HomeMy WebLinkAbout830614.tiff AR1950t3
EMERGENCY ORDINANCE
ORDINANCE NO. 123
IN THE MATTER OF THE ISSUANCE BY WELD COUNTY, COLO-
RADO, OF ITS INDUSTRIAL DEVELOPMENT REVENUE BOND (ECONOMY
LUMBER & HARDWARE PROJECT) , SERIES 1983 .
BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS
OF WELD COUNTY, COLORADO:
WHEREAS, Weld County, Colorado (the County) , is
authorized by part 1 of article 3 of title 29, Colorado
Revised Statutes 1973 , as amended (the Act) , to issue reve-
nue bonds pursuant to the Act to finance projects to the end
that commercial or business enterprises will locate and
expand in the County, 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, following a hearing held on December 21,
1983 , after notice duly published on December 8, 1983 , the
Board of County Commissioners (the Board) determined to
issue such a bond in a principal amount not to exceed
$705, 000 in accordance with the provisions of the Act for
the purpose of financing an expansion of lumber and hardware
sales facilities (the Project) to be owned, operated and
managed by Economy Lumber & Hardware Co. , Inc . , a Colorado
corporation (the Company) , to be located within the County
at 400 26th Street Road, Greeley, Colorado; and
WHEREAS, the following documents have been sub-
mitted to the Board and filed in the office of the County
Clerk (the Clerk) and are there available for public
inspection:
( a) a Loan Agreement, to be dated as of its
date of delivery (the Loan Agreement) , among the County, the
Company and IntraWest Bank of Greeley, N.A. , a national
banking association, (the Lender) , and
(b) a Deed of Trust to Public Trustee, Secur-
ity Agreement and Financing Statement to be dated as of its
date of delivery (the Deed of Trust) , from the Company to
the Public Trustee of Weld County, Colorado for the benefit
of the Lender; and
WHEREAS, in order to induce the Company tooceed
with the Project, the Board desires to issue at this time a
Weld County, Colorado, Industrial Development Revenue Bond
(Economy Lumber & Hardware Project) , Series 1983 , in a
principal amount not to exceed $705, 000 (the Bond) for the
purpose of financing the Project; and
WHEREAS, legislation introduced in the United
States Congress casts serious doubt on the County' s ability
to issue the Bond on a Federal tax-exempt basis after
December 31, 1983; and
WHEREAS, it is impossible to effectively issue the
Bond before January 1, 1984 under the normal procedure for
adoption of ordinances by the Board; and
WHEREAS, the Board desires not to losing the oppor-
tunity to issue the Bond on a Federal tax-exempt basis to
finance the Project; and
B 1016 REC 01950883 12/22/83 10 : 47 $0. 00 1/006
F 0936 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO
830b14
WHEREAS, the Board therefore finds that the afore-
mentioned proposed legislation in the United States Congress
presents an emergency whereunder the Board must act immedi-
ately pursuant to its authority to enact emergency ordi-
nances to issue the Bond under an emergency ordinance or
risk losing the opportunity to issue the Bond on a Federal
tax-exempt basis to finance the Project; and
WHEREAS, it is necessary to issue the Bond by
Emergency Ordinance and to approve the form and authorize
the execution of the aforementioned documents thereby.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF
COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO:
Section 1: Approvals and Authorizations. The
forms of Loan Agreement, including the form of Bond, and
Deed of Trust are hereby approved. The Chairman of the
Board and the Clerk are hereby authorized and directed to
execute the Bond and the Loan Agreement and to affix the
seal of the County thereto, and further to execute and
authenticate such other documents, instruments or certifi-
cates as are deemed necessary or desirable by bond counsel
in order to issue and secure the Bond. Such documents are
to be executed in substantially the form hereinabove
approved, provided that such documents may be completed,
corrected or revised as deemed necessary by the parties
thereto in order to carry out the purposes of this Bond
Ordinance. Copies of all of the documents shall be deliv-
ered, filed and recorded as provided therein. The rights,
title and interest of the County in the Loan Agreement when
executed, shall, by the terms thereof, have been assigned to
the Lender, except as therein provided.
The proper officers of the County are hereby autho-
rized and directed to prepare and furnish to bond counsel
certified copies of all proceedings and records of the
County relating to the Bond 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 completion and such modifications thereof, deletions
therefrom, and additions thereto as may be approved by bond
counsel prior to the execution of the documents . The execu-
tion of any instrument by the appropriate officers of the
County herein authorized shall be conclusive evidence of the
approval by the County of such instrument in accordance with
the terms hereof.
Section 2 : Issuance and Sale of Bond. The
County shall issue its Industrial Development Revenue Bond
(Economy Lumber & Hardware Project) , Series 1983 to be dated
as of the date of its delivery, in a principal amount not to
exceed $705, 000, for the purpose, in the form and upon the
terms set forth in this Bond Ordinance and the Loan Agree-
ment, including the form of the Bond set forth as Exhibit A
to the Loan Agreement.
The Bond shall be sold to the Lender pursuant to
the terms of the Loan Agreement. The Bond shall be payable
in the manner and to the persons set forth in the Loan
Agreement and the form of the Bond set forth as Exhibit A to
the Loan Agreement.
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F 0937 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO
-2-
The maximum net effective interest rate authorized
for the Bond is fifteen percent ( 15%) per annum. The actual
net effective interest rate for the Bond does not exceed
eleven percent ( 11%) per annum. The foregoing is subject to
the provisions that, in the event of a Determination of Tax-
ability, as defined in the Loan Agreement, whereby interest
on the Bond or on interest therein becomes includable in the
gross income of the holder thereof for Federal income tax
purposes (a Determination of Taxability) then the interest
rate shall be subject to increase, in which event the maxi-
mum authorized net effective interest rate shall be forty
percent (40%) .
Section 3 . Determinations. It is hereby
found, determined and declared, in accordance with Sec-
tions 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 pros-
perity, will promote and develop trade or other economic
activity, will induce commercial and business enterprises to
locate, expand, or remain in the County and the State of
Colorado in order to mitigate the serious threat of exten-
sive unemployment, and will help secure and maintain a
balanced and stable economy for the County and the State of
Colorado;
(b) the maximum amounts necessary to pay the
principal of and interest on the Bond are as follows:
BOND YEAR PRINCIPAL INTEREST TOTAL
Date of Bond -
Dec . 1, 1984 -0- 65, 212 65, 212
Dec . 2, 1984 -
Dec . 1, 1985 28, 200 70, 500 98, 700
Dec . 2, 1985 -
Dec . 1, 1986 28, 200 70, 500 98, 700
Dec . 2, 1986 -
Dec . 1, 1987 28, 200 70,500 98, 700
Dec . 2, 1987 -
Dec . 1, 1988 28, 200 70, 500 98, 700
Dec . 2, 1988 -
Dec . 1, 1989 28, 200 70, 500 98, 700
Dec . 2, 1989 -
Dec . 1, 1990 564, 000 70, 500 634, 500
The Bond is a term bond with the entire face amount
not to exceed $705, 000 becoming due and payable on Decem-
ber 1, 1990. A Bond Fund is created under the Loan Agree-
ment for the purpose of securing the payment of principal of
and interest on the Bond, into which fund the Company is
required to deposit the sum of $8,225 on the first day of
each month beginning on the earlier of the month after the
Project is completed or January 1, 1985 . The foregoing
table is based upon the assumption that such deposits into
the Bond Fund will commence January 1, 1985 . In the event
such deposits commence earlier, the amount necessary for
deposit to secure payment of principal of the Bond would
increase in the first Bond Year and would decrease corres-
pondingly in the last Bond Year. The entire principal
amount of the Bond not to exceed $705, 000 is scheduled to be
paid on December 1, 1990.
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B 1016 REC 01950883 12/22/83 10 : 47 $0 . 00 3/006
F 0938 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO
that this repealer shall not be construed so as to revive
any act, order, resolution, or part thereof, heretofore
repealed.
Section 8 . Severability. If any paragraph,
clause, section or provision of this Bond Ordinance, except
Section 4 hereof, is judicially adjudged invalid or enforce-
able, such judgment shall not affect, impair or invalidate
the remaining paragraphs, clauses, sections or provisions
hereof.
Section 9 : Statement of Emergency. It is
hereby declared that this Ordinance is an Emergency Ordi-
nance . The threat of impairment or preclusion of the
County' s ability to issue the Bond on a Federal tax-exempt
basis after December 31, 1983 and the resultant loss of
benefits to the County and State aforementioned presented by
the aforementioned proposed legislation in the United States
Congress, and the impossibility of issuance of the Bond by
the County prior to January 1, 1984 pursuant to the normal
procedure for adopting ordinances, constitute the emergency
whereunder this Emergency Ordinance is adopted.
Section 10: Effective Date . This Emergency
Ordinance shall be effective as of the date of its enact-
ment, as provided by Section 3 . 14(6) of the Weld County Home
Rule Charter.
The above and foregoing Emergency Ordinance No . 123
was, on motion duly made and seconded, adopted by the
required four-fifths vote on the 21st day of December, A.D. ,
1983 .
The Chairman ordered that said Ordinance be adopted
and enacted with its effective date being the date of its
enactment, and that public notice of the enactment of the
Ordinance be given forthwith.
aw �BOARD OF COUNTY COMMISSIONERS
y`"`�IY'1 WELD COUNTY, COLORADO
ATTEST:
ti Mary Ann Feuerstein ,7
- ,., Weld County Clerk �C
and Recorder and CIck Carlson - Chairman
\rn ;:Clerk to the Board
1c �� "'` Jn tin - Chairman Pro-Tem
APPROVED AS TO FORM: C --C.2-,,2-
JaBr :tn:r
County Attorney
IC?ilcki Johnson
Read and approved December 21 , 1983
Published in the La Salle Leader December 22 , 1983
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B 1016 REC 01950883 12/22/83 10 : 47 $0 . 00 5/006
F 0940 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO
STATE OF COLORADO
) ss.
COUNTY OF WELD
I , Mary Ann Feuerstein, County Clerk of Weld County,
Colorado, do hereby certify that the attached copy of Ordi-
nance No. 123 authorizing the issuance of a Weld County,
Colorado, Industrial Development Revenue Bond (Economy Lum-
ber & Hardware Project) , Series 1983, in a principal amount
not to exceed $705, 000, is a true and correct copy thereof,
adopted and approved by the required four-fifths vote of the
Board of County Commissioners at a regular meeting thereof
held at the first floor assembly room, 915 10th Street,
Greeley, Colorado, the regular meeting place thereof, on
Wednesday, the 21st day of December, 1983 ; that the original
of said Ordinance has been duly executed and authenticated
by the signatures of the Chairman of the Board of County
Commissioners and myself, as County Clerk, sealed with the
seal of the County, and recorded in the official records of
the County; that the foregoing pages numbered 1 through 5,
inclusive, constitutes a full, true and correct copy of the
record of the proceedings of the Board of County Commission-
ers at said regular meeting insofar as said proceedings
relate to said Ordinance; that said proceedings were duly
had and taken; that said meeting was duly held; and that the
persons were present at said meeting as therein shown.
IN WITNESS WHEREOF, I have hereunto set my hand and
the seal of Weld County, Colorado, this 21st day of Decem-
ber, 1983 .
(-COUNTY)
).: :�„ County Clerk
Weld County, Colorado -
7
1 3
B 1016 REC 01950883 12/22/83 10 : 47 $0. 00 6/006
F 0941 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO
HEARING CERTIFICATION DOCKET #83-81
RE: INDUSTRIAL DEVELOPMENT REVENUE BONDS - ECONOMY LUMBER & HARDWARE
A public hearing was conducted on December 21, 1983, at 10:00 A.M. with the
following present:
Chuck Carlson, Chairman
John Martin, Pro-Tem
Gene Brantner, Commissioner
Norman Carlson, Commissioner
Jacqueline Johnson, Commissioner
Also present:
Acting Clerk to the Board, Tommie Antuna
County Attorney, Thomas O. David
The following business was transacted:
I hereby certify that pursuant to a notice dated December 5, 1983, and duly
published December 8, 1983, in the La Salle Leader, a public hearing was con-
ducted for the purpose of considering the Industrial Development Revenue Bonds
for Economy Lumber and Hardware. Thomas 0. David, Weld County Attorney, read
this request into the record. Mr. David said the file appeared to be complete
and all the requirements of Ordinance #69-A have been complied with and Notice
was given. David Stookesberry, Vice-President of Economy Lumber and Hardware,
came forward to answer questions of the Board concerning this matter. He said
the new facility would be located at 400 26th Street Road. After discussion,
Commissioner N. Carlson moved to approve the Inducement Resolution for Economy
Lumber and Hardware. Commissioner Brantner seconded the motion and it carried
unanimously. Thomas 0. David read Emergency Ordinance #123, "In the Matter of
the Issuance by Weld County, Colorado, of its Industrial Development Revenue
Bond (Economy Lumber & Hardware Project) , Series 1983", into the record. Com-
missioner N. Carlson roved to approve Emergency Ordinance #123 for the issuance
of Bonds for Economy Lumber and Hardware. Commissioner Johnson seconded the
notion and it carried unanimously.
APPROVED:
/f � BOARD OF COUNTY COMMISSIONERS
ATTEST: l� WELD COUNTY, COLORADO
Weld County Clerk and Recorder
and Clerk to the Board Chuck Carlson, Chairman
puty County Cl k Jo T. Martin,�y Pro-Tem
Xl'leA el
Gene R. Brantner
Norman Carlson
Jacqueline Johnson
TAPE #83-151
DOCKET #83-81
ORDINANCE #123 DAY FIEF: December 28, 1983
P
Affidavit of Publication
COlUNT'OF WELD
STATE OF COLORADO. .��'
as. ,
,�/�County of Weld, 1 sertart()PAL. ` {'VA S Ste, of wise*setecrieSa �yu�-
dr
( fCrneansY qw `e"tImg:
said County of Weld. being duly sworn, say that s'70deed% utie bott¢-
l am publisher of acedCagy dared, 'I ieweree
1O rt the required lottrahe voteviewed
go led
4 St Q Cr, 0 Cary Camaraderies r
Ward,hail at de Int Seer
that the same is a weekly newspaper o! �Wy-mew. 90 d
general ensemble
circulation and printed^and
//published in the Greeley.Colorado.the resriYr*t«++ris
L 3 CVe.1C„Q Place thereof,on Wednesday.Ihe YIa
town of - day of December,r983 that -
o/ ha cede ee,
in said county and state: that the notice or adve;
lisament. of which the annexed is a true ropy, ofsin
-
`
has been published in said weekly newspaper Coady Clerk Wdxt ds
o it/ Cams, aid estedd a dte
for
,V -- consecutive rxwdsarth Carey;dusted faaaoln9
weeks: that the notice was published in the - .soda awhared l arner S,eehehr,
regular and entire issue of every number of said d'Q ass lel.ea n and carnet cagy
newspaper during thethe NOW d k pviceedittg.d the
pa period and time of Publi- BoerdartgeeriYanmwyatyastli
cation of said notice and in the newspaper flair wed*a r ad said Pro-
sad did.Ordhuea;that
proper and not in a supplement thereof: that the "id Pt9.99SWIN}Iswa duly had and
first publication of said nonce was contained in udworfirossetdiessotro ea drily Judd;
and mat Naverwons were ones at
the issue of said, newspaper beating date the said awned ail ereln shown. ..
._'____ day of 'D'e A.D.. 19 IN ueilnks.WHEREOF, t haw
and the last publication (hereof, in the issue of Whdfedara as tR.hend and deal al of
Casry,Cenduide,the 21st day of
said newspaper bearing date, the 'LZ 2953
day of Deena& .
fig C" 19-U; that the said (COUNTY)
ea L. (SEAL) ^-
IA . itl i - 4 QG( . ble na ran",
a Co
has been published continuously and uninterrupb ,;e.
edly during the period of at least fifty-two coin .TostassetWona
secutive weeks next prior to the first issue thereof
containing said notice or advertisement above Published Is Abe La Sallee leaser
referred to; and that said newspaper was at the Thwyday.Ornate 22.19ss.
time of each of the publications of said notice, --
duly qualified for that purpose within the mean-
ing of an act. entitled. "An Act Concerning Legal
Notices, Advertisements and Publications, and
the Fees of Printers and Publishers thereof, and
to Repeal all Acts and Parts of Acts in Conflict
with the Provisions of this Act." approved April 7,
1921, and all amendments thereof, and particu'
lady as amended by an act approved. March 30.
1923 t approved May , 1931.
Q1� is/her
Subscribed sworn to J before me this $r''/
day of A.D., 19 /4
My commission expires // O ----
Notary Public
22019 W.C.-u, 54
GREELEr, CO
•
Weld County U. gal Notices
' from the books and records in such of. receive from the Compr
EMERGENCY ORDINANCE 'custody and control to the Project,and su Beers e5
ORDINANCE NO.123 The approval hereby given to the web propose are her
,?
Affidavit of Publication IN THE MATTER OF THE ISSUANCE various documents referred to above in- Section 4. Nature
BY WELD COUNTY,COLORADO,OF el°des the approval of such additional U der the p wbbns d F F r
details therein as may be necessary and provided in the Loan'` reeled..
ITS INDUSTRIAL DEVELOPMENT appropriate for their completion and Bond shall be a special,^ ,t ,
REVENUE LUMBER
BOND (ECONOMY such modifications thereof, deletions don of the County payable le `"
SERIESp9ggMARDWARE PROJECT), therefrom,and additions thereto as may and secured by a pledge o4.Yiatsypwe -
STATE'OF COLORADO. 1 be approved by bond counsel prior to the derived from the Loan Agee.intent.The-
i. SS. BE IT ORDAINED BY THE BOARD OF execution of the documents.The execu- Countywill not pledge a21 IIlaprmeeet
County of Weld. 1 COUNTY COMMISSIONERS OF tion of any instrument by the ap- or secure the payment offile Seed with
WELD COUNTY,COLORADO: propriate officers of the County herein its property.The Bond shall.never iee-
'V/^�1 authorized shall be conclusive evidence aimte the debt or indebtedness of.the
,,,.A. 1 1 ",J 'SS� WHEREAS, Weld County, Colorado of the approval by the County of such in- County within the meanies el awe peak;..
I. _of (the Counstrument in accordance with the terms Won of limitation of the etas'County). authorized Colorado ed by part 1 of hereof. Ilan or statutes and alias
said County of Weld, being dui sworn, say that Statutes article 3 of title, 29, ed RevActised
toor ale
Y Y e revenue as s pursuant sud(the the to County u rid w h ar e
I am publisher of Issuep bonds to the Act Section 2 Issuance and Sale of Bond. or a charge aeataa)I. fs$et t
1 � to financeThe County shall issue Its Industrial credit or taring powers.4
LS 'Pieced e— \....L err mor projects to the end that com Development Revenue Bond(Economy the Loan Agreement.the aialyM Sat
e business e erpIrses will Lumber & Hardware Project), Series obligate itself,except withC yA�the
locate to expand in the en County, to 1983 to be dated as of the date of its application of the re enure mfrom
that the same is a weekly newspaper of general enter t into then purpose ur ta of with PD
others for the of providing delivery,5.a 0,prthicpalthe
amount not tex.he the Loan Agreement and the met pro-
circulation
and printed an published in the revenues to pay such bonds,and further ceed$705.000,for the purpose.In the reeds.The County will not pay aeei$s
�` to secure the payment of such bonds: form and upon the terms set forth in this general fund or otherwise
town of and Bond Ordinance and the Loan Agree. peat of the Cost of the Prong.Off
in said county and slate: that the notice or adver• men,,including the form of the Bond set term is defined in the Lon
forth as Exhibit A WHEREAS,following a hearing held to the Loan Agree- No costs are to be borne by -
e copy, on December 21,1983.after notice duly meat in connection with the lee ewes el th
e•
tiaement, of which the annexed is a tru
has been published in said weekly newspaper published on December 8, 1983, the Bond.
Board of County Commissioners (the The Bond shall be sold to the Lender
6Ne-- consecutive Board)determined to issue such a bond pursuant to the terms of the Loan Agree- Secton 5. Bond Ordinance ir-
fot in a principal amount not to exceed meet.The Bond shall be payable in the repealable.After the Bond is issuse&this
weeks: that the nonce was published in the $705,000 in accordance with the prod- manner and to the persons set forth In Bond Ordinance shall conefWOe an ie.
s of the Act for the purpose offtnanc- the Loan Agreement and the form of the revocable contract between tine County'
regular and entire issue of every number of said rngnan expansion of lumber and hard- Bond set forth as Exhibit A to the Loan and the holder of the Bond and Sad be
newspaper during the period and time of publb ware sales facilities(the Project)to be Agreement, and remain irtepealable rme lthe Bind.
cation of said notice and in the newspaper owned, operated and managed by both prncipal and interest,shag he SW
The maximum net effective interest paid,cancelled and diu
leulzd•-Economy Lumber & Hardware Co.,
proper and not in a supplement thereof: that the Inc.,a Colorado corporation(the Corn- rate authorized for the Bond is fifteen
pony),to be located within the Coun t percent (15%) per annum The actual Section 6. Ratification. Alt awei,j
first publication of said notice was contained in 400 26th Street Road, Greeley, Col- net effective Interest rate for the Bond heretofore taken by the CO Spa n
the issue of said, newspaper hearing date. the orado;and does not exceed eleven percent (II%) the officers thereof not lacaneellent
�-� 1F -� per annum.The foregoing is subject to herewith directed toward the n^andng
... day of '3.`e •• AD.. 19 WHEREAS.the following documents the provisions that, in the event of a of teh Project and the issuance and We
have been submitted to the Board and Determination of Taxability,as defined of the Bond is hereby ratified,approved
and the loaf puhli:ataen thereof, in_tits, issue or filed in the office of the County Clerk in the Loan Agreement,whereby interest and confirmed.
said,ne7Qrspaper bearing date, the �+�• day of (the Clerk)and are there available for on the Bond or on interest therein - --:---.
.l\ public inspection: becomes includable in the gross income Section 7.Repealer.N acts,
Sant
KS e- C-I 19U.; that the said of the holder thereof for Federal income resolution,or parts[hereof,Ykenbithe,
(a)a Loan Agreement,ro be dated as tax purposes (a Determination of Tax- County and in conflict with this Bead
of its date of delivery(the Loan Agree- ability) then the interest rate shall be Ordinance are hereby rowan nep{-
-' I \EJ ^,Q s er ment),among the County,the Company subject to increase,in which event the That fhb repealer shall nn54p
hx g and lntraWest Bank of Greeley.NA.,a maximum authorized net effective in- as to revive any act,order:
•
national banking association, (the terest rate shall be forty percent(40%). or part thereof,heretofore •
has been published continuously and uninlerrupt-• landed,and• a9alel
edly during the period of at least filty-two con. Section 3. Determinations. It is Section 8. Severabfety. If any
(b)a Deed of Trust to Public Trustee, hereby found,determined and declared. paragraph,clause,section et woo**
seeuuve weeks next prior to the first issue thereofSecurity Agreement and Financing in accordance with Sections 29-3-113, of this Bond Ordinance.nonSeine
containing said notice or advertisement above Statement to be dated as of its date of 29-3-119 and 19-3-120 of the Act three 4 hereof,isjudicially adjudged tea da
delivery (the Deed of Trust), from the enforceable, such judgemea shall sot
referred to; and that said newspaper was at the Company to the Public Trustee of Weld (a) the financing of the Project will affect,impair or invalidate the Tamale.
lime of each of the publications of said notice. County,Colorado for the benefit of the promote the public health,welfare,safe- ing paragraphs,clauses,sesdsraor pro-
duly qualified for that purpose within the mean- Lender;and ^Y,convenience and prosperity,will pro- visions hereof.
me and develop trade or other
Mg of an act, entitled. "An Act Concerning Legal WHEREAS, in order to induce the economic activity,will induce commer- Section 9.Statement of Emergence.It
and Company to proceed with the Project. vial and business enterpirses to locate, is hereby declared that this Ordinate is
NotionAdvertiaemenls and Publications, the board desires to issue at this time a expand,or remain in the County and the an Emergency Ordinance.The treat of
the Fees of Printers and Publishers thereof, and weld County. Colorado, Industrial State of Colorado in order to mitigate impairment or preclusion of the
to Repeal all Acts and Parts of Acts in Conflict Devleopment Revenue Bond(Economy the serious threat of extensive County's ability to Jade the Band on a
Lumber & Hardware Project), Series employment,end will help secure aria Federal tax-exempt basis alter -
with the Provisions of this Act." approved April 7, 1983,in a principal amount not to maintain a balanced and stable December 31, 1983 and detaaaM*
1921. and all amendments thereof, andpartial- `eedE705.Q11U.lthy Bend(for they economy for the County one the State of i
Pose of financing the Project;and 1 loss of benefits to the Comte$
ado: -- ezii•esnwhd p ezeist .f T
lady as amended by an act approved. March 30, t aforementioned proposed a.eSe
and an act approv May 18. 1931. WHEREAS,legislation int d d in ilr)the maximum arnopnts necessary the United States Congrea,a d'SA
the United Staten Congress seer pay the principal of interest the pagthhlyofissue ache
doubt on the County's b0 y . - s r Bead are as follows. Coonty Mee so anent
Bond on a Federal tax-exempt neeis •-. Want r$lie`Simi Peace
• after DecemLer 9i ono ea -_y -- --r -- ting ordinances,constitute the mange.
Publisher I"` a cy whereunder this En.
bailie, .ge,q, a.
WHEREAS,it is impossible to offer. distance is adopted.
tNely Issue the Bond before January I
Subscribe rid sworn to before me this /� 1984 under the normal procedure for Me r28.200 ro em* 1e r� 9s semi Section to Effective DaY. Tltla
fir`/ adoption of ordinances by the Board; 1T. Emergency Ordinance shall beat 5
day of A.D.. 19 a 7' and . a. ,o.,m 9B 10 as of the date of is enac roefa std
` vided by Section 3.14(6)al lie Weld-.
n WHEREAS,the Board desires not toow 9e.,m County Home Rule Charter.
//�cr loose the al uniy to issue the Bond v.c z 19w sae zro ,a.soy m,,vo
on a Federal tax-exempt baste to finance v.. , t9es Tie+hove+led foregoiq
the Project:and .coo theca ores Ordinance No.123 eau,en mil
—4_/'L'— ilt
made and seconded.adopted by then- :
My commission expires. /7' / d-•7 WHEREAS,the Board therefore finds The Bond is a term bond with the en- Po gored four-fifths vote on the Slet 5-a
Notary Public that the aforementioned proposed tire face amount not to exceed$705,000 December:A.D„1983. -I
legislation in the United States Congress becoming due and payable on December '
presents an emergency whereunder the I,1990.A Bond Fund is created under The Chairman ordered that e ' q•
LLfZA3E t Board must act immediately pursuant to the Loan Agreement nor the purpose of dlmncebeadopted and enncied wgk s
its authority to enact emergency or-
Interest the payment of principal of and effective date being the date of W east.
22019 WC,RD, 54 dinances to issue the Bond under an merest on the fond,Into which fund the meat, and that public notice at the
alMilfremergency ordinance or risk loosing the Company is required to deposit the sum enactment of the Ordinance be glen
I CC)//yy�� of 88,225 on the first day of each month forthwith.
opportunity to issue the Bond on beginning on the earlier of the month
Federal tax-exempt
ecG and after the Project is Completed basis to finance the1e ted or January BOARD OFCDIpfY -
ProI. 1985. The foregoing table Is based commrssigmis
1Gm0
WHEREAS, it is necessary to issue upon the assumption that such deposits WELD COUNTY-COLa
_ _ the Bond by Emergency Ordinance and Into the Bond Fund will c mentt
to approve the form and authorize the January 1. 1985. In the event such Chuck CarleoreGheleaXia of the aforementioned deposits commence earlier,the amount John Martin-Chariman o-Tr
documents thereby. necessary for deposit to secure payment Norms
of print prtntcpal or the Bond would Increase - Generating
NOW,THEREFORE,BE IT ORDAIN- in the first Bond Year and would JacquepneJohsae
ED BY THE BOARD OF COUNTY decrease correspondingly in the last
COMMISSIONERS OF WELD COUN. Bond Year.The entire principal amount ATTEST;
TY,COLORADO: of the Bond not to exceed$705.000 is Mary Ann Feuerstein 5...
scheduled to be paid on December I, Weld County Clerk and '
Section I:Approvals and Authorize. 1990. Recorder and Clerk to the Board
dons.The forms of Loan Agreement,In- •
foregoing the form of Bond.and Deed of The g°In g is also subject to adjust- By:Tommie Antuna
Trust are hereby approved.The Chair- ment in the event of a Determination of Deputy
man of the Board and the Clerk are Taxability, as provided in the Loan
hereby authorized and directed to ex Agreement. APPROVED AS TO FORM:
ecute the Bond and the Loan Agreement Thomas O.David
and to affix the seal of the County (c)the amount necessary to be paid County Attorney •
thereto. and further to execute and each year in any reserve funds which the
authenticate such other documents.In- Board may deem advisable to establish Published in the La Salle Leader
struments or certificates as are deemed in connection with the retirement of the Thursday,December 22,1983.necessary or desirable by bond counsel Bond and the maintenance of the Pro -- - -
'In order to issue and secure the Bond. tect is that amount which will result
Such documents are to be executed in from the Company's obligation to
substantially the form hereinabove ap- deposit 38,225 each month,beginning
proved, provided that such documents in the earlier of the first month after the
--may be completed.corrected or revised 'roject is completed or January, 1985.
as deemed necessary by the parties tiro the Bond Fund created under the
thereto in order to carry out the pun Loan Agreement for the purpose of
poses of this Bond Ordinance.Copies of securing payment of the principal of and
all of the documents shall be delivered, interest on the Bond when due:
• fled and recorded as provided therein. •,• .
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