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OFFICE OF WELD COUNTY CLERK AND RECORDER
:: DEPARTMENT OF CLERK TO BOARD
3 � PHONE 13031 356-4000 EXT. 223
(® O.• P. BOX 63
GREELEY,LE Y, COLORADO O 80631
COLORADO
RE: TRI COUNTY HANGAR
EXCERPT, April 6 , 1981
STATE OF COLORADO)
COUNTY OF WELD )
I, Mary Ann Feuerstein, County Clerk and
Ex-officio Clerk of the Board of County Commissioners in
and for the County of Weld, State of Colorado, do hereby
certify that the attached documents have been transcribed
from the tape recording regarding the Tri County Hangar
application for Industrial Development Revenue Bonds from
the records of the Board of County Commissioners of said
Weld County, now in my office.
IN WITNESS WHEREOF, I have hereunto set my
hand and affixed the seal of said County, at Greeley,
Colorado this 28th day of April , A.D. , 1983.
COUNTY iLER
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I 1(1 DE COUNTY CLERK
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810694
BEFORE THE BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
BOARD MEETING EXCERPT
APRIL 6, 1981 -. 9 : 00 A.M.
TAPE # 81-17
AGENDA - ITEM #1 UNDER THE HEADING, OLD BUSINESS -
TRI-COUNTY HANGAR, INDUSTRIAL REVENUE BONDS
COMMISSIONERS PRESENT:
CHUCK CARLSON, CHAIRMAN
NORMAN CARLSON, PRO TEM
BILL KIRBY
JOHN MARTIN
JUNE STEINMARK
ALSO PRESENT:
APPLICANT PRO SE
DONALD D. WARDEN, DIRECTOR OF FINANCE AND
ADMINISTRATIVE SERVICES
JEANNETTE ORDWAY, ACTING CLERK TO THE BOARD
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CHAIRMAN C. CARLSON: We have, ah, for Old Business
this morning, we have the Tri-County Hangar Industrial. Revenue
Bonds.
MR. WARDEN: Mr. Chairman, ah, in this case, ah
Mr. Dave Wilkins, the applicant, and also Jeff Chapelle, the
Bond Counsel, are present. Basically, November 24 of 1980 ,
your Board did approve an Inducement Resolution concerning
this project which called for approximately nine hundred and
seventy-five thousand dollars in industrial revenue bonds and
then there is a second portion of ninety-nine thousand four
hundred dollars . It is a combination of, of, ah some Farmers
Home dollars as well as the, ah, the ah, the applicants ' own
dollars as well as the, ah, the bonds, ah. Mr. Chapelle, I
think can explain the Resolutions that are being requested
to, ah, be approved by your Board today. They are actually
two, you have copies of, of, the larger one and then the
second one is similar with just the dollar amount of ninety-
nine four, ah, included in it, ah the one slight difference
in procedure is in the past, the, the bonds have been
adopted by a bond ordinance, ah, at the preference of the
bond counsel and also with working with Mr. David, ah, they
preferred to do this by a Resolution which, ah, Mr. David
does not have a problem with, at least that is my under-
standing, so ah, there is one amendment to this Resolution
that the bond counsel will discuss , ah, that basically
changes the specific date of closure, ah, to leave that a
little bit open-ended in order to accommodate the bond market
so that they can close at a time that' s, ah, optimum to
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them, so ah, I think you could ask Mr. Chapelle or Mr. Wilkin
to come forward if they want.
INAUDIBLE
MR. WARDEN: Yeah, that' s fine. Yeah, I think it' s
already on.
JEFF CHAPELLE: Mr. Chairman, ah, there are two
Resolutions we are asking be adopted this morning. Ah, ah,
as Don has explained, one of them is for a bond issue of nine
hundred seventy-five thousand dollars, that includes, ah
financing for a ninety percent: of a Farmers Home loan, ah
which is guaranteed by the Farmers Home Administration, ah,
it also includes, ah, a, ah, debt service reserve fund. Ah,
the second Resolution, ah, is for the issuance of a single,
ah, tax exempt bond, ah, which will, ah pick up the unguaran-
teed portion, the other ten percent of the Farmers Home loan.
Ah, they are both for the same project. The total Farmers
Home loan is for nine hundred seventy-four thousand dollars
and the, ah, ah, debt service reserve fund pushes the sum of
the two, ah, bond issues, ah slightly over a million dollars.
The one amendment, ah, which I would like to add to the Reso-
lution before you, would come into the, ah, Section 8, in
Incidental Action. It is intended simply to, ah provide
flexibility for closing at a later date, if ah, it makes
economic and business sense to the, to Tri-County Hangar to
do so. And the language, ah, that I am suggesting, ah , would
go in as the second sentence in Section 8, and would read like
this if, all, the exact same language would be on the second
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Resolution as well. Anything herein to the contrary not
withstanding, the bonds, the indenture, the financing agree-
ment and the note purchaser, the note purchaser agreement may
be dated the first day of June, July, or August and the maturity
dates and interest payment dates of the bonds may be adjusted
accordingly with corresponding changes in the tables set forth
in Sections 3 and 4 hereof, and then the forms of said documents,
all as the Chairman may approve, such approval to be evidenced
by his execution thereof. Again, this is just simply to pro-
vide flexibility for closing at a later date than the May 1, ah,
as of date closing, probably being more like a week or two after
that. Ah, but providing flexibility to close as late as August,
if, ah, it makes business sense to do so. If I can answer
any questions, I would be glad to do so. Mr. Wilkin is here as
well to answer any questions you might have .
CHAIRMAN C. CARLSON: Is there any questions?
Everything seems to be in order, Don, as far as you're con-
cerned?
MR. WARDEN: Yes . Mr. David and I both reviewed
this and all the, ah, supporting documentation that goes with
it. There doesn' t seem to be any problem. It would require
two separate actions of your Board, one, ah, on the first
Resolution of the nine seventy-five, nine hundred seventy-
five thousand and the second one, the ninety-nine four.
PAUSE
CHAIRMAN C. CARLSON: If there is no further
questions or discussion, the chair is open for a motion.
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COMMISSIONER STEINMARK: Mr. Chairman, I would move
approval of the Resolution concerning the Tri-County Hangar
Industrial Revenue Bonds , the Resolution concerning the nine
hundred seventy-five thousand dollar one.
COMMISSIONER N. CARLSON: Second.
CHAIRMAN C. CARLSON : It was moved by June, seconded
by Norm, that we approve the nine hundred seventy-five thousand
dollar revenue bonds.
COMMISSIONER KIRBY: Is that including the change
as recommended on the issuance statement.
COMMISSIONER STEINMARK: Yes .
CHAIRMAN C. CARLSON: Any further discussion? If
not, all in favor, say aye.
COMMISSIONERS : Aye.
CHAIRMAN C. CARLSON: Opposed, no. The motion is
carried.
CHAIRMAN C. CARLSON: Now we need another motion to
approve the ninety-nine thousand four hundred.
COMMISSIONER KIRBY: Mr. Chairman, I move we approve
the issuance of the ninety-nine thousand four hundred dollars.
COMMISSIONER N. CARLSON: Second
COMMISSIONER KIRBY: With the suggested change in
the issuance dates.
CHAIRMAN C . CARLSON: In Section 8?
COMMISSIONER KIRBY: In Section 8.
CHAIRMAN C. CARLSON: Okay, it has been moved by
Bill, seconded by Norm, that we approve the ninety-nine
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thousand and four hundred along with the changes made in Section
8 . Is there any further discussion on that? If not, all in
favor say aye.
COMMISSIONERS: Aye.
CHAIRMAN C. CARLSON: Opposed, no. The motion
is carried. We thank you.
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