HomeMy WebLinkAbout20021641.tiff RESOLUTION
RE: REFINANCING OF CERTAIN SOLID WASTE DISPOSAL REVENUE AND
REFUNDING BONDS; DELEGATING TO THE COLORADO HOUSING AND FINANCE
AUTHORITY THE POWER TO ISSUE REFUNDING REVENUE BONDS OR OTHER
REFUNDING OBLIGATIONS IN ORDER TO EFFECT SUCH REFINANCING, AND
AUTHORIZING THE EXECUTION AND DELIVERY OF A DELEGATION
AGREEMENT; PROVIDING OTHER DETAILS IN CONNECTION THEREWITH; AND
PROVIDING AN EFFECTIVE DATE
WHEREAS, the Board of County Commissioners 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, Colorado (the "County") previously has issued the solid waste
disposal revenue bonds identified in Exhibit A hereto (the "Bonds") pursuant to Part 1 of
Article 3 of Title 29, C.R.S. (the "Act"), in order to finance or refinance the acquisition of certain
solid waste disposal facilities, and
WHEREAS, the Act and Part 2 of Article 1 of Title 29, C.R.S., provide, in effect, that any
county or municipality may by resolution or ordinance delegate to any other county, municipal
authority or political subdivision its authority under the Act to refinance projects or bonds
originally financed under the Act, and
WHEREAS, the County desires to delegate to the Colorado Housing and Finance
Authority (the "Authority"), its powers under the Act to issue refunding revenue bonds or other
refunding obligations to be used to pay the principal of the Bonds as the same becomes due
upon prior redemption on August 15, 2002, or such other date (the "Redemption Date") as may
be directed by the Company (as defined in the Indenture of Trust authorizing the issuance of
the Bonds), and
WHEREAS, the Authority desires to accept such delegation, and
WHEREAS, it is necessary to evidence such delegation and the acceptance of such
delegation by the execution and delivery of a Delegation Agreement between the Authority and
the County, substantially in the form attached hereto as Exhibit B (the "Delegation Agreement"),
and
NOW, THEREFORE, BE IT RESOLVED, BY THE BOARD OF COUNTY
COMMISSIONERS OF WELD COUNTY, COLORADO:
Section 1. In order to ensure the refinancing of the Bonds by the Authority, it is
deemed necessary and advisable that the Delegation Agreement be approved,
executed, and delivered by and on behalf of the County.
Section 2. The form, terms and provisions of the Delegation Agreement hereby
are approved and the officers of the County hereby are authorized and directed
to execute and deliver the Delegation Agreement, with such changes therein as
are approved by the officers of the County executing the Delegation Agreement.
The execution of the Delegation Agreement shall be conclusive evidence of the
approval by the County of such document in accordance with the terms hereof:
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RE: REFINANCING OF CERTAIN SOLID WASTE DISPOSAL REVENUE AND REFUNDING
BONDS
PAGE 2
Section 3. The officers of the County shall take such other steps or actions
necessary or reasonably required to carry out the terms and intent of this
Resolution and the Delegation Agreement.
Section 4. The County hereby consents to the redemption and refunding of the
Bonds on the Redemption Date.
Section 5. If any section, paragraph, clause or provision of this Resolution 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 Resolution.
Section 6. All action not inconsistent with the provisions of this Resolution
heretofore taken by the governing body and the officers of the County directed
toward the authorization of the Delegation Agreement hereby are ratified,
approved, and confirmed.
Section 7. This Resolution shall not constitute a debt or indebtedness of the
County within the meaning of the Constitution or laws of the State of Colorado,
nor give rise to a pecuniary liability or a charge against the general credit or
taxing powers of the County.
Section 8. This Resolution shall be in full force and effect upon its passage and
adoption.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 26th day of June, A.D., 2002.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
Imo„`
ATTEST: jade Elld EXCUSED
� v s �` GI--• Vaad, Chair
Weld County Clerk to the r o.
1861 tci �� 1
c� �' °` ♦ D- E. Lo ro-Tem
•
Deputy Clerk to the Bo:i 1'F '`� r'> ! ✓
MTh. Geile
APP Er., AS 1//, '
William H. Jerke
ount�ney EXCUSED DATE OF SIGNING (AYE)
Robert D. Masden
Date of signature: 73
2002-1641
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EXHIBIT A
(List of Solid Waste Disposal Revenue Bonds Issued by the County)
1. County of Weld, Colorado
Solid Waste Disposal Revenue and Refunding Bonds
Series 1990A and 1990B
Dated as of August 15, 1991
2002-1641
ifDIs9
DELEGATION AGREEMENT
This Delegation Agreement is made and entered as of July 1, 2002 between Weld
County, Colorado (the "Local Government"), a political subdivision duly organized and existing
under the Constitution and laws of the State of Colorado(the"State")and the Colorado Housing and
Finance Authority (the "Authority"), a body corporate and a political subdivision of the State.
1. Preliminary Statement. Among the matters of mutual inducement which have
resulted in the execution of this Delegation Agreement are the following:
(a) The Local Government and the Authority are authorized by the County and
Municipality Development Revenue Bond Act,constituting Article 3 of Title 29,Colorado Revised
Statutes(the"Act")and by the Colorado Housing and Finance Authority Act,constituting Title 29,
Article 4, Part 7, Colorado Revised Statutes (the "Authority Act"), respectively, to finance the
acquisition of certain solid waste disposal facilities, to issue bonds evidencing such financing and
to refinance any outstanding bonds issued for such purpose.
(b) Pursuant to the Act, the Local Government previously has issued the bonds
identified in Exhibit A hereto (the "Bonds") for such purposes.
(c) The Act and Part 2 of Article 1 of Title 29, Colorado Revised Statutes,
provide, in effect, that any county or municipality may by resolution or ordinance delegate to any
other county, municipal authority or political subdivision its authority under the Act to refinance
projects or bonds originally financed under the Act.
(d) The Local Government desires to delegate to the Authority its powers under
the Act to issue refunding revenue bonds or other refunding obligations to be used to pay the
principal of the Bonds as the same becomes due upon prior redemption on August 15, 2002 or such
other date(the"Redemption Date")as may be directed by the Company(as defined in the Indenture
of Trust authorizing the issuance of the Bonds).
(e) The Authority desires to accept such delegation.
(f) Neither the execution and delivery of this Delegation Agreement, the
consummation of the transactions contemplated hereby, nor the fulfillment of or compliance with
the terms and conditions of this Delegation Agreement conflicts with or results in a breach of any
of the terms, conditions or provisions of any legal restriction or any agreement or instrument to
which the Local Government or the Authority is now a party or by which the Local Government or
the Authority is bound, or constitutes a default under any of the foregoing.
2. Delegation by the Local Government. Pursuant to the Act and Part 2 of
Article 1 of Title 29, Colorado Revised Statutes:
(a) The Local Government hereby delegates to the Authority the authority of the
Local Government with respect to the refunding of the Bonds as specified herein. The Local
aoo2.-nog/
Government hereby acknowledges that the Authority may effect the refunding of the Bonds using
any method which the Authority deems, in its discretion, to be most effective to accomplish such
refunding.
(b) The Local Government agrees that it will take such further action and adopt
such further proceedings as may be required to implement the terms of this Delegation Agreement.
3. Acceptance of Delegation by the Authority. Pursuant to the Authority Act:
(a) The Authority hereby accepts the delegation granted to it by the Local
Government, subject to the terms and conditions herein contained.
(b) The Authority agrees that it will take such further action and adopt such
further proceedings as may be required to implement the terms of this Delegation Agreement.
4. No Impairment of Rights. Notwithstanding anything in this Delegation
Agreement to the contrary, nothing in this Delegation Agreement shall impair the Local
Government's rights and obligations under the documents authorizing the Bonds.
5. General Provisions.
(a) This Delegation Agreement is hereby declared irrevocable during the terms
of any agreements to be entered into by the Authority for the purpose of providing for the refunding
of the Bonds, and this Delegation Agreement shall terminate upon the termination of all of such
agreements.
(b) This Delegation Agreement shall not constitute the debt or indebtedness of
the Authority or the Local Government within the meaning of the Constitution or laws of the State,
nor give rise to a pecuniary liability or a charge against the general credit or taxing powers of the
Authority or the Local Government.
IN WITNESS WHEREOF, the parties hereto have entered into this Delegation
Agreement as of the day and year first above written.
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WELD COUNTY, COLORADO
By.
Pro-Tern Chairman of the Board
of County Commissions s
(SEAL) David E. Lbng (06/2 2002)
Attest: iatakii2a)
By: Deputy County ler, � •,,�:�•
to the Board ®pipiP
Net
-3-
COLORADO HOUSING AND FINANCE
AUTHORITY
By: l --t-i-9 .,Q
(SEAL) Executive Director
Attest:
By'
ssi tan cret
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EXHIBIT A
(List of Solid Waste Disposal Revenue Bonds Issued by the County)
County of Weld, Colorado
Solid Waste Disposal Revenue and Refunding Bonds
Series 1990A and 1990B
Dated as of August 15, 1991
A-1
ATTORNEYS&COUNSELORS AT LAW
633 SEVENTEENTH STREET SUITE 3000
Sherman & Howard L.L.c. DENVER,COLORADO 80202
TELEPHONE:303 297.2900
FAX:303 298-0940
OFFICES IN:COLORADO SPRINGS
RENO•LAS VEGAS•PHOENIX
Scott W. Shaver
Direct Dial Number: (303)299-8329
e-mail:sshaver@sah.com
June 10, 2002
VIA FEDERAL EXPRESS
Mr. Donald Warden
Finance Director
Weld County
915 10`h St., Room 316
Greeley, CO 80631
County of Weld, Colorado
Solid Waste Disposal Revenue and Refunding Bonds
Series 1990A and 1990B
Dear Mr. Warden:
Enclosed are six execution copies of the resolution authorizing the refunding of the
reference bonds by the Colorado Housing and Finance Authority and the Delegation Agreement to
be executed in connection with such refunding. Please have these executed where noted by the
appropriate County official and returned to me in the enclosed Federal Express envelope as soon as
possible after the June 24 Board of County Commissioners meeting.
If you have any questions about this, please do not hesitate to contact me at the
number listed above. Thank you for your assistance.
Sincerely,
Scott W. Shaver
SWS:jw
Enclosures
cc: Mr. Lawrence Tonomura(via fax)
rt-r0,3S-
2002-1641
ESTHER Gesick Industrial Revenue Bonds Refund and Refinancing Page 1
From: BRUCE Barker
To: Geile, Mike; Hanes, CLAUD; Jerke, Bill; Long, Dave; Masden, Rob; Vaad, Glenn
Date: 6/25/02 9:36AM
Subject: Industrial Revenue Bonds Refund and Refinancing
I spoke with Scott Shaver of Sherman and Howard regarding the Resolution and Delefation Agreement
that were on the Board's Agenda yesterday. He said that back in August, 1991, both El Paso and Weld
Counties issued industrial revenue bonds for a subdiary of Waste Management, Inc. Weld's were the
"Solid Waste Disposal Revenue Bonds, Series 1990A and 1990B" in the collective amount of
$2,245,000. The Colorado Housing and Finance Authority (CHAFA) is going to refund and refinance the
bonds, which come due on August 15, 2002. The Delegation Agreement gives CHAFA the authority, on
behalf of Weld County, to refund the bonds. CHAFA will then refinance the bonds and the originals
bonds will have the status of being redeemed and extinguished. Bruce.
CC: Gesick, ESTHER; Harding, CAROL; Warden, DON
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