HomeMy WebLinkAbout20053138.tiff RESOLUTION
RE: APPROVE A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF WELD
COUNTY, COLORADO, ADJUSTABLE RATE REVENUE BONDS (BSC-HUDSON
LLC PROJECT) SERIES 2005 IN THE AGGREGATE PRINCIPAL AMOUNT NOT TO
EXCEED $5,800,000; MAKING DETERMINATIONS AS TO SUFFICIENCY OF
REVENUES AND AS TO OTHER MATTERS RELATED TO THE PROJECT AND
APPROVING THE FORM AND AUTHORIZING THE EXECUTION OF CERTAIN
DOCUMENTS RELATING THERETO
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") is a legally and regularly created,
established county organized and existing under the Constitution and laws of the State of
Colorado, and
WHEREAS,the Issuer is authorized by Part 1 of Article 3 of Title 29, C. R. S., as
amended (the "Act"), to issue revenue bonds for the purpose of financing or refinancing projects
to the end of promoting industry and developing trade or other economic activity by inducing
nonprofit corporations to locate, expand or remain in the State of Colorado and to secure and
maintain a balanced economy in Colorado, to enter into financing agreements with others for the
purpose of providing revenues to pay such bonds, and further to secure the payment of such
bonds, and
WHEREAS, the following documents have been submitted to the Board of County
Commissioners (the "Board") and filed in the office of the Weld County Clerk to the Board (the
"Clerk") and are there available for public inspection:
(a) a proposed form of a Loan Agreement, dated as of October 1, 2005 (the
"Loan Agreement"), by and between the Issuer and the BSC-Hudson LLC (the "Company");
(b) a proposed form of a Trust Indenture, dated as of October 1, 2005 (the
"Indenture"), by and between the Issuer and Wells Fargo Bank West, National Association (the
"Trustee");
(c) the Official Statement dated October 25, 2005 (the "POS"); and
(d) a proposed form of a Bond Purchase Agreement (the "Purchase Agreement")
by and among the Issuer, the Company and Wells Fargo Brokerage Services, LLC (the
"Underwriter"), and
WHEREAS, if the Board proceeds with the Project, as defined below, then the Board is
willing to (i) enter into the Loan Agreement, the Trust Indenture and the Bond Purchase
Agreement; (ii) acknowledge the use and distribution of the Official Statement and consent to the
use of the information therein under the caption "THE ISSUER"; and (iii) issue, execute and
delivery the Bonds, and
2005-3138
CC �d Cockri F10041
RESOLUTION TO AUTHORIZE ISSUANCE OF BONDS (BSC-HUDSON LLC)
PAGE 2
WHEREAS, if the Board proceeds with the Project, as defined below, then the issuance
of the Bonds shall be approved by the "applicable elected representative" of the State of
Colorado (the "State") following proceedings under, and in accordance with, Section 147 (f) of
the Internal Revenue Code of 1986, as amended (the "Code"), and the regulations promulgated
thereunder (the "Regulations"), and
WHEREAS, the Board desires to issue at this time Weld County, Colorado, Adjustable
Rate Revenue Bonds (BSC-Hudson LLC Project) Series 2005, in the total principal amount not
to exceed $5,800,000 (the "Bonds"), for the presently anticipated purposes of financing (i) the
acquisition, development, construction, improving and equipping of a 48,000 square-foot
manufacturing facility located in Hudson, Colorado (the "Project") and (ii) paying for a portion of
the costs of issuance incurred with respect to the Bonds, and
WHEREAS, it is necessary or desirable to authorize the issuance of the Bonds by
Resolution and to approve the form and authorize the execution of the aforementioned
documents thereby.
NOW, THEREFORE, BE IT RESOLVEDby the Board of County Commissioners of
Weld County, Colorado, that:
Section 1. Approvals and Authorizations. The forms of the Loan Agreement, Indenture
(including the form of the Bonds) and Purchase Agreement are hereby approved with only such
changes therein, if any, as are not inconsistent herewith. In accordance with the terms of the
Indenture, Wells Fargo Bank West, National Association, is hereby appointed Trustee with
respect to the Bonds. The Underwriter is hereby appointed as the underwriter in connection with
the purchase of the Bonds. The Chair of the Board and the Clerk are hereby authorized and
directed to execute the Loan Agreement, the Indenture, the Purchase Agreement, the Bonds, the
final Official Statement, and to affix the seal of the Issuer thereto, and further to execute and
authenticate such other documents, instruments or certificates as are deemed necessary or
desirable by bond counsel in order to issue and secure the Bonds. Such documents are to be
executed in substantially the form hereinabove approved, provided that such documents may be
completed, corrected, prepared or revised as deemed necessary by the parties thereto in order
to carry out the purposes of this Bond Resolution. Copies of all of the documents shall be
delivered, filed and recorded as provided therein. The rights, title and interest of the Issuer in the
Loan Agreement when executed, shall, by the terms thereof, have been assigned to the Trustee
except as therein provided.
The proper officers of the Issuer are hereby authorized and directed to prepare and
furnish to bond counsel certified copies of all proceedings and records of the Issuer relating to
the Bonds and such other affidavits and certificates as may be required to show the facts
relating to the authorization and issuance thereof, as such facts appear from the books and
records in such officers' custody and control.
The approval hereby given to the various documents referred to above includes the
approval of such additional details therein as may be necessary and appropriate for their
2005-3138
F10041
RESOLUTION TO AUTHORIZE ISSUANCE OF BONDS (BSC-HUDSON LLC)
PAGE 3
completion and such modifications thereof, deletions therefrom, and additions thereto as may be
approved by bond counsel and Issuer's attorney prior to the execution of the documents. The
execution of any instrument by the appropriate officers of the Issuer herein authorized shall be
conclusive evidence of the approval by the Issuer of such instrument in accordance with the
terms hereof.
Section 2. Issuance and Sale of Bonds. Subject to receipt by the Issuer at the time of
delivery of the Bonds of the approving legal opinion or opinions of Brownstein Hyatt & Farber,
P.C., as bond counsel, and the opinion of counsel to the Company, which opinions shall be in
forms and substance acceptable to the Issuer, the Issuer shall issue the Bonds, for the
purposes, in the form and upon the terms set forth in this Bond Resolution, the Indenture and the
Loan Agreement, including the form of the Bonds as set forth in the Indenture.
The Bonds shall be payable in the manner and to the persons set forth in the Indenture
and the form of the Bonds set forth therein, and shall mature no later than October 1, 2020.
The maximum net effective interest rate authorized for the Bonds is ten percent (10%)
per annum. The actual net effective interest rate for the Bonds does not exceed ten percent
(10%) per annum. The interest rates on the Bonds are as set forth in the Indenture.
Section 3. Determinations. It is hereby found, determined and declared, in accordance
with Sections 29-3-113, 29-3-114 and 29-3-120 of the Act, that:
(a) The financing of the Project will promote the public health, welfare, safety,
convenience and prosperity and promote and develop trade or other economic activity by
inducing commercial and business enterprises and nonprofit corporations to locate,
expand, or remain in the Issuer and the State of Colorado, in order to mitigate the serious
threat of extensive unemployment and to secure and maintain a balanced and stable
economy for the Issuer and the State of Colorado.
(b) The maximum amounts necessary in each year to pay the principal of and
interest on the Bonds and the interest rates to be borne by the Bonds are as provided in
the Indenture.
(c) The payments required in the Loan Agreement to be made are sufficient to
pay the principal of and interest on the Bonds when due, and to pay all other costs
required in the Loan Agreement to be paid, including all sums referred to in paragraphs
(c), (e) and (f) of this section.
(d) The Loan Agreement provides that the Company shall maintain the Project in
good repair and carry all proper insurance with respect thereto.
(e) The Loan Agreement requires that the Company pay all required taxes and
other governmental charges including, without limitation, those specified in
Section 29-3-120 of the Act with respect to the Project, and sufficient revenues for such
purpose are thereby provided.
2005-3138
FI0041
RESOLUTION TO AUTHORIZE ISSUANCE OF BONDS (BSC-HUDSON LLC)
PAGE 4
Section 4. Nature of Obligation. Under the provisions of the Act, and as provided in the
Loan Agreement, the Bonds shall be special, limited obligations of the Issuer payable solely
from, and secured by a pledge of the revenues derived from the Loan Agreement. The Issuer
will not pledge any of its property or secure the payment of the Bonds with its property. The
Bonds and the interest thereon shall never constitute the debt or indebtedness or the financial
obligation of the Issuer within the meaning of any provision or limitation of the Colorado
Constitution or statutes of the State of Colorado and shall not constitute or give rise to a
pecuniary liability of the Issuer, its agents, employees or officers, or a charge against its general
credit or taxing powers. In entering into the Loan Agreement, the Indenture and the other
documents relating to the issuance of the Bonds to which the Issuer is a party, the Issuer will not
obligate itself, except with respect to the application of the revenues derived from the Loan
Agreement and the Bond proceeds. The Issuer will not pay out of its general fund or otherwise
contribute any part of the Cost of the Project (as said term is defined in the Indenture). No costs
are to be borne by the Issuer in connection with the issuance of the Bonds. The Loan
Agreement provides that all fees and expenses of the Issuer shall be paid by the Company.
Section 5. Bond, Preliminary Official Statement and Official Statement Printing. The
officers of the Issuer are hereby authorized and directed to assist in, to the extent necessary, the
printing of the Bonds, the POS and a final Official Statement with respect to the Bonds, all in
connection with the offer and purchase of the Bonds, provided that no costs are to be borne by
the Issuer in connection therewith.
Section 6. Bond Resolution Irrepealable. After the Bonds are issued, this Bond
Resolution shall constitute an irrevocable contract between the Issuer and the holders of the
Bonds and shall be and remain irrepealable until the Bonds, both principal and interest, shall be
fully paid, canceled and discharged.
Section 7. Ratification. All actions heretofore taken by the Issuer and by the officers
thereof or on their behalf not inconsistent herewith directed toward the financing of the Project
and the issuance and sale of the Bonds are ratified, approved and confirmed.
Section 8. Repealer. All acts, orders, resolutions or parts thereof, taken by the Issuer
and in conflict with this Bond Resolution, are hereby repealed, to the extent of such
inconsistency except that this repealer shall not be construed so as to revive any act, order,
resolution, or part thereof, heretofore repealed.
Section 9. Other Matters. By the passage of this Bond Resolution, the Board does not
intend to approve, nor is it approving hereby, any matters relating to licensing, subdivision,
zoning, planning or landscaping of the Project. Approval of such matters must be obtained
under normal procedures of the Issuer.
Section 10. Severability. If any paragraph, clause, section or provision of this Bond
Resolution, except Section 4 hereof, is judicially adjudged invalid or unenforceable, such
judgment shall not effect, impair or invalidate the remaining paragraphs, clauses, sections or
provisions hereof.
2005-3138
F10041
RESOLUTION TO AUTHORIZE ISSUANCE OF BONDS (BSC-HUDSON LLC)
PAGE 5
Section 11. Effective Date. This Resolution shall be effective upon its adoption.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 26th day of October,.A.D., 2005.
otaa+...,, BOARD OF COUNTY COMMISSIONERS
A �I. ,� ! / ,�% WELD COUNTY, COLORADO
ATTEST: a _ _I 1 i/ 1 ,ft: ��. ' -L '1- - `-4
/i � 1 a k fit; - ., illiam H. Jerke, @ir
Weld County Clerk to the '"�' ' , ��
icy�fsa, �."M. G 'le, Pr Te
BY: C\uukfrA �G�t l ." �.DutyCIto the Boar.lc_A-, Y C:•,-( 7
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Glenn Vaad
2005-3138
F10041
NOTICE OF PUBLIC HEARING
CONCERNING THE ISSUANCE OF
WELD COUNTY, COLORADO
ADJUSTABLE RATE ECONOMIC DEVELOPMENT REVENUE BONDS
(BSC HUDSON, LLC PROJECT)
SERIES 2005
PUBLIC NOTICE IS HEREBY GIVEN that a public hearing will be held on
Wednesday, October 19, 2005, commencing at 9:00 a.m., at the offices of the Board of County
Commissioners of Weld County, Colorado (the "County"), 915 10`h Street, lst Floor Hearing
Room, Greeley, Colorado, 80632, for the purpose of providing a reasonable opportunity for
interested individuals to express their views, orally or in writing, on the issuance by the County
of the above-referenced bonds (the "Bonds") and the nature of the project described below which
will be financed through the issuance of the Bonds. The County has been requested by BSC
Hudson, LLC, a Colorado limited liability company (the "Borrower"), to issue the Bonds in an
aggregate principal amount not to exceed $5,900,000 to fund a loan by the County to the
Borrower for the purposes of (i) providing funds to acquire, develop, construct, improve and
equip a manufacturing facility for the manufacturing of chemicals containing approximately
48,000 square feet located at 22400 I-76 Frontage Road, Hudson, Colorado 80642 (the "Project")
and (ii) paying certain costs of issuance relating to the Bonds. The Project will be owned by the
Borrower and will be operated by Boulder Scientific Company.
Interested members of the public are invited to attend the public hearing. Persons
desiring to obtain additional information concerning the Bonds or the Project in advance of the
hearing should contact the County at the address stated above.
WELD COUNTY, COLORADO
By: William H. Jerke, Chair, Board of
County Commissioners
•
E ICNOTiCONSUANIC RNINNG THE HEARING
COS PROOF OF PUBLICATION
ISSUANCE OF FORT LUPTON
WELD COUNTY,COLORADOECONOMIC
ADJUSTABLELOPRATE STATE OF COLORADO
DEVELOPMENT
REVENUE BONDS
(BSC HUDSON,SERIE2005 ROJECT) COUNTY OF WELD SS.
PUBLIC NOTICE IS HEREBY
GIVEN that a public hearing will be
held on Wednesday, October 19,
2005.commencing at 9:00 a.m.,at I, Karen Lambert, do solemnly swear that I
the offices of the Board of County
Commissioners of Weld County, am the Publisher of the Fort Lupton Press;
Colorado(the'County').915 10th
Street,1st Floor Heanng Room, that the same is a weekly newspaper printed
Greeley,Colorado,80632,for the
purpose
for f providing areatoe reasonable and published in the County of Weld, State
opportunity to express their views, of Colorado, and has a general circulation
orally or in writing,on the issuance
by the County of the therein; that said newspaper has been
above-referenced bonds (the
Bonds')and the nature of the published continuously and uninterruptedly
project described below wNch will
be financed through the issuance in said county of Adams for a period of more
of the Bonds. The County has than fifty-two consecutive weeks prior to the
been requested by BSC Hudson,
LLC, a Colorado limited llassue first publication of the annexed legal notice
company(the'Borrower),to issue
the Bonds in an aggregate
principal amount not to exceed or advertisement; that said newspaper has
County
to fund Borrower loan by the been admitted to the United States mails as
County to the for the
purposes acq °`developa'ngconsruct. . second-class matter under the provisions of
Improve and equip a the act of March 3, 1879, or any
manufacturing faddy for the
manufacturing of chemicals
containing approximately48.000 amendments thereof, and that said
square feet located at 22400 I-76
Frontage Road,Hudson,Colorado newspaper is a weekly newspaper duly
80642 (the 'Project') and (ii)
paying certain costsof issuance qualified for publishing legal notices and
relating to the Bonds.The Project
will be owned by the Borrower and • advertisements within the meaning of the
wit be operated by Boulder laws of the State of Colorado. That the
Scientific Company.
Interested members of the public annexed legal notice or advertisement was
are invited to attend the public
hearing.Persons desiring to obtain published in the regular and entire issue of
information the Bondsl r P q�in every number of said weekly newspaper for
advance of thehearing should the period of 1 consecutive insertion(s); and
contact the County at the address
stated above. that the first publication of said notice was in
WELD COUNTY,COLORADO the issue of newspaper, dated 5th day of
B :William H.Jerks,Chair,
Board of County Commissioners October, 2005, and the last on the 5th day of
October, 2005.
O�P4Y put,
%mq
R( to u is er. U scn sworn a ore me,this the
BO Ey,,tt�t' )L 2nd day of October, 2005.
;=Aciaoyd
o ary u ic.
CASE NO.286230 key 20540
2005-3103
Form 8038 Information Return for Tax-Exempt Copt./
(Rev.January 2002) Private Activity Bond Issues OMB No.1545-0720
Department d the Treasury (Under Internal Revenue Code section 149(e))
Internal Revenue Semce P. See separate instructions.
Part 1 Reporting Authority Check if Amended Return ► ❑
1 Issuer's name 1 Issuer's employer identification number
Weld County,Colorado 84;6000813
3 Number and street(or P.O.box if mail is not delivered to street address) Room/suite 4 Report number
915 Tenth Street 1 01
5 City,town,or post office.state,and ZIP code 6 Date of Issue
Greeley,Colorado 80631 11/2/2005
7 Name or issue Adjustable Rate Economic a CUSIP number
Development Revenue Bonds,(BSC Hudson,LLC Project)Series 2005 929222 AA1
9 Name and title of officer or legal representative whom the IRS may call for more information 10 Telephone number of Ace or legal representative
Donald Warden,County Administrator ( 970 ) 356-4000
Part II Type of Issue (check the applicable box(es) and enter the issue price for each) Issue Price
11 Exempt facility bond:
a 0 Airport(sections 142(a)(1)and 142(c)) 11a
b ❑ Docks and wharves (sections 142(a)(2) and 142(c)) 11b
c ❑ Water furnishing facilities(sections 142(a)(4) and 142(e)) 11c
d 0 Sewage facilities (section 142(a)(5)) ltd.
e ❑ Solid waste disposal facilities (section 142(8)(6)) 11e
f ❑ Qualified residential rental projects(sections 142(a)(7)and 142(d)), as follows: 11f
Meeting 20-50 test(section 142(d)(1)(A)) ❑
Meeting 40-60 test (section 142(d)(1)(B)) ❑
Meeting 25-60 test(NYC only) (section 142(d)(6)) ❑ /
Has an election been made for deep rent skewing(section 142(d)(4)(6))? 0 Yes ❑No //A,
g ❑ Facilities for the local furnishing of electric energy or gas (sections 142(a)(8) and 142(f))
h ❑ Facilities allowed under a transitional rule of the Tax Reform Act of 1986 (see instructions) , 111i
Facility type
1986 Act section
i ❑ Qualified enterprise zone facility bonds (section 1394) (see instructions) 11i
j ❑ Qualified empowerment zone facility bonds(section 1394(t)) (see instructions) 11J
k ❑ District of Columbia Enterprise Zone facility bonds (section 1400A) (see instructions) 1 tk
I ❑ Qualified public educational facility bonds(sections 142(a)(13)and 142N) 111
m 0 Other. Describe (see instructions) ► him
12 ❑ Qualified mortgage bond (section 143(a)) 12
13 ❑ Qualified veterans' mortgage bond(section 143(b)) ► 13
Check the box if you elect to rebate arbitrage profits to the United States ❑ r " 4
14 12 Qualified small issue bond(section 144(a)) (see instructions) ► 14 5,715,000
Check the box for$10 million small issue exemption
15 ❑ Qualified student loan bond (section 144(b)) 15
• 16 0 Qualified redevelopment bond(section 144(c)) 16
17 ❑ Qualified hospital bond (section 145(c)) (attach schedule—see instructions) 17
18 ❑ Qualified 501(c)(3)nonhospital bond (section 145(b)) (attach schedule—see instructions) 18
Check box if 95%or more of net proceeds will be used only for capital expenditures ► ❑
19 ❑ Nongovernmental output property bond (treated as private activity bond) (section 141(d)) . , 19
20 0 Other. Describe (see instructions) ► 20
Part Ill Description of Bonds (Complete for the entire issue for which this form is being filed.)
(a)Final maturity date (b)Issue price IU slated redemption (d)Weighted (e)Yield
price at maturity average maturity
21 10/1/25 E 5,715,000 E 5,715,000 11.059 years VR%
For Paperwork Reduction Act Notice,see page 4 of the separate instructions. cat.No.49973K Form 8038 (Rev.1.2002)
RECEIVED
53 NOV 072005_11
OGDEN, UTAH
r Form 8038(Rev.1.2002) Page 2
Part IV Uses of Proceeds of Issue (including underwriters' discount) Amount
22 Proceeds used for accrued interest 22 0
23 Issue price of entire issue(enter amount from line 21, column(b)) 23 5,715,000
24 Proceeds used for bond issuance costs(including underwriters'discount) 24 114,300
25 Proceeds used for credit enhancement 25 56,640
26 Proceeds allocated to reasonably required reserve or replacement fund 26 0
27 Proceeds used to currently refund prior issue(complete Part VI) 27 0
28 Proceeds used to advance refund prior issue(complete Part VI) . . 28 0
29 Add lines 24 through 28 29 170,940
30 Nonrefunding proceeds of the issue (subtract line 29 from line 23 and enter amount here). . 30 5,544,060
Part V Description of Property Financed by Nonrefunding Proceeds
Caution: The total of lines 31a through e below must equal line 30 above. Do not complete for qualified student loan
bonds, qualified mortgage bonds, or qualified veterans'mortgage bonds.
31 Type of Property Financed by Nonrefunding Proceeds: Amount
a Land 31a 1,400,000
b Buildings and structures 31b 1,600,000
c Equipment with recovery period of more than 5 years 31c 2,544,060
d Equipment with recovery period of 5 years or less 31d
e Other(describe) 31e
32 North American Industry Classification System (NAICS) of the projects financed by nonrefunding proceeds.
NAICS Code Amount of nonrefunding proceeds NAICS Code Amount of nonrefunding proceeds
a 325100 $ 5,544,060 c $
b $ d $
Part VI Description of Refunded Bonds (Complete this part only for refunding bonds.)
33 Enter the remaining weighted average maturity of the bonds to be currently refunded ► years
34 Enter the remaining weighted average maturity of the bonds to be advance refunded ► years
35 Enter the last date on which the refunded bonds will be called ►
36 Enter the date(s)the refunded bonds were issued►
Part VII Miscellaneous
37 Name of governmental unit(s)approving issue(see the instructions) ► Weld County Board of County Commissioners
hearing 10/19/05;approval 10/26/05
38 Check the box if you have designated any issue under section 265(b)(3)(B)(i)(III) , ► ❑
39 Check the box if you have elected to pay a penalty in lieu of arbitrage rebate ► ❑
40 Check the box if you have identified a hedge (see instructions) ► ❑
41 Check the box if the issue is comprised of qualified redevelopment, qualified small issue, or exempt
facilities bonds and provide name and EIN of the primary private user ► Q
Name D. Boulder Scientific Company EIN 84 10537745
Part VIII Volume Caps Amount
42 Amount of state volume cap allocated to the issuer. Attach copy of state certification . . 42 5,715,000
43 Amount of issue subject to the unified state volume cap 43 5,715,000
44 Amount of issue not subject to the unified state volume cap or other volume limitations: 44
a Of bonds for governmentally owned solid waste facilities,airports,docks,wharves,environmental
enhancements of hydroelectric generating facilities, or high-speed intercity rail facilities . . , 44a
b Under a carryforward election. Attach a copy of Form 8328 to this return 44b
c Under transitional rules of the Tax Reform Act of 1986. Enter Act section ► 44c
d Under the exception for current refunding (section 1460) and section 1313(a) of the Tax Reform
Act of 1986) 44d
45a Amount of issue of qualified veterans'mortgage bonds 45a
b Enter the state limit on qualified veterans' mortgage bonds 45b
46a Amount of section 1394(f)volume cap allocated to issuer.Attach copy of local government certification . 46a
b Name of empowerment zone ► t„..=. a , t.
47 Amount of section 142(k)(5) volume cap allocated to issuer. Attach copy of state certification. 47
Under penalties or perjury,I declare that I have examined this return,and accompanying schedules and statements,and to the best of my knowledge
and belief,they are true,corre and complete.
Sign //
Here ' ' November 2, 2005
signature or officer Date their,
William H.Jerke Board of County Commissioners
Name of above officer(type or print) Title or officer(type or print)
® Form 8038 (Rev.1.2002)
' OCT-25-2005 TUE 09:45 AM WELLS FARGO PF FAX NO. 3038634895 P. 02
10124/Yev0 10':87 3930664877 DIv OF HOUSING PAGE B2/B2
STATE OF COLORADO
EXECISIWF DIRECTOR'S OFFICE
ta.Dcpanmsnt of loaf affairs -
1313 Shaman Sent,suer S00 .�. . ,
Ramer,Colorado 83203 =
Phone:0031866-4904
FAX,(303)666-4317
' t'
TOD,(303)8664300
PO Oaks
C/>wnaw
October 24,2005 thU�.l t.aauN7
Ftnelw Dewar
Donald Warden,Director
Department ofFinance and Administration
P.O.Box 758
Ottcley,CO 80632
RE: BOULDER SCIENIVIC COMPANY,INC
Dear Mr.Warden:
I ate pleased to inform you that the Department of Local Affairs,pursuant to 24-32-1710.CRS.,
is allocating S5,800,0.00 in Private Activity Bond allocation from the statewide balance to
Boulder Scientific Company,for use in the financing of their facility expansion.
The award period for this allocation is effective the date of this lener and expires December 23,
2005,in accordance with 24-32.1708,C.R.S.If the bond is not issued prior to this expiration date
the allocation will relinquish to the statewide balance.
Award of Private Activity Bond allocation does not constitute award of actual funds,from any
state or federal program.Please be aware that you are required to file a Dopy of IRS Form 8038
with the Department of Local Affairs within five days after issuance and deli
pursuant to 24-32-1708(1). very of the bonds.
In addition,a fee of.2S%of the statewide balance bond allocation is due to the Department of
Local Affairs no later than five days after issuance and delivery of the bonds. A separate invoice
for this amount will be provided.
Please contact Elizabeth Smith of my staff'at(303)866-5577 if you have any questions.
Sine •
#000007
'chat'L.Beasley
Executive Director
cc: John Self
Strengthening Colorado Communities
PUBLIC APPROVAL CERTIFICATE
OF WELD COUNTY, COLORADO
WELD COUNTY, COLORADO
ADJUSTABLE RATE ECONOMIC DEVELOPMENT REVENUE BONDS
(BSC HUDSON, LLC PROJECT)
SERIES 2005
WHEREAS, the purpose of this approval certificate is to satisfy the public approval
requirement of Section 147(f) of the Internal Revenue Code, as amended (the "Code"), in order
to qualify the interest on the above-captioned bond issue in the principal amount not to exceed
$6,000,000 (the "Bonds") for exclusion from the gross income of the owners thereof for federal
income tax purposes pursuant to the applicable provisions of the Code; and
WHEREAS, the proceeds of the Bonds will be loaned to BSC Hudson, LLC, a limited
liability company duly organized and existing under the laws of the State of Colorado (the
"Borrower"), for the purposes of(i) providing funds to acquire, develop, construct, improve and
equip a manufacturing facility for the manufacturing of chemicals containing approximately
48,000 square feet located at 22400 I-76 Frontage Road, Hudson, Colorado 80642 (the "Project")
(ii)paying certain costs of issuance relating to the Bonds; and (iii) issuing the Bonds; and
WHEREAS, a public hearing was opened by the Board of County Commissioners of the
County at 9:00 a.m. on October 19, 2005 (the "Public Hearing") after a Notice of Public Hearing
was published on October 5, 2005 in the Fort Lupton Press, as evidenced by the affidavit of
publication, a copy of which is attached hereto as Exhibit A; and
WHEREAS, after reasonable public notice was given, the Public Hearing was held and
that no objections were raised with respect to the proposed issuance of the Bonds for the
purposes set forth herein;
NOW, THEREFORE, based upon all of the foregoing, I HEREBY CERTIFY THAT:
(1) As Chair of the Board of County Commissioners of the County, I am the chief
executive officer of the County elected by popular vote of residents of the County; and
(2) For the sole purpose of qualifying the interest on the Bonds for exclusion from the
gross income of the owners thereof for federal income tax purposes pursuant to the applicable
provisions of the Code, I hereby approve the issuance of the Bonds by Weld County, Colorado in
the principal amount not to exceed $5,900,000 which will be applied to financing a
manufacturing facility for the manufacturing of chemicals, provided that in no event shall the
County or any political subdivision thereof be liable for payment of the principal, purchase price
or redemption price of or interest on such Bonds nor shall the Bonds constitute a debt of County
or any political subdivision thereof.
53941366\943375.1
•
Signed this 3/.56
day of October, 2005.
Chair, Board of County Commissioners of Weld
County, Colorado
5394\366\943375.1
EXHIBIT A
_ ,NOTICE OF PUBLIC HEARING PROOF OF PUBLICATION
CONCERNING THE
ISSUANCE OF FORT LUPTON
ADJUSOTABL RAT?ECONOMIC
DEV LOPMENT STATE OF COLORADO
REVENUE BONDS
(BSC HUDSON,LLC 005ROJECT) COUNTY OF WELD SS.
PUBLIC NOTICE IS HEREBY
GIVEN that a public hearing will be
held on Wednesday, October 19,
2005,commencing at 9:00 a.m.,at I, Karen Lambert, do solemnly swear that I
the offices of the Board of County
Commissioners of Weld County, am the Publisher of the Fort Lupton Press;
Colorado(the'CoHeari.91510th that the same is a weekly newspaper rinted
Street, 1st Floor Hearing Room, p
purposGreeley,e of providinColorado,g8a6reasonable 32,for the and published in the County of Weld, State
individualso to express thr interested
i of Colorado, and has a general circulation
orally or in writing,ony of the ,the issuance
by the County therein; that said newspaper has been
above-referenced bonds (the
Bonds') and the nature of the published continuously and uninterruptedly
prow
be financed through ct described l°thevhiiss ace in said county of Adams for a period of more
of the Bonds. The County has
been requested by BSC Hudson, than fifty-two consecutive weeks prior to the
LLC, a Colorado limited liability first publication of the annexed legal notice
company(the"Borrower'),to issue
the Bonds in an aggregate
principal amount not to exceed or advertisement; that said newspaper has
$5,900,000 to fund a loan by the been admitted to the United States mails as
County to the Borrower for the
purposes cure, °fd(evelop,idinnco funds second-class matter under the provisions of
improve and equip a 3,the act of March 1879, or any
manufacturing facility for the
manufacturing of chemicals
containing approximately 48,000 amendments thereof, and that said
square feet located at 22400 1-76
Frontage Road,Hudson,Colorado newspaper is a weekly newspaper duly
80642 (the 'Project') and (ii)
paying certain costs of issuance qualified for publishing legal notices and
relating to the Bonds.The Project
will be owned by the Borrower and advertisements within the meaning of the
will
Scientific Company.operated by Boulder laws of the State of Colorado. That the
Interested members of the public annexed legal notice or advertisement was
are invited to attend the public
hearing.Persons desiring to obtain published in the regular and entire issue of
additional information concerning
the Bonds or the Project in every number of said weekly newspaper for
advance of the hearing should the period of 1 consecutive insertion (s); and
contact the County at the address
stated above. that the first publication of said notice was in
WELD COUNTY,COLORADO the issue of newspaper, dated 5th day of
By:William H.Jerks,Chair,
Board of County Commissioners October, 2005, and the last on the 5th day of
October, 2005.
"y -
pU
4 pro 'C 1 ublisher. ubscrib sworn be ore me, this the
•`i t p, ' ''I !( 2nd day of October, 2005.
T.{ r CCf
Lvi\20),(6/
o ary Pu lic.
i (6214-061
CASE NO.286230 key 20540
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