HomeMy WebLinkAbout20041547.tiff RESOLUTION
RE: APPROVE REFINANCING OF LOW SECURITY ADULT CORRECTIONAL,
DETENTION, AND TREATMENT FACILITY AND DELEGATING AUTHORITY TO
ADAMS COUNTY TO ISSUE REVENUE BONDS IN CONNECTION THEREWITH AND
AUTHORIZE CHAIR TO SIGN - SOUTHERN CORRECTIONS SYSTEMS, INC., AS
OWNER
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,Southern Corrections Systems, Inc., an Oklahoma corporation duly authorized
to do business in the State of Colorado (the"Corporation") , has requested assistance of Adams
County, Colorado("Adams County"), in the refinancing of certain debt incurred by the Corporation
in the aggregate principal amount in excess of$20,000,000 (the "Outstanding Debt") originally
incurred for the purposes of financing the acquisition of, and improvements to, certain low security
adult correctional, detention,and treatment facilities known as The Villa at Greeley("The Villa")in
Weld County,Colorado,and The Phoenix Center in Adams County, ("phoenix"and,collectively with
the Villa, the "Treatment Facilities"), and
WHEREAS, the County and Municipality Development Revenue Bond Act, at Section
29-3-103(10), C. R. S., authorizes the financing or refinancing of real or personal property like the
Treatment Facilities suitable or used for, or in connection with, a business enterprise, and
WHEREAS, in order to save on the costs of issuance which may be associated with the
issuance of two separate series of bonds issued by two different issuers and certain other reasons
relating to the security for such bonds,the Corporation has requested that Weld County, by written
resolution,delegate, pursuant to Section 29-3-104(2),C. R.S,to Adams County,the authority to act
on its behalf in issuing First Mortgage Revenue Bonds,Series 2004A(the"Bonds")to refinance the
Outstanding Debt of the Corporation.
NOW,THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County,Colorado,that the refinancing of the Outstanding Debt of the Corporation and the issuance
by Adams County of the proposed Bonds be, and hereby is, approved.
BE IT FURTHER RESOLVED that the Board, pursuant to Section 29-3-104(2), C. R. S.,
Weld County hereby delegates to Adams County, the power to issue the portion of the Bonds
relating to The Villa on Weld County's behalf in order to refinance the Outstanding Debt of the
Corporation. The delegation of power granted by this Resolution is irrevocable so long as any of the
Bonds remain outstanding.
BE IT FURTHER RESOLVED by the Board that the Chair and Clerk to the Board be, and
hereby are, authorized to sign any documents necessary to accomplish the purposes of this
Resolution.
2004-1547
BC0034
DELEGATE AUTHORITY FOR REVENUE BONDS TO ADAMS COUNTY
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 2nd day of June, A.D., 2004.
BOARD OF COUNTY COMMISSIONERS
��� WELD COUNTY, COLORADO
77 ATTEST: i � tP/'v" EXCUSED
Robert D. Masden, Chair
Weld County Clerk to the Board
' i t (AYE)
William H. rke, Pro-Tem
BY:
Deputy Clerk to the Board AYE
M. ileAPPRO
AS TO FQ1l(
AYE
David . Long
ty Seadk.oun Attorn (AYE)
Glenn Vaa
Date of signature: to "_g -OL/
2004-1547
BC0034
STATE OF COLORADO
) ss.
COUNTY OF WELD
The Board of County Commissioners of Weld County, Colorado, held a regular meeting
open to the public at the 1st Floor Hearing Room located at 915 10th Street, Greeley, Colorado, on
Wednesday, the 2nd day of June, 2004, at the hour of 9:00 a.m.
The meeting was called to order by Chair Pro-Tem Jerke, and on roll call the following
members were present, constituting a quorum of the members thereof:
Name Title
William H. Jerke Chair Pro-Tem
M. J. Geile Commissioner
David E. Long Commissioner
Glenn Vaad Commissioner
The following persons were also present:
Bruce Barker, County Attorney
Donald D. Warden, Director of Finance and Administration
Carol A. Harding, Acting Clerk to the Board
Thereupon, the following proceedings, among others, were had and taken:
Commissioner Geile,following discussion of the matter,moved that Resolution#2004-1547
be adopted.
Commissioner Vaad seconded the motion, which carried unanimously. Chair Pro-Tem
Jerke thereupon declared that,a majority of Commissioners present at said meeting having voted
in favor thereof, the motion carried and Resolution #2004-1547 duly passed and was adopted.
sLa.,,reupon, after consideration of other business, the meeting was adjourned
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
Clerk to the Board —741/,„.„-.c
tA°t William H. Jerke, Chair Pro-Tem (06/02/04)
•
Deputy Clerk to t e Board
2004-1547
BC0034
STATE OF COLORADO
) ss.
COUNTY OF WELD
I, Donald D. Warden, Clerk to the Board of County Commissioners of Weld County,
Colorado, do hereby certify that the foregoing two-page Resolution and one-page excerpt of
proceedings are a true and correct copy of the proceedings of the Board of County Commissioners
of Weld County, Colorado, at a regular meeting thereof held on Wednesday,the 2nd day of June,
2004, so far as said proceedings relate to a resolution delegating authority to Adams County,
Colorado, to issue revenue bonds; a correct copy of said resolution is included, duly signed by
members of the Board and authenticated by myself, as Clerk to the Board of County
Commissioners of Weld County, and duly sealed with the corporate seal of Weld County.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the County,
this 2nd day of June, A. D., 2004.
j ,: :r ,,�" ill /i e /�
o;,,;,` �f onald D. Warden,
r. Clerk to the Board of County Commissioners
I,
2004-1547
BC0034
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