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Home My WebLink About820404.tiff AR1892434 ORDINANCE NO 9e AN ORDINANCE RELATING TO THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS UNDER THE PROVISIONS OF THE COLORADO COUNTY AND MUNICIPALITY DEVELOPMENT REVENUE BOND ACT; PROVIDING FOR THE ISSUANCE AND SALE OF WELD COUNTY, COLORADO, INDUSTRIAL DEVELOPMENT REVENUE ern BONDS (PLATTE RIVER STEEL CO . , INC. PROJECT) SERIES 1982, IN THE PRINCIPAL AMOUNT OF $2 ,000 , 000 FOR THE r PURPOSE OF LOANING FUNDS TO THE PLATTE RIVER STEEL CO. , INC. TO FINANCE THE ACQUISITION, IMPROVING AND h EQUIPPING OF A STEEL FABRICATION PLANT IN WELD CC; Lti 3 COUNTY, COLORADO; APPROVING AND AUTHORIZING THE EXECUTION OF A LOAN AGREEMENT BETWEEN THE COMPANY AND . idTHE COUNTY AND AN INDENTURE OF TRUST BETWEEN THE COUNTY AND A TRUSTEE; AND AUTHORIZING THE PREPARATION AND EXECUTION OF CERTAIN RELATED DOCUMENTS AND INSTRUMENTS. • c BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF WELD r Y y COUNTY, COLORADO: m Section 1. Recitals . cz A. The County of Weld , Colorado (the "County") , desires etc to provide, promote and stimulate industry and develop trade rt � and other economic activity within the County; and w z B. Pursuant to the provisions of the Colorado County and Municipality Development Revenue Bond Act, §29-3-101 , et seq. , Ui Colorado Revised Statutes 1973, as amended (the "Act" ) , the te r. County is authorized to issue industrial development revenue bonds and to loan the proceeds therefrom to a private organiza- tion such as Platte River Steel Co. , Inc. (the "Company") to 820404 2 c finance the acquisition, construction, improving and equipping 0 of certain facilities which constitute a "project" under the Act; and 3 C . The Company desires to obtain the funds to acquire , c � a construct, improve and equip a steel fabricating plant (the a "Project" ) by borrowing funds from the County in the principal III CC amount of $2, 000 , 000 and promising to repay the County pursuant .z to a Loan Agreement dated as of June 1, 1982 (the "Loan Agree- '4 f ment") by and between the County and the Company; and � z C.4 D. It is hereby found and determined that the County will issue its Industrial Development Revenue Bonds (Platte L1 River Steel Co. , Inc . Project) Series 1982 (the "Series 1982 F;:! z Bonds") in the principal amount of $ 2, 000 , 000 pursuant to an .- Indenture of Trust dated as of June 1, 1982 (the " Indenture" ) u £ by and between the County and Commercial National Bank of ma, Little Rock , as trustee (the "Trustee" ) , and that the proceeds o — il-4w therefrom will be used in accordance with the provisions of the Loan Agreement and the Indenture; and E. It is hereby found and determined that financing the Project will promote the public health, welfare , safety, con- venience and prosperity of the County and its inhabitants by providing , promoting and stimulating industry and developing trade and other economic activity within the County; and 3 F. It is necessary to provide for the issuance and sale of the Series 1982 Bonds and to authorize the execution and preparation of all documents , instruments and acts necessary in 0 connection therewith . G Section 2 . Findings and Determinations . The Board of 0 3 c County Commissioners hereby finds and determines that (a) the m? i amounts necessary to pay the principal of and interest on the !^ Series 1982 Bonds in each year are as set forth in Exhibit A hereto and incorporated herein by reference; (b) it is not s cam deemed necessary or advisable to establish any reserve funds in c z_ connection with the retirement of the Series 1982 Bonds or the nY _ :, maintenance of the Project (as such term is defined in the Loan Agreement) ; (c) since the Loan Agreement provides that the a- U- N,. Company shall maintain the Project and carry all proper insur- wz ance with respect thereto , no determination of the estimated c cost of maintaining the Project in good repair and keeping it v w °= properly insured needs to be made; (d) the revenues of the w 3• Lr; Company from the operation of the Project are sufficient to pay any taxes or amounts , if any , in lieu of taxes required of the Company by §29-3-120 , C.R.S. 1973 , as amended; and (e) this is an emergency Ordinance which shall be effective immediately upon its passage and adoption, as provided in Section 3-14 of the County' s Home Rule Charter . Public notice of this Ordi- nance shall be given forthwith. Without such a procedure , the 4 referendum period following the approval by the County of the 00 financing of the Project would not expire until approximately the end of July. Such a late construction start would threaten o the financial feasibility of the Project . •^ Section 3 . Approval of and Authorization for Issuance of the Series 1982 Bonds . The issuance of the County' s Industrial rzaca Development Revenue Bonds (Platte River Steel Co . , Inc. Proj- ^`- 44 ect) Series 1982, to be dated June 1, 1982 , in the principal •r Y iI amount of $2 , 000 , 000 , with a maximum net effective interest 2 C.? z rate of 12 . 5% and a stated interest rate of 12 . 0% , in substan- tially the form and with substantially the content set forth in the Indenture , is in all respects approved , authorized and a confirmed , and the Chairman of the Board of County Commission- vz ers and the County Clerk are hereby authorized and directed to execute and seal the Series 1982 Bonds in the manner provided m — in the Indenture and to deliver them to the purchaser herein- 0 r• `" _ after designated for and on behalf of the County, and upon receipt of the purchase price to deposit the proceeds thereof with the Trustee in the manner provided by the Indenture. The Series 1982 Bonds shall be issuable as fully registered bonds without coupons in the denomination of $5 , 000 or any integral multiple thereof , and the Series 1982 Bonds shall be issued originally as a single fully-registered Bond in the denomina- tion of $2 ,000 ,000 and lettered R-1. The principal of the 5 c Series 1982 Bonds shall be paid as set forth in Exhibit A V- J hereto , and principal and interest shall be payable at the place and be subject to the terms of redemption and executed as Cr" 3 set forth in the Indenture . The Series 1982 Bonds shall never 2 constitute an indebtedness of the County within the meaning of any provision or limitation of the Colorado Constitution or r statutes or the County' s Home Rule Charter , and shall not constitute or give rise to a pecuniary liability of the County z or a charge against its general credit or taxing powers . The Series 1982 Bonds are not general obligations , but are special, limited obligations of the County, payable solely out of the cc .LL revenues derived under the Loan Agreement , the Indenture , the rw a z Mortgage and Security Agreement dated as of June 1 , 1982 (the V Z r W 'c "Mortgage" ) between the Company and the Trustee and the Guar- ac anty Agreement dated as of June 1 , 1982 (the "Guaranty") be- n, :ca tween Arkansas Foundry Company (the "Guarantor" ) and the m. o Trustee . Section 4 . Authorization of the Sale of the Series 1982 Bonds and Approval of the Bond Purchase Agreement . The Bond Purchase Agreement among the County , the Company, the Guarantor and Commercial National Bank of Little Rock (the "Purchaser") , in substantially the same form as attached hereto as Exhibit B , is in all respects approved , authorized and confirmed and the Chairman of the Board of County Commissioners and the County 6 Clerk are authorized and directed to execute and deliver the o— 0 Bond Purchase Agreement for and on behalf of the County . The sale and delivery of the Series 1982 Bonds to the Purchaser on the terms and conditions and at the prices set forth in the Bond Purchase Agreement is approved . cLLi Section 5 . Approval and Authorization of Loan Agreement . The Loan Agreement dated as of June 1 , 1982 , between the Com- r pany as Borrower and the County as Lender , in substantially the same form as attached hereto as Exhibit C , is in all respects CN ' approved , authorized and confirmed and the Chairman of the cz rj ~ `= Board of County Commissioners and the County Clerk are autho- c rized and directed to execute and deliver the Loan Agreement in C '= substantially the form and with substantially the same content z as Exhibit C for and on behalf of the County. v y Section 6 . Approval and Authorization of Indenture of r � Trust . The Indenture of Trust dated as of June 1, 1982 between o r the County and the Trustee , in substantially the same form as attached hereto as Exhibit D, is in all respects approved , authorized and confirmed and the Chairman of the Board of County Commissioners and the County Clerk are authorized and directed to execute and deliver the Indenture in substantially the form and with substantially the same content as Exhibit D for and on behalf of the County . 7 Section 7 . Authority to Correct Errors , Etc . The Chair- man of the Board of County Commissioners and County Clerk are `r V < , hereby authorized and directed to make or agree to any altera- N tions , changes or additions in the instruments hereby approved as the Chairman of the Board of County Commissioners and the o ✓ County Attorney deem necessary or proper to accomplish the V` = purposes of this Ordinance ; provided, however, no alteration, o change or addition shall be made which shall alter , following r Y the establishment thereof in this Ordinance, the maximum net s r. effective interest rate , denomination, date , maturities , form, interest rate , registration privileges, manner of execution, CD n place of payment or terms of redemption of the Series 1982 • y Bonds or which shall increase the aggregate principal amount of LA z Series 1982 Bonds authorized or in any way give rise to a ) z pecuniary liability of the County or a charge against its _• ` z general credit or taxing powers with respect to the Series 1982 x: v Bonds. in or Section 8 . Severability. If any provision of this Ordi- io nance shall be held invalid , the invalidity of such provision shall not affect any of the other provisions of this Ordinance . Section 9 . Further Authority. The Chairman of the Board of County Commissioners and County Clerk and other proper County officials , and each of them, are hereby authorized to execute and deliver for and on behalf of the County any and all 0 0 8 c additional certificates, documents and other papers and to it perform all other acts they may deem necessary or appropriate 3 in order to implement and carry out the matters herein cc authorized. LJ Section 10 . Declaration of Emergency. The Board of County Commissioners of Weld County, Colorado, pursuant to rs w Section 3-14 (6) of the Weld County Home Rule Charter , does c, we z hereby declare , for the reasons given in the body of this Ordinance , this to be an emergency ordinance under said provi- y r re u sions of the Weld County Home Rule Charter . N la- The above and foregoing Ordinance No. M was , on motion cc c Z r z duly made and seconded , adopted by the following vote on the 'R I % 24th day of May, A. D. , 1982 . .T rr ;r BOARD OF COUNTY COMMISSIONERS o WELD COUNTY, COLORADO 9 ATTEST: anon 44AtiSi Weld County Clerk and Recorder and Clerk to the Boa BY . e -p - ty County D-▪ 0 APPROyED AS TO •RM: oCCA r Catreeej ✓ :r County At orney DATE PRESENTED: MAY 24 , 1982 PUJ$I4SHED MAY 17, 1982 in "t r Y C.) +r a i az ,r‘ rt°1 \� ' G n LU 4 M jW z z r V W C • Z w .c ti 0 10 EXHIBIT A Debt Service Schedule c c Date Interest Principal — Li o c v 10/1/82 $ 80 ,000 -- ..- o 4/1/83 120 , 000 -- ci 10/1/83 120 ,000 -- _ 4/1/84 120 , 000 3 10/1/84 120 , 000 $ 50 ,000 o :r 4/1/85 117 , 000 -- 0 W 10/1/85 117 ,000 50 ,000 cccc 4/1/86 114 , 000 -- u 10/1/86 114 , 000 100 , 000 w 4/1/87 108 ,000 -- In `c C.4 10/1/87 108 ,000 100 , 000 "6 4/1/88 102 , 000 -- •- " 10/1/88 102 ,000 100 , 000 LL; 4/1/89 96 , 000 -- ` 10/1/89 96 ,000 100 ,000 m U N 4/1/90 90 , 000 -- a z 10/1/90 90 , 000 100 , 000 n — 4/1/91 84 , 000 -- re 10/1/91 84 ,000 100 , 000 4/1/92 78 , 000 -- M 10/1/92 78 ,000 200 , 000 a L 4/1/93 66 , 000 -- M,• z 10/1/93 66 , 000 200 , 000 •- a 4/1/94 54 , 000 -- r 10/1/94 54 , 000 200 , 000 4/1/95 42 , 000 -- cc t 10/1/95 42, 000 200 , 000 w - 4/1/96 30 , 000 -- 67: n 10/1/96 30 ,000 200 , 000 • x- 4/1/97 18 , 000 -- 10/1/97 18 , 000 300 , 000 Hello