HomeMy WebLinkAbout20033006.tiff ORDINANCE NO. 228
IN THE MATTER OF AN EMERGENCY ORDINANCE AUTHORIZING THE ISSUANCE AND
SALE OF $1,650,000 WELD COUNTY, COLORADO, DEVELOPMENT REVENUE BOND
(GREELEY CENTER FOR INDEPENDENCE, INC. PROJECT), SERIES 2003; RATIFYING
CERTAIN ACTIONS HERETOFORE TAKEN;AUTHORIZING THE EXECUTION AND DELIVERY
BY THE COUNTY OF A FINANCING AGREEMENT,A LAND USE RESTRICTION AGREEMENT
AND SUCH BOND IN CONNECTION THEREWITH; APPROVING THE FORM OF CERTAIN
ANCILLARY DOCUMENTS; REPEALING ANY ACTION HERETOFORE TAKEN IN
CONFLICT HEREWITH; AND DECLARING AN EMERGENCY
BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF
WELD, STATE OF COLORADO:
WHEREAS,the Board of County Commissioners of the County of Weld, State of 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,counties and municipalities in the State of Colorado(the"State")are authorized
by the County and Municipality Development Revenue Bond Act, article 3 of title 29 of Colorado
Revised Statutes, as amended (the "Act"), to finance land, buildings or other improvements and
properties suitable or used for or in connection with healthcare facilities, and to refinance
obligations previously incurred to finance such properties, all to the end that such counties and
municipalities may be able to promote economic activity by inducing nonprofit corporations to
locate, expand or remain in the State for the benefit of the inhabitants of the State and for the
promotion of their health, safety, welfare, convenience and prosperity; and
WHEREAS, the Act further authorize such counties and municipalities to issue revenue
bonds for the purposes described above, including all incidental expenses incurred in issuing
bonds, to secure the payment of such bonds as provided in the Act, and to enter into financing
agreements with others for the purpose of providing revenue to pay such bonds upon such terms
and conditions as such counties and municipalities may deem advisable; and
WHEREAS,Greeley Center for Independence, Inc., a Colorado non-profit corporation (the
"Corporation"), has presented to Weld County, Colorado (the "County") a proposal whereby the
County will, pursuant to the Act and the Supplemental Public Securities Act, Part 2 of Article 57 of
Title 11 of the Colorado Revised Statutes, as amended, issue the revenue bond hereinafter
described and loan the proceeds therefrom to the Corporation finance certain healthcare and
low-income housing facilities owned by the Corporation (the "Project"), which healthcare and
low-income housing facilities are located within corporate limits of the County; and
WHEREAS, a $1,650,000 Weld County, Colorado, Development Revenue Bond (Greeley
Center for Independence, Inc. Project), Series 2003 (the"Bond")will be issued, sold and delivered
by the County to the Bank, to provide funds to finance the Project; and
WHEREAS, a public hearing was held on the 3rd day of September, 2003, concerning the
Bond and the financing of the Project,after publication of reasonable public notice of such hearing;
and
WHEREAS,there has been presented to the Board of County Commissioners of the County
the proposed forms of a Financing Agreement, dated as of September 1, 2003 (the "Financing
Agreement"), among the County, the Corporation and the Bank and a Land Use Restriction
2003-3006
Agreement, dated as of September 1, 2003 (the "Land Use Restriction Agreement"), among the
County, the Corporation and the Bank.
NOW, THEREFORE, BE IT ORDAINED by the Board of County Commissioners of the
County of Weld, State of Colorado, that:
Section 1. All action not inconsistent with the provisions of this Ordinance heretofore taken
by any of the County's officials and the efforts of the County directed toward the financing of the
Project, the issuance and sale of the Bond therefor, and loaning the proceeds thereof to the
Corporation therefor be, and the same hereby are, ratified, approved and confirmed.
Section 2. The County shall finance the Project with the proceeds of the Bond in
accordance wit the provisions and conditions of the Agreement.
Section 3. To defray the cost of financing the Project, there is hereby authorized and
created a revenue bond designated as "Weld County, Colorado, Development Revenue Bond
(Greeley Center for Independence, Inc., Project), Series 2003" in the principal amount of
$1,650,000 to be dated the date of its issuance and delivery and bearing interest from its date at
the rate of 10.00 percent per annum through, but not including September 10, 2008, and thereafter
shall bear interest on the unpaid principal balance at a rate equal to the five-year composite
maturity treasury index published by the Federal Reserve Board on September 10, 2008, plus one
half percent (0.50 percent); provided, however, that if the five-year composite maturity treasury
index is no longer published, the Bond shall bear interest on and after September 10, 2008, at a
rate equal to the interest rate on the five-year treasury securities auctioned at the auction
immediately preceding September 10,2008, plus one half percent(0.50 percent); provided further,
that if an Event of Taxability(as defined in the Agreement)shall have occurred, the Bond shall bear
interest at a rate equal to the Wells Fargo Prime Rate beginning on the date which is six months
from the date the Registered Owner thereof gives notice of the Event of Taxability to the
Corporation and, if applicable, adjusted again to the Wells Fargo Prime Rate on September 8,
2008. The maximum net effective interest rate on the Bond shall he 15.0 percent.
The Bend will mature on September 10, 2013. Principal of and interest on the Bond shall
be payable on the 10th day of each month, commencing October 10, 2003, as provided in the
Agreement. The Bond will be issuable as a fully registered bond in accordance with the provisions
of the Act and the Agreement.
The Bond shall be subject to redemption prior to maturity and shall be in substantially the
form provided in the Agreement. The Bond shall he sold to the Bank in a negotiated, private sale
at a purchase price of $1,650,000.
Section 4. The following determinations and findings,based upon information supplied and
representations made by the Corporation are hereby made in accordance with the Act::
A. The estimated principal of and interest payments on the Bond (based upon the
initial interest rate)are set forth in Appendix A hereto. The Agreement provides that
the Corporation make loan payments sufficient to make timely payments on the
Bond.
B. The terms of the Agreement pursuant to which the County will loan the proceeds
of the Bond to the Corporation provide that the Corporation shall cause the
healthcare and low-income residential facilities being refinanced to be maintained
in good repair and shall carry all proper insurance with respect thereto.
C. The revenues payable under the Agreement are sufficient to pay all other
requirements of the Agreement and this Ordinance.
D. No reserve fund shall be established for the Bond.
E. The residents of the residential facilities being refinance by the Bond constitute low-
and moderate-income families or persons within the meaning of the Act.
Section 5. The form, terms and provisions of the Agreement be and they hereby are
approved, and the County shall enter into the Agreement substantially in the form of the Agreement
presented at this meeting, but with such changes therein as the officers of the County executing
the Agreement shall approve, their execution thereof being deemed conclusive of their approval
of any such changes, and the Chair of the Board of County Commissioners or the Chair Pro-Tem
of the Board of County Commissioners is hereby authorized and directed to execute and deliver
the Agreement and the Clerk to the Board or any Deputy Clerk to the Board is hereby authorized
and directed to affix the seal of the County to, and to attest the Agreement in substantially the form
of the Agreement attached hereto.
Section 6. The form, terms and provisions of the Land Use Restriction Agreement be and
they hereby are approved, and the County shall enter into the Land Use Restriction Agreement
substantially in the form of the Land Use Restriction Agreement presented at this meeting, but with
such changes therein as the officers of the County executing the Land Use Restriction Agreement
shall approve, their execution thereof being deemed conclusive of their approval of any such
changes, and the Chair of the Board of County Commissioners or the Chair Pro-Tem of the Board
of County Commissioners is hereby authorized and directed to execute and deliver the Land Use
Restriction Agreement and the Clerk to the Board or any Deputy Clerk to the Board is hereby
authorized and directed to affix the seal of the County to, and to attest the Land Use Restriction
Agreement in substantially the form of the Land Use Restriction Agreement attached hereto.
Section 7. The form, terms and provisions of the Bond, in substantially the form contained
in the Agreement, be and they hereby are approved; and the Chair of the Board of County
Commissioners or the Chair Pro-Tem of the Board of County Commissioners is hereby authorized
and directed to execute the Bond, the Clerk to the Board or any Deputy Clerk to the Board is
hereby authorized and directed to attest the Bond and each is authorized to deliver the Bond in the
form contained in the Agreement but with such changes therein as the officer of the County
executing the Bond shall approve, his execution thereof being deemed conclusive of his approval
of any such changes. The seal of the County is hereby authorized and directed to be affixed to or
imprinted on the Bond. The signature of the Chair of the Board of County Commissioners or the
Chair Pro-Tem of the Board of County Commissioners or the signature of the Clerk to the Board
or any Deputy Clerk to the Board on the Bond, and the County seal, may be a facsimile.
Section 8. The officers of the County shall take all action which they deem necessary or
reasonably required in conformity with the Act to finance the Project which is hereby authorized,
and for carrying out, giving effect to and consummating the transactions contemplated by this
Ordinance, the Agreement and the Land Use Restriction Agreement, including without limitation
the execution and delivery of any closing documents to be delivered in connection with the sale and
delivery of the Bond.
Section 9. The cost of financing the Project will be paid out of the proceeds of the Bond.
THE BOND AND THE INTEREST HEREON SHALL NEVER CONSTITUTE THE DEBT,
INDEBTEDNESS OR MULTIPLE FISCAL YEAR OBLIGATION OF THE COUNTY WITHIN THE
MEANING OF ANY PROVISION OR LIMITATION OF THE CONSTITUTION OR STATUTES OF
THE STATE OF COLORADO OR THE HOME RULE CHARTER OF THE COUNTY, AND SHALL
NEVER CONSTITUTE OR GIVE RISE TO A PECUNIARY LIABILITY OF THE COUNTY OR A
CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POWERS.
Section 10. Pursuant to Section 147(f) of the Internal Revenue Code of 1986, as
amended, the Board of County Commissioners hereby approves the issuance of the Bond and the
financing of the Project.
Section 11. The County, including any entities acting on behalf of or subordinate to the
County, does not anticipate issuing more than $10,000,000 of tax-exempt obligations during the
calendar year 2003, which is the calendar year in which the Bond is issued. No proceeds of the
Bond will be used in a manner which would cause the Bond to be a private activity bond (other than
a "qualified 501(c)(3) bond"). Accordingly, the County hereby designates the Bond as a "qualified
tax-exempt obligation" pursuant to Section 265(b)(3)(b)(i) of the Internal Revenue Code of 1986,
as amended.
Section 12. After the Bond is issued,this Ordinance shall be and remain irrepealable until
the Bond and interest thereon shall have been fully paid, cancelled and discharged.
Section 13. If any 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.
Section 14. All bylaws, orders, resolutions and ordinances, or parts thereof, inconsistent
herewith or with the documents hereby approved are hereby repealed to the extent only of such
inconsistency. This repealer shall not be construed as reviving any bylaw, order, resolution or
ordinance, or part thereof.
Section 15. Due to fluctuations in municipal bond prices and due to currently favorable
interest rates, it is hereby declared, in the opinion of the Board of County Commissioners and
pursuant to Section 3-14 of the County's home rule charter, that an emergency exists; and,
therefore, this Ordinance shall be in full force and effect upon its passage.
Published: August 14, 2003, in the South Weld Sun
Read and Approved: September 3, 2003
Published: September 11, 2003, in the South Weld Sun
Effective Date: September 3, 2003
Appendix A
Estimated Schedule of Principal and Interest Payments
Calendar Year Principal Payment Interest Payment Total Payment
2003 $ 13,251.87 $17,690.13 _ $ 30,942.00
2004 54,452.69 69,315.31 123,768.00
2005 56,840.85 _ 66,927.15 123,768.00
2006 59,333.76 64,434.24 123,768.00
2007 61,936.00 61,832.00 _ 123,768.00
2008 64,652.37 59,115.63 123,768.00
2009 67,487.87 56,280.13 _ 123,768.00
2010 70,447.73 53,320.27 123,768.00
2011 73,537.40 50,230.60 _ 123,768.00
2012 76,762.58 47,005.42 123,768.00
2013 1,051,296.88 33,052.68 1,084,349.56
Total 1,650,000.00 $579,203.56 $2,229,203.56
•
Oltramitnp.27e 1YNEREAS,GreeteyCe ter Section d To defray the
I MATTER OF AN for Independence. Inc., a .cost of financing the a ad R
EMERGENCY Colorado non-profit (+object, there ie hereby 7lheanm atlheAOe•aa�t
O R D I N A N C E le which the
corporation (the I revenuzed and reand e �:the'
AUTHORIZING ' THE CorPcntion') Me revenue bad defigawal ortr Bedded.
Presented to Weld County, as 'Weld County. p10e••te
STATE OF COLORADO ) ISSUANCEAND an010ro SALE OF Colorado(the'County')• Colorado, Developmentcowed provide es
theCetpretionshallasum
COUNTY, COLD proposal whereby Me Revenue Sand (Greeley
5.s. County will,pursuant kith, center to independence the healthcare and
DEVELOP
COUNTY OF WELD �_ •MP Act erne the shpph,M„IM ice, cntici,senor g00T• Ism- haeda rii10i t1
Much 7ciTM,Pats ntrpotob at dsebewne1n9
REVENUE ■ONO of Artist BT or TS 11 b S1,610,000 to be the bhnndla la a
(GREELEr ENCL comma* the Colorado Revised deed M its issuance and repot ad anti all
Ruth Pelton-Roby, as manager of Pelton INDEPENDENCs, HID, Statutes, as mended, delivery and bearing Prop• ins°'anw 1HD
Publishing Company LLC, being duly F11DAE&nsaass as 11sUe the revenue bad MSS from its daleora wantawn•
RATIFYING dans heresMAen described and Ma of 1000 perhar•sr
sworn, states that it is publisher of the ACTOR XEA7etvIDRE loan•ft a proceeds mum hough, but nor 0
TAIRN; AU The revenues payable
South Weld Sun, a weekly newspaper THE Earl sys CorpaaionfinancecaM1an end SBp1mnesln a +,hell under the Ave«nbn are
published in Keenesburg in said County DEuvERY MY THE healthcare andlow-incah beer interest on the w.d sufficient to pay at other
_COUNTY OP A "g1eHp fealtteaalliedM crass',encomium. requirements of the
and State; that said newspaper has a ruAlcMfo he Corpdrehon (N, eweto the fireryaa Agreement and this
general circulation in said County and has A LAND see l»••�e ovawrm.niyesuy ^•Ke
R I C T t O N and low-income 'quoin(' index Mrann am Iecalad rodeo�rve Board bY a, n
been continuously and uninterruptedly AOIaMEIRARi11b1 �°,b limits
Si Septenbe 10 2006 plus 'B 1 be
published therein, during a period of at Sam
e EE WW I T H; Couty;kid one half . percent tea& the
(0.50 percent); provided,
least fifty-two consecutive weeks prior to APPROVING CERTAIN
A I N ++b+MEAs, y al obr o, year c, tnet a the five- E
OF C C L L T A 1 Y Vvld Cary Cdor•de year mmdea is ml nger r si residents of tng
the first publication of the annexed notice; A N e A L rd.,R r residential facilities being
D O Cu'M E N t 5 ; DevbpnmM Revenue publishe index Bondisno longer the Bond
that said newspaper is a newspaper INS .AMY Bad(Owe*Cstr for boar inter t shall manna ey
within the meaning of the act of the ACTION HMETOPORE . Independence, Inc. bee interest°"and.Ter cornonstitute Jo w-
General Assembly of the State of TAKEN IN CONFLICT- : Pmjea),Satin 2003(rs dermo sue' tDth�� a Paaone within the
HEREWITH;--AflC, 'Bone)will be issued,sold rate or, the five-yob meaning of the-Act.Colorado, entitled "An Act to regulate the DECLARING AN end delivered by lie treasury securities
EMERGENCY County to the On b sodesdat the nudes aeatone.TM font\tones
printing of legal notices and prwldennostosarons sestets preceding bad previsions of the
advertisements" and amendments BE IT ORDAINED BY THE Prgc and September 10.200S,pore Hebnend be and they
WARD OF COfMTY YINDREAl, a public one half percent (0.50 'UMW w appro°M,end
thereto; that the notice of which the COMMISSIONER OF„-,ha REAS, a att.' perest'provided further, tp..�w�abarheIT
annexed is a printed taken from said THE COUNTY OF MAD, Dell "taMMenEvent ofTaha d*
copy STATE OF COLORADO: day a **tenib . fns". (es defined in the in the form of the
newspaper, was published in said w orhephenB°nd Ind egr•aaan) shall Si. Vas* Present* at
SEAnewspaper, and in the regular and entire can,AS, the Bawd at ISSallasing publicthHon at ala aOe1ed,She Bond shell Ildil mod%rein h sun
g County Commission=M Wm'Safest M a rem equal WNW* therein as an
issue of every number thereof, once a the County a Wet'as g; nolltab w M Weds Fargo Prime Scars of the county
/ a Cello et teSlat to sicd Itai•bpming sad a shallanld the e, t
week for f successive weeks; that Colorado sy H•and d. Sidi is six marts from shall approve, their
said notice was so published in said Weld County Hama Rode A to don e B a lliffilth al'° des is R•pissed aapba thereof beam
anew,is vested wild. c°mmissiaMs d Owner threof gives notice deemed cef en S.
...unit
proper and not in any authority a adminioillnt vinni the teatr the pnapeew amp Epos
rat rayabs if apprwat SCMaaMM
the agar of Walt Cary, the Cale, alis ad, t to Se
supplement thereof, and that the first Colorado,and forms of • Firming)
.pp i Aare e0tn d. red a Canty
Aeptent s, dated es M to the Wells Fargo Rsma pr-T e.of t ad.Chw
publication of said notice /aS aforesaid, "ERE"' °auti„ and s.p.mMr 1, 20oB (d. Rate n September S PasTelm b the rod a
was on the _ __day of municipalities in the State Pnohcinp Agr•smwt)• TWO, The mimes M Cant' Caen.... Is
of Colorado (the "State) among to Cully, tm adeMve interest nab_m hereby authorised Ind
2003, and the last we yono by C°100°00*•Lend or Mr r d shall h ay) directed a •new• and
county all authorized yP the and•Lang Use paean. delver the Agana and
Bond Development
Stvenue Agraiment-d Rte SMtamom 1, ass' (the no send will"Wen the Clerk Deputy
to d Of
M s
on t e day of 2003. ye of Colorado Revised 'Land Um Reediathen aaPlemMar to, sit roam anetead
statutes,as amerded'(Ol- aareanain an the ►ArayalcladiMwwn Ind diced t°Arai he
'Aar), to Mans Yard Colony, Om Carptsolom d.seed shill bo teeebe soot scours*and
sal—
buildings or other SWIM Emit IS �ha �a to attest the Apronhentn
PELTON PUBLISHING COMPANY LLC improvements end substantially lhelom°Me
properties suitable Of teed NOW,TXEREFORF.lift Oelebe to. fl n Agreamat Mad*hereto.
fora in connection with OIIOAINED by the Sass a pieta in the pent
By t -�_. 1haalrcae'militia and Only Commissioners of m.dad sus nose Eeseone.The form,terms
..C.. refinance obilgadeee .d.County of Weld,SW* eepedyreWeattb••t n ; and provisions ef the Lend
Ruth Dclto.. oby previously incurred to of Colorado,that wardens' eta She Use Restlalah Agreerrdnt
fiswwsunProWrtiw,n retie 1. All action not ptet^lone Snow ono • be and they hereby ire
to the end the can Inconsistent with the annaneaman approved,and the Canty
Its: Manager cantles and mnimism es piovtsions of this shall enter bhki the Wit
may be able to IYSMne ordinance her a Wan The Bond slue be SOSto Use Rsebclbn Agreement
t
economic new* W, by any of the cam., to nhg redbn Pn1r to substantially in en lama
inducing nonprofit sobs and ti„at,of
mat" end net be n ,yyM Land Use Restriction
Subscribed and sworn to before me this rcrperetions to locate, the County dimmed Wiwi subskiMtally d.' form 7Gletthat Weesessd at
aged or rnalh in the the financing of the Projc, Provided Intel Agri*** We meet,but eta such
ea for the beStt of ehe the'nun. and end The Sad NW S colt to
"
4 day of k nw t , 2003. , ,ts dine State and' the poop herefor,
d t all the Bo n a •mottled
//ll for Ma Prom**of theg loaning the amends private 5S a pia1Mn
tae i, eddy. wvta . thereof to the Maa Ca a rpheoN•eoM. .
convenience end tQMerbe asses
1��j� /� ��,7 // �y �) pies StY ant hereby are, ruined, r•En 4 The fo1olag
1 I LL mi IL ( &m ill) i{{�-- eppmved adwtirmed. determinations and
Notary Public WISMAR the Act finlw findings, boa W on ermation
My Commissio arm such mutes react 2 od
The Cagy
attl naaycip•litn to issue dull finance the'Pte1ed repreerintations d.corpora •rem�y
mMFam bonds for the with the proceeds of the
9 described above, ENS in etemdasteaa Mewaft n accord once*4th
n inciaatN linens led dwwlar the Art: •
Ica oIAAr\•-a t expenses ,incurred In ,ad.AOea•wL
!1 •.to loeMnO bands a nave tlo a,g",a erj prinapel a
o : Sae :33 = d.paymn(aaRn beds essuelseduillies d: £ a provided n tlhe Act.and ode vrnheme°A.
K, PusL.%�/';$' to order Mhafi iimpihMotao Sal tssMeN itrom�
J•' finenPrid
agreements S O in ADpenda A hereto.
�' MOOS tthe o payaaClPMml bonds Ahat the ion
(1!4.000104.
NW half/ and
'-'4evaesriw amiddlerMm. oar loanmas limey PM**on
dawn Selma.end the Bond.
da
6a
awes .alto SOW Sorkin A The OW of, -. i
htllde A tie es* Financing ma Sawn TA Al Ware,
ears to Lang tie pad out oft . oohs. magma said
IMORIBRIA4Poreaftpll ph Bond.THE oytalrlenCee, or prep
sppreae, their areirart 114E INTEREST thereof. tnponsi.tent
nano? bang da nlet *N ALL L L N E A-,1 her.*lth or with the
wneloRye A lhataNlwtel EANS1ITUTE THEME, documents hereby
of an such dooms,art INDEBTEDNESS OR approved are hereby
to ark of the BaSiUOF MULTIPLE FISCAL repealed to the extra*
Corey Eo misaglil far CSIGATION OF of such inconsistency.Tae
M Cear Pro-Tem Moir OM:NTY WITIUN repealer shell foe le
Beard of Delray MOANING OF A eheuMed as revivigre
CMeaowrrs Is trued' PROVISION SR brra,order,resdkaoe or
flamed aid dinar*to LIMITATION OF esepetr,.or pan rarer:_
minute and delivr'.er CONSTITUTION;GA
Land U . R.atrkMai ittATUTES OF NE Seam 16. Ode to
Agreement ern the Chair MALE OF COLOl!$C distaallre in nudes
the Board or any Dark_ MR THE HOME MLR bed pees and due to
Clerk to to B CHASTER OF. THE srtty favorable interest
hereby authorized UM AND SHALL SAS hereby declared,
directed to aTa SEMIS ': CONSTfTUTE OR y.
Mon opinion of the Board
to. WN RISE TO A et tray Cerornissiorae
the Lana Use Rattan UABILITYOF saitleeWato Section 3-
Agreement in substantially TNB COUNTY OR A le or M Countys home
the form of the Lend Use �ACREDIT ITS tae drlter. that. an
Restriction Agreement CREDIT OR eeelrproy airs: an,
attached hereto. RS. -Will
it b s, this Ordinance
be InNCI force and
Section T.me atom,tour* SOWN�W.AI F17�pulrt to effect upon its passage.
and provisions of the Bad �n,Reyrer.IF OM WELD COUNTY,
in substantially tar tarot `
contained In Ore' r $6 ...rmr COLORADO
Agreement, be am erg elf of Dating BOARD OF COUNTY
Araby we epproaeR eel, fleasaissanars Meg COSSWgNERS
the Chair of the held of A/Mes-dr i of
County Commissaries r On Rata the_11,S t - Anna 14,
the Chair'Pro-Tem A M -.alas l:. . M in no sour WA0
Board of county rzir
Commissioners a twig
authorized end It t i to Bniooe 14• Ntei and Appreyetl:
asaane ins Bond,NOerk o ofom4.
SNbeear 3,2003
to the Board or any Deputy to to Count
R14
Clerk to the Bar is
ash M
endanticipate
September 11,
hereby authorized d Sara 610,000.00E d imp apt a, r Vie sS,W. h Weld
rand to soar tee land exempt oNpeooe dee0 ..
a each is authotlM to phe calendar year 2003, (O
deliver th
e Boar Mtann ,Myf3tNtle calendar year Effetely. Date:
Otairssed ntheAgreenent train d Bo
nd is issued. Seatefiter 3.2003
but with such chimes
goer as the ofaofthe wit
b of me Bad
Casey executing Selland wR be used r a manner
rsn� "math read cause'the
lror bang
veer fled bondr store activity
aclusia Ate w bgnt (other than .
rd nasal 7h. -AoasetWt(p. Cou�y
tmrRnply, the Casty
se. of the , Assn designate* the
liemby
aWa ism.direated to be wan*Spiredonto Iotedlon2S6(bK3Nb�t f
alpare nth to Marna Ravenue,Code
Beard of of 1068,esanerded,
Cneassionra
►'"fs" of p . SaAan%AMrbl♦nt
CommaMe signature N bred, this Ordeal
M Bond a hat g be and .sr6ein
Can to the ArnipONble until SO SO
S end widths - and interest threat IRO
ey Gataeaeiee.. Mn. been faty-}alt,
ypI1RSp6dlp dirliMei.
Won0. Tha . x -
lila County A ilnylsy
✓oan which
�yl subie ,
eleleray or En,
amass,w ed ed ro in ntormiti Ni i pram ce tee.
N Ad to finance the 1160001.0 for awned*
Farrago %ludo is treeby bedded td lr
aultaized,.rda ones, 61611
out caving Sea �, FM not 514Ses
consummating th1! -.O;the nenaltet/
transactions WeOrpleaq .TMBaaid
by toss Ordinroe. ;Commissioners
Agreement and the that- t
Use ReatridianA waded this
mixing._ In each and
the aAdrn ant. ' , subsection,
deny dosinpdouatat - sentence,
be delivered in connection .and phrase thereof
antis sale end delivery of Inapedrve A OS fad that
the Bail. _ as one or more sections,
subsections, paragraphs,
S to no", douses, a
lesbess might be dreadr
teas uhooroturar-r
race.
NOTICE OF PUBLIC hEARING
CONCERNING A BOND TO FINANCE A PROJECT FOR
GREELEY CENTER FOR INDEPENDENCE, INC.
Docket#2003-65
Notice is hereby given that Weld County, Colorado (the "County")will conduct a public hearing
concerning the approval of the issuance by the County of its Development Revenue Bond(Greeley Center
for Independence,Inc.,Project)Series 2003,in the aggregate principal amount of$1,650,000(the"Bond"),
for the purpose of refinancing the cost of a warm water therapy center and administrative facility located
at 2780 28th Avenue, Greeley, Colorado ($870,000) and low-income residential facilities located at
2730 28th Avenue, Greeley, Colorado ($200,000) and 1726 8th Avenue, Greeley, Colorado ($575,000)
(collectively,the"Project") which will be owned and operated by Greeley Center for Independence. Inc.,
a Colorado nonprofit corporation (the "Corporation").
The Bond will constitute a special,limited obligation of the County payable solely from revenues
derived by the County pursuant to a Financing Agreement among the County, the Corporation and Wells
Fargo Bank West, N.A. (the "Lender"), or collateral provided by deeds of trust and security agreements
from the Corporation for the benefit of the Lender.The Corporation will be the initial owner and operator
of the Project.
All interested persons within the County are invited to present comments at a public hearing
regarding the issuance of the Bond and the Project being financed thereby.The public hearing will be held
on September 3,2003,at 9:00 a.m.at the County Commissioners Meeting Room,915 10th Street,Greeley,
Colorado 80631. Written comments to be presented at the meeting may be sent to the County at 915 10th
Street, Greeley, Colorado 80632.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
DATED: August 8, 2003
PUBLISHED: August 14,2003, in the South Weld Sun
2003-2558
r
STATE OF COLORADO)
)s.s.
COUNTY OF WELD
NOTICE OF PUBLIC re^' ' 'Q the cwt of a
hEARING CONCERNING warm watt t^IWI center
Ruth Pelton-Roby, as manager of Pelton A BOND TO FINANCE A end adminishative facility
PROJECT FOR GREELEY' located at 2780 28th
Publishing Company LLC, being duly CENTER FOR Avenue,Greeley.Colorado
sworn, states that it is publisher of the INDEPENDENCE,INC. 15870,000)and low-income-
residential facilities located
South Weld Sun, a weekly newspaper Docket noose at 2730 28th Avenue,
Greeley, Colorado
published in Keenesburg in said County Notice is 0) ant 1726
7 6 8th
do
and State; that said newspaper has a hereby given that Weld AvataunueoG)(weotoly,tee
County, Colorado (the •proper);hid, will be
general circulation in said County and has "County) will condor a named and operated ey
been continuously and uninterruptedly public hearing concerning Greeley Center for
P Y the approval of the Independence. Inc., a
published therein, during a period of at issuance by the County of Colorado nonprofit
its least fifty-two consecutive weeks prior to Bona (Greeley enter velopmefaiRerientor corpora", (the
Independence, Inc., Corporation)'.
the first publication of the annexed notice; IndProtependenct)Sense 2003,inthe
that said newspaper is a newspaper •ggregateprincipalsmoum The Bond will _
of 51,6`50,000(the'Bond'), constitute aspecial,limited
within the meaning of the act of the for the purpose of obligation of the County
Payable solely from
General Assembly of the State of
revamwe derived by the
Colorado, entitled "An Act to regulate the County pietist to a
printing of legal notices and Financing Agreement
among County, the
advertisements" and amendments Corporation Wells
th
Fargo r), West,N to eral
thereto; that the notice of which the provided or ofbust
annexed is a printed copy taken from said provided by depds ewer
and aeasity agreements
newspaper, was published in said hanMeCorporetionforule
benewspaper, and in the regular and entire Corrportine II be.The
9 Corporation wig p the
of every number thereof, once a a'theProjBr and'pe'•tor
ect.
week for t successive weeks; that
said notice was sopublished in saidAll he' ouy
persons within the County
newspaper proper and not in any are invited to present
comments at a pudic
supplement thereof, and that the first hearing regarding the
issuance of the Bond and
publication of said notice as aforesaid, the project being financed
was on the LY_day of thereby.Thepudkheenng
n will be held on September
F tttic{ 2003, and the last 3,2003,at 9:00 a.m.at the
County Commissioners
Meeting Room, 915 10th
on the day of , 2003. Street Greeley. Colorado
80631.Written comment,
to be presented at the
meeting may be dent to the
PELT PUBLISHING COMPANY LLC County 6T415 18th Street
rI County at 41518 Scree..
By / y l COMMISSIONERS BOARD OF COUNTY
N�. WELD COUNTY,
Ruth Pelton-Roby COLORADO.
DATED:August 6,2003
Its: Manager PUBLISHED:August 14,
2003, in the Sad,Weld
Sun
Subscribed and sworn to before me this
14 day of I , 2003.
Glary Pu c
My Com scion expires: 12/1707
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