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Home My WebLink About810386.tiff RESOLUTION A RESOLUTION SETTING FORTH THE INTENTION OF WELD COUNTY, COLORADO, TO ISSUE AGRICULTURAL DEVELOPMENT REVENUE BONDS TO FINANCE MACHINERY, EQUIPMENT AND OTHER PERSONAL PROPERTY FOR AGRICULTURAL ENTERPRISES WITHIN WELD COUNTY, COLORADO. WHEREAS, Weld County, Colorado (the "County") is authorized by Article 3 , Title 29 , Colorado Revised Statutes 1973, as amended ( the "Act") , to finance land, buildings, improvements and all other real and personal property, except inventories, raw materials and other working capital, suitable or used for or in connection with agricultural enterprises, to the end that the County may be able to promote industry and develop trade and other economic activity by inducing agricultural enterprises to locate, expand or remain in the State of Colorado, to mitigate the serious threat of extensive unem— ployment 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 agricultural products or natural resources of the State of Colorado ; and WHEREAS , the County is further authorized by the Act to issue its revenue bonds for the purpose of defraying the cost of financing any such project or projects ; and WHEREAS, the County deems it necessary and advisable to establish an agricultural loan program (the "Program") authorizing the County to lend proceeds of such revenue bonds to financial insti- tutions participating in the Program under circumstances requiring such financial institutions to lend such moneys to individuals or entities to finance the acquisition of machinery, equipment and other personal property , except inventories, raw materials and other work- ing capital , suitable or used for or in connection with agricultural enterprises within the County ; and -1- B Lu 38 , WHEREAS , Greeley National Bank (the "Bank ") desires to participate in the Program; and WHEREAS , the County desires the Bank to participate in the Program and desires to declare its intention to authorize the issu- ance of its revenue bonds pursuant to the Act for the purpose of making such loan to the Bank, funding any reserve funds in connection with such revenue bonds , and paying costs incidental to the authori- zation, issuance and sale of such revenue bonds, upon such terms and conditions as may be established by the County. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO : Section 1. The County shall take all necessary or advis- able steps to effect the issuance of revenue bonds pursuant to the Act in the maximum aggregate principal amount of $1,000,000 or such lesser amount as shall be determined and agreed upon by the County and the Bank (the "Bonds") for the purpose of making such loan to the Bank , funding any reserve funds in connection with the Bonds and paying costs incidental to the authorization, issuance and sale of the Bonds , the issuance and sale of the Bonds to be authorized by a resolution or resolutions of the Board of County Commissioners of the County. Section 2 . The County intends to sell the Bonds to Dain Bosworth Incorporated ( "Dain") , together with any other underwriters of municipal securities as may be selected by the County, provided that the Bonds can be successfully underwritten on terms and condi- tions satisfactory to all parties involved in the authorization, issuance, sale and delivery of the Bonds. The County shall not be liable to Dain and any other such underwriters for any expenses incurred in connection therewith. Section 3 . The County appoints Sherman & Howard, Denver, Colorado, as bond counsel with respect to the issuance of the Bonds. -2- Section 4 . The Chairman of the Board of County Commissioners and the County Clerk are authorized to take all action necessary to exercise the authority conferred by this resolution and to execute and deliver all documents necessary to evidence the exer- cise thereof . Section 5 . The issuance of the Bonds is subject in all respects to the approval by the County of all agreements and other documents to be reasonably necessary for the issuance of the Bonds, the execution and delivery of such agreements and documents to be authorized by a resolution or resolutions of the Board of County Commissioners of the County. Section 6. The Bonds and the interest thereon shall never constitute the debt or indebtedness of the County within the meaning of any provision or limitation of the Constitution or statutes of the State of Colorado and shall not give rise to a pecuniary liability of the County or a charge against its general credit or taxing powers, but shall be payable from the revenues derived from and payable by the Bank pursuant to a loan agreement with the County. Section 7 . Nothing contained in this resolution nor any action taken pursuant thereto shall create a financial obligation or cost to be borne by the County or shall constitute the debt or indebtedness of the County within the meaning of any provision or limitation of the Constitution or statutes of the State of Colorado or give rise to a pecuniary liability of the County or a charge against its general credit or taxing powers. Section 8. 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 the resolution. Section 9 . All bylaws, orders and resolutions, or parts thereof , inconsistent herewith are hereby repealed to the extent only -3- of such inconsistency. This repealer shall not be construed as receiving any bylaw, order or resolution, or part thereof heretofore repealed. Section 10. This resolution shall become effective immedi- ately upon its adoption and approval. The above and foregoing resolution was , on motion duly made and seconded, adopted by the following vote on the 24th day of July, A.D. , 1981. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO (AYE) C uck Carlso , Chairman ABSENT Norman Carlson, Pro Tem i 77 � (AYE) C. W. Kirby ) /L, , n / )//� <.� (AYE) Jon T. Martin � , � (AYE) �� ,-{f/,�_,�,� e K. St inmark ATTEST: + ^^ WELD COUNTY CLERK AND RECORDER AND CLERK TO TH O R , BY: 4,_)- N ,. _LT �- Deputy Cou y Clerk APVED AS O FORM: / d� /�/ vC"ounty Attorney -4- STATE OF COLORADO ) SS. COUNTY OF WELD ) I , Mary Ann Feuerstein, the duly elected, qualified and acting Clerk of Weld County, Colorado, do hereby certify that the foregoing pages numbered 1 to 4 , inclusive, are a true, correct and complete copy of the record of proceedings, insofar as such proceed- ings relate to the resolution contained therein, of the Board of County Commissioners of Weld County, Colorado had and taken at a lawful meeting of the Board held at the Centennial Center, Greeley, Colorado, on. Monday , August 2i, 1981, commencing at the hour of lo• nn a.m. , as recorded in the regular official book of the proceedings of the County kept in my office, said proceedings were duly had and taken as therein shown, the meeting therein shown was duly held, and the persons therein named were present at said meeting as therein shown. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the County this 26th day of August , 1981 . 1/414141 (//� twazt ivtat:ri County Clerk (SEAL) • Deputy County Clerk l . �r , ', griCt' `� , ' ' \k. i .T -5- ATTENDANCE RECORD TODAY' S HEARINGS ARE AS FOLLOWS : DOC 81-41 GREELEY NATIONAL BANK, INDUSTRIAL REVENUE BONDS PLEASE write or print legibly your name, address and the DOC # (as listed above) or the applicants name o£ the hearing you are attending. NAME ADDRESS HEARING ATTENDING kx lt h I� �'l�C n/ -1-go 2 2 �/�yylva31 -z . 7-..e21-c i NOC Qi/- 1/�� /yh� /10/ X. /i wy He 4 Za)c k'/- V/ • NOT I C E 4 PUBLIC HEARING INDUSTRIAL DEVELOPMENT REVENUE BONDS)(C 0 ( FOR GREELEY NATIONAL BANK FOR AGRICULTURAL BONDS • • Docket 81-41 NOTICE IS HEREBY GIVEN of a hearing before the Board of County Commissioners of Weld County, Colorado, on the 24th day of August, 1981, at the hour of 10:00 a.m. in the Weld County Commissioners hearing room, first floor, Weld County Centennial Center, 915 10th Street, Greeley, Colorado, for the purpose of considering the application from Greeley National Bank for Weld County to issue $1,000,000 in Industrial Development Revenue Bonds. The proposed bond issue is for agricultural bonds for agricultural equipment. This procedure is in accordance with the 1967 County and Municipality Development Revenue Bond Act, Section 29--3- 101, et. seq. , CRS 1973 as amended. Copies of the application for Industrial Development Revenue Bonds are on file in the Office of the Clerk to the Board of County Commissioners located on the 3rd floor, Weld County Centennial Center, 915 10th Street, Greeley, Colorado and may be inspected during regular business hours. Following the close of the public hearing, the Board of County Commissioners will consider whether or not to proceed with the issuance of Industrial Development Revenue Bonds. All interested parties under the law will be afforded an opportunity to be heard at said hearing. This notice given and published by order of the Board of County Commissioners, Weld County, Colorado. DATED: August 10, 1981 BOARD OF COUNTY COMMISSIONERS BY: MARY ANN FEUERSTEIN COUNTY CLERK AND RECORDER AND CLERK TO THE BOARD OF COUNTY ' COMMISSIONERS BY: Keitha White, Deputy PUBLISHED: August 13, 1981 listed Greeley National Bank One Greeley National Plaza Post Office Box 1098 Greeley,Colorado 80632 303/356-1234 July 30, 1981 Board of County Commissioners Weld County Centennial Center 915 10th Street Greeley, CO 80631 Ladies and Gentlemen: The purpose of this letter is to request your consideration of an inducement resolution approving the issuance of tax-exempt industrial development bonds for agricultural equipment financing. The principal amount requested is $1 million. We understand Mr. Blake Lynch with Dain Bosworth has had preliminary discussions with you on this matter. He has furnished you with draft inducement resolutions. Under the terms of the Loan Agreement, the Greeley National Bank will use the proceeds to make loans to agricultural users for the purpose of financing the acquisition of equipment. The loan maturities and interest rates are determined when the bonds are issued. Under present market conditions, it is expected that five-year equipment loans could be made available to farmers at an interest rate of approximately 12 to 13 percent. Under the Federal Tax Code, the bonds are Industrial Development Bonds and the lender is a non-exempt user. Therefore, the loans-to-lenders program is limited to the extent that the principal amount of the bonds is limited to $1 million for each lender in each county. Any lender may participate in an amount up to $1 million in each county in the State. The Greeley National Bank will be ultimately responsible for repayment of the debt. We understand you will be able to schedule a hearing on the resolution on August 19, 1981 . Please contact us if there is any additional information you need before that time. cerely, F E an R. Patterson Senior Vice President ERP:kc Sherman & Howard 2900 FIRST OF DENVER PLAZA 633 SEVENTEENTH STREET (D-AVV$ON NAGEL,SHERMAN&HOWA?C) DENVER,COLORADO 80202 TELEPHONE: 303 893-2900 ATTORNEYS AND COUNSELORS AT LAW TELECOPIER. 303 893-2940 TELEX.454368 SAMUEL S.SHERMAN JR. W.DAVID PANTLE THEODORE E.WORCESTER DAVID THOMAS III JOHN 0.SWENDSEID OAYFIELD W WHITNEY III WWNSTON S HOWARD JAMES L.CUNNINGHAM ANDREW L.BLAIR JR. CYNTHIA C.BENSON ROSEMARY M.COINER JAMES P.KELL EY ROBERT M.JOHNSON MICHAEL I.CHERONES RODNEY D.KNUTSON STUART H.PACK ARLENE S BORROW MARCIA G.ENNS ARTHUR K.UNDERWOOD,JP. DOUGLAS M.CAIN H.CLAY'0/AGLOW JOSEPH J ERONESKY KATHRYN PIETROWIAK ELAINE A.MENTER JOHN W LOW DUANE S WURZER L.BRUCE NELSON JOHN L.DeWEERDI ROBERT J.WHITLEY CRAIG R.MAGINNESS THOMAS B.FA%ON DAVID R.JOHNSON EDWARD W.NOTTINGHAM JULIAN K.OUATTLEBAUM II: LAURA J.VOOELGESANG RAYMOND I.TURNER GARY L.GREER WILLIAM P MARSH ALAN J.GILBERT THOMAS L.STRICKLAND GARTH C.GRASOM STEPHEN M BRETT CHARLES W.NEWCOM RICHARD W.WRIGHT HAROLD C MORRIS JP. ELLEN W DEATH WILLIAM P.CANTWELL CONSTANCE L.HAUVER MARK L FULYCRD COUNSEL CHRISTINA C.BA UFR RAYMOND M.DEENY MICHAEL D.GROSHEK CHAPMAN B.COX JAMES F WOOD STANLEY M.PAINE SCOTT E.SPENCER WILLIAM F.SCHOEEE REIN LEE DALE CASSANDRA GAY SASSO BETTY CARTER ARKELI PETER 6.NAGEL WILLIAM W RUTTER MICHAEL A.WILLIAMS CHRISTOPHER LANE ROBERTS MITCHELL CHARLES Y TANABE GREG H SCHLENDER MARTHA S RUDOLPH ARTHURJSEIFERT PAUL J.SCHLALICH RICHARD B BOWLES ROBERT L BROWN BARBARA FORT JONES JANIS A.BREGGIN CHARLES EDWARD PALMER KURT A.KALIF MANN DUNCAN A.CAMPBELL III JANE ROBERTS ROBERT E YOULE MICHELLE HOLLAND JAMES E.HAUT ZINGER CRAIG A.CHRISTENSEN KENNETH B.SIEGEL JAMES M.KING EDWARD A.GLEASON MARY E.BOUDREAU DON H.SHERWOOD R.MICHAEL SANCHEZ DOUGLAS W-FIX WILLIAML.HUNNICUTT THEODORE A.OLSEN WILLIAM W.BOTHWELL August 21, 1981 Board of County Commissioners Weld County, Colorado Centennial Center • Greeley, Colorado 80631 Weld County, Colorado Agricultural Development Revenue Bonds 1981 Series A (Loans to Lenders Program - Greeley National Bank) Gentlemen : We have been retained by Dain Bosworth Incorporated to act as bond counsel in connection with. a proposed issue of agricultural development revenue bonds by Weld County, Colorado (the "County") pursuant to the Colorado County and Municipality Development Revenue Bond Act (the "Act") . The proceeds of the bond issue will be loaned to Greeley National Bank (the "Bank" ) under circumstances requiring the Bank to lend such moneys to individuals or entities to finance the acquisition of machinery, equipment or other personal property, except inventories , raw materials or other working capital, suitable or used for or in connection with agricultural enterprises within the County . The aggregate principal amount of the bond issue will not exceed $1 , 000 , 000 . The Act was held constitutional in Allardice v. Adams County, 173 Colo . 133 , 476 P. 2d 982 (1970) . The facilities to be financed with the proceeds of the bonds constitute "agricul- tural " projects as set forth under the definition of "project" in Section 29-3-103 (10) (a) of the Act. We are also satisfied that the issuance of the bonds to finance agricultural enter- prises will fulfill the "public purpose" requirement of the Act. Therefore , in our opinion , the proposed financing of agricultural facilities falls within the intent and meaning of the Act. Very truly yors , ) LiI 16 OFFICE or BOARD OF COUNTY COMMISSIONERS } ;� kizzii PHONE 13031356-0000 EX T.200 V P.O.BOX 758 UGREELEY,COLORADO 80631 COLORADO October 12, 1981 Evan R. Patterson Senior Vice President Greeley National Bank 1 Greeley National Plaza P.O. Box 1098 Greeley, CO 80632 Dear Mr. Patterson: This is to advise you that on October 12, 1981 the Board of County Commis- sioners granted your request for a thirty (30) day extension for the payment of $5,000 in conjunction with the issuance of industrial revenue bonds for agricultural purposes. The waiver would make the $5,000 due and payable on November 12, 1981. If you have any questions regarding the above, please do not hesitate to contact Donald Warden, Director of Finance and Administration, at 356-4000, extension 218. Very truly yours, BOARD OF COUNT ONNISSIONERS uck Charlson, Chairman CC/ch cc: Blake Lynch rtrNE1� t�' _ _ J1Vfiliated o �. 1g�k l` Greeley National Bank cjEp , One Greeley National Plaza OO,O. Post Office Box 1098 VAREElP. 56-1 Greeley C303a30634 September 21 , 1981 Board of County Commissioners Weld County 915 10th Street Greeley, CO 80631 RE: $1 ,000,000 - Weld County, Colorado Agricultural Development Revenue Bonds, 1981 Series A (Loans-to-Lenders Program - Greeley National Bank) Commissioners: We have been proceeding with the above-captioned IDB financing plan since you approved our inducement resolution. We are unable to determine now whether we can accomplish the financing soon. Some of the factors which have affected us include: 1 . A dramatic increase in short-term municipal bond rates, and 2. A ruling issued by the Treasury Department dated August 24, 1981 which appears to eliminate "composite" offerings under the $1 million exemption. We understand that our one-half percent fee is due shortly. Obviously, we are concerned about paying $5,000 if the financing cannot be accomplished. We request that you grant us a 30-day extension on the one-half percent fee or give us such other relief as you deem appropriate. We believe that this program involves passing the interest rate benefit to members of the agricultural community and is therefore distinguishable from the ordinary commercial IDB request. Sincerely, an R. Patterson Senior Vice President ERP:kc Hello