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Home My WebLink About810674.tiff 5748E WELD COUNTY, COLORADO RESOLUTION Adopted: April 6, 1981 SUPPLEMENTING RESOLUTION ADOPTED NOVEMBER 24, 1980 ; APPROVING A SERIES B FINANCING AGREEMENT WITH AIRPORT DEVELOPMENT CORPORATION D/B/A TRI-COUNTY HANGAR CO. , A SERIES B TRUST INDEN- TURE, A PARTICIPATION AGREEMENT, AND A BOND PURCHASE AGREEMENT IN CONNECTION WITH THE ISSU- ANCE OF $99, 400 AGGREGATE PRINCIPAL AMOUNT OF ECONOMIC DEVELOPMENT REVENUE BONDS (TRI-COUNTY HANGAR CO. PROJECT) 1981 SERIES B, AND AUTHORIZ- ING THE EXECUTION AND DELIVERY THEREOF; AUTHORIZ- ING AND DIRECTING THE ISSUANCE AND DELIVERY OF SUCH BONDS; PROVIDING FOR THE PRINCIPLE AMOUNT, NUMBERS, PROVISIONS FOR REDEMPTION AND MATURITY OF, AND RATE OF INTEREST ON, SUCH BONDS; REQUEST- ING THE TRUSTEE TO AUTHENTICATE SUCH BONDS; DETERMINING REVENUES TO BE PAID FOR SUCH PROJECT; AUTHORIZING INVESTMENTS BY THE TRUSTEE; AUTHORIZ- ING AUTHORIZING INCIDENTAL ACTION; AND REPEALING INCONSISTENT RESOLUTIONS. WHEREAS, the County by resolution adopted November 24, 1980 (the "Project Resolution) declared its intention to author- ize the issuance of its bonds pursuant to the County and Munici- pality Development Revenue Bond Act (the "Act") to finance the construction of certain aircraft hangar facilities (the "Project" ) for Airport Development Corporation d/b/a Tri-County Hangar Co. (the "Company") ; and WHEREAS, the County has determined that the Project will promote the public purposes of the Act; and WHEREAS, in futherance of the Project Resolution and to assist in the permanent financing of the Project, the County has determined to enter into a Financing Agreement dated as of May 1, 1981 pursuant to which the County will issue $975, 000 aggregate principal amount of its bonds to be known as "Economic Development Revenue Bonds (Tri-County Hangar Co. Project) , 1981 Series A" (the "Series A Bonds") under and pursuant to a Trust Indenture dated as of May 1, 1981 with The Colorado National Bank of Denver, as trustee, and enter into a Note Purchase and Servicing Agreement dated as of May 1, 1981 to use the proceeds of the Series A Bonds to purchase the Company' s Note, guaranteed by the Farmers Home Administration of the United States Depart- ment of Agriculture, evidencing approximately 90% of a loan for the permanent financing of the Project, all of which the Board of County Commissioners has approved by separate resolution of even date herewith; and WHEREAS, also in futherance of the Project Resolution and to assist in the permanent financing of the Project, the County has determined to enter into a Series B Financing Agreement dated as of May 1, 1981 (the "Financing Agreement" ) 810674 pursuant to which the County will (i) issue $99, 400 aggregate principal amount of its bonds to be known as "Economic Develop- ment Revenue Bonds (Tri-County Hangar Co. Project) , 1981 Series B" (the "Series B Bonds" ) , and (ii) enter into a Participation Agreement dated as of May 1, 1981 (the "Participation Agree- ment") to use the proceeds of the Series B Bonds to purchase a 100% participation in the Company' s Note evidencing approxi- mately 10% of a loan for the permanent financing of the Project; and WHEREAS, the Series B Bonds are to be issued under and pursuant to a Series B Trust Indenture dated as of May 1, 1981 (the "Indenture" ) to The Colorado National Bank of Denver, as trustee (the "Trustee") ; and WHEREAS, Silverado Savings & Loan Association (the "Purchaser") proposes to purchase the Series B Bonds at a price of 100% of the principal amount thereof for its own account pursuant to a letter agreement (the "Bond Purchase Agreement") with the County, and the Company has approved such purchase and will join in said Bond Purchase Agreement; NOW THEREFORE, BE IT RESOLVED, by the Board of County Commissioners of Weld County, Colorado, that: Section 1 . APPROVAL OF FINANCING AGREEMENT, INDEN- TURE, PARTICIPATION AGREEMENT AND BOND PURCHASE AGREEMENT. The forms of the Financing Agreement, the Indenture, the Participa- tion Agreement and the Bond Purchase Agreement presented to this meeting (copies of which shall be filed with the records of the County) are hereby approved, and the Chairman of the Board of the County Commissioners (the "Chairman" ) is hereby authorized and directed to execute and deliver, and the County Clerk and Recorder (the "Clerk" ) is hereby authorized and directed to affix the seal of the County to, and attest, documents in substantially such forms upon the terms and conditions set forth therein with such changes therein as such officers shall approve, such approval to be evidenced by their execution thereof. In accordance with the requirements of the Act , the County hereby determines that the following provisions shall be set forth in the form of Indenture hereinbefore approved, which form is hereby incorporated herein by reference as if set forth herein in full : (a) Custody of the proceeds from the sale of the Series B Bonds, including their investment and reinvestment until used to defray the costs of the Project; (b) The creation of funds or accounts into which any Series B Bond proceeds, revenues and income may be deposited or credited; (c) Limitation on the purpose to which proceeds of any Series B Bonds or additional Bonds may be applied; (d) Limitation on the issuance of additional Bonds , the terms upon which additional Bonds are issued and secured, the refunding of Bonds and the replacement of Bonds ; -2- (e) The procedure by which the terms of any contract with Bondholders may be amended or abrogated; (f) Vesting in the Trustee such properties, rights, powers and duties in trust as the County determines and limiting the rights, duties and powers of the Trustee; and (g) The rights and remedies available in case of a default to the Bondholders or to the Trustee under the Financing Agreement or the Indenture. In accordance with the requirements of the Act, the County hereby determines that the following provisions shall be set forth in the form of Financing Agreement hereinbefore approved, which form is hereby incorporated herein by reference as if set forth herein in full : (a) The fixing and collection of revenues from the Project ; and (b) The maintenance and insurance of the Project . Section 2. ISSUANCE OF BONDS. The issuance of the Series B Bonds is hereby authorized. The form of the Series B Bonds set forth in the Indenture is hereby approved; the Series B Bonds shall be executed with the manual signatures of the Chairman and the Clerk; and the Chairman is hereby autho- rized and directed to execute and deliver, and the Clerk is hereby authorized and directed to affix the Seal of the County to, and attest, the Series B Bonds in substantially such form with appropriate insertions and variations, and the seal of the County is hereby authorized to be affixed thereon; and the Chairman is authorized and directed to deliver the Series B Bonds to the Trustee for authentication under the Indenture and, when they have been authenticated, to deliver them or cause them to be delivered to the Purchaser pursuant to the Bond Purchase Agreement against receipt of the purchase price plus any accrued interest due and to deposit the amount so received with the Trustee as provided in the Indenture. Section 3 . TERMS OF BONDS. The Series B Bonds shall be in the aggregate principal amount of $99, 400 , shall be dated May 1 , 1981, shall be issued as fully registered bonds without coupons in denominations of no less than $25, 000 , shall mature on November 1 , 2001 , shall amortize as set forth below and shall bear interest at the rate of 15% per annum, such interest to be payable on May 1 and November 1 of each year commencing November 1, 1981 . In accordance with Section 6 of the Act, the County hereby determines that the actual maximum net effective interest rate of the Series B Bonds does not exceed the authorized maximum net effective interest rate therefor, which is set at 15% per annum. The numbers and provisions for redemption of the Series B Bonds , the registration and exchangeability privileges, the medium and place of payment, and the priorities in revenues of the County, shall be as set forth (a) in the aforesaid forms of such Bonds which forms are hereby approved and incorporated herein by reference as if set forth herein in full , and (b) in the form of the Indenture hereinbefore approved and incorporated. -3- Installment Principal Installment Principal Date Amortization Date Amortization (November 1) Amount (November 1) Amount 1981 $ 835 1992 $ 3 , 892 1982 962 1993 4, 476 1983 1 , 106 1994 5, 148 1984 1 , 272 1995 5, 920 1985 1 , 463 1996 6, 808 1986 1 , 683 1997 7 , 829 1987 1 , 935 1998 9 , 003 1988 2, 225 1999 10 , 354 1989 2, 559 2000 11 , 970 1990 2, 943 2001 13, 695 1991 3, 385 Section 4. DETERMINATION OF REVENUES. In accordance with the Act , it is hereby determined that (a) in view of the ownership of the Project by the Company and the consequent subjection of the Project to ad valorem taxes, no amount is necessary for payments in lieu of taxes and, (b) no more than the following amounts, in addition to the amounts set forth in Section 3 hereof, will be necessary for the payment of principal and interest on the Bonds : Year Interest Due Year Interest Due 1981 $ 7, 455. 47 1992 $11 , 854. 81 1982 14, 784. 81 1993 11 , 270 . 81 1983 14, 640 . 81 1994 10, 598 . 81 1984 14, 474. 81 1995 9, 826 . 81 1985 14, 283. 81 1996 8 , 938 . 81 1986 14, 063. 81 1997 7, 917. 81 1987 13, 811. 81 1998 6 , 743 . 81 1988 13, 521 . 81 1999 5, 392. 81 1989 13, 187. 81 2000 3, 839. 81 1990 12, 803 . 81 2001 2, 053 . 81 1991 12, 361 . 81 TOTAL ( Including Principal Payments) : $323 , 228, 67 . Section 5. AUTHENTICATION OF BONDS. The Trustee is hereby requested to authenticate the Series B Bonds and to deliver them to, or upon the order of, the Chairman. Section 6 . INVESTMENT OF FUNDS. The Trustee shall , by virtue of this Resolution and without further authorization from the County, be authorized, directed and requested to invest and reinvest all moneys available therefor held by it pursuant to the Indenture, which by the terms of the Indenture may be invested, or to deposit and redeposit such moneys in such accounts as may be permitted by the Indenture, all subject to the terms and limitations contained in the Indenture. Section 7 . LIMITED OBLIGATION. AS REQUIRED BY THE ACT, THE SERIES B BONDS SHALL BE SPECIAL OBLIGATIONS OF THE COUNTY, PAYABLE SOLEY FROM THE REVENUES DERIVED FROM THE PROJECT, AND SHALL NEVER CONSTITUTE THE DEBT OR INDEBTNESS OF THE COUNTY OR THE STATE OF COLORADO OR ANY POLITICAL SUBDIVISION THEREOF WITHIN THE MEANING OF ANY PROVISION OF LIMITATION OF THE -4- COLORADO CONSTITUTION, STATUTES, OR ANY HOME RULE CHARTER, AND SHALL NOT CONSTITUTE NOR GIVE RISE TO A PECUNIARY LIABILITY OF THE COUNTY OR A CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POWER. Section 8. INCIDENTAL ACTION. Anything herein to the contrary notwithstanding, the Bonds, the Indenture, the Financ- ing Agreement and the Participation 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 in the forms of said documents all as the Chairman may approve, such approval to be evidenced by his execution thereof. The Chairman and the Clerk are hereby autho- rized and directed to execute and deliver such other documents, and to take such other action as may be necessary or appropriate in order to effectuate the delivery of the aforesaid Financing Agreement, Indenture, Participation Agreement and Bond Purchase Agreement, the performance of the County' s obligations thereunder, and the issuance and sale of the Bonds, provided, however, that any such incidental action shall be in accordance with the foregoing Sections hereof. Section 9. REPEAL. This Resolution shall take effect immediately upon its adoption by not less than a majority vote of the Board of County Commissioners, and all prior resolutions or parts thereof inconsistent herewith are hereby repealed. Duly introduced on motion duly made and seconded, read and adopted upon the affirmative vote of 5 Commissioners at a regular public meeting of the Board of County Commissioners of Weld County, Colorado, held this 6th day of April, 1981 . BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ATTEST: 'Lcaln/ WeldtCounty Clerk and Ch rman, Boar of County Recorder and Clerk to Commissioners the Board/ >162-0 - Pro-Tem, Board of County Commissioners t i > v2 � County C mmissner John Hartin (a'_seit sate signet.) APPROVED AS TO FORM: County Commissioner { - � ILA County Attorney unty Commissioner -5- PR= I . D: April 20 , 1931 BALLARD, SPAHR, ANDREWS a INGERSOLL 30 SOUTH 17TH STREET-20TH FLOOR PHILADELPHIA, PENNSYLVANIA 19103 H.OBER HESS FREDERIC L BALLARD MICHAEL L.LEHR J.DOUGLAS ROLLOW,BS ROBERT R.BATT THOMAS G.B.EBERT 215 564-1800 ROBERT L.ABRAMOWITZ JEFFREY T.CHAPPELLE FRANCIS BALLARD HENRY N.PLATT,JR. JAMES D.COLEMAN ROBERT C.GERLACH TELEX: 63-4532 EDMUND L.HARVEY,JR, RONALD G.HENRY NORMAN H.BROWN STANLEY W.ROOT,JR. JOHN J.TINAGLIA JOSEPH P.FLANAGAN,JR. JOHN B.LANGEL HELEN P.PUDLIN CHARLES I.THOMPSON,JR. OLIVER CALDWELL BIDDLE CABLE: BALLARD STANLEY N.GRIFFITH VINCENT P.HATTON BRUCE L.CASTOR DUNCAN 0.MCKEE CHARLES 5.HENCK. WILLIAM P.SCOTT JOHN 0.BARNS TYSON W.COUGHLIN II01 CONNECTICUT AVENUE,N.W. B.JOHN WILLIAMS,JR. BONNIE S.BRIER PETER M.MATTOON HUGH A.A.SARGENT JILL A.DOUTHETT GERARD W.FARRELL WILLIAM Y.WEBS ROBERT E.McOUISTON WASHINGTON,0.C.20036 ANDREW B.KANE LINDA S.MARTIN LILA G.SIMON GARDNER A.EVANS 202466-5000 GEORGE E.MOORE JEROME C.MURRAY BENJAMIN R.NEILSON MORRIS CHESTON,JR. RICHARD W.NENNO LARRY O.SOBEL THEODORE J.MARTINEAU MATTHEW M.STRICKLER CARD LPN B.BIRO MITCHELL K.BLACK FREDERIC L BALLARD,JR. JOHN R.McCARRON MORRIS CHESTON ROBERT A.GUNTHER BRIAN T.HIRAI LOUIS W.RICKER JOHN M.GARDNER SHERWIN T.MCDO WELL RICHARD L KORNBLITH MARY G.LAWLER BRIAN T.KEIM FREDERIC W.CLARK RICHARDSON BLAIR TIMOTHY D.WOLFE JENNIFER HESS ASHER RICHARD Z.FREEMANN,JR. H.DAVID PRIOR BOYD L.SPAHR,JR. APRIL LEWIS SURE E• ELLEN M.HUYETi WILLIAM X.RHEINER GERALD T.SPAWNER E.CALVERT CHESTON T.WILLEM MESDAG JAMES E.NEVELS ARTHUR MAKADON LAWRENCE J.KRAMER M.CARTON DITTMANN,JR, MARK J.REISMAN JORDAN E.YARETT WILLIAM J.NUTT THOMAS J.O'NEILL O.ALEXANDER WIELAND ROBERT R.BARD LPK DONNA CLAYTON OEMING THEODORE W.MASON MARTIN J.ARONSTEIN _ JOHN BEDFORD KING ARLENE D.FISK ARVIN J.JAFFE ROBERT J.LEWIS CARL H.FRIDY COUNSEL J.RANOOLPH LAW LACE GAIL Y.MITCHELL REGINA O'BRIEN THOMAS JAMES C.OLSON THOMAS B.ROBERTS WILLIAM A.SLAUGHTER J.WILLIAM WIPING,m RHONDA RESNICK COHEN BRUCE H.GILES-KLEIN GARY L.GREEN NEIL J.HAMBURG April 1 5, 1981 PAUL`SEAVE.KAHN ELLIZABETHUW`SCHALL ERIC H.SCH LESS WILLIAM E.TISANO NOT ADMITTED IN PENNSYLVANIA MEMORANDUM TO THE PERSONS IDENTIFIED ON THE ATTACHED LIST Re: Tri-County Hangar Co. Project By letter dated March 30 to Don Warden (carbon copied to Messrs. David, Wilkin, Nielsen and Metz) I delivered two Resolutions, each with a set of documents to be approved thereby, for consideration by the Board of County Commissioners of Weld County, Colorado at its April 6 meeting. I am glad to report that both of the Resolutions were passed with a minor amendment which we requested in Section 8 pursuant to a request of Mr. Wilkin. Copies of each of the Resolutions, as revised, are enclosed with this memorandum. Also enclosed with this memorandum for Messrs. Palmer and Johnson are copies of the Trust Indenture, Financing Agreement, Note Purchase and Servicing Agreement, Underwriting Agreement and Official Statement relating to the County's Economic Development Revenue Bonds (Tri-County Hangar Co. Project) , 1981 Series A, in the aggregate principal amount of $975,000, and the Series B Trust Indenture, Series B Financing Agreement, Participation Agreement and bond purchase agree- ment in the form of a letter agreement relating to the County's Economic Development Revenue Bonds (Tri-County Hangar Co. Project) , 1981 Series B, in the aggregate principal amount of $99 ,400. Wayne Nielsen has tentatively scheduled closing for -May 6 , and if we are to met this deadline, it is very important that we have the comments of the parties on the documents by Thursday, April 23, and preferably sooner. In order to speed things along, I would be glad to take comments by telephone. Please call if there are any questions or problems. Jeffrey T. Chappelle JTC/bdw Encls. Mr. Donald D. Warden Mr. Wayne G. Nielsen Director Municipal Bond Underwriter Office of Finance and First National Bank of Denver Administration of 621 - 17th Street Weld County, Colorado Denver, CO 80217 P.O. Box 758 915 - 10th Street Walter Palmer, Esquire Greeley, CO 80632 Hughes & Dorsey 1600 - First Denver Plaza Blvd. Thomas David, Esquire Denver, CO 80202 County Attorney of Weld County, Colorado Mr. James Metz P.O. Box 758 Siverado Savings & Loan Assoc. 915 - 10th Street 655 Broadway Greeley, CO 80632 Denver, CO 80203 Mr. David B. Wilkin, President William S. Johnson Tri-County Hangar Co. Colorado National Bank Tri-County Airport 17th Street at Champa Terminal Bldg. #1, Box 1146 Denver, CO 80202 Denver, CO 80201 Robert Preeo, Esquire Espirti, Elrod, Katz, Peterson, Schmidt & Preeo 821 - 17th Street Denver, CO 80201 BALLARD, SPAHR, ANDREWS EL INGERSOLL 30 SOUTH 17TH STREET-20TH FLOOR PHILADELPHIA, PENNSYLVANIA 19103 H.OBER HESS FREDERIC L.BALLARD MICHAEL L.LEHR J.DOUGLAS HOLLOW,II ROBERT R.BATT THOMAS G.B.EBERT 215 564-1800 ROBERT L.ABRAMOWITZ JEFFREY T.CHAPPELLE FRANCIS BALLARD HENRY N.PLATT JR. JAMES D.COLEMAN ROBERT C.GERLACH NORMAN H.BROWN STANLEY W.ROOT,JR. TELEX:83-4532 EDMUND L.HARVEY,JR. RONALD 0,HENRY JOHN J.TINAGLIA JOSEPH P.FLANAGAN,JR, JOHN B.LA NG EL HELEN P.PUDLIN CHARLES I.THOMPSON,JR. OLIVER CALDWELL BIDDLE CABLE-BALLARD STANLEY N.GRIFFITH VINCENT P.HATTON BRUCE L.CASTOR DUNCAN O.MCMEE CHARLES S.HENCK. WILLIAM P.SCOTT JOHN 0.KARNS TYSON W.COUGHLIN B.JOHN WILLIAMS,JR. BONNIE S.BRIER PETER M.MATTOON HUGH A.A.SARGENT 1101 CONNECTICUT AVENUE,N.W. JILL A.DOUTHETT GERARD W.FARRELL WILLIAM Y.WEBB ROBERT E MCOUISTON WASHINGTON,D.C.20036 ANDREW B.KANE LINDA S.MARTIN LILA G.SIMON GARDNER A.EVANS 202466-5800 GEORGE E.MOORE JEROME C.MURRAY BENJAMIN R.NEILSON MORRIS CHESTON,JR. RICHARD W.NEN NO LARRY D.SOBEL THEODORE J.MARTINEAU MATTHEW M.STRICKLER ROBERT N B.BIRD MITCHELL IK.R BLACK FREDERIC W. L.KER D,JR. JOHN R.MCCARRON MORRIS CHESTON A.KORNRR BRIAN T.HIRAI LOUIS W.RICKER JOHN M.RI GARDNER SHERWIN T.MCOOWELL RICHARD L.NORNBLITH MARY G.LAWLER BRIAN T,KEIM H. DAVID FREDERIC PRIOR CLARK RICHARDSON BLAIR TIMOTHY OLFE JENNIFER HESS ASHER RICHARD Z.FREEMAN N,JR. X.DAVID E.BOND L.SPAHR,JR. APRIL LEWISI BURKE ELLEN E.NE Eii WILLIAM N.RHEINER GERALD T.BRAWNER E,CALVERT CHESTON T.WILLEM MESONG JAMES E.REVELS ARTHUR J. N LAWRENCE J.KRAMER H.CARTON DITDER WI NN,JR, MARK J.REISMAN JORDAN E.YAOETT WILLIAM J.NUTT THOMAS J.O NEILL D.ALEXANDER WIELAND ROBERT R.BAROLAK DONNA CLAXTON DEMING THEODORE W.MASON MARTIN J.ARONSTEIN JOHN BEDFORD KING J.ARLENE D.FISK ARVIN J.MJAFFE ITCHELL ROBERT J.LEWIS CARL H.FRIDY COUNSEL J. C. PH LAW LACE GAIL Y.MITCHELL REGINA O'BRIEN THOMAS JAMES C.OLSON THOMAS B.ROBERTS WILLIAM A SLAUGHTER J.WILLIAM WIOING,ET RHONDA RESNICK COHEN BRUCE H.GILES-KLEIN GARY L.GREEN NEIL J.HAMBURG GEOFFREY A.KAHN JOHN P.PUCCI PAUL HEAVE ELIZABETH W.SCHALL ERIC H.SONLESS WILLIAM E.TISANO March 30 , 1981 C NOT ADMITTED IN PENNSYLVANIA via Federal Express Mr. Donald D. Warden Director Office of Finance and Administration of Weld County, Colorado P.O. Box 758 915 - 10th Street Greeley, Colorado 80632 Re: Tri-County Hangar Co. Project Dear Don: Enclosed are two Resolutions which we propose to have adopted by the Board of County Commissioners at their regularly scheduled public meeting at 9: 00 a.m. on Monday, April 6th. Also enclosed with each Resolution is a set of the documents to be approved thereby. While the total cost of the Project is expected to be in the neighbourhood of $1, 185, 000 , the Company is only asking the County to assist in financing $974 , 400 of such cost, which represents the amount of the permanent loan for which the Farmers Home Administration has committed to guarantee up to 90% . We are asking the County to authorize two bond issues , the first bond issue in the amount of $975, 000 to purchase the $875, 000 guaranteed portion of the loan and fund a $100, 000 Debt Service Reserve Fund for such bond issue, and the second bond issue in the amount of $99 ,400 to purchase the un- guaranteed portion of the loan. The first Resolution authorizes the issuance of the County ' s Economic Development Revenue Bonds (Tri-County Hangar Co. Project) , 1981 Series A, in the aggregate principal of $975 , 000 , together with the execution and delivery in connection therewith of a Trust Indenture, a Financing Agreement, a Note Purchasing and Servicing Agreement and an Underwriting Agreement. The first Resolution also approves an Official Statement for the 1981 Series A Bonds, the first draft of which is enclosed. The second Resolution authorizes the County' s Economic Development Revenue Bonds (Tri- Mr. Donald D. Warden Page 2 March 30, 1981 County Hangar Co. Project) , 1981 Series B in the aggregate principal amount of $99 ,400 , together with a Series B Trust Indenture, a Series B Financing Agreement, a Participation Agreement and a Bond Purchase Agreement in the form of a letter agreement. In each case, the Re- solutions authorize the execution and delivery of the documents with such changes therein as the officers of the County shall approve. Our intent is to have the documents approved at the April 6th meeting and then close both bond issues on or about May 6th after expiration of the 30-day statutory limitation of actions period provided by the County and Municipality Development Revenue Bond Act. During the iterim, all parties and their counsel will be given the opportunity to review the documents and require such changes as they think appropriate. Again, we very much appreciate your cooperation in this matter and we stand ready to address any questions you may have. I am very much looking forward to meeting you and Tom David at the Board meeting on Monday, April 6th. Sincerely, 1 . L � l Jeffrey T. Chappelle cc: Thomas David, Esquire Mr. David B. Wilkin Mr. Wayne G. Neilsen Mr. James Metz JTC/bdw Hello