December 31, 1981 to qualify for an
allocation pursuant to Executive Order of the Governor and
therefore this Ordinance constitutes an emergency ordinance within
the meaning of the Issuer' s Home Rule Charter. The effective
date of this Ordinance is December 28 , 1981.
PASSED, ADOPTED AND APPROVED this 28th day of December,
A.D. , 1981.
BOARD OF COUNTY COMMISSIONERS
\ � ' WE COUNTY, COL DO
ATTEST: rd� _ . VvtA fuJ.r'+',^,;r Jvi
C c Carlson, Chairman
Weld County Clerk and Recorder c //
and Clerk to the Board /
r,
vJ Norman Carlson, Pro-Tem
BY +/_ss+`` YJ� lFt y
,p„4WAcG.t�lnt Clerk /i
' � f / , v L
'� � � C. W. Kirby
APP (SS7 A 'tORM:
irn /7
J -n Martin"
T County Attorney 2-2 2`"
J e K. Ste ' ark
PUBLISHED: JANUARY 7, 1981 in the Johnstown Breeze
187827€
BOOK 956 RECEPTION
18
APPENDIX A
COUNTY OF WELD, COLORADO
SINGLE FAMILY MORTGAGE REVENUE BONDS
SERIES 1981 A
Date Principal Interest Total
( including mandatory
sinking fund)
6/1/82 $ 479 ,32.5 .00 $ 479 , 325.00
12/1/82 479 ,325 .00 479 ,325 .00
6/1/83 479 , 325 . 00 479 , 325. 00
12/1/83 S 55 , 000 479 , 325 .00 534 , 325 .00
6/1/84 476 ,506 . 25 476 , 506. 25
12/1/84 80 , 000 476 , 506 .25 556 , 506 . 25
6/1/85 472 ,206 .25 472, 206 . 25
12/1/85 125 , 000 472, 206 .25 597 , 206 . 2.5
6/1/86 465 ,331. 25 465 ,331 . 25
12/1/86 175 , 000 465 ,331 .25 640 ,331 .25
6/1/87 455 ,487 . 50 455, 487 . 50
12/1/87 240 , 000 455 ,487 . 50 695 , 487 . 50
6/1/88 441, 687 .50 441,687 . 50
12/1/88 310 , 000 441, 687 . 50 751, 687 . 50
6/1/89 423 ,475 . 00 423 , 475 .00
12/1/89 390 , 000 423, 475 .00 813 , 475 .00
6/1/90 398 ,125.00 398 ,125 .00
12/1/90 485 , 000 398 ,125 .00 883 ,125.00
6/1/91 366 ,600 . 00 366 ,600. 00
12/1/91 595 , 000 366 , 600 .00 461, 600.00
6/1/92 327 ,425 . 00 327 ,925.00
12/1/92 720 , 000 327 , 925 .00 1 ,047 ,925.00
6/1/93 281,125 . 00 281 ,125 . 00
12/1/93 835 , 000 281 ,125 .00 1 , 116 ,125 .00
6/1/94 226 ,850 .00 226 ,850. 00
12/1/94 960 , 000 226, 850 .00 1 ,186 , 850 .00
6/1/95 164,450 .00 164 ,450 .00
12/1/95 1 , 090 , 000 164 , 450 .00 1 , 254 , 450 .00
6/1/96 93, 600 .00 93, 600 .00
12/1/96 1 , 235 , 000 93, 600 .00 1 ,328, 600 .00
6/1/97 13,325.00 13 , 325 . 00
12/1/97 205 , 000 13 ,325 .00 2.18 , 325 .00
AFFIDAVIT OF PUBLICATION
THE JOHNSTOWN BREEZE
STATE OF COLORADO )
ss
COUNTY OF WELD )
I, Clyde Briggs, do solemnly swear that I
am publisher of The Johnstown Breeze;
that the same is a weekly newspaper
printed, in whole or in part, and published
in the County of Weld, State of Colorado,
and has a general circulation therein; that
said newspaper has been published
continuously and uninterruptedly in said
County of Weld for a period of more than
fifty-two consecutive weeks prior to the
first publication of the annexed legal notice
or advertisement; that said newspaper has
been admitted to the United States mails as
second-class matter under the provisions of
the Act of March 3, 1879, or any
amendments thereof, and that said
newspaper is a weekly newspaper duly
qualified for publishing legal notices and
advertisements within the meaning of the
laws of the State of Colorado.
That the annexed legal notice or advertise-
ment was published in the regular and
entire issue of every number of said weekly
newspaper for the period of .1.... consecu-
tive insertions; and that the first
publication of said notice as in the issue,
said newspaper dated .1/J A.D. 197..,
and that the last public tion of said notice
was in the issue of said newspaper dated
, A.D. 19
In witness whereof I have hereunto set
my hand this 7 day of ,Ta5 ,
A.D. 1992
Publisher
Subscribed and sworn to before me, a
Notary Public in and for the County of
Weld;State of Colorado, this r- day of
a'..4. A.D. 19 ).F,
.:y
/ // / •
/ 7 //
Notary Public.
My commission expires ..". ./1.:. .....
PUBLIC NOTICE
ORDINANCE NO.90 ,
N ORDINANCE AUTHOR-
ZING THE ISSUANCE AND`
SALE BY WELD COUNTY.
COLORADO OF $1,500 000
AGGREGATE PRINCIPAL
AMOUNT OF SINGLE FAMILY
MORTGAGE REVENUE
BONDS 1981 SERIES A TO
FINANCE THE PURCHASE
OF MORTGAGE LOANS FOR
RESIDENTIAL FACILITIES
FOR LOW AND MIDDLE-
INCOME FAMILIES OR
PERSONS; RATIFYING
CERTAIN ACTION HERETO-
FORE TAKEN; AUTHORIZ-
ING THE EXECUTION AND
DELIVERY BY WELD
COUNTY COLORADO OF A
SALE AND SERVICE AGREE-
MENT INDENTURE CLOS-
ING DOCUMENTS AND SUCH
BONDS IN CONNECTION
THEREWITH; PROVIDING
FOR THE SALE OF SUCH
BONDS TO THE FIRST
NATIONAL BANK OF
DENVER AND THE EXECU-
TION AND DELIVERY OF A
BOND PURCHASE AGREE-
MENT TO EFFECT SUCH
SALE• MAKING DETERMIN-
MIDDLE-IS NCOME FOW AMILIEAND
AND PERSONS," AS TO THE
SUFFICIENCY OF REV•
ENUES AND AS TO OTHER
RESIDENTIIAL FTTERS AACCDdTIES
REPEALING ACTION HERE-
TOFORE TAKEN IN CON-
FLICT HEREWITH; PROVID-
ING AN EFFECTIVE DATE
HEREOF' DECLARING AN
EMERGENCY AND PROVID-
ING AN APPROPRIATE
ORDINANCE AND RELATR ED
MATTERS.
WHEREAS, Weld County, ,
Colorado (the "Issuer") is a
legally and regularly created
established,county
organised pand
VISIONS OF Article eof the
Constitution
of the State of
C
Public
WHEREAS, the County and "B" coupons attached;the "B" documents and the County Clerk
Mu lcipal lty D e v el opment coupons being in fully registered and Recorder is hereby author-
Revenue Bond Act, Section form and as fully registered ized and directed to affix the
29.9-101 et seq., Colorado Re- Bonds in the denomination of Issuer's seal to,and to attest the
vised Statutes 1973, as amended 55,000 or any integral multiple signature of the Chairman on,
(the"Act"),authorizes counties thereof, provided that fully such documents; provided,how-
to finance and acquire one or registeredOption Bonds shall ever, that certain changes are
more projects (which includes bear"B"coupnons which shall be authorized to be made in the
any land, building or other in fully registered form, dated Indenture subsequent to the date
improvement and-real and as provided in the Indenture, hereof to provide for the
personal properties) to the end bearing interest from their date issuance of the Bonds in coupon
that more adequate residential payable semiannually on June 1 form. The Preliminary Official
facilities for low and middle- and December 1 in each year, Statement is on file with the
Income families and persons commencing June 1,1982,at the County Clerk and Recorder.The
• may be provided which promote rates per annum set forth below, Chairman, Board of County
the public health, welfare, and maturing on December 1 in Commissioners is authorized to
safety, convenience and pros. the designated years and in the execute a finaii Official State-
verity; and , principal amounts, as follows: ment, substantially in the form
MOTE THE PUBLIC HEALTH, of the Preliminary Official
WELFARE SAFETY CON+ Year Statement, but with such
VENIENCE AND PROSPER+ (Dec.1) Maturities Interest changes therein as are neces-
ITY: AND 1983 $ 55,000 10.25"% sary to accurately summarize
80,000 10.75% the above-listed documents and
WHEREAS,such counties are 1985 125,000 m00% to reflect the terms of the Bonds.
further authorized by the Act to 1986 175,000 11.25% Section 7. The forms, terms
issue revenue bonds for the 1987 240,000 11.504 and provisions of the Bonds in
furpose of defraying the cost of 1988 310,000 11.754• the forms contained in the
inancing and acquiring any 1997 6,615.000 - Is An W. Indenture, be and they hereby
project, including the payment The Bonds shall be payable, , are approved and the Chair-
. of Interest on the proposed shall be subject m redemption man of the Board of County
revenue bonds for not exceeding prior to maturity and shall be in Commissioners is hereby
three years the funding of any the forms substantially as authorized and directed to
reserve funds which the govern- provided in the Indenture. The execute the Bonds and the
ing bodies of such counties may bonds shall be sold to the County Clerk and Recorder is
deem advisable to establish in Purchaser, at a private sale hereby authorized and directed
connection with the retirement pursuant to the Bond Purchase to attest the signature of the
of the proposed revenue bonds Agreement at a purchase price Chairman on the Bonds and
or the maintenance of the equal to 98 percent or the each is authorized to deliver the
project and all incidental ex- principal amount of the Bonds Bonds.The seal of the Issuer(or
penes incurred in issuing such plus accrued interest from a facsimile thereof) is hereby
bonds and to secure payment of December 1, 1981 to the date of authorized and directed to be
such bonds as provided in the their payment and delivery.The impressed or imprinted on the
Act; and net effective interest rate on the Bonds. The signature of the
Bonds, after giving effect to Chairman of the Board of
WHEREAS, pursuant to an original issue discount referred County Commissioners on the
ordinance, the Issuer will, in to in this Section 3 is 13.08 Bonds and the signature of the
accordance with provisions of percent, which rate is hereby County Clerk and Recorder on
the Act, finance through the determined to be the maximum the Bonds may be manual or by
issuance of the Bonds herein- net effective interest rate on the facsimile, except that there
after referred to the purchase of Bonds, shall be at least one manual
- . mortgage loans(the"Mortgage signature on the Bonds which
Loans'i for residential facilities Section 4.Pursuant to Section may be the signature of the
for low and middle-Income 29-3-103(10) (d) of the Act the officer of the Trustee complet-
, families or persons intended for Commissioners hereby find and ing the Certificate of Authenti-
use as the sole place of residence determine that"low and middle- cation thereon.
i by the owners or intended Income persons and families"
„ occupDants which residential within the boundaries of the Section 8.The following funds
facilities will be located within Issuer are persons and families and accounts are created by the
the boundaries of the Issuer and with maximum income (as ' Indenture: the Bond Fund the
which residential facilities shall . computed In accordance with Capital Reserve Fund, the
qualify as a"project"within the the provisions of the Sale and Acquisition Fund,-the Principal
meaning of the Act; and Service Agreement) does not Account(and therein the Princi-
exceed $98,500 (which maxi- ! Cal Prepayment Subaccount)
'. WHEREAS, Single Family mum income is subject to .the General Account,the Cost of
h� r. Mortgage Revenue Bonds 1981 certain adjustments as provided Issuance Account and the Ex-
ri, Series A in the aggregate in the Sale and Service Agree- cess Earnings Account. These
-"^yi. principal amount of $7,500,000 ment)and that such persons and funds and accounts are gener-
(the"Bonds")will be issued and families lack the financial ally described as follows:
delivered by the Issuer to ability to pay prices or rentals
provide funds for the purchase sufficient to induce'private (a) Capital Reserve Fund:'
of the Mortgage Loans, the enterprise within the boundaries The Capital Reserve Fund is
funding of a reserve fund in of the Issuer to build a sufficient initially funded from Bond
connection with the retirement supply of adequate, safe and proceeds in an amount equal to
of the Bonds and certain costs sanitary dwelling without the the Capital Reserve Fund Re-
incurred in connection with the special assistance afforded by quirement (as defined in the
Issuance of the ponds; and the Act.The interest rate on the Indenture). Moneys in the
Mortgage Loans will be 13.27 Capital Reserve Fund will be
WHEREAS, concurrently percent per annum, used solely for the payment of
with the issuance of the Bonds, the principal of, premium, if
certain home mortgage lending Section 5. The following de- any, and interest on the Bonds
institutions (the Partici= terminations and findings are but only when and to the extent
pants") will enter into the Sale hereby made in accordance with that other moneys are not
and Service Agreement with the Sections 29-3.113, 29-3-114 and available therefor pursuant to
Issuer providing for the origin- 29-3-120 and in reliance upon the Indenture and the Sale and
lion and servicing of the information furnished to the Service Agreement or from
Mortgage Loans by the Partici. Issuer by E. F. Hutton & other sources, provided that
pants: the Issuer will enter into Company Inc.,consultant to the moneys in the Capital Reserve
an Indenture with Central Bank Issuer in structuring the financ- Fund may be used to redeem all
of Denver Denver,Colorado, as Ing: outstanding Bonds as provided
trustee (the "Trustee"); the in the Indenture.
Trustee, The First National (a) The amount necessary in Indenture.
Bank of Denver (the "Bank") each year to pay the principal of
and the Issuer win enter into an and the interest on the Bonds
Option
as of Decemer bers 1, 1981 than mandat no orde sinkinng ofund
(the"Option and Tender A Agree- redemption, prior to maturity)
meat");and the Issuer and The is set forth in Appendix A hereto.
First National Bank of Denver
as Purchaser (the Pur- -
chaser") will enter into a Bond
Purchase Agreement dated Dec-
cember 28, 1981 (the Bond
_ Purchase Agreement"); and
the Bd.proceed Bond
onds there the
will deposited in the Bond Fund
accrued interest,if any,paid by
the Purchaser of the Bonds.
There shall also be deposited in
the deemed it advisable ablish Account Fund from
t Principal
for
thegretirement connection
the for e amounts
rposea.of necessary
Bonds, among otherpurposes for the
the trust fud cretd nd and principal
on the' Bonds.
WHEREAS there have been established by the Indenture Moneys on deposit in the Bond
presented to the Beard of County designated as the Capital Re- Fund shall be used solely for the
Commissioners (the Commis- serve Fund:Moneys on deposit Payment of the principal of,
stoners"):(1)the proposed form in such fund shall be used to premium,if any,and interest on
of Sale and Service Agreement provide a reserve for the the Bonds.
dated as of December 1 1981 payment of the principal of and
(the "Sale and Service Agree- interest on the bonds. There (c) Principal Account and
ment") among the Issuer and shall be deposited in the Capital Principal Prepayment Sub•
the Participants, (ti the pro- Reserve Fund from the pro. account.The Indenture requires
posed form of Indenture dated ceeds of the Bonds an amount the Trustee to deposit into the
as of December 1 1981 (the equal to the Capital Reserve Principal Account°all amounts
Indenture") between the Fund Requirement (as defined representing payments of
Issuer and the Trustee, (iii) the in the Indenture). Except for prhrcipal on Mortgage Loans as
proposed form of the Option and such deposits of the proceeds of more specifically referred to in
Tender Agreement dated as of the Bonds into the Capital Section 5.07 of the Indenture.
December 1, 1981 between the Reserve Fund and for the Moneys mthe Principal Account
Trustee and the Bank (iv) the amounts, if any, required to representing regularly
e r'proposed form of the Bond restore the Capital Reserve scheduled Mortgage Loan prin-
Purchase Agreement dated De. Fund to the Capital Reserve cipal payments shall be trans-
`t camber 28, 1981 between the Fund Requirement (as defined farm to the Bond Fund on the
Issuer and the Purchaser and in the Indenture) it is not day precedin each Bond princl-
i v) the Preliminary Official necessary for the {participants pal payment date or linking
..Statement (the "Official State. or any other person or entity to fund redemption date and shall
ment")relating to the sale of the pay any amount into such fund principal
used,dpa first, to pay maturing
Bonds dated December 18,1981. or accounttrieneany years. thereafter icipal to pay Interest on n
erms of the Sale and Bonds. Moneys transferred to
OF
FFDCAOthe
NOWUNT_THEREFORE,
THE
ON,ARD Service
the MortgagepLoansnwill sentingl PrtnncipalcPrept ments•
ERS OF THE 'COUNTY OF be made provide that the (as defined in the Salve and
WELD, STATE OF COLO- Participants shall cause the service Agreement), excess
RADO' properties subject to' the moneys in 1
p fig gejYthe Capita Reserve
Section 1. All action (not tabled MMortgag Loans to be main. Fund resulting from decreases
inconsistent with the (not carry all good air and shall in the Capital Reserve Fund
of this Ordinance heretofore respect thereto in the Insurance
at redm the moneys
,taken by the Commissioners and the owners or occupants of such Account(in Requirement,accordance General
ith the
the officers of the Issuer properties fail to do.so. provisions of Section 5.08(x) of
directed toward financing the the Indenture) and certain
Bpurchase of the Mortgage Loans (d) The revenues payable moneys remaining in the Ac ul-
onds the issuancebe,and the same Agreement are sufficient to pay affirm98 shall'I be deposited bin the
Tis hereby, ratified, approved in addition to all other require- Principal Prepayment Sub- .
'and confirmed. ments of the Sale and Service account and be used for the
Section R. The Issuer shall agreement and
d this Ordinance, Purpose of redeefnin Bondi on ,
finance the purchase of the graphs (a), (b) and (c) of.this fully set forthin the Inden more
Mortgage Loans, the funding of Section d.•F reserve fund in connection (d) Acquisition Fund. There
with the retirement of the Bonds (e) The Sale and Service shall be deposited in the Acquial-
and,issuance-expenses by de. Agreement provides-that pro- tion Fund the balance df the
.positing the proceeds of the visions-of the Mortgage Loans groceeds of the Bonds after the
:Bonds with the Trustee a require the owners or occupants eposit of such proceeds into the
Portion of which proceeds will be of the properties subject to the Cost of Issuance Account, the
disbursed by the Trustee for the Mortgage Loans to pay all taxes Bond Fund,the Capital Reserve
purchase of the Mortgage Loans which all taxing entities are Fund, and any other moneys
In.accordance with the provi• entitled to receive from such required to be deposited thereln
stone and conditions of the Sale persons with respect to such by the Indenture or the Agree-
and Service Agreement for the properties. ment.Moneys in the Acquisition
'purposes described above. Fund will be used to purchase
Section 9.To defray the cost of andecptionl 8,Tns of forth sale ens the Mortgage Loans (provided
financing the purchase of the Service Agreement, the Inden- int tt he Acquisition Fund ion'
,Mortgage Loans, the funding of ture the Option and Tender December 25, 1982 shall be
.a re the serve fund in connection Agreement and the Bond Pur- transferred to the Principal
and issuance expent ses,the
pis chase Agreementsap roved and
tld they t used for the purpo a of ref ehereby authorized and created Issuer shall enter Into the Sale Ing Bonds on Fepbruary redeem-989)
an issue of re*enue bonds and Service Agreement, the alias provided m the Sale and
designated as "Weld County Indenture, the Option and Ten- Service Agreement and the
Colorado, Single Family der Agreement and the Bond Indenture.
Mortgage Revenue Bonds 1981 Purchase Agreement in sub. (e)General Account.All funds
Series A" in the aggregate stantially the forms of each of withdrawn by the Trustee from
principal amount of :'f.snp,o®p such documents presented to the the Receipts Account which aredenominati coupon t bonds lrehgBe Commissioners t Caman this o the Board Apccountt or�the in the
Principal
the Option to
principal defined in hereby authorized and directed deposited in Subaccount h Gene al
the Indenture) having "A'. and to execute and deliver such Account. Moneys derived from.
® tices
invest ee!aide moneys
a in thecounts Sale and Service Agreement,the
created pursuant to the Inden. Indenture or any other inept in connection theew rewith
ture are also deposited in thei
General Account. Certain other pecuniary or liability of
rise s a
deposits may also be made Y m th State bof1tColorado or ea
the General
Account.
Monaells in
charge against their general
used generally to make certain shall[ a taxing powers, nor
transfers to the Excess Earn- shall
tcontained in I any agree.Fund aspapy provided
iineury ante or any of the above.
Indenture, to mentioned instruments, impose
ance premiums to be trans- any pecuniary liability upon the
(erred to the Bond Fund in Issuer or any charge upon its
amounts necessary to pay Bond general credit or taxing powers,
principal maturing on Bond the Issuer having no power to
principal payment dates to be pay out of its general fund, or
tamoufer necessary the Bond pay Fund in otherwise contribute any part of
gg the costa of financing the
interesttpaymentndatee, to goad purchase of the Mortgage
the annual fees and reasonable Loans,nor ich to operate the
expenses of the Trustee and any of the Mortgage g are tan suase a
th bf the IrnLoans manner, r
t other paying agents, to restore shall
the or s any condemn nor
Ca Capital Reserve d Require-to e shall Issuer ape
ment,ttoRreimburse an Prti - properties
other h are the
for the
pant for any reimbursement or of the Mortgaage eLoansbnor
ndemnity pursuant to the Sale contribute any land or other
the andService e Agreement,t to pay
property to the properties which
verifications and, on the date are the subject of�he Mortgage
specified in the Indenture,there
shall be transferred
ay ferment Sub. motion 12. After any of the
account all moneys remaining in Bonds are issued, this Ord n
the General Account. ance shall be and remain
aid
In addition to the foregoing, Lein ee interest thereon thl e shall have
suthe Trustee may A withdraw from been fully paid, cancelled and
fficient two pay p accruediinnter. discharged.
eat upon the purchase of Bonds
to be credited against sinking
fund payments pursuant to the Section 18. If any
y'eectiov,
opfara. graph clause or provision
(f) Cost of Issuance Account. W Ordinance shall for any
The Coat of Issuance Account is reason be held to be invalid or
initials funded from Bond unenforceable the Invalidity or
n,
proceeds.Moneys in the Cost of paragraph clause u precision
Issuance Account shall be used steal no or provision
ft
pay E.F.Hutton&Company shall- not affect any. of this
s
to the from r
Inc. amount Huttonof &CCo fromremaining provisions of
which E.F. &Company Ordinance.
Inc.will pay all costa of issuance
relating to the Bonds. Section 14.All bylaws,orders,or
resolutions and ordinances, or
/g) Excess EaraNp Fund parts thereof inconsistent here-
under xcess sftaalnlces set forth with and with the documents
in the Indenture,certain moneys hereby approved,extent are hereby
may be transferred front the sucrepealed Inconsistency,
the only sof
o
General Account to the Excess repealed,
ed,no fatheryy and rd so
Earnings Fund Moneys in the reso resolutiono, or other bylaw,order,
Excess Earnings Fund may be threof l ordinance, or part
paid to the United States of
thereof shall be revived.
America' under circumstances
set forth in.the Indenture. Section le. This Ordinance
•
shall take effect Immediately
Reference Is hereby made to the upon its passage.
provisions-of the Indenture
relating to the source and Section y le. The CommissionersB h r of
application of moneys N.the finandthat hereby
funds and accounts created finds m declares any
thereunder,which provisions emergency be Is because the
are incorporated herein by Bonds must i 11 to qualify to
reference. December 8l,1881 to for
an allocation toExecu-
Sectlon 8.The Chairman of the tive Order ofpthe Governor and
Board of County Commissioners therefore uteenthis Ordinance in a ce
is hereby authorized and dir- tunes an emergency emen ordinance
ected to xecute and deliver to within the me Rule
of the
the Trustee the request and Issuer's effective Home Rate- far his
authorization of the Issuer for The date of this
the authentication and delivery Ordinance is December 28,1981.
of the Bonds by the Trustee in
accordance wig' Section 2.06 of
the Indenture.
PASSED ADOPTED AND
APPROVED this 28th day of
December, A.D., 1981.
Section 19. CentralBank .of ..i BOARD OFCOUNTY
. Denver havt'hg its principal COMMISSIONERS "
corporate offices in the City of WELD COUNTY
Denver, Colorado, is hereby COLORADO)
appointed as Trustee, paying
agent and bond registrar under Chuck Carlson,Chairman
the Indenture. Norman Carlson,Pro-Tem
C.W.Kirby
Section 11. The cost of JohnMartin
financing the purchase of the June K.Stelnmark
Mortgage Loans, the costs of
issuance and the funding of a ATTEST: Mary Ann
reserve fund In connection with Feuerstein
the retirement of the Bonds are Weld County Clerk
the B nds nd none proceeds
Bonds and Recorder and
will be general obligation of the Clerk to the Board
Issuer nor shall any of the By; Keitha White
Bonds, including the interest Deputy County Clerk
thereon, constitute the debt or APPROVED AS TO FORM:
indebtedness of the Issuer R Russell Anson
within the meaning of any County Attorney
pos
t or limitation of the
Constitution or statutes of the gEAL
State of Colorado or any home
rule charter of any political PUBLISHED: JANUARY 7,
subdivision thereof or the Home 1982 in the Johnstown Breeze
Rule Charter of the Issuer nor Co Lega182-2-Clerk to the Board
shall anything contained-in this
Ordinance or in the Ronda. the
APPENDIX A
COUNTY OF WELD, COLORADO
SINGLE FAMILY MORTGAGE REVENUE BONDS
SERIES 1981 A
Date Principal Interest 'natal
(including mandatory
sinking fund)
6/1/82 S 479,325.00 S 479,325.00
12/1/82 479,325.00 479,375.00
6/1/83 479,325.00 478,325.00
12/1/83 $ 55,000 479,325.00 534,325.00
5/1/84 476,506.25. 476,506.25
12/1/84 80,000 475,506.25 556,506.25
6/1/85 472,206.25 -. 472,706.25
12/1/85 125,000 472,206.25 597,206.25
6/1/85 465;331.25 465,331.25
12/1/86 175,000 465,331.25 643,331.25
6/1/87... 455,487.50 45S-,487i5D
12/1/87 240,000 455,487.50 695,487.50
6/1/88 441,687.50 441,:687.-50
12/1/88 310,000 441,687.50 . 751,687.50
6/1/89, 423,475.00 . 423,475.00
12/1/89 390,000 423f 475.00 813,475.00
6/1/90 - 398,125.00 398,125.110
12/1/90 485,000 308,125.00 - 883,125.00
6/1/91 366,600.00 - 366,600.00
12/1/91 595,000 166,500.00 061500,00
6/1/92.. 327,025.00 327,,925.00
12/1/92 77.0,000 327,975.00 1,047,925.00
6/1/93, 1 281,125.00 281,125,00
12/1/93 835,000 281,125.00 1,116,125.00
5/1'/9.4 "" 225,850.00 226,850.00
12/1/94 950,000 225,850.00 1,186,850.00
1145,',..,.. 154,450.00 164,450.00
,12/1/95. - 1,090,000 164,450.00 1,254,450.00
6/1/95 ' " 93,500.00 03,500.00
12/1/9.5 1;,235,000 91,600.00 1,328,500.00
''6/1/97 ' - 13,325.00 13,125.00
12/1/97 205,000 11,325.00 218,325.00
Hello