HomeMy WebLinkAbout20033519.tiff CODE ORDINANCE 209-B
AN EMERGENCY ORDINANCE WITH RESPECT TO NCMC, INC.; APPROVING THE
AMENDMENT TO AND CONTINUED LEASING OF CERTAIN HOSPITAL FACILITIES BY THE
COUNTY TO THE COLORADO HEALTH FACILITIES AUTHORITY; APPROVING THE
AMENDMENT TO AND CONTINUED LEASING OF CERTAIN HOSPITAL FACILITIES BY THE
COLORADO HEALTH FACILITIES AUTHORITY TO THE BOARD OF TRUSTEES FOR
NORTH COLORADO MEDICAL CENTER; APPROVING THE INCURRENCE OF REVENUE
DEBT BY THE HOSPITAL THROUGH THE SEVENTH SUPPLEMENTAL LEASE AND THE
ISSUANCE BY THE COLORADO HEALTH FACILITIES AUTHORITY OF ITS HOSPITAL
REVENUE BONDS (NCMC, INC. PROJECT) SERIES 2003, AND AN OFFICIAL STATEMENT
PERTAINING TO SAID BONDS;AND ALSO MAKING OTHER PROVISIONS IN CONNECTION
WITH THE FOREGOING.
BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF
WELD, STATE OF COLORADO:
WHEREAS,the Board of County Commissioners of Weld County,Colorado,pursuant to Colorado
statutes and the Weld County Home Rule Charter,is vested with the authority of administering the
affairs of Weld County, Colorado (the "County"); and
WHEREAS,the County is a home rule county organized and existing under the Constitution and the
laws of the State of Colorado; and
WHEREAS, under the provisions of Title 25, Article 3, Part 3 of the Colorado Revised Statutes,
entitled "County Hospitals, Establishment," the Board of County Commissioners (the
"Board")of the County established a body corporate under the name of"Board of Trustees for Weld
County General Hospital,"now known as the Board of Trustees for North Colorado Medical Center
(the"Hospital"),which operates or causes to be operated the North Colorado Medical Center(the
"Hospital Facilities") located on land owned by the County; and
WHEREAS,the County, pursuant to Emergency Ordinance No. 75 adopted and approved by the
Board on December 18, 1985 and Emergency Ordinance No. 160 adopted and approved by the
Board on October 31, 1990(collectively,the"Original Ordinances"),has previously leased certain
real property(the"Land")containing the Hospital Facilities to the Colorado Health Facilities Authority
(the"Authority")pursuant to a Ground Lease,dated as of December 1, 1985,between the County
and the Authority, as amended and supplemented by an Agreement, dated April 27, 1988 (the
"Agreement"), among the Authority, the County, Wells Fargo Bank West, N.A., as successor to
Norwest Bank Colorado,National Association, Norwest Bank Denver,N.A., United Bank of Denver
National Association and IntraWest Bank of Greeley,N.A.(the"Trustee"),the Hospital and NCMC,
Inc. (formerly known as North Colorado Medical Center, Inc.) (the "Corporation") and a First
Supplemental Ground Lease,dated as of November 1, 1990 between the County and the Authority
with the consent of the Trustee, the Hospital and the Corporation, and a Second Supplemental
Ground Lease, dated as of November 1, 1999 between the County and the Authority with the
consent of the Trustee,the Hospital and the Corporation(collectively,the"Original Ground Lease"),
in connection with the issuance by the Authority of its Hospital Refunding Revenue Bonds (North
Colorado Medical Center) Series 1985 (the "Series 1985 Bonds"), its Variable Rate Demand
Hospital Bonds(North Colorado Medical Center)Series 1990(the"Series 1990 Bonds"),its Hospital
Revenue Bonds (North Colorado Medical Center)Series 1993 (the "Series 1993 Bonds")and its
Hospital Improvement Revenue Bonds(NCMC, Inc.Project)Series 1999(the"Series 1999 Bonds,"
and together with the Series 1985 Bonds,the Series 1990 Bonds and the Series 1993 Bonds,the
"Prior Bonds") pursuant to a Trust Indenture, dated as of December 1, 1985, as amended and
2003-3519
supplemented by a First Supplemental Trust Indenture,dated as of November 1, 1990, a Second
Supplemental Trust Indenture,dated as of November 1, 1990,a Third Supplemental Trust Indenture,
dated as of January 15, 1993, a Fourth Supplemental Trust Indenture, dated as of December 1,
1994, a Fifth Supplemental Indenture dated as of November 1, 1999 and a Sixth Supplemental
Indenture dated as of January 1,2001,each between the Authority and the Trustee(collectively,the
"Original Indenture"); and
WHEREAS,the Authority has leased the Land and the Hospital Facilities to the Hospital pursuant
to a Lease, dated as of December 1, 1985, between the Authority and the Hospital and accepted
and approved by the County, as amended and supplemented by the Agreement, a First
Supplemental Lease, dated as of November 1, 1990, between the Authority and the Hospital and
accepted and approved by the County, a Second Supplemental Lease, dated as of November 1,
1990 between the Authority and the Hospital and accepted and approved by the County, a Third
Supplemental Lease, dated as of January 15, 1993, between the Authority and the Hospital and
accepted and approved by the County, a Fourth Supplemental Lease, dated as of December 1,
1994, between the Authority and the Hospital and accepted and approved by the County, a Fifth
Supplemental Lease,dated as of November 1, 1999, between the Authority and the Hospital and
accepted and approved by the County, and a Sixth Supplemental Lease, dated as of January 1,
2001,between the Authority and the Hospital and accepted and approved by the County(collectively,
the "Original Lease"); and
WHEREAS,the County has previously,pursuant to the Original Ordinances,approved the issuance
of various of the Prior Bonds and the documentation related thereto; and
WHEREAS, the Hospital has sublet the Hospital Facilities to the Corporation pursuant to a Third
Amended and Restated Operating Sublease,dated as of January 15, 1993,as previously amended
and as amended by the First Amendment to Third Amended and Restated Operating Sublease,
dated as of December 1, 1994,the Second Amendment to Third Amended and Restated Operating
Sublease, dated as of November 1, 1999, and the Third Amendment to Third Amended and
Restated Operating Sublease, dated as of January 1, 2001, each between the Hospital and the
Corporation (the "Original Sublease"); and
WHEREAS, the Authority has agreed to issue its Hospital Revenue Bonds (NCMC, Inc. Project)
Series 2003A (the "Series 2003A Bonds"and its Hospital Revenue Bonds (NCMC, Inc. Project)
Series 2003B (the"Series 2003B Bonds"and,together with the Series 2003A Bonds,the"Series
2003 Bonds") to finance the hereinafter defined Project; and
WHEREAS, the County and the Authority desire, upon receipt of the consent of the Hospital, the
Corporation and the Trustee,to amend and supplement the Original Ground Lease to extend the
term of the Ground Lease bya Third Supplemental Ground Lease(the"Third Supplemental Ground
Lease"); and
WHEREAS,the Corporation has guaranteed the payment of the principal of, premium, if any, and
interest on the Prior Bonds,the Series 2003 Bonds and anyAdditional Bonds pursuant to the terms
and conditions of a Guaranty Agreement, dated as of January 15, 1993, as amended by the
Guaranty Agreement Amendment dated as of October 15, 1999, and the Guaranty Agreement
Amendment to be entered into, each between the Corporation and the Trustee; and
WHEREAS, Banner has guaranteed the payment of the principal of, premium, if any, and interest
on the Prior Bonds pursuant to the terms and conditions of the Limited Guaranty Agreement and will
guarantee payment of the principal of and interest on the Series 2003 Bonds pursuant to the terms
and conditions of the 2003 Limited Guaranty Agreement to be entered into,each between Banner
and the Trustee; and
WHEREAS,the Hospital desires that the Authority provide the Hospital with the proceeds of the
Series 2003 Bonds in order to refund a portion of the Series 1993 Bonds (the "Refunded 1993
Bonds"), to renovate and replace certain portions of the Hospital Facilities, to fund or reimburse
certain capital expenditures for the Hospital Facilities,and to pay certain costs associated with the
issuance of the Series 2003 Bonds (collectively, the "Project"); and
WHEREAS,in connection with the issuance of the Series 2003 Bonds,the Authority and the Trustee
shall be amending and supplementing the Original Indenture by a Seventh Supplemental Trust
Indenture(the"Seventh Supplemental Indenture"),the Authority and the Hospital,with the approval
of the County,shall be amending and supplementing the Original Lease bya Seventh Supplemental
Lease(the"Seventh Supplemental Lease"),the Hospital and the Corporation shall be amending and
supplementing the Original Sublease by a Fourth Amendment to Third Amended and Restated
Operating Sublease (the "Amendment to Sublease"), and the County and the Authority shall be
amending the Original Ground Lease by the Third Supplemental Ground Lease; and
WHEREAS,Citigroup Global Markets Inc.(the"Underwriter")is expected to agree to purchase the
Series 2003 Bonds from the Authority pursuant to a Bond Purchase Agreement (the "Bond
Purchase Agreement"), between the Authority and the Underwriter and accepted and approved by
the Hospital and the Corporation; and
WHEREAS, the Authority, the Trustee, as trustee and escrow agent, the Hospital and the
Corporation will enter into an Escrow Agreement(the"Escrow Agreement")in connection with the
refunding of the Refunded 1993 Bonds; and
WHEREAS,the County desires to approve the incurrence of revenue debt by the Hospital through
the Seventh Supplemental Lease and the issuance by the Authority of the Series 2003 Bonds and
the execution of the documentation in connection therewith; and
WHEREAS, there has been presented to the Board at its meetings the following documents:
(a) the form of the Seventh Supplemental Indenture;
(b) the form of the Seventh Supplemental Lease;
(c) the form of the Amendment to Sublease;
(d) the form of the Third Supplemental Ground Lease; and
(e) the form of resolution of the Hospital notifying the County of its interest to issue revenue
debt.
NOW,THEREFORE, BE IT ORDAINED by the Board of County Commissioners of Weld County,
Colorado, as follows:
This is an emergency ordinance which shall be effective on adoption as provided in Article III,
Section 3-14, of the County's Home Rule Charter. Public Notice of this Ordinance shall be given
forthwith.Without such procedure,the Ordinance could not be considered and finally adopted so
as to accommodate a sale of the Series 2003 Bonds when interest rates and credit enhancement
terms are most favorable and in the time necessary to allow timely completion of the various
elements of the Project, including the refunding of the Refunded 1993 Bonds.
Section 1. Seventh Supplemental Lease. The Board does hereby acknowledge notice of the
Hospital's intention to incur revenue debt,and does hereby approve and authorize the incurrence
of revenue debt by the Hospital as represented by the Seventh Supplemental Lease between the
Authority,as lessor,and the Hospital,as lessee,whereby the Hospital Facilities,and any additions
thereto, will be leased by the Authority to the Hospital and with rentals payable thereunder as
provided in the Seventh Supplemental Lease now before this meeting,which rents are payable as
provided in the Seventh Supplemental Lease for the use of such Hospital Facilities,and additions
thereto,and such Seventh Supplemental Lease to be in substantially the form thereof now before
this meeting and hereby approved orwith such changes therein as shall be approved by the officers
of the Hospital executing the same,with such execution to constitute conclusive evidence of their
approval of any such changes or revisions therein from the form of the Seventh Supplemental Lease
now before this meeting; and the consent contained in the Seventh Supplemental Lease (which
represents the notice of no objection to the incurrence of revenue debt)shall be executed on behalf
of the County by the Chair or Chair Pro-Tem of the Board, sealed with the seal of the County and
attested by the Clerk to the Board in substantially the form thereof now before this meeting, and
hereby approved,orwith such changes therein as shall be approved by the Chair or the Chair Pro-
Tem executing the same,with such execution to constitute conclusive evidence of their approval
and this Board's approval of any such changes or revisions therein from the form of the Seventh
Supplemental Lease now before this meeting.
Section 2. Sublease of Hospital Facilities. The Board does hereby approve and authorize the
Amendment to Sublease between the Hospital,as sublessor,and the Corporation,as sublessee,
whereby the Hospital Facilities, and the additions thereto, are sublet by the Hospital to the
Corporation and with rentals payable thereunder as provided in the Original Sublease and the
Amendment to Sublease now before this meeting, which rents are payable as provided in the
Amendment to Sublease for the use of such Hospital Facilities, and additions thereto, and such
Amendment to Sublease to be in substantially the form thereof now before this meeting and hereby
approved orwith such changes therein as shall be approved by the officers of the Hospital executing
the same,with such execution to constitute conclusive evidence of their approval and this Board's
approval of any such changes or revisions therein from the form of the Amendment to Sublease
now before this meeting.
Section 3.Amendment to Ground Lease.The Board does hereby approve and authorize the Third
Supplemental Ground Lease in substantially the form thereof now before this meeting and hereby
approved;and the Third Supplemental Ground Lease shall be executed on behalf of the County by
the Chair or Chair Pro-Tem of the Board, sealed with the seal of the County and attested by the
Clerk to the Board in substantially the form thereof now before this meeting,and hereby approved,
orwith such changes therein as shall be approved by the Chair or the Chair Pro-Tem executing the
same, with such execution to constitute conclusive evidence of their approval and this Board's
approval of any such changes or revisions therein from the form of the Third Supplemental Ground
Lease now before this meeting.
Section 4.Enterprise.The Board has treated,and continues to treat,the Hospital as an"enterprise"
for purposes of Section 20 of Article X of the Colorado Constitution.
Section 5.Other Matters.The Board hereby approves the incurrence of revenue debt by the Hospital
as further represented by the issuance of the Series 2003 Bonds, and approves the Hospital
entering into the Escrow Agreement, the Bond Purchase Agreement, and a tax regulatory
agreement.
Section 6. Further Action. The Board further authorizes the officers of the Board or any County
Commissioner to take all action necessary or reasonably required to carry out the transactions
contemplated by this Ordinance, including without limitation,the execution and delivery of closing
documents necessary in connection with such transactions.
Section 7. No Liability of County or Board. It is further understood and agreed that the Series 2003
Bonds to be issued by the Authority do not constitute a debt or liability of this County and that the
County is not obligated to make lease payments to the Authority,and neither taxpayer funds nor any
funds of the County will be used to pay the principal of, interest,or redemption premium on any of
the Authority's Series 2003 Bonds. No portion of this Ordinance shall be deemed to constitute a
waiver of any immunities the Board or their officers or employees may possess, nor shall any
portion of this Ordinance be deemed to have created a duty of care with respect to any persons or
entities nota party to the Original Ground Lease,the Third Supplemental Ground Lease,the Original
Indenture, the Seventh Supplemental Indenture, the Original Lease, the Seventh Supplemental
Lease, the Original Sublease, the Amendment to Sublease, the Escrow Agreement, the Tax
Regulatory Agreement or the Bond Purchase Agreement.
Section 8. Public Notice. That public notice of the adoption of this emergency ordinance shall
forthwith be given by the Clerk to the Board after passage.
BE IT FURTHER ORDAINED by the Board of County Commissioners of Weld County, Colorado,
that pursuant to Article III, Section 3-14(c), of the Weld County Home Rule Charter,the Board of
County Commissioners finds,and hereby declares,this Ordinance to be an Emergency Ordinance
as closing on the Colorado Health Facilities Authority Hospital Revenue Bonds(NCMC,Inc. Project),
Series 2003,is scheduled to take place as soon as reasonably possible and its immediate passage
is necessary to obtain a favorable interest rate and credit enhancement on the Series 2003 Bonds
and timely completion of the Project and refunding of the Refunded 1993 Bonds and is necessary
for the preservation and protection of the public health and welfare.
BE IT FURTHER ORDAINED by the Board if any section, subsection, paragraph, sentence,
clause, or phrase of this Ordinance is for any reason held or decided to be unconstitutional, such
decision shall not affect the validity of the remaining portions hereof. The Board of County
Commissioners hereby declares that it would have enacted this Ordinance in each and every
section, subsection, paragraph,sentence,clause,and phrase thereof irrespective of the fact that
any one or more sections, subsections, paragraphs, sentences, clauses, or phrases might be
declared to be unconstitutional or invalid.
Read and Approved: October 29, 2003
Effective: November 10, 2003
Publication: February 26, 2004, in the South Weld Sun
CODE ORDINANCE WHEREAS, the County, �.
3eSB pursuant to E WHEREA6.Sd Coutypon
Ordinance No.75 adopted the� 'h° a Authority desire,of roe
AN EM E R G E Ni.'Y and approved by the Board the Hospital Facilities to the reapitat the Corporation
ORDINANCE WITH on December 18,1995 and and the ust Cooamnd
No. Hospital de b and tteupplem nt e
STATE OF COLORADO ) RESPECT TO NCMC, adopted
Ordinance
approved
veil Lease, dated as of and supplement the
INC.; APPROVING THE 160 by heee teda aOct� December t, 1995, original Ground Lease to
S.S. AMENDMENT TO AND 31, 1990(collectively,roe dm
Nwww ale and
aCceptad extend the a by of the
COUNTY OF WELD CONTINUED LEASING OF Originalo dinencee), w and Hospital
rpm ed Supplementald C a Third
Ground
preCERTAIN HOSPITAL teased carlain Countys
as amended and Lease (the 'Third
FACILITIES BY THE real COUNTY TO THE property(the land) .supplementedAgreement,
by the Supplemental Ground
Containing the HospitalAgreement, a First 'ease);and
Ruth Pelton-Roby, as manager of Pelton COLORADO HEALTH
FACILITIES AUTHORITY; FaHecilities to the Colorado Supplemeembeae, dated
sworinhlstates�that tyisLLC,
ublisher of theeing duly
APPRVI TO THE AH (the"Auhoritylpursurtto betweent Facilities Authority as of November
Authority and Corpo ratio n heat publisher a Ground Lease,dated as the Hospital and accepted guaranteed the payment a CONTNUB LEAS NGOF of December 1, 1985, and approved by the the principal CERTAIN nt pal a,premium,if,
South Weld Sun, a weekly newspaper
published in Keenesburg in said County FACILITIES HOSPITAL BYTHE he Authority,as ameountynd County, a Second,da any, and i Series the
P COLORADO HEALTH and supplemented a Novemntal ber
1, 90 Prior Bonds, the
and State; that said newspaper has a FACILITIES AUTHORITY by " as of nthe Aut 1, 1990 n 2003 Bonds and any
TO THE BOARD OF �8 nnm,dated April heaves he and Authority and to the
Bads pususrt
general circulation in said County and has TRUSTEES FOR NORTH among the "Agreement"), n Hospital e a by btu Guaranty and Agreement
go the and t y,oved by the a taan ry 15,
been continuously and uninterruptedly COLORADO MEDICAL County,Wells Fargo Bank County, a Third dated w of January 15
CENTER; APPROVING West,N.A.,as succ•swrb Supplemental Lease,dated 1993,as amended by the
published therein, during a period of atTHE
least fifty-two consecutive weeks prior to REVENUE DEBT BY THE NaNCE OF ationalst �Assonk ciati�, pbeeroaeenethhAWlpority 1993, Guaranty Agreement
HOSPITAL THROUGH Monett Bank Denver, the Hospital and Amendment dated as of
the first publication of the annexed notice; THE SEVENTH N.A., United Bark of and approved accepted the
October u 15,1 Agreement
and the
t
SUPPLEMENTAL LEASE Denver NationalGuaranty Agreement
that said newspaper is a newspaper AND THE ISSUANCE BY Association and Inb•We National
County.
a Fourth Amendment b be entered
within the meaning of the act of the THECOLORADOHEALTH Bank of Greeley,NA.(the as of�Lease,
', into, rata between the
"Trustee•),the HospMlydCorporation and the
General Assembly of the State of FACILITIES AUTHORITY NCMC, Inc. (formerly between ire Authority and Tus ire;and
OF ITS HOSPITAL NCMC,
as North formeto Hospital and accepted
Colorado, entitled "An Act to regulate the REVENUE BONDSand approved by the WHEREAS, Banner has
(NCMC, INC. PROJECT) Medical Center, Inc.)(tar County, a Fifth guaranteed printing of legal notices and BEMSCC. 2013 AND AN "Corporation')and a First supplemental Lease dab the lot ppreyimium,ert if
advertisements" and amendments OFFICIAL STATEMENT se,Supplemental Gras ofnd as of November 1, 1999, any ant ingest on he
FEITANw10 TO SAID Lease. dated as of between the Aulhu,ie and Pnr B and
the
thereto; that the notice of which the BONDS; AND ALSO November l'1 between the Hospital and accepted ters and conditions of he
the County am the and approved by the Limited Guaranty
annexed is a printed copy taken from said MAKING
ER IN of thewith the County. and • Sixth Agreement and will
newspaper, was published in said Ibaptat ahpplementalLease,dated
CONNECTION WITH THE and the Corporation,and a as a January 1, '2001, guarantee payment of the
newspaper, and in the regular and entire FOREGOING. Second Supplemental the Series
r2 interestds
g Ground Lease,dated wet en Reseda)and and the Set to a to Bonds
issue of every number thereof, once a BE IT ORDAINED BY THE November1,1999brwddh are accepted
Ma pursuant to th 003
approved Limited of the 2003
week for successive weeks; thatC
BOMMISSIIONERBMOF thAuthority with the anconsent Couty (collectively, the Limited Guaranty
'Original Lease*);and Agreement '°
said notice was so published in said THE COUNTY OF WELD, of the Trustee,the Ho .bat entered
and the Corporation W gqg tldL into,each between Brener
newspaper proper and not in any STATE OF�N�' (rgllecivel , thrp ounyhas and the Trustee;and
Y Origmat previously,pursuant to the
supplement thereof, and that the first w EREAt, the Born of Ground connection Lease"), the Original Ordinances, WHEREAS, the Hospital
Ub ication of said notice as aforesaid, County Commissioners ofapproved the issuance of desires that the Authority
PWed County, Catnap, issuance tyheAuthoityol various a the prior Badsee
was o n the (, _day of pursuant
AIDS t and Colorado
its Hospital Refunding ldN rth and the documentation ham,proceeds Hospital
the series
Ref it Lk_A4,-\ 2004, and the last County Home Rub Charter, Colorado Medical Center. °te eeU het°'anE 2pg3 Bonds in order to
v refunds portion of tie
is vetted with the authority Series 1985 (the •Series WHEREAS, the HoaPital Senors 1993 Bonds I'he
of administering the affairs 1985 Bonds'),its Varabl• has etelet the Hospital 'Refunded 1993 Bonds-,,to
on the day of , 2004. view county,
Oaoraeo Rate (De^wd l Fadltieetohecrporrxn renovate and replace
(the andBonds pursuant to a Third
Medical Center) Series Mended and Restated cHertain portions of the
WHEREAS,the County is a 980 She 'Sar'Hospital
•. IEO or reimburse
Facilities,ei to hard
Blonds!), its Hoe ital Op•fwrlu Subteen,dated r reimbrse certain capital
PELTON PUBLISHING COMPANY LLC w existing under Rhae. RevenuBonds (North preaoualyanmeIY nde5.dand993,ea expenditures for the
Constitution radius larvae and to
Comsat Medical the Cedar) afwbed by the First pHospital
l®y c•rtaltn s' costs
/) � the Staten under; the
( Amendment t° Third
1! 1983 Bards•) ant its An nded t Re Third associated with the
By WHEREAS, Ihe Hospital Improvementing Bwarxdahetivees200e
th Pelton- oby provisions of Title 25, Revenue Bonds (NCMC, as of De embler 1, 1999,said Bondsfie (collectively, the
Article 3, Part 3 of the Inc. Propcq Swiw tt199 the Second Amendment te 'Propct•);and
ColoradoReviaedStatutes, Series 1999 ssrde' Third Amended and
Its: Manager WNW'County Hospitals, anblabaa 190.5 ely mil nor Restated Operating wt in ceco oc ton
Enablish ant;the Board 'aria, SR with the issuance of e
Sublease, dated a a Series Bonds, the
(t County Commissioners ganap 1980 Baal aldlr November 1,me 1999,to TIM Authority i a rid Trustee
(the'Board")of the County e Amendment Third
Subscribed and sworn to before me this established a body serlee 1983 Borhds, the Operating
rd Restated indenture
be amending and
corporate under
the
for Tupt wat,adaawa Operating Sublease,seas Supple ant al Te rust
//��/� December 1, 1985, w a^°eft'Hospital1,2001,
endach Supplemental Trust
/ day of 4 4reg , 2004. Weld County General amended a n d the Corporation the ' the Indenture (the -seventh
Hospital," now known as supplelydrted Oy a First' tar (h• Supplemental Indenture'),
the Boartl'cf Trustees for 'Original Sublease);and
North Colorado Medical Supplemental Trustthe Authority and the
f( e� l Canter (the 'Hospital"), wantons dated a es WHEREAS, tar &Mo ty Hospital,with the approval
ed ii�,(N/W � C�Y w di opertes r ewwsNovmber 1, 19W, • �s ayeed to awe a the County, atwll be
tar Publi to be operated the North Seccndre, amenWT Hospital Revenue Bonds amending a ri a
y Indenture. dated w of (NCMC,Inc.Project)Series supplementing roe Original
Colorado Medical Center November, 1990,a Third 2003A(the'Series 2003A Lease by a Seventh
My Commission expires:/A—%-Dy (the( 'Hospital Facilities') Supplemental Trust gads and its Hospital supplemental Lease n(tal
Se
located on land owned by
Me Count';one Indenture, dated ae of Rewmue Bards (NCMC, 'Seventh Hospital end
January 15,,993.•Fourth Inc.Project)Silas 20038 Leeseor the H°spal abe
Supplemental Truro (tle•Sarles 20038 with
the the Corporation stall be
vl• ( ' •LP., Indenture, dated as 0 rd, together wM the a m e n tl i n p e n tl'
(pp
Deer1,1990,aa FMt gw 22033 BBoosond tar steby he Original
Supplemental lember 1 •Spas 2003 Bards') b Sublease by a Foutsdated ea n NoS Sh 1 ripped tte tisreirdffar Amendment to Third
fAA ^ " 1999 and a Sixtl opinedprpep end Operded rd Restated
� Supplemental Indenun OAnainmanttoSublease"),
tlated w a Jppary 1 erating Sublease (the
-and the County and to
y+ 2001, each between Si Au a
��� `�"411/4
.°' ? Thole
(collectively, the Authority anri 'Digit by rityshallbeamending
the Original Third Supplemental
Ground �
• Irdpase);and Wound Lease;and
F'•aoin.<.
WHEREAS, Citigroup r)(
Global Mee Inc (err ease,re erndm mean \���
'Unease)is expected Section 7. Seventh to atingle conclusive barn crested army pre
to apron to purchase the Supplemental Leese The evidence d their approval wile resat to any persons
Series 2003 gonds from ereby
Authority Pusuexa mthe Board doesacknowledge he dune end la Boas approval or entities note party to 8w
Bond Pudase Apreemwa Hosplars intention to incur
r any such changes theor Original Ground Lease,the
revenue debt, and does revisions tee from Lease,
tl9uppbmereOGrand
(the 'Bond Purchase
Apreemwa•), between the hereby approve and
form of the/trended to Lease, the Original
authorize incurrence &Oleet now before this Indenture, the Seventh
Authority and the a
Una:later and accepted revenue debt by wth hsrrg' Supplemental Indenture,
and approved by the Hospital statesmen by Seventh e Origins! Lease, the
Hospital and the the Same StCPleIi ft Seal LeaArnse.
The b Supplemental
Lease between the Ground Leese'The Board Lease, the Original
Corporation;and does hereby aPProve and Sublease.the Amendment
AUOerity, as leaser, and authorize the Third to Sublease, the Escrow
WHEREAS,the Adhere the whereby
Horn* se Mess. Supplemental Ground
the Tam as trustee and whereby the Hospital Agreement, the Tax
escrow aged,the Hospital Facilities,adrh aliens Leese in thereof ethereally the the B Regulatory Agreement or
and the Corporation .dal thereto,will be leased y form now Dabs the Bond Purchase
enter into an Escrow the Authority to the Hospital this meeting and hereby Agreement.
and with rentals payablet g�rpplimenoved; artadl Ground the Section 8. Publlo Notice.
thereunder w pawed n Lae Man be execubd on That public notice of the
Agreement (the 'Escrow Seventh Sbefore mast bewpd the CrMY by err of this ems
Agreement')in connection Lease now before this
adoption emergency
with the refunding of the meting, each rants are
Ole a Chair sealedPr with d ordinance shallforthwitlhbe
Refut ed 1903 Bords;and payable as provided in tlr dal Bond rah Irle given by dal Clerk b the
Seventh Supplemental sect of the County and goadafter passage.
WHEREAS, the Cerny Lease for the use d yon Mad by the Clerk to the
desires to approve the Hospital Facilities and iMd in wbsWaiatry the BE IT FURTHER
incurrence of revenue debt additions thereto,and such
bat thereof nor before ORDAINED by the Board of
by ale Hospital awoken, •Seventh Supplemental Bala Meeting, and hereby county commissioners of
Seventh Supplemental Lease to be in aitwaially appas4 or with won Want County, Colorado,
Lease and the issuance by Orfarm thereof now before atwgeathereinseeheabe spy pursuant to Ands Ill
the Authority of the Series this meeting and hereby t y the Char el Section 3-14(c), of ma
2003 Bonds and the approved or with such theimagi Chair Pro-Tern Wald County Home Rule
execution of the changes therein as shell be such execution
NB same,
with Chant, the Board d
documentation in the sashusive mice ofthae
approved by conclusive it ndi his aaa County Commissioners yia s,
wrriectron therewith;and the seprW ex area the approval and this Board's fehde,+ntl hereDl'tleclares,
sane,with aThdl execration approval of any such Sw Ordinance to be an
ANEMIAS,there Pies been to constitute concave Ordinance as
changpresented to the Board at evidence of their Meal twain from thf f or revisions
m a Car on the Colorado
as meetings the following of any see charges ce Theo Stppamwaal Ground Heath Facilities Authority
documents: revisions thereki from theHospital
form of the Seventh Leese now before this (fake, Revenue
Proj��
(a) the form of the SupplementalLease now nhaeerng' Sines 2003, is scheduled
Seventh Supplemental before this mesalhB, and Section 4.Enterprise The to take Place as soon as
Indenture; the consent caent contained In . reeaanabty nestle and its
the Bore has treated, and
Seventh s reran,
a Supposed continues to treat the immediate Passage is
(tri the form dale Lease (which re r an I as an'entemprue' necessary to obtain a
Seventh Supplemental the notice of no off r..anb tlsepaafavorable interest rate and
Lease, the )shell e a revalue of Navas"a Sad a.20 crer enhancement on the
debt)shall be aced on of Article X of the Colorado sales 2003 Bantle end
) the of ald the
it forme behalf al County by the Constitution. tirraly endrpletbi of the
Am
endment to Sublease: Chair or Chair PwrTem of Project end lads
refunding d the
gal Bed,blasted wM the S. Other Mailers. Refunded 1993 Bads and
d al The(d) the town e Third The Board hereby is necessary for the
Supplemental Ground eat d the Coady ad Warw..errbt renced preservation and demon
Lease,and tlmsM by the owe 60ssisy revenue debt by the of the public health and
Board in Hospital as further waare.
(e) Oviform of resolution form. thereof ware represented by the
athe Hospital tirykg the this toe ad hereby ayentandegeres 2003 BE IT FU RTNER
County of its interest to approved, or with awn Sonde and approves Oe ORDAINED by the Board if
issue revenue debt. - pages therein asaa{be *Waal entering into the any section, subsection,
Escrow Agreement. the • paragraph, sentence,
NOW,THEREFORE,BE IT tharowtl tai the Ow or end a eny above, a Phrase d Nis
ORDAINED Co by the Bortld the Chair Pre-lea and a tax regulatory Ordinance b for any reason
County Cpmmtaionem of exeae sal the serve, with' agreement. held or decided to be
Weld County,Colorado,as such e evion bantaLdo unconstitutional, such
blows: mediate.rcwlevidence f thee rte Station 8. Further
Board
Action. decision shall not anal n
approval Pao this Serge The Board further validity of the remaining
d
This is an approves of any eons tie Bed
the officers d portions hearse The
Boartl
ordinance which gap a changes or revisions C Board or any CoaeY d Carry act The that at
effective on adoption as therSevenhamthe form el err Cpambsioner to taken hereby have
arse it
provided conin Anita IN, tease Subef erniet action aeequire or ,wed hee seeded this
Section 3-14, of the
Isess row. before Nis reactor r.yaaed b Ordinance in eade..and
County's Home Rule nM°beS contemplated out e Dar line every section, suntan,
this ad Public 5151Notic be Section 2. Sublease of by Ihls
puapnph, sentence,Ordinance droll cause,and phrase thereof
given forthwith. Without HospBosrddl Facilities. The inn:scan a the blot that
such carotene, the and athorizePWe Ordnance,ouincluding ey en*°I.more sections,
Ordinance could not be antl authorize the Marl limitation, the abacaan, pwapr"—'
considered and finally Amendment to sublease tmemulineeing and delivery d sentences, decrees, or
adopted so as to between the Hospital, sussing documents Pine"nigm be declared
aaomrhhotldessele of the sublessor, and the maoeeery in comedian to be unconstitutional or
Series 2003 Bonds when Corporation.a subleases we rail transaction. Invalid
interest rates and credit whereby the Hospital -
enhancement terms are Facilities,and the additions Sidle 7. No Liability of Read and Approved:
most favorable and in ewe,a ew ,we moat by thegieRe a Board. It is
time necessary so eyer allow Hospital to the Corporation B understood end October 29,2003
timely completion of the and with rentals peytfe agreed Oahe Sena 2.03 ESaeave:
various elements of 7M thereunder-as provided in Banes to be issued by the end 10,2003
Project, including the the Original Seen o Aran do and constitute
refunding doe Refunded the Amendment to a debt or liability of this PmbtiWbrt
1993 Boos. Sublease now before See Canty and that the Cory
meeting, which stab me is rot obligated to make Fabtuay a 200 the
payable as provided in the lease payments to the Souln nab Su4, N t
Aaendnaam&bleasefor Authority, and neither '
the is of such Hospital taxpayer fends nor any
FetSes, end additions funds of the Coady willbe
thereto, and such uedeopy the Windpetd,
Amender Sublease to lesreat Or redemption
be in substantially the farm premium on any of the
thereof now before this Ataway's Series 2003
meeting and hereby Banda No portion of this
approved or we an Ordinance abbe deemed
crepe therethasgnea be as constitute a weiv r of
sprotad by the daces of arty Innakties the Board
the Honest enetuling Sal as their officers or
rape may possess,
nor Weeny portion of this
Ordinance be deemed to
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