HomeMy WebLinkAbout800738.tiff RESOLUTION
RE: DECLARATION OF WELD COUNTY'S INTENT TO AUTHORIZE THE
ISSUANCE AND SALE OF INDUSTRIAL DEVELOPMENT REVENUE
BONDS FOR TRI-COUNTY HANGAR COMPANY.
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 "Issuer" ) , a county
constituting a political subdivision of the State of Colorado,
is authorized and empowered by the provisions of the County
and Municipality Development Revenue Bond Act, Article 3 , Title
29, C. R. S. 1973 , as amended (the "Act" ) , to finance a project,
as that term is defined in the Act, and to issue its industrial
development revenue bonds for the purpose of paying the cost of
financing a project, and
WHEREAS, Tri-County Hangar Company (the "Company") has
requested the Issuer to issue for sale to or placement by the
First National Bank of Denver, subject to the unqualified
approving opinion of Ballard, Spahr, Andrews & Ingersoll , Bond
Counsel, its industrial development revenue bonds pursuant to the
provisions of the Act for the purpose of financing an industrial
and commercial facility constituting a project, as that term is
defined in the Act (the "Project") , for the Company, and
WHEREAS, the Issuer wishes to declare its intention to
authorize an issue of its industrial development revenue bonds
for the purpose of paying the cost of financing the Project, when
so requested by the Company, upon such terms and conditions
as may then be agreed upon by the Issuer, the Company and the
purchaser of the bonds.
NOW, THEREFORE, BE IT RESOLVED by the Board of County
Commissioners of Weld County, Colorado that it does hereby
declare its intention to authorize the issuance of industrial
development revenue bonds, under and in accordance with the
Act, in an amount necessary to pay the cost of the Project
uou73s
as described in Attachment A, presently estimated to be $1, 110, 000,
and upon such terms and conditions as may be mutually agreed upon
by the Issuer, the Company and the purchaser of such bonds, the
issuance and sale of such bonds to be authorized by an ordinance
of the Issuer at a meeting to be held for such purpose.
BE IT FURTHER RESOLVED by the Board of County Commissioners
of Weld County, Colorado that such bonds and the interest coupons,
if any, appurtenant thereto shall never constitute the debt or
indebtedness of the Issuer within the meaning of any provision
or limitation of the constitution of statutes of the State of
Colorado or the charter of the Issuer, and shall not constitute
nor give rise to a pecuniary liability of the Issuer or a charge
against its general credit or taxing power.
The above and foregoing Resolution was, on motion duly made
and seconded, adopted by the following vote on the 24th day of
November, A.D. , 1980.
j1 BOARD OF COUNTY COMMISSIONERS
ATTEST: " Q(,(// WELD COUNTY, COLORADO
Weld County Ciferk and Recorder / , /, /, , ,
and Cle j to the Board C. W. Kirby, Chairman
By f�i`FJ c ((i ' I�e`zia�.tt ' -*�
Deputy County Clerk Leonard L. Roe, Pro-Tem
1
APPROV AS TO FORM: 7.2-e-i"Th ,��( c-n.---.
Norman Carlson
//67-tra--
County Attorney un ar
/)rAy ms's - ,s, , ^Ll 7,V`e/'.J
June K. Ste mark
s�
L
DATE PRESENTED: NOVEMBER 26 , 1980
ATTACHMENT A
1. The Project will be located in Weld County, to wit, at
the Tri-County Airport in Erie.
2. The Project will generally consist of a leasehold, hangar
buildings, office building and related equipment.
A public hearing was conducted on November 24 , 1980 at 10 : 00 A.M. ,
with the following present:
BILL KIRBY CHAIRMAN
LEONARD ROE PRO TEM
NORMAN CARLSON COMMISSIONER
LYDIA DUNBAR COMMISSIONER
JUNE STEINMARK COMMISSIONER
Also present:
ACTING CLERK TO THE BOARD, KEITHA WHITE
COUNTY ATTORNEY, THOMAS DAVID
DIRECTOR OF FINANCE & ADMINISTRATIVE SERVICES, DONALD WARDEN
The following business was transacted:
I hereby certify that pursuant to a notice dated November 5, 1980
and duly published November 13, 1980 in the Johnstown Breeze a
public hearing was held on a request for INDUSTRIAL DEVELOPMENT
REVENUE BONDS FOR TRI-COUNTY HANGAR COMPANY.
Mr. David read the notice into the record and read the prepared
resolution declaring Weld County' s intent to authorize the issuance
and sale of industrial development revenue bonds for Tri-County
Hangar Company.
Mr. David Wilkin, President of Tri-County Hangar Co. , was present.
Mr. Wilkin stated they plan to construct 87 T-hangars. They are
applying for revenue bonds because there is no other source of
financing available for this type of structures.
Mr. Warden said that Tri-County has received a loan guarantee from
the Farmers Home Administration stating they will assume the obliga-
tion if Tri-County defaults
Rod Robertson was present on behalf of the Greeley Area Chamber of
Commerce and expressed their support for the bond request.
There was no opposition present.
Following discussion Commissioner Carlson made a motion to adopt
the resolution declaring Weld County' s intent to issue industrial
development revenue bonds for Tri-County Hangar Co. Commissioner
Steinmark seconded the motion and stated she didn ' t feel this
application met the general criteria for industrial development
revenue bonds, however, if the private sector has to compete with
municipalities then they must be given a chance also. The motion
carried unamimously.
CHAIRMAN
BOARD OF COUNTc COMMISSIONERS
ATTEST:
COUNTY CLERK AND RECORDER
AND CLERK TO THE BOARD
BY: ) tti w � .%si9,✓ld"f -
e Deputy County 'Tic
L C
DOCKET #80-72
TAPE #80-103
LHR 2053
NOT I C E
PUBLIC HEARING
INDUSTRIAL DEVELOPMENT REVENUE BONDS
FOR TRI-COUNTY HANGAR COMPANY
Docket 80-72
NOTICE IS HEREBY GIVEN of a hearing before the Board of County Commissioners
of Weld County, Colorado, on the 24th day of November, 1980 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 Tri-County Hangar Company for Weld County
to issue $1,100,000 in Industrial Development Revenue Bonds. The proposed
bond issue is so Tri-County Hangar Company can construct hangar facilities in
Erie, Colorado. This procedure is in accordance with the 1967 County and Muni-
cipality 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: November 5, 1980
THE BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
BY: MARY ANN FEUERSTEIN
COUNTY CLERK AND RECORDER AND
CLERK TO THE BOARD OF COUNTY
COMMISSIONERS
BY: Keitha White, Deputy
PUBLISHED: November 13, 1980 in the Johnstown Breeze
AFFIDAVIT OF PUBLICATION
rI aimair THE JOHNSTOWN BREEZE
1�JI� rtif1' tp STATE OF COLORADO )
) ss
COUNTY OF WELD )
I, Clyde Briggs, do solemnly swear that I
am publisher of The Johnstown Breeze;
1Ed17BCee" ciao of that the same is a weekly newspaper
or printed, in whole or in part, and published
rgliti
in the County of Weld, State of Colorado,
Wmo and has a general circulation therein; that
said newspaper has been published
.1 lot continuously and uninterruptedly in said
A County of Weld for a period of more than
IC= frorkletrSuale=Lemmy to si. o Di1 fifty-two consecutive weeks prior to the
first publication of the annexed legal notice
mot xtomk.reectrettoysaMaze hi _ or advertisement; that said newspaper has
been admitted to the United States mails as
s s - second-class matter under the provisions of
w County xuu�t the Act of March 3, 1879, or any
CS Ignite°ant, .et ., amendments thereof, and that said
the newspaper is a weekly newspaper duly annes of
Industrial anolt"t Revvss qualified for publishing legal notices and
nt_Booco s the to the advertisements within the meaning of the
supors laws of the State of Colorado.
t�e,'t' ter n6 That the annexed legal notice or advertise-
mkt 6e during. ment was published in the regular and
teas ,_ tte • entire issue of every number of said weekly
r newspaper for the period of ..1.. consecu-
tive insertions; and that the first
publication of said notice was in the issue of
small In ro.h said newspaper dated N.o..v!.1 A.D. 1s .4
waW�e dertM and that the last publication of said notice
101 was in the issue of said newspaper dated
77us , A.D. 19
a In witness whereof I have hereunto set
* t, my hand this ..../.3 day of ✓YO 1---- ,
U4tEDt 3aeo A.D. 1910
C,',19......fr
Publisher
Subscribed and sworn to before me, a
• at Notary Public in and for the County of
r> t - her ta, Weld, tate of Colorado, this ./5.... day of
IMO In oryy ,. k`It mina . -A.D. 19 SO
co t.eptOt to H0 ,
.... .. .. . :rr�u
otary Public.
My commission expires .., /7-a/
AFFIDAVIT OF PUBLICATION
)
:11Junty of Weld )
S S:
Siute of Colorado )
)
I;;.k,:..,rdvarczdo solemnly swear that I am 'the
ed h&r itosei-tns of the Farmer and Miner, • weekly newt LEGAL
?-,,tr printed and published in the Town of Frederick, NOTICE
WBLICNEgRING
,n tts County of Weld, State of Colorado, and having
INDUSTRIAL DEVELOPMENT
A £snits! circulation therein; that said newspaper hu FOR TRICOUNTY '
HANGAR COMPANY
i.een continuously and uninterruptedly published in Dorketa0ar
NOTICE IS HEREBY GIVEN die hear-
=a:: county fifty-two weeks prior to the first public- ng before the Beard efeaptY.COMmIs-
sNeRs of weld County,Colorado,on the
BIM Car of November.1510 et the hour of
t4oC of the annexed notice, and that said newspaper is -10:60A.M.IaiMWeldCountyCommN-
« newspaper within the meaning of the act of the 000919."WHEW room,first floor,Weld
Caro* -c ntennMl Center, c's lonh'
',tetra! Assembly of the State of Colorado, approved street, Graley;Colorado.is the put.'
Trl-Cpont wnty Hangar,the
aComppansreftiorr Weld
'.-:trch 30, 1923, being Chapter 1939, Session Laws of c to issue S1,100,000 In-Industrial
he pro-
'rM"3„as ame'.-,ded by Chapter 113 of the Session Laws aissuei so TrBCoun yHangar
a 1931; and as further amended by Chapter 155 of CompanyeafagNat hangar in
in code,accordance
withp. This procedureoUnty is in
Municipality
with the 1ment Rev and
it.: Session Laws of 1935; that the annexed notice was Bon Act,Se Development Revenue
Bond An,,$ectia t9J-lm;et aw..CRS
1_Ili,hed in the regular and entire issue of every Coat of the p
1 Devej Of application for Industrial
4a-n.ber of said weekly newspaper for • in the
Revenue Bondsare onof
period of C Me of oMM TIN Clerk M the Boers e
caPty cabin
___ consecutive issues, and that the first pub- am nos, Weld County 1°`°t°° on me
P My Centennial
Center, o 10th Street, Greeley, ring
:cation of said notice was in the issue of said news- orgisHOW"lmayess be inspected during
roOuwing The coact att
Following of ountaommisiioneswill
TO Er 1 30 Menamwcounry not p=ar::; dated 19 , anti the rotunda,'issu whether l a ln}to
the IProceed with
Revenue
Ban of Industrial Development
All interested
Bands:
All er parties po under t the law will
;it publication was in the issue of said newspaper beetteattsg. ortunitybbe hearses
said Refteeg
TMse Boapiof ountublishedbrorder'
Weld Ceynty,the BpMd Cf County CpmmiSEie11M4,
s'a;ad , 19 DATED!Novembers'
DATED!NAPomber5.1960
THE BOARD OF
COUNTY ISSIONERS
i p.t1-- - WELD COUNTY,
,COLORADO
t..t witness whereof, I have set my hand this .. BY:MARY ANN FEUERSTEIN
COUNTY CLERK
AND RECORDER
'^ ANDCLERK TOTHE'
1ty of .-... .f9y:ei'_iber '-'-_, 19 .A- - BOARD OF'
COUNTY COMMISSIONERS
BY:KeFarmer
Deputy
'7 - 'r"----e---z-C--.C.4--)
- Published in the and Miner,
/�/ :e/ '_ November p,1980.
**Hither
Subscribed and sworn befor the this 1 DDDth day
,f ztover.,.i'n , 19 0
Notary Public
::`y commission expires 7ebrila t'I 2'31 1932
._36-i-2 .
74:10~4/ a
AN ADC SUBSIDIARY
Board of County Commissioners
Weld County
Greeley, Colorado 80631
Re: Industrial Development Project
Gentlemen:
The purpose of this letter is to propose and to request
your approval of an industrial development project pursuant to
the Colorado County and Municipality Revenue Bond Act (the "Act") .
The following proposal contemplates that Weld County, Colorado
(the "County" ) and Tri-County Hangar Company (the "Company")
enter into a Financing Agreement providing for (i) the construction
of certain hangar facilities (the "Project") and (ii) the permanent
financing of such facilities.
The Project will be located at the Tri-County Airport
in Erie, Colorado, and will consist of the leasehold and buildings
described on Schedule A attached hereto.
To permanently finance the Project, we intend to borrow
$974 ,400 (the "FmHA Loan") from The First National Bank of Denver
(the "Bank" ) . We have applied with the Bank to the Farmers Home
Administration of the United States Department of Agriculture
("FmHA") for a 90% guaranty of the FmHA Loan (under the FmHA
Business and Industrial Guaranteed Loan Program) and a conditional
loan guarantee has been issued by FmHA for our project. It is
our understanding that the Bank does not intend to retain the
entire principal amount of the FmHA Loan and desires to sell at
least 90% of such amount to other institutions.
We propose that the County and the Company enter into a
Financing Agreement with respect to the Project as permitted
by the Act. Under the Financing Agreement, the County will
assist in the permanent financing of the Project and the
Company will (1) construct the Project, (ii) award and administer
any purchase orders and construction, (iii) pay all expenses
incurred by the County in connection with financing the Project,
and be responsible for (iv) maintenance and repair of the Project,
(v) insuring the Project, and (vi) paying all taxes with respect
to the Project.
TRI COUNTY AIRPORT, ERIE, COLORADO 80516, AREA CODE 303.665.9306
To assist in the permanent financing of the Project, it
is contemplated that the County will issue up to $1,110, 000
aggregate principal amount of its economic development revenue
bonds. The bonds will be issued in two series and might be
placed privately with institutional investors or sold to the
public by underwriters to be selected by the Company. In this
connection, we propose that Ballard, Spahr, Andrews & Ingersoll
of Philadelphia, Pennsylvania serve as bond counsel in connection
with the issuance of the bonds. Attached hereto is their letter
indicating that the Project falls within the intent and the
meaning of the Act.
The net proceeds of the bonds will be deposited in an
escrow fund held by a corporate trustee designated by the Company
and satisfactory to the County. The escrow fund will be used (i)
to purchase the guaranteed portion (90%) of the FmHA Loan, (ii)
to participate with the Bank in the unguaranteed portion of the
FmHA Loan, (iii) to fund such Debt Service Reserve Funds as may
be required, and (iv) to pay any costs of financing to the extent
moneys are available therefor. The portions of the FmHA Loan
purchased with bond proceeds will be used to take out part of the
construction financing for the Project. The purchase of such
portions of the FmHA Loan will in effect constitute a loan of the
bond proceeds to the Company for the permanent financing of the
Project. The Company will pay for any costs of the Project not
funded with bond proceeds.
Upon the purchase of such portions of the FmHA Loan,
the County will acquire the Company' s notes (the "Notes" ) in an
aggregate principal amount equal to the aggregate principal
amount of the County' s bonds bearing interest at the rate on the
County' s bonds, payable at times and in amounts corresponding to
payments on the bonds . The County' s right to receive payments on
the Notes will be assigned to the corporate trustee under a trust
indenture for the benefit of the County ' s bondholders. The
County' s bonds will be special obligations of the County, payable
solely from the County' s revenues derived from the Project represented
by payments on the Notes and such obligations will not pledge the
credit or taxing power of the County.
For purposes of qualifying the Project as a project
under the Act, we hereby represent that, and we ask that in
approving the Project you find that:
A. The Project constitutes a "project" for purposes of
the Act in that it consists of real or personal properties, other
than inventories, raw materials and working capital, suitable or
used for or in connection with a business enterprise, in particilar
storage facilities directly related to an airport.
-2-
B., The Project will promote the public purposes of
the Act and the safety, welfare, convenience and prosperity of
the inhabitants of Colorado by promoting industry and developing
trade through the inducement of the Company to locate and
expand its operations in Colorado, thus mitigating a threat
of unemployment and securing a balanced and stabled economy in
Colorado.
If the foregoing is satisfactory to you, please indicate
your approval of the Project and your undertaking of the financing
thereof by signing and returning the enclosed copy of this letter.
Very truly yours,
TRI-COUNTY HANGAR COMPANY
l � 1
BY \ 1-c'\
David B. Wi kin, President
APPROVED AND ACCEPTED:
Board of County Commissioners
for Weld County, Colorado
By
Chairman
Date
-3-
•
�!A
F, r.
LARIMER — WELDriFC�1O1�1la[_ COUNCIL OF GOVERNMENTS
PHONr (303) 667.3288
"k6 l :"75 ROOM 201
_ °y/ 201 EAST 4th STREET
LOVELAND, COLORADO 8053'7
September 29, 1980
•
David B. Wilkin
Airport Development Corp. ,
dba Tri-County Hangar
Tri-County Airport
Erie, Colorado 80516
Re: A95-#80-506200-027 - AIRPORT
DEVELOPMENT CORPORATION - Con-
struction of Aircraft Hangar
Units
Dear. Mr. Wilkin:
The LWRCOG Governing Board considered the captioned A-95 at its
September 24, 1980 Governing Board meeting.
The Board supported Staff recommendation that the application be
forwarded with positive comments, since the Town Manager of E; ie
has indicated that the project did not violate the Town 's plans
and policies.
If we may be of further assistance, please advise.
Sincerely,
/
•
•
Kathryn C. Lamer
Office Manager
cc: Stephen 0. Ellis, State Clearinghouse
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