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ORDINANCE NO. 87
AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF
a $2,400 , 000 , WELD COUNTY, COLORADO INDUSTRIAL DEVELOPMENT FIRST
MORTGAGE REVENUE BONDS , EDWARDS CHEVROLET COMPANY - LESSEE,
SERIES 1981 , FOR THE PURPOSE OF LOANING FUNDS TO S & A
PARTNERSHIP, A COLORADO GENERAL PARTNERSHIP, TO FINANCE THE
ACQUISITION AND CONSTRUCTION OF A BUILDING FOR LEASE TO EDWARDS
CHEVROLET COMPANY IN WELD COUNTY, COLORADO; PROVIDING FOR THE
PLEDGE OF REVENUES FOR PAYMENT OF SAID BONDS; APPROVING AND
AUTHORIZING THE EXECUTION OF A LOAN AGREEMENT BETWEEN S & A
PARTNERSHIP, A COLORADO GENERAL PARTNERSHIP, AND WELD COUNTY,
E" COLORADO; APPROVING AND AUTHORIZING A MORTGAGE AND INDENTURE OF
TRUST AMONG S & A PARTNERSHIP, WELD COUNTY, COLORADO AND CENTRAL
BANK OF DENVER, DENVER, COLORADO; AND AUTHORIZING THE PREPARATION
OF CERTAIN RELATED DOCUMENTS AND INSTRUMENTS; AND DECLARING AN
°- EMERGENCY.
BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF WELD
COUNTY, COLORADO:
WHEREAS, Weld County, Colorado is a political subdivision of
the State of Colorado, and a body politic and corporate; and
WHEREAS, the Board of County Comissioners of Weld County,
Colorado, pursuant to Colorado statute and the Weld County Home
Rule Charter, is vested with the authority of administering the
affairs of Weld County, Colorado; and
WHEREAS, Weld County, State of Colorado (the "Issuer" ) , is
authorized by the County and Municipality Development Revenue
Bond Act, C.R.S. 1973, constituting Title 29, Article 3 , Part 1 ,
C.R.S . 1973 , as amended (the "Act" ) , to finance one or more
projects to promote industry and develop trade or other economic
activity by inducing manufacturing, industrial, commercial or
business enterprises to locate, expand or remain in the State of
Colorado, to mitigate the serious threat of extensive
unemployment in parts of the State of Colorado, to secure and
maintain a balanced and stable economy in all parts of the State
of Colorado and to further the use of its agricultural products
or natural resources; and
WHEREAS, such counties and municipalities are further
authorized by the Act to issue industrial development revenue
bonds for the purpose of defraying the cost of financing any
project and all incidental expenses incurred in issuing such
bonds, and to secure payment of such bonds as provided in the
Act; and
BOOK 929 15V a clack .. MA_ R 51981
Recorded at
/ 18514091912J0.44treLe
Re-No.
9—/
State of Colorado, Weld County Clerk & Recorder
81037`1
Boo X29 =°,85 -09
9
WHEREAS, Steven E . Ley and Adolf H. Ley, have presented to
the Issuer a proposal whereby the Issuer will, pursuant to the
Act, finance the cost of land, a building, site improvements,
fixtures and equipment (the "Project" ) to be used as an auto
sales and service facility, which Project will be located within
the Issuer and qualifies as a "project" within the meaning of the
Act; and
WHEREAS, on December 29 , 1980, the Issuer' s Board of
Commissioners (the "Board" ) adopted a resolution inducing Steven
E . Ley and Adolf H. Ley to complete the Project within the City
of Greeley, and Issuer agreed to take all steps necessary or
advisable to effect the issuance of industrial development
revenue bonds, it being understood that none of the Project costs
or the costs of said issuance and sale were to be borne by the
Issuer and that the necessary financing documents were subject to
formal approval by further action of the Board pursuant to the
Act; and
WHEREAS, Steven E. Ley and Adolf H. Ley have formed a
general partnership, S & A Partnership (the "Company" ) , under the
laws of the State of Colorado to complete the Project; and
WHEREAS, Weld County, Colorado, Industrial Development First
Mortgage Revenue Bonds, Edwards Chevrolet Company - Lessee,
Series 1981 , in the aggregate principal amount of $2,400,000 (the
"Bonds" ) will be issued, sold and delivered by the Issuer to
Gibralco, Inc. , (the "Underwriter" ) , and the proceeds thereof
used to pay the cost of financing the Project, including the
interest on the Bonds during the construction period of the
Project, and certain incidental costs and expenses incurred in
connection with the issuance of the Bonds; and
WHEREAS, concurrently with the issuance of the Bonds, the
Company will enter into a Loan Agreement with the Issuer
providing for payments by the Company sufficient to pay the
principal of, redemption premium, if any, and interest on the
Bonds and to meet other obligations as herein and therein
provided; and
2
800 1` 929 1851409
9-3
WHEREAS, there have been or shall be presented to the
Issuer: ( 1 ) the proposed form of Loan Agreement (the
"Agreement" ) between the Issuer and the Company, ( 2) the proposed
form of Mortgage and Indenture of Trust (the "Indenture" ) between
the Issuer and Central Bank of Denver, Denver, Colorado, as
Trustee (the "Trustee" ) , (3 ) the proposed form of Lease Agreement
between the Company and Edwards Chevrolet Company, (the "Lease" ) ,
and (4) the proposed form of Official Statement to be used in
connection with the offering and sale of the Bonds (the "Official
Statement" ) ; and
WHEREAS, the Issuer has considered the Company' s proposal
and has concluded that the economic and other benefits to the
Issuer will be substantial and that it wishes to proceed with the
financing of the Project;
NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF COUNTY
COMMISSIONERS OF WELD COUNTY, COLORADO:
Section 1 . All action (not inconsistent with the provisions
of this Ordinance) heretofore taken by the Board and the officers
of the Issuer directed toward the financing of the Project and
the issuance and sale of the Bonds therefor be, and the same is
hereby, ratified, approved and confirmed.
Section 2. The Issuer shall finance the Project, including
capitalized interest during construction of the Project, and
incidental issuing expenses, by loaning the proceeds of the Bonds
to the Company in accordance with the provisions of the Agreement
for the purposes described above.
Section 3. To defray the cost of financing the Project,
including capitalized interest and incidental issuing expenses ,
there is hereby authorized an issue of industrial development
first mortgage revenue bonds to be designated "Weld County,
Colorado, Industrial Development First Mortgage Revenue Bonds,
Edwards Chevrolet Company - Lessee, Series 1981 , in the aggregate
principal amount of $2,400 , 000, to be issued in the form of
coupon bonds in the denomination of $5,000 each, registrable as
to principal only, or as fully registered bonds in the
denomination of $5,000 or any integral multiple thereof, to be
3
BOu'--.941L4 851409
1-v
dated as of April 1 , 1981 , to bear interest from their date,
payable semiannually, commencing not more than six months
following their date, at a rate or rates not exceeding 15% per
annum at the specific rates to be set forth in the Indenture, and
having a final maturity sixteen years from their
date, as set forth in the Indenture.
The Bonds shall be payable, shall be subject to redemption
prior to maturity and shall be in substantially the form as
provided in the Indenture. The Bonds shall be sold to the
Underwriter at a private sale at a purchase price of ninety-two
and one-half percent (92. 5% ) of par amount thereof, plus accrued
interest from their date to the date of their issuance and
delivery to and payment therefor by the Underwriter. The maximum
net effective interest rate on the Bonds shall not exceed 15%.
Section 4. The following determinations and findings are
hereby made in accordance with Section 29-3-113 , 29-3-114, and
29-3-120 of the Act:
( a) The amount necessary in each calendar year to pay the
principal of and the interest on the Bonds is equal to the amount
payable by the Company pursuant to the Agreement and Indenture;
(b) The Bond Reserve Fund established in the Indenture
shall be funded in the amount of $360,000 from the proceeds of
the Bonds and from earnings on the other funds established in the
Indenture;
(c) The terms of the Agreement under which the Project is
to be financed provide that the Company, at the Company' s
expense, shall be obligated to maintain the Project in good
repair, to carry all proper insurance with respect thereto, and
to pay all taxes, or payments in lieu thereof , payable pursuant
to Section 29-3-120 of the Act ;
(d) The revenues payable under the Agreement and the
Indenture are sufficient to pay, in addition to all other
requirements of the Agreement, the Indenture, and this Ordinance,
the sums referred to in paragraph (a) of this Section;
(e) The revenues payable under the Agreement and the
Indenture are further sufficient to pay, in addition to all other
requirements of the Agreement, the Indenture and this Ordinance,
all fees, charges, costs and expenses of the Trustee; and
4
BOO 29 1851499
(f) The action on the part of the Issuer in providing
financing for the Project in accordance with the Act will induce
the Company to locate and remain within the Issuer and State, and
possibly to expand therein, and will assist the Issuer to avoid
or mitigate any serious threat of extensive unemployment and to
secure and maintain a balanced and stable economy.
Section 5 . The forms , terms and provisions of the
Agreement, the Indenture, the Lease and the Official Statement be
and they are hereby approved, and the Issuer shall enter into the
Agreement, the Indenture and the Official Statement in
substantially the forms of each of such documents as presented to
the Issuer, with such changes therein as are not inconsistent
herewith; and the Chairman of the Board of County Commissioners
is hereby directed to execute and deliver such documents, the
County Clerk and Recorder and Clerk to the Board is hereby
authorized and directed to affix the Issuer's seal to and to
attest and countersign such documents. The Underwriter is hereby
authorized to distribute the Official Statement in connection
with the offering and sale of the Bonds.
Section 6. The form, terms and provisions of the Bonds and
any coupons appertaining thereto, as set forth in the Indenture,
be and they are hereby approved, with such changes therein as are
not inconsistent herewith; and the Chairman of the Board of
County Commissioners is authorized and directed to execute the
Bonds and any coupons appertaining thereto, the County Clerk and
Recorder and Clerk to the Board is hereby authorized and directed
to attest the Bonds and any coupons appertaining thereto and
directed to countersign the Bonds and any coupons appertaining
thereto, and each is authorized to deliver the Bonds. The seal
of the Issuer is hereby authorized and directed to be affixed to
the Bonds . The seal and the signatures of the Chairman of the
Board of Commissioners on the Bonds and any coupons appertaining
thereto, and of the County Clerk and Recorder and Clerk to the
Board on any coupons appertaining thereto, may be by facsimile .
Section 7. Bonds of any series may be issued initially in
temporary form exchangeable for definitive Bonds of the same
5
ex-"*929 -."59-09
series when ready for delivery. The temporary Bonds shall be of
such denomination or denominations, without coupons, as may be
determined by the Issuer through its Chairman of the Board of
Commissioners, and may contain such references to any of the
provisions of the Indenture as may be appropriate. Every
temporary Bond shall be executed by the Issuer and authenticated
by the Trustee. If the Issuer issues temporary Bonds , it will
execute and furnish definitive Bonds without delay and thereupon
the temporary Bonds will be surrendered for cancellation in
exchange therefor at the principal office of the Trustee, and the
Trustee shall authenticate and deliver in exchange for such
temporary Bonds an equal aggregate principal amount of definitive
Bonds of the same series and maturity and in denominations
authorized by the Indenture. Until so changed, the temporary
Bonds shall be entitled to the same benefits under the Indenture
as definitive Bonds authenticated and delivered thereunder.
Section 8 . The Chairman of the Board of Commissioners and
all other appropriate officers and officials of the Issuer are
hereby authorized and directed to sign, file, or cause to be
signed or filed, or approve, accept, or concur in all other
necessary or appropriate documents for the issuance of the Bonds
and preservation and assurance of the security for the payment of
the principal of and interest on the Bonds.
Section 9. The Chairman of the Board of Commissioners is
hereby authorized and directed to execute and deliver to the
Trustee the written order of the Issuer for the Authentication
and delivery of the Bonds by the Trustee, in accordance with the
Indenture.
Section 10. The Underwriter is hereby authorized to
distribute the final Official Statement in connection with the
offering and sale of the Bonds.
Section 11 . The officers and officials of the Issuer shall
take any and all action in conformity with the Act which may be
necessary or reasonably required by the parties to the Indenture,
or their counsel or bond counsel, to effectuate its conformity
with the Act, to finance the Project, including interest during
6
ao°'-929 . .)14(r.1
construction and issuing expenses , and for carrying out, giving
effect to and consummating the transactions contemplated by this
Ordinance, the Agreement, the Indenture and the Official
Statement, including, without limitation, the execution and
delivery of any closing documents to be delivered in connection
with the sale, issuance and delivery of the Bonds.
Section 12. The cost of financing the Project , including
any capitalized interest and incidental issuing expenses, will be
paid out of the proceeds of the Bonds and none of the Bonds will
be the general obligation of the Issuer nor shall any of the
Bonds , including interest thereon, constitute the debt or
indebtedness of the Issuer within the meaning of the Constitution
or statutes of the State of Colorado or of the home rule charter
of the Issuer or any other entity, nor shall anything contained
in this Ordinance, or in the Bonds , the Agreement, the Indenture ,
the Lease, or the Official Statement, or any other instrument,
give rise to a pecuniary liability or a charge upon the general
credit or taxing powers of the Issuer, nor shall the breach of
any agreement contained in this Ordinance, or in any of the
above-mentioned instruments impose any pecuniary liability on the
Issuer or any charge upon its general credit or against its
taxing powers, the Issuer having no power to pay out of its
general funds, or otherwise contribute, any part of the costs of
financing the Project, nor power to operate the Project as a
business or in any manner, nor shall the Issuer condemn any land
or other property for the Project nor contribute any land or
other property to the Project.
Section 13. After any of the Bonds are issued, this
Ordinance shall be and remain irrepealable until the Bonds and
the interest thereon shall have been fully paid, cancelled and
discharged.
Section 14 . If any section, paragraph, clause, or provision
of this Ordinance shall for any reason be held to be invalid or
unenforceable, the invalidity or unenforceability of such
section, paragraph, clause, or provision shall not affect any of
the remaining provisions of this Ordinance.
7
Or 929 1851409
Section 15. The Chairman of the Board of Commissioners and
the County Clerk and Recorder and Clerk to the Board 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 additional certificates, documents and other papers and to
perform all other acts they may deem necessary or appropriate in
order to implement and carry out the matters herein authorized.
Section 16. All by-laws, orders, resolutions and ordinances ,
or parts thereof, inconsistent herewith and with the documents
hereby approved, are hereby repealed to the extent only of such
inconsistency. This repealer shall not be construed as reviving
any by-law, order, resolution, or ordinance, or part thereof
previously repealed.
Section 17 . By reason of the volatile condition of the bond
market and the uncertainty of stable interest rates, , it is
necessary that moneys to be provided by the issuance of the bonds
be available immediately; consequently, it is determined that this
Ordinance, providing for the issuance and sale of Bonds , is
necessary to the immediate preservation of the public health and
safety of the Issuer.
Section 18. The effective date of this Ordinance shall be
the date of its enactment and public notice shall be given forth-
with after passage.
Section 19. Due to the lack of time for the issuance of
said Industrial Revenue Bonds, and so as not to jeopardize the
issuance of said Bonds, the Board of County Commissioners of
Weld County, Colorado, pursuant to Section 3-14 (6) of the Weld
County Home Rule Charter, does hereby declare this Ordinance
to be an emergency Ordinance.
The above and foregoing Ordinance No. 87 was , on motion duly
8
sl,,-929 1851409
made and seconded, adopted by the following vote on the 4th day of
March, A. D. , 1981 .
e . . BOARD OF COUNTY COMMISSIONERS
!
ATTEST: , , RADO
Weld County Clerk and Recorder -Carlson, -Chairman
and-clerk to the Board ' C uck Carlson, Chairman
Deputy CountY Clerk j Norman Carlson, Pro-Tem
PP D AS TO_FORM:
C. W. Kirby
County Attorney ' i_ 2
!�. T. Martin
he K. S = nmark
.y_
•
DATE PRESENTED: MARCH 4 , 1981
DATE PUBLISHED: MARCH 12 , 1981
0
AFFIDAVIT OF PUBLICATION
C°`LeplM-f/-Aee°yN7°e defraying the cost'of financin¢ THE JOHNSTOWN BREEZE
any project and all incidental
expenses incurred in issuing STATE OF COLORADO )
- such bonds, and to secure
URD payment of such bonds as ) SS
"' ir M provided in the Act and COUNTY OF WELD )
coutorWHEREAS, Steven E. Ley.
DUSTRI , 'RABO IN- and Adolf H. Ley have pre) I, Clyde Briggs, do solemnly swear that I
DUBTRI COD AGE RENT seined to the Issuer a proposal
FIRST MOR AGE REVS- whereby the wiur- am publisher of The Johnstown Breeze;
NUE )a.O D8, EDWARD suant to the Act,Issuerfinance the cost that the same is a weekly newspaper
LE EO '�'S of land,a building,site mprove-
y��jj�(jg OF Et
menu fixtures and equipment printed, in whole or in part, and published
P �N auto sale a d)Levi usea Ulan
TG A P auto soled and service faeuuy, in the County of Weld, State of Colorado,
p� � which Project will be located and has a general circulation therein; that
ER AN EA A ON _ within the Issuer and qualifies
FIN CQUISITI as a "project" within the said newspaper has been published
O pF meaning of he Act: and
INo FOR LViSCLEocontinuously and uninterruptedly in said
DWAR 8 CHEVROLET WHEREAS,on December 29, -
MPANY IN WELD - 1980, the Issuer's Board of County of Weld for a period of more than
r E�Lo Do PeJOE Commissioners (the "Board") fifty-two consecutive weeks prior to the
adopted a resolution inducing E� FO1i PAY- Steven E.Ley and Adolf H. i.ey first publication of the annexed legal notice
PPNT OF 8A D ONUS' to complete the Project within
PRo EE ON I the City of Greeley, and Issuer or advertisement; that said newspaper has
G THEE ON OF agreed to take all steps neces-
ANACRE NT BE-
EN nary or advisable to effect the been admitted to the United States mails as
S&APAR RPM, issuance of industrial develop, second-class matter under the provisions of
COLORADO GENERAII ment revenue bonds, it being
TNY, CO wns�u understood that none of the the Act of March 3, 1879, or any
LINTY COLOR DO' AP- Project costs or the costs of said
OVIN(3 AND (i TND WII- issuance and sale were to be. amendments thereof, and that said
A MOR1'GM7 AND borne by the Issuer and that the
NTURF,OF TRUST AMONG necessary financing documents newspaper is a weekly newspaper duly
A ARTNERSHIP WELD were subject to formal approval
vNlTY COLORADO AND by further action of the Board qualified for publishing legal notices and
NTDDEENNVER KppppOIAFRADO• pursuant to the Act: and advertisements within the meaning of the
D AUTHORIZING Trio WHEREAS, Steven E. Ley laws of the State of Colorado.
ATED DO)!I OF CERTand Adolf H.Ley have formed a
eT TEDEND ENT_
p AND DE- general partnership, S & A That the annexed legal notice or advertise-
STG ElaRGENCY artnershp (the 'Company"), ment was published in the regular and
under the laws of the State of
hh ppg�pp RY�phEQg� Colorado to complete the Pro- entire issue of every number of said weekly
�N R(Rpm=
8 OF�COiIN1R, Je W and
newspaper for the period of .../. consecu-
WHEREAS, Weld County, tive insertions; and that the first
RADOt Colorado.Industrial Develop-.
WHEREAS, eld County, ment First Mortgage Revenue publication of said notice w s in the issue of
Colorado bi a subdlW- Bonds,Edwards ChevroletCom-
ttonotthe ofCalomdd tine pang-Lessee.Series 1881.in the said newspaper dated .3 LZ,., A.D. 19?.,
a and corporate) aggregate principal amount of
body tfaoo,wo(the"Bonds")will be and that the last publication of said notice
add •- _ issued,sold and delivered by the was in the issue of said newspaper dated
WHEREAS a Board of Issuer to G+bralco, Inc., (the
of Weld 'Underwriter"), and the pro- A.D. 19
gig - -��p1rcsi1ati to reeds thereof used to pay the
add the weld cost of financing the Project,in- In witness whereof I have hereunto set
Home RUN Ouster, is eluding the interest on the Bonds my hand IS .. .E day of r+-�
the of during the construction period of •.fit
magIt 1r1US LIIe s of the Project, and certain inet. A.D. 19 si
Weld ty,OalaradD dental costs and expenses incur-
red in connection with the.
' WHEREAS, Weld County, Issuance of the Bonds; and
of CON ado the 6 WHEREAS, concurrently ,11C/047,
ri� and _ mawith the issuance o1 the Bond
the Company will enter into a Publisher
ps
f�, Loan Agreement with the Issuer
Part providing for payments by the
soomood tea„ iR to all Company sufficient to pay the
principal of, redemption prem-
orore fa ium. If any, and interest on the Subscribed and sworn to before me, a
er *cascade a ilia a Bonds and to meet other
obligations as herein and therein Notary Public in and for the County of
=timesa to locate,i or prov aed; and W ld, State of Colors o this .v1(e..—.`day of
he�ater WHEREAS, there have been
� at mitigate the serious or shall be presented to the - a1-ri�A.D. 19.. -.1....
extensive unem merit I in Issuer: (1)tae proposed form of
part��ae Mate' to Loan A eement (the •Agree- 'i
ieaiU'e and maintain• merit''1 between the'Issuer and /
_ the Company. (2) the_proposed 7
V
and IeMaN o Trust (the hage andentu "e (,�C� l'IC �f�-Lv°`�
r of Trust g e"Indenture")
al products the or na Cal re- between the Issuer and Central Notary Public.
Bank of Denver, Denver, Colo-
sourtxr and rado, as Trustee (the 'Trus-
WHEREAS,wnccatmtlesand _ tee"), (3) the proposed form of
tla al's ripe[ Lease Agreement between the /7—/-�G
_ ... Comoanv and Edwards Chevro- My commission expires
mWH
•aannd (e 1Meypro(pttioesed••If“Lease..)of determinations
made in accordance*Ali
Oftfcle�•8tttehledt to to used in Section 29-&-113, 29-3-114, and
lion with the offering an 29-3-120 of the Act:
sale of,Bonds (the "Official
State "I: and (a) The amount necessary in,.
' each calendar year to pay the
WHEREAS, the Bauer has principal of and the interest on
consimount
slaered�n�idt�keconw e$eda eafte . paayhe able byy-&qa equal
Company perr-
economte Ind other benefits to suant to. the Agreement and
the Teener will be substantial Indenture V -..
withthat
ttheit financing to of thee (b),The Bond Reserve Fiord
Project; established in the Indent
Elrp tshalll be funded in the amoua
NOW ORDAIN BY THE BOARD Bonds an380,000 ds from m proceeds
earrni cgs of
OF COUNTY COMMISSION- established
ERS AF WELD COUNTY, Indenture; F.
COLORADO: . _ (c) The terms of the 7
ect le
Section-.1. All action (not to be financed t fi which
that the
of c inconsistent
Orrdiniance)a heretofore expense,yshall bt be 'Company's
lRteto
taken by the Board and the maintain-the Project In
officers ',Fite Issuer directed repair', to carry all ppriyyr
toward the financing of the •insurance with respect theriie,
Project-.pd the issuance and and to pay all taxes, at
sale orthe Bonds therefor be, payments in lieu thereof, pays
approvedSectin a'd c nfirme d.r tlainatl of thpursuant
n tant,w Section 2aa iii
finance the Project including (d) The revehuLes payable'
capitalised,interest during con- under the Agreement and the
struction of the Project, and Indenture are sufficient to
incidental issuing expenses, by in addition to all other requpiapy•
loaning the proceeds of the merits of the Agreement,
the
Bonds ,.te the Company in Indenture, and tidq'Ordinance,
accordance with the provisions the sums referred•to in part-
of the Agreement for the graph (a) of-this Section;
purposes described above.
Section S.To defray;the cost of under tttee revenuesy et andaNe
financing the Project, Including Indenture are
are further suffic
capitalized Interest.'and Inc to pay, in addition to all other
dental iset1kig expenses,there Is requirements of the Aareeme�t
hereby,tithorized au issue of the Indenture and'tills Orti-
industrial development first ance,all fees charges costs end
mortg revenue Wide to be expenses of the,Trustee; and
designaandU Weld County,Colo-
rado,Ind Widerial Development (f) The action on the part et
First r Menge Rendus Bonds, the Issuer In providing cor
Edward Chevrolet CoMpany - for the Project in acdore�ilte��
Lessee, .Series 198 n. the with the Act will' induce W
a c-jpal' :no,
e y gel
and rem,et
fo mil epgyou on bo i in the possibly
the Ie d t rate and
denominations of t6 each Polly t expand suer therein,avo and
reglstr as¢tio rte ipal only, mitigate.anyany seriouus threat
or
de ration of-Isc 0e or n secure
unemployment and
and main a Dolan
any integral multiple thereof,to and stable econotem .
be Weiland mao April 1, 19&1, to '
bear temat from their date Section Theoterms, teems
payabllee'''•''semiannuall9 tom• and provisions of the Agree-
mend of more :than six meet the Lidenturte, the
months wing their exceeding
date,at a and the Official Statement
rate or s not exceeding 15 and they are he appro
percent, r annum at the and the Issuer enter
ecific s andi reinvent forth In the Agreement, Indentures
the Ind eon yehiga final and Me Official lament 1�a1
thaturi sixteen-yyea�rrs from substantially the of s\�
their da as set forth in the of such documents ten
Indenture •• to the Issuer with such chits
The Bends shall bet therein sa not Incone
shall be eject to redeesmppttiion theewlW- and Coouthuld).Co an
prior tomaturity antthau be In 'loners is hereby'h reby'-directed
substan -We form as pro- execute and davit such
vided 4i f-Indent a he menu, the_County Clerk '
Bonds - It be sold to the Recorder and Cle Lithe
Uncle r at-a prlva*sale at- is hereby authorized and
a pure price of et -two acted to affix thelsnwr's seal to.
and on f percent (92 a per- and to attest end countersign-.
cent) ot- amount thereof, such documents. The Under.
DDlus 9ac iete et from their writer is hereby authorized to
date a e .. of r issuanto an ce distribute the a connection the mentand
therefor by the Underwriter. and ogle o the-
Theoffering maximum net effective
interest on the Bonds shall Section O.The'form,terms and
not exceed 1a percent. provisions of the Bonds and an&.
coupons appertaining thereto,
Section 4. The following as set forth In the Indenture.be
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