HomeMy WebLinkAbout900026.tiff RESOLUTION
RE: AUTHORIZING THE ISSUANCE OF THE COUNTY' S TAX ANTICIPATION
NOTES, SERIES 1990A, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO
EXCEED $4, 000, 000; PROVIDING FOR THE DATE, INTEREST RATE,
MATURITY DATE AND SOURCE AND MANNER OF PAYMENT OF THE NOTES;
AUTHORIZING THE PROPER OFFICERS OF THE COUNTY TO EXECUTE AND
DELIVER THE NOTES AND OTHER DOCUMENTS; PRESCRIBING THE FORM
OF THE NOTES; AND REPEALING INCONSISTENT RESOLUTIONS
WHEREAS, the Board of County Commissioners 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, Colorado, (the County) , anticipates
receiving ad valorem taxes on real or personal property (Taxes)
and other revenues during the fiscal year ending December 31 , 1990
(the Current Fiscal Year) , which will be credited to the general
fund (the General Fund) of the County, and
WHEREAS, the County has estimated the anticipated Taxes and
other revenues to be credited to the General Fund and the budgeted
expenditures to be made from the General Fund in the Current
Fiscal Year and has concluded that the Taxes will not be received
in time to pay the County ' s projected budgeted expenses in the
Current Fiscal Year, and
WHEREAS, the County is authorized by the provisions of the
Tax Anticipation Note Act, Part 1 of Article 15 of Title 29 ,
C.R. S. , as amended (the Act) , to issue tax anticipation notes by
resolution (this Resolution) in an amount not to exceed fifty
percent (50%) of all Taxes estimated by the County to be received
in the Current Fiscal Year, and
WHEREAS, Boettcher & Company, Inc. , Denver, Colorado (the
Purchaser) , has offered to purchase such notes on terms favorable
to the County.
NOW, THEREFORE, BE IT RESOLVED by the Board of County
Commissioners of Weld County, Colorado, as follows:
Section 1 . The Board of County Commissioners (the Board)
hereby determines that the Taxes will not be received in time to
pay the County' s projected budgeted expenses of the General Fund
in the Current Fiscal Year. For the purpose of paying such
expenses the County hereby authorizes the issuance of its
negotiable registered Tax Anticipation Notes, Series 1990A, in an
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RE: TAX ANTICIPATION NOTES - SERIES 1990A
aggregate principal amount not to exceed $4, 000 , 000 (the Notes) ,
payable from Taxes, investment proceeds on Taxes, and proceeds of
the Notes to the extent not required for the payment of duly
budgeted current expenses of the General Fund, received by the
County in the Current Fiscal Year and credited to the General Fund
after the issuance of the Notes. The Board hereby determines that
the aggregate principal amount of the Notes and all other tax
anticipation notes issued by the County during the Current Fiscal
Year does not exceed fifty percent (50%) of the Taxes estimated to
be received by the County in the Current Fiscal Year as shown by
the County ' s budget for the Current Fiscal Year.
Section 2 . The Notes shall be in such denominations as may
be determined by the Finance Director or his designee, shall be
registered as to principal and interest without coupons, shall be
dated the date of their delivery but in no event earlier than
January 1 , 1990, shall bear interest payable at maturity at such
rate as may be determined by the Finance Director or his designee
not to exceed seven and fifty hundredths percent (7.50%) per
annum, shall not be subject to redemption in whole or in part at
any time prior to their maturity date, shall mature on such date
as may be determined by the Finance Director or his designee but
not later than December 31 , 1990, shall be payable as to principal
and interest upon presentation and surrender thereof at the office
of the County Clerk, as paying agent, from the source and in the
manner specified and be otherwise in substantially the form
prescribed in Section 4 hereof.
Section 3 . The notes shall be executed by the Chairman of
the Board, shall bear the seal of the County, and shall be
attested to by the County Clerk. Said signatures and seals may be
affixed manually or by the use of facsimiles in accordance with
the Uniform Facsimile Signature of Public Officials Act, Part 1 of
Article 55 of Title 11 , C.R.S. , as amended. The Chairman of the
Board and the County Clerk are hereby authorized and directed to
date, execute and deliver the Notes , and the appropriate officers
of the County are hereby authorized and directed to date, execute
and deliver such other documents, including, without limitation,
closing documents and certificates, and to take such other action
as may be necessary or appropriate in order to effectuate the
issuance and sale of the Notes, all in accordance with this
Resolution and the Act.
Section 4 . The Notes and the registration panels appearing
thereon shall be in substantially the following forms :
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RE: TAX ANTICIPATION NOTES - SERIES 1990A
[Form of Note]
UNITED STATES OF AMERICA
STATE OF COLORADO
COUNTY OF WELD
TAX ANTICIPATION NOTE
SERIES 1990A
No. R $
Weld County, Colorado (the County) , for value received,
hereby promises to pay to the registered owner hereof as shown on
the registration panel attached hereto from ad valorem taxes on
real and personal property, investment proceeds on such taxes , and
proceeds on the notes of this issue to the extent not required for
the payment of duly budgeted current expenses, received by the
County in the fiscal year ending December 31 , 1990, and credited
to the general fund after the issuance hereof, on December 31 ,
1990 , the principal sum of Dollars
($ ) together with interest thereon from the date hereof
to the maturity date hereof at the rate of and
hundredths percent ( %) per annum, based upon
the actual number of days elapsed in a month of 30 days and a year
of 360 days , said interest in the amount of Dollars
and Cents ($ ) being payable at maturity.
This Note is issued by the Board of County Commissioners
of the County, on behalf of the County, in accordance with Part 1
of Article 15 of Title 29 , C.R.S. , as amended (the Act) , and
pursuant to a Resolution (the Resolution) of the Board of County
Commissioners of the County duly adopted prior to the issuance
hereof in order to pay duly budgeted current expenses of the
General Fund of the County. Reference is hereby made to the Act
and the Resolution for a complete statement of the rights and
limitations of rights of the registered owner of this Note , to all
of which the registered owner hereof by acceptance of this Note
assents.
This Note is not subject to redemption in whole or in
part at any time prior to its maturity date.
The principal of and interest on this Note are payable
upon presentation and surrender hereof at the office of the County
Clerk, as paying agent, either by check or draft mailed to the
registered owner hereof or by wire transfer to such bank or other
depository as the registered owner hereof shall designate.
This Note is transferable only upon the books of the
County by the County Clerk, as transfer agent.
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RE: TAX ANTICIPATION NOTES - SERIES 1990A
It is hereby certified, recited and warranted that all
acts, conditions and things required to be done , occur or be
performed precedent to and in the issuance of this Note have been
done, have occurred and have been performed in regular and due
form and manner as required by law and that the obligations
represented by this Note do not contravene any constitutional or
statutory limitation of the State of Colorado.
IN TESTIMONY WHEREOF the County has caused this Note to
be executed in its name with the manual signature of the Chairman
of the Board of County Commissioners, to be sealed with the seal
of the County, and to be attested with the manual signature of the
County Clerk, all as of the _ day of January, 1990 .
WELD COUNTY, COLORADO
(COUNTY)
( SEAL ) By: (Manual Signature)
Chairman of the Board of
County Commissioners
ATTEST:
(Manual Signature)
County Clerk
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RE: TAX ANTICIPATION NOTES - SERIES 1990A
[Form of Registration Panel]
This note is registered with the County Clerk, as registrar, in
the name of the owner listed below, and the principal of and
interest on this Note are payable only to such owner.
Date of Name, Address and Tax I .D. Signature of
Registration Number of Registered Owner Registrar
January , 1990
[End of Form of Registration Panel]
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RE: TAX ANTICIPATION NOTES - SERIES 1990A
Section 5 . Upon their execution and prior to their delivery
the Notes shall be registered for the purpose of payment of
principal and interest with the County Clerk, as registrar.
Thereafter, the Notes shall be transferable only upon the
registration books of the County by the County Clerk, as transfer
agent. The fact of registration shall be noted on the
registration panels appearing on the Notes. The County shall be
entitled to treat the persons or entities listed on its
registration books as the sole owners of the Notes for all
purposes, including the right to receive payment of the principal
of and interest on the Notes .
Section 6 . The Notes may be sold at private sale to the
Purchaser at, above, or below the aggregate principal amount
thereof as may be determined by the Finance Director or his
designee , and the Board hereby determines such action to be in the
public interest.
Section 7 . The proceeds of the Notes shall be deposited in a
restricted account within the General Fund and shall be used
solely for the payment of duly budgeted current expenses of the
General Fund when and to the extent that other monies on deposit
in the General Fund are insufficient therefor. Any portion of
said proceeds may be temporarily invested pending such use in
securities or investments which are lawful investments for the
County.
All Taxes levied for General Fund purposes (except Taxes
collected for retirement of existing debt) , investment proceeds on
such Taxes, and proceeds of the Notes to the extent not required
for the payment of duly budgeted current expenses of the General
Fund , received by the County in the Current Fiscal Year after the
issuance of the Notes, shall be deposited in a separate restricted
account within the General Fund to be known as the "Tax
Anticipation Notes , Series 1990A, Principal and Interest
Redemption Account" (the Note Account) until such time as the
monies therein are sufficient in the aggregate to pay when due the
principal of and interest on the Notes. All monies in the Note
Account not in excess of the amount required to pay when due the
principal of and interest on the Notes and all securities in which
the same may be invested from time to time are hereby pledged to
secure the payment of the principal of and interest on the Notes
and shall be used for no other purpose. This pledge shall be
valid and binding from and after the first delivery of the Notes,
and the monies so pledged shall immediately be subject to the lien
of said pledge without any physical delivery thereof, any filing,
or further act.
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RE: TAX ANTICIPATION NOTES - SERIES 1990A
Section 8 . The County shall make no investment or other use
of the proceeds of the Notes which, if such investment or other
use had been reasonably expected on the date of issue of the
Notes, would have caused the Notes to be "arbitrage bonds" within
the meaning of Section 103 of the Internal Revenue Code of 1986 ,
as amended (the Code) , and the regulations thereunder and shall
comply with the requirements of said Section and regulations
throughout the term of the Notes.
The County hereby designates the Notes as "qualified
tax-exempt obligations" under Section 265 (b) of the Code.
Section 9 . All acts , orders , Resolutions or parts thereof
taken by the County and in conflict with this Resolution are
hereby repealed, except that this repealer shall not be construed
so as to revive any act, order Resolution or part thereof
heretofore repealed.
Section 10 . This Resolution is, and shall constitute, a
legislative measure of the County, and after the Notes are issued,
sold and outstanding, this Resolution shall constitute a contract
between the County and the registered owners of the Notes and
shall be and remain irrepealable until the Notes and the interest
thereon shall have been fully paid, satisfied and discharged.
Section 11 . If any paragraph, clause or provision of this
Resolution is judicially adjudged invalid or unenforceable, such
judgment shall not affect, impair or invalidate the remaining
paragraphs, clauses or provisions hereof, the intention being that
the various paragraphs, clauses or provisions hereof are
severable.
Section 12 . This Resolution shall take effect immediately
upon its adoption.
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RE: TAX ANTICIPATION NOTES - SERIES 1990A
The above and foregoing Resolution was , on motion duly made
and seconded, adopted by the following vote on the 10th day of
January, A.D. , 1990 .
�.., . BOARD OF COUNTY COMMISSIONERS
ATTEST: /1ftt �wiu/ J&,a2u1 J WELD OUNTY, COLORADO
Weld County C�3erk and Recorder
and Clerk to the Board ene R. Bran ner, Chairman
A- -714) Geo ge Kennedy, Pro-Tem
D putt' County rk j
i
APPROVED AS T FORM: Constance L. Harbert
C.w�'rby —
County Attorney
Gor Ja
900026
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WELD COUNTY, COLORADO
TAX ANTICIPATION NOTES
SERIES 1990A
DATED JANUARY 12 , 1990 - $4 , 000 , 000
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WET.D COUNTY C0T.0RAD0
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WELD COUNTY, COLORADO
TAX ANTICIPATION NOTES
SERIES 1990A
DATED JANUARY 12 , 1990 - $4,000, 000
Closing Index
1 . Note Purchase Agreement
2 . Note Resolution
3 . Specimen Note
4. Closing Memorandum
5 . County Certificate and Receipt
6 . County Certificate Regarding Federal Tax Matters
7 . Form 8038-G and Evidence of Mailing
8. Underwriter' s Receipt
9. Opinion of Bond Counsel
10. Preliminary Offering Circular
11 . Offering Circular
12 . Letter re Responsibility for Disclosure
Complete transcripts of the closing documents will be
furnished to the following parties:
Weld County, Colorado (2 copies)
County Attorney
Ballard, Spahr, Andrews & Ingersoll
Boettcher & Company, Inc .
$4, 000, 000
WELD COUNTY, COLORADO
TAX ANTICIPATION NOTES
SERIES 1990A
NOTE PURCHASE AGREEMENT
January 10, 1990
Board of County Commissioners
Weld County
915 10th Street
Greeley, Colorado 80632
Ladies and Gentlemen:
On the basis of the representations, warranties and
covenants contained in this Note Purchase Agreement (this "Note
Purchase Agreement") and on the terms and conditions contained
herein, the undersigned, Boettcher & Company, Inc. (the
"Underwriter") , hereby offers to purchase from Weld County,
Colorado (the "County") $4 , 000, 000 aggregate principal amount of
Tax Anticipation Notes, Series 1990A, dated January 12, 1990 (the
"Notes") , to be issued under and pursuant to a resolution adopted
by the District on January 10, 1990 (the "Note Resolution") .
Section 1. The Countv's Renresentations, Warranties and
Agreements. By your acceptance hereof the County hereby
represents, warrants, and agrees with the Underwriter that:
(a) You are a political subdivision of the State
of Colorado (the "State") and a body politic and corporate
duly organized and validly existing under the Constitution
and laws of the State and its Home Rule Charter. To the best
of your knowledge, you are authorized by the provisions of the
Constitution and laws of the State, including the Tax
Anticipation Note Act, part 1 of article 15 of title 29 ,
Colorado Revised Statutes, as amended (the "Act") , to adopt
the Note Resolution and issue the Notes.
(b) To the best of your knowledge, you have
complied with all provisions of the Constitution and laws of
the State, including the Act, in connection with the issuance
of the Notes, and have full power and authority to consummate
all transactions contemplated by this Note Purchase Agreement,
the Notes, the Note Resolution, and any and all other
agreements relating thereto.
(c) In order to enable the Underwriter to comply
with Rule 15c2-12 under the Securities Exchange Act of 1934
(the "Rule") , (i) you have reviewed the Preliminary Offering
Circular, dated as of December 27, 1989 (the "Preliminary
Offering Circular") and have deemed it final as of its date
except for the omission of no more than the following
information: the offering price, interest rate, selling
compensation, aggregate principal amount, delivery date,
ratings, and other terms of the securities depending on such
matters; (ii) you shall provide to the Underwriter 150 copies
of a Final Offering Circular which the County deems complete
as of its date (the "Final Offering Circular") , in
substantially the same form as the Preliminary Offering
Circular subject to minor additions, deletions and revisions
within seven business days after the date of this Note
Purchase Agreement and in sufficient time to accompany any
confirmation that requires payment from any customer;
(iii) you shall deliver, at the Closing Time (hereinafter
defined) , a certificate executed by appropriate officers of
the County acting in their official capacities, to the effect
that the facts contained in the Final Offering Circular are
true and correct in all material respects, and that the Final
Offering Circular does not contain any untrue statement of a
material fact or omit to state a material fact necessary to
make the statements therein, in light of the circumstances
under which they were made, not misleading; and (iv) you agree
to notify the Underwriter of any material developments
impacting the County or the Notes of which the County becomes
aware within 60 days after delivery of the Notes.
(d) To the best of your knowledge, you have duly
authorized all necessary action to be taken by you for (i) the
issuance and sale of the Notes upon the terms set forth herein
and in the Preliminary Offering Circular prepared for use in
connection with the Notes, the Final Offering Circular, and
any amendment or supplement that may be authorized by you and
approved by us for use with respect to the Notes (herein
collectively referred to as the "Offering Circular") ; (ii) the
adoption of the Note Resolution providing for the issuance of
and security for the Notes; (iii) the execution and delivery
of, and the due performance of all obligations represented by,
this Note Purchase Agreement, the Notes, and any and all such
other agreements and documents as may be required to carry
out, give effect to, and consummate the transactions
contemplated hereby and by the Offering Circular; and (v) the
carrying out, giving effect to, and consummation of the
transactions contemplated hereby and by the Offering Circular.
Executed counterparts of the Note Resolution will be delivered
to the Underwriter by you at the Closing Time (hereinafter
defined) .
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(e) There is no action, suit, proceeding, inquiry
or investigation at law or in equity or before or by any
court, public board or body pending and for which you have
been served or, to the best of your knowledge, threatened
against or affecting you (or to the best of your knowledge
any basis therefor) , wherein an unfavorable decision, ruling
or finding would adversely affect the transactions
contemplated hereby or by the Offering Circular or the
validity of this Note Purchase Agreement, the Notes, the Note
Resolution, or any agreement or instrument to which you are
a party and which is used or contemplated for use in the
consummation of the transactions contemplated hereby or by
the Offering Circular.
(f) To the best of your knowledge, the execution
and delivery of this Note Purchase Agreement, the Notes, the
Note Resolution, the Offering Circular, and the other
agreements contemplated hereby and by the Offering Circular
and compliance with the provisions thereof will not conflict
with or constitute on your part a breach of or a default under
any existing law, court or administrative regulation, decree
or order or any agreement, indenture, mortgage, lease or other
instrument to which you are subject or by which you are or may
be bound.
(g) You have not been notified of any listing or
proposed listing by the Internal Revenue Service to the effect
that you are an issuer whose arbitrage certifications may not
be relied upon.
(h) Any financial statements of the County supplied
by you to the Underwriter have been prepared in conformity
with generally accepted accounting principles consistently
applied to the periods concerned and fairly present the
financial condition of the County.
(i) Any certificate signed by any of your
authorized officers and delivered to the Underwriter is to
the extent provided therein a representation and warranty by
you to the Underwriter as to the statements made therein.
Section 2 . The Underwriter' s Representations ,
Warranties, and Agreements. The Underwriter hereby represents,
warrants, and agrees with the County that:
(a) The Underwriter shall supply to the County all
information, referenced under Section 1 (c) (i) of this Note
Purchase Agreement, to complete the Final Offering Circular.
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(b) In order to comply with the Rule, (i) the
Underwriter has obtained and reviewed the Preliminary Offering
Circular prior to the time the Underwriter bid for, purchased,
offered or sold the Notes; (ii) the Underwriter has sent and
shall send, by first-class mail or other equally prompt means,
a copy of the most recent version of the Preliminary Offering
Circular to any potential customer, on request, no later than
the next business day after the request, until the Final
Offering Circular is available; and (iii) from the time the
Final Offering Circular becomes available until the earlier
of 90 days after the End of the Underwriting Period
(hereinafter defined) or the time when the Final Offering
Circular is available to any person from a nationally
recognized municipal securities information repository, but
in no case less than 25 days after the End of the Underwriting
Period, the Underwriter shall send, by first-class mail or
other equally prompt means, a copy of the Final Offering
Circular to any potential customer, on request, no later than
the next business day after the request.
(c) Within 25 days after the End of the
Underwriting Period, the Underwriter shall send, by first-
class mail or equally prompt means, a copy of the Final
Offering Circular to both the Municipal Securities Rulemaking
Board and a nationally recognized municipal securities
information repository, if any such repository is in existence
within that period.
"End of the Underwriting Period" means the later of the
time (i) the County delivers the Notes to the Underwriter, or
(ii) the Underwriter does not retain any unsold balance of the
Notes for sale to the public, either directly or as a member of a
syndicate.
Section 3 . Purchase. Sale and Delivery of the Notes.
On the basis of the representations, warranties and covenants
contained herein and subject to the terms and conditions herein set
forth, at the Closing Time (hereinafter defined) the Underwriter
agrees to purchase from you and you agree to sell to the
Underwriter the Notes for a price equal to 99.85% of the principal
amount thereof.
The Notes shall be issued under and secured as provided
in the Note Resolution. The Notes shall mature on December 31,
1990, and shall bear interest at the rate of 6% per annum.
Payment for the Notes shall be made by certified or
official bank check or at the Underwriter's option by wire transfer
in immediately available federal funds payable to your order or for
your account, at the offices of Ballard, Spahr, Andrews &
Ingersoll, in Denver, Colorado, at 10:00 a.m. , prevailing local
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time, on January 12 , 1990, or such other place, time or date as
shall be mutually agreed upon by you and the Underwriter. The date
of such delivery and payment is herein called the "Closing Date, "
and the hour and date of such delivery and payment is herein called
the "Closing Time. " The Notes shall be delivered in printed form
payable to such registered owner or owners as the Underwriter may
direct. The Notes shall be available for examination and packaging
by the Underwriter in Denver, Colorado at least twenty-four (24)
hours prior to the Closing Time.
Section 4. Conditions to the Underwriter's Obligations.
The Underwriter's obligations hereunder shall be subject to the due
performance by you of your obligations and agreements to be
performed hereunder at or prior to the Closing Time and to the
accuracy of and compliance with your representations and warranties
contained herein as of the date hereof and as of the Closing Time
and shall also be subject to the following conditions:
(a) The Notes, the Note Resolution and the Offering
Circular shall have been duly authorized, executed and
delivered by the parties thereto in the form heretofore
approved by the Underwriter with only such changes therein as
shall be mutually agreed upon by you and the Underwriter.
(b) At the Closing Time the Underwriter shall
receive:
(i) The opinion in form and substance
satisfactory to the Underwriter dated the Closing Date
of Ballard, Spahr, Andrews & Ingersoll, Bond Counsel ,
relating to the valid issuance of the Notes and the tax
treatment of interest on the Notes under federal and
Colorado income tax laws;
(ii) Such certificates, opinions and other
documents as the Underwriter may reasonably request to
evidence performance of or compliance with the provisions
hereof and the transactions contemplated hereby and by
the Offering Circular, all such certificates and other
documents to be satisfactory in form and substance to the
Underwriter.
Section 5. The Underwriter's Right to Cancel. The
Underwriter shall have the right to cancel its obligation hereunder
to purchase the Notes by notifying you in writing or by telegram
of its election so to do between the date hereof and the Closing
Time if at any time hereafter and prior to the Closing Time:
(a) Legislation shall be proposed by any member of
the Congress of the United States of America, or a tentative
decision with respect to legislation shall be reached by a
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committee of the House of Representatives or the Senate of the
Congress of the United States of America, or legislation shall
be favorably reported by such a committee or be introduced by
amendment or otherwise in, or be passed by, the House of
Representatives or the Senate or recommended to the Congress
of the United States of America for passage by the President
of the United States of America or enacted by the Congress of
the United States of America, or a decision by a court
established under Article III of the Constitution of the
United States of America or the Tax Court of the United States
of America shall be rendered, or a ruling, regulation or order
of the Treasury Department of the United States of America or
the Internal Revenue Service shall be made or proposed, or any
other event shall have occurred, which results in the
imposition of federal income taxation upon revenues or other
income of the general character to be derived by you or by any
similar body or upon interest received on obligations of the
general character of the Notes, or the Notes, which in the
Underwriter's opinion materially adversely affects the market
price of the Notes;
(b) Any legislation, ordinance, resolution, rule,
or regulation shall be introduced in or be enacted by any
governmental body, department or agency in the State, or a
decision by any court of competent jurisdiction within the
State shall be rendered, which in the Underwriter' s opinion
materially adversely affects the market price of the Notes;
(c) A stop order, ruling, regulation or official
statement by or on behalf of the Securities and Exchange
Commission or any other governmental agency having
jurisdiction of the subject matter shall be issued or made to
the effect that the issuance, offering or sale of obligations
of the general character of the Notes, or the issuance,
offering or sale of the Notes, including all the underlying
obligations, as contemplated hereby or by the Offering
Circular is in violation or would be in violation of any
provision of the federal securities laws, the Securities Act
of 1933 , as amended and as then in effect, or the registration
provisions of the Securities Exchange Act of 1934, as amended
and as then in effect, or the qualification provisions of the
Trust Indenture Act of 1939, as amended and as then in effect;
(d) Legislation shall be enacted by the Congress
of the United States of America, or a decision by a court of
the United States of America shall be rendered, to the effect
that obligations of the general character of the Notes, or the
Notes, including all the underlying obligations, are not
exempt from registration under or from other requirements of
the Securities Act of 1933, as amended and as then in effect,
or the Securities Exchange Act of 1934, as amended and as then
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in effect, or that the Note Resolution is not exempt from
qualification under or from other requirements of the Trust
Indenture Act of 1939, as amended and as then in effect;
(e) Any event shall have occurred or information
shall have become known, which in the Underwriter' s opinion
makes untrue in any material respect any statement or
information contained in the Offering Circular or has the
effect that the Offering Circular as originally circulated
contains any untrue statement of a material fact or omits to
state a material fact necessary in order to make the
statements made, in light of the circumstances under which
they were made, not misleading;
(f) Additional material restrictions not in force
as of the date hereof shall have been imposed upon trading in
securities generally by any governmental authority or by any
national securities exchange;
(g) Any national securities exchange or any
governmental authority shall impose as to the Notes or
obligations of the general character of the Notes any material
restrictions not now in force or increase materially those now
in force with respect to the extension of credit by, or the
charge to the net capital requirements of, the Underwriter;
(h) A general banking moratorium shall have been
established by federal, New York or State authorities;
(i) Trading in any securities of yours shall have
been suspended on any national securities exchange or
otherwise or any proceeding shall be pending or threatened by
the Securities and Exchange Commission against you; or
(j ) A war involving the United States of America
shall have been declared, or any conflict involving the armed
forces of the United States of America shall have escalated,
or any other national emergency relating to the effective
operation of government or the financial community shall have
occurred, which in the Underwriter's opinion materially
adversely affects the market price of the Notes.
Section 6. Conditions of Your Obligations. Your
obligations hereunder are subject to the Underwriter's performance
of its obligations hereunder.
Section 7. Representations. Warranties and Agreements
to Survive Delivery. All of your representations, warranties and
agreements shall remain operative and in full force and effect,
regardless of any investigations made by the Underwriter on its
behalf and shall survive delivery of the Notes to the Underwriter.
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Section 8. Payment of Expenses. The expenses and costs
to effect the authorization, preparation, issuance, delivery and
sale of the Notes (including the fees of Bond Counsel) shall be
paid by you out of the proceeds of the Notes.
Section 9. Use of Offering Circular. You hereby
acknowledge the Underwriter's use and distribution of the
Preliminary Offering Circular, and you acknowledge the proposed
use and distribution of the Offering Circular for the use by the
Underwriter in connection with the sale of the Notes and you
warrant the information contained therein relating to the County
to be true and correct.
Section 10. Notice. Any notice or other communication
to be given to you under this Note Purchase Agreement may be given
by mailing or delivering the same in writing at your address set
forth above; and any notice or other communication to be given to
the Underwriter under this Note Purchase Agreement may be given by
delivering the same in writing to the Underwriter, 828 17th Street,
P.O. Box 54 , Denver, Colorado 80202 .
Section 11. Applicable Law; Nonassignability. This
Note Purchase Agreement shall be governed by the laws of the State.
This Note Purchase Agreement shall not be assigned by you.
Section 12. Execution of Counterparts. This Note
Purchase Agreement may be executed in several counterparts, each
of which shall be regarded as an original and all of which shall
constitute one and the same document.
Very truly yours,
BOETTCHER & COMPANY INC.
By:
/ f
Ti e: //• V�cc. P ^" d
Accepted as of the date
first above written:
WELD CO Y, COLORADO
By:
Chairman o the Board of
County Commissioners
8
RESOLUTION
RE: AUTHORIZING THE ISSUANCE OF THE COUNTY' S TAX ANTICIPATION
NOTES, SERIES 1990A, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO
EXCEED $4 ,000, 000; PROVIDING FOR THE DATE, INTEREST RATE,
MATURITY DATE AND SOURCE AND MANNER OF PAYMENT OF THE NOTES;
AUTHORIZING THE PROPER OFFICERS OF THE COUNTY TO EXECUTE AND
DELIVER THE NOTES AND OTHER DOCUMENTS; PRESCRIBING THE FORM
OF THE NOTES; AND REPEALING INCONSISTENT RESOLUTIONS
WHEREAS, the Board of County Commissioners 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, Colorado, (the County) , anticipates
receiving ad valorem taxes on real or personal property (Taxes)
and other revenues during the fiscal year ending December 31 , 1990
(the Current Fiscal Year) , which will be credited to the general
fund (the General Fund) of the County, and
WHEREAS , the County has estimated the anticipated Taxes and
other revenues to be credited to the General Fund and the budgeted
expenditures to be made from the General Fund in the Current
Fiscal Year and has concluded that the Taxes will not be received
in time to pay the County ' s projected budgeted expenses in the
Current Fiscal Year, and
WHEREAS, the County is authorized by the provisions of the
Tax Anticipation Note Act, Part 1 of Article 15 of Title 29 ,
C.R.S. , as amended (the Act) , to issue tax anticipation notes by
resolution (this Resolution) in an amount not to exceed fifty
percent (50%) of all Taxes estimated by the County to be received
in the Current Fiscal Year, and
WHEREAS, Boettcher & Company, Inc. , Denver, Colorado (the
Purchaser) , has offered to purchase such notes on terms favorable
to the County.
NOW, THEREFORE, BE IT RESOLVED by the Board of County
Commissioners of Weld County, Colorado, as follows :
Section 1 . The Board of County Commissioners (the Board)
hereby determines that the Taxes will not be received in time to
pay the County' s projected budgeted expenses of the General Fund
in the Current Fiscal Year. For the purpose of paying such
expenses the County hereby authorizes the issuance of its
negotiable registered Tax Anticipation Notes, Series 1990A, in an
900026
Page 2
RE: TAX ANTICIPATION NOTES - SERIES 1990A
aggregate principal amount not to exceed $4 , 000, 000 (the Notes) ,
payable from Taxes , investment proceeds on Taxes, and proceeds of
the Notes to the extent not required for the payment of duly
budgeted current expenses of the General Fund, received by the
County in the Current Fiscal Year and credited to the General Fund
after the issuance of the Notes. The Board hereby determines that
the aggregate principal amount of the Notes and all other tax
anticipation notes issued by the County during the Current Fiscal
Year does not exceed fifty percent (50%) of the Taxes estimated to
be received by the County in the Current Fiscal Year as shown by
the County ' s budget for the Current Fiscal Year.
Section 2 . The Notes shall be in such denominations as may
be determined by the Finance Director or his designee, shall be
registered as to principal and interest without coupons, shall be
dated the date of their delivery but in no event earlier than
January 1 , 1990, shall bear interest payable at maturity at such
rate as may be determined by the Finance Director or his designee
not to exceed seven and fifty hundredths percent (7.50%) per
annum, shall not be subject to redemption in whole or in part at
any time prior to their maturity date, shall mature on such date
as may be determined by the Finance Director or his designee but
not later than December 31 , 1990, shall be payable as to principal
and interest upon presentation and surrender thereof at the office
of the County Clerk, as paying agent, from the source and in the
manner specified and be otherwise in substantially the form
prescribed in Section 4 hereof.
Section 3 . The notes shall be executed by the Chairman of
the Board, shall bear the seal of the County, and shall be
attested to by the County Clerk. Said signatures and seals may be
affixed manually or by the use of facsimiles in accordance with
the Uniform Facsimile Signature of Public Officials Act, Part 1 of
Article 55 of Title 11 , C.R.S. , as amended. The Chairman of the
Board and the County Clerk are hereby authorized and directed to
date , execute and deliver the Notes , and the appropriate officers
of the County are hereby authorized and directed to date, execute
and deliver such other documents, including, without limitation,
closing documents and certificates, and to take such other action
as may be necessary or appropriate in order to effectuate the
issuance and sale of the Notes, all in accordance with this
Resolution and the Act.
Section 4 . The Notes and the registration panels appearing
thereon shall be in substantially the following forms :
900026
Page 3
RE : TAX ANTICIPATION NOTES - SERIES 1990A
[Form of Note]
UNITED STATES OF AMERICA
STATE OF COLORADO
COUNTY OF WELD
TAX ANTICIPATION NOTE
SERIES 1990A
No. R $ _
Weld County, Colorado (the County) , for value received,
hereby promises to pay to the registered owner hereof as shown on
the registration panel attached hereto from ad valorem taxes on
real and personal property, investment proceeds on such taxes, and
proceeds on the notes of this issue to the extent not required for
the payment of duly budgeted current expenses, received by the
County in the fiscal year ending December 31 , 1990 , and credited
to the general fund after the issuance hereof, on December 31 ,
1990, the principal sum of Dollars
($ ) together with interest thereon from the date hereof
to the maturity date hereof at the rate of and
hundredths percent ( %) per annum, based upon
the actual number of days elapsed in a month of 30 days and a year
of 360 days, said interest in the amount of Dollars
and Cents ($ ) being payable at maturity.
This Note is issued by the Board of County Commissioners
of the County, on behalf of the County, in accordance with Part 1
of Article 15 of Title 29 , C.R.S. , as amended (the Act) , and
pursuant to a Resolution (the Resolution) of the Board of County
Commissioners of the County duly adopted prior to the issuance
hereof in order to pay duly budgeted current expenses of the
General Fund of the County. Reference is hereby made to the Act
and the Resolution for a complete statement of the rights and
limitations of rights of the registered owner of this Note, to all
of which the registered owner hereof by acceptance of this Note
assents.
This Note is not subject to redemption in whole or in
part at any time prior to its maturity date.
The principal of and interest on this Note are payable
upon presentation and surrender hereof at the office of the County
Clerk, as paying agent, either by check or draft mailed to the
registered owner hereof or by wire transfer to such bank or other
depository as the registered owner hereof shall designate.
This Note is transferable only upon the books of the
County by the County Clerk, as transfer agent.
900026
Page 4
RE : TAX ANTICIPATION NOTES - SERIES 1990A
It is hereby certified, recited and warranted that all
acts, conditions and things required to be done, occur or be
performed precedent to and in the issuance of this Note have been
done, have occurred and have been performed in regular and due
form and manner as required by law and that the obligations
represented by this Note do not contravene any constitutional or
statutory limitation of the State of Colorado.
IN TESTIMONY WHEREOF the County has caused this Note to
be executed in its name with the manual signature of the Chairman
of the Board of County Commissioners, to be sealed with the seal
of the County, and to be attested with the manual signature of the
County Clerk, all as of the day of January, 1990 .
WELD COUNTY, COLORADO
(COUNTY)
( SEAL ) By: (Manual Signature)
Chairman of the Board of
County Commissioners
ATTEST:
(Manual Signature)
County Clerk
900026
Page 5
RE: TAX ANTICIPATION NOTES - SERIES 1990A
[Form of Registration Panel]
This note is registered with the County Clerk, as registrar, in
the name of the owner listed below, and the principal of and
interest on this Note are payable only to such owner.
Date of Name, Address and Tax I .D. Signature of
Registration Number of Registered Owner Registrar
January _, 1990
[End of Form of Registration Panel]
900026
Page 6
RE: TAX ANTICIPATION NOTES - SERIES 1990A
Section 5 . Upon their execution and prior to their delivery
the Notes shall be registered for the purpose of payment of
principal and interest with the County Clerk, as registrar.
Thereafter, the Notes shall be transferable only upon the
registration books of the County by the County Clerk, as transfer
agent. The fact of registration shall be noted on the
registration panels appearing on the Notes . The County shall be
entitled to treat the persons or entities listed on its
registration books as the sole owners of the Notes for all
purposes , including the right to receive payment of the principal
of and interest on the Notes.
Section 6 . The Notes may be sold at private sale to the
Purchaser at, above, or below the aggregate principal amount
thereof as may be determined by the Finance Director or his
designee, and the Board hereby determines such action to be in the
public interest.
Section 7 . The proceeds of the Notes shall be deposited in a
restricted account within the General Fund and shall be used
solely for the payment of duly budgeted current expenses of the
General Fund when and to the extent that other monies on deposit
in the General Fund are insufficient therefor. Any portion of
said proceeds may be temporarily invested pending such use in
securities or investments which are lawful investments for the
County.
All Taxes levied for General Fund purposes (except Taxes
collected for retirement of existing debt) , investment proceeds on
such Taxes, and proceeds of the Notes to the extent not required
for the payment of duly budgeted current expenses of the General
Fund, received by the County in the Current Fiscal Year after the
issuance of the Notes, shall be deposited in a separate restricted
account within the General Fund to be known as the "Tax
Anticipation Notes , Series 1990A, Principal and Interest
Redemption Account" (the Note Account) until such time as the
monies therein are sufficient in the aggregate to pay when due the
principal of and interest on the Notes. All monies in the Note
Account not in excess of the amount required to pay when due the
principal of and interest on the Notes and all securities in which
the same may be invested from time to time are hereby pledged to
secure the payment of the principal of and interest on the Notes
and shall be used for no other purpose. This pledge shall be
valid and binding from and after the first delivery of the Notes,
and the monies so pledged shall immediately be subject to the lien
of said pledge without any physical delivery thereof, any filing,
or further act.
900026
Page 7
RE: TAX ANTICIPATION NOTES - SERIES 1990A
Section 8 . The County shall make no investment or other use
of the proceeds of the Notes which, if such investment or other
use had been reasonably expected on the date of issue of the
Notes, would have caused the Notes to be "arbitrage bonds" within
the meaning of Section 103 of the Internal Revenue Code of 1986 ,
as amended (the Code) , and the regulations thereunder and shall
comply with the requirements of said Section and regulations
throughout the term of the Notes.
The County hereby designates the Notes as "qualified
tax-exempt obligations" under Section 265 (b) of the Code.
Section 9 . All acts, orders, Resolutions or parts thereof
taken by the County and in conflict with this Resolution are
hereby repealed, except that this repealer shall not be construed
so as to revive any act, order Resolution or part thereof
heretofore repealed.
Section 10 . This Resolution is, and shall constitute, a
legislative measure of the County, and after the Notes are issued,
sold and outstanding, this Resolution shall constitute a contract
between the County and the registered owners of the Notes and
shall be and remain irrepealable until the Notes and the interest
thereon shall have been fully paid, satisfied and discharged.
Section 11 . If any paragraph, clause or provision of this
Resolution is judicially adjudged invalid or unenforceable, such
judgment shall not affect, impair or invalidate the remaining
paragraphs, clauses or provisions hereof, the intention being that
the various paragraphs, clauses or provisions hereof are
severable.
Section 12 . This Resolution shall take effect immediately
upon its adoption.
900026
Page 8
RE: TAX ANTICIPATION NOTES - SERIES 1990A
The above and foregoing Resolution was , on motion duly made
and seconded, adopted by the following vote on the 10th day of
January, A.D. , 1990.
BOARD OF COUNTY COMMISSIONERS
c�
ATTEST: Grii WEL OUNTY, CO ORADO
Weld County erk and Recorder 1i —
R. nr
and Clerk to the Board ene R. antner, hairman
BY' tw--r,„r y., 471:17nedy, Pro-Tem
puty County erk
APPR VED AS TO FORM: Constance L. Harbert j/fCl
airIZLIcer____....1:9 C. Kir i�
County Attorney
Go a
900026
UNITED STATES OF AMERICA
STATE OF COLORADO
COUNTY OF WELD
TAX ANTICIPATION NOTE
SERIES 1990A
No. R-1 $50,000
Weld County, Colorado (the County) , for value received,
hereby promises to pay to the registered owner hereof as shown on
the registration panel attached hereto from lorem taxes on
real and personal property, investment such taxes,
and proceeds of the notes of th ent not
required for the payment xpenses,
received by the C h- di cember 31,
+1990, - and credi t suance hereof,
on Deceinberi '31, , 1al
Thousand Dollars
($50,000) together n '' re om the date hereof to
the maturity date he at - of six percent (6%) per
annum, based upon tua umber of days elapsed in a month of
30 days and a year 360 days, said interest in the amount of
Two Thousand Nine Hundred Eight Dollars and Thirty-Three Cents
($2,908.33) being payable at maturity.
This Note is issued by the Board of County
Commissioners of the County, on behalf of the County, in
accordance with part 1 of article 15 of title 29, Colorado
Revised Statutes, as amended (the Act) , and pursuant to a
Resolution (the Resolution) of the Board of County Commissioners
of the County duly adopted prior to the issuance hereof in order
to pay duly budgeted current expenses of the general fund of the
County. Reference is hereby made to the Act and the Resolution
for a complete statement of the rights and limitations of rights
of the registered owner of this Note, to all of which the
registered owner hereof by acceptance of this Note assents.
This Note is not subject to redemption in whole or in
part at any time prior to its maturity date.
The principal of and interest on this Note are payable
upon presentation and surrender hereof at the office of the
County Clerk, as paying agent, either by check or draft mailed to
the registered owner hereof or by wire transfer to such bank or
other depository as the registered owner hereof shall designate.
This Note is transferable only upon the books of the
County by the County Clerk, as transfer agent.
It is hereby certified, recited and warranted that all
acts, conditions and things required to be done, occur or be
performed precedent to and in the issuance of this Note have been
done, have occurred and have been performed in regular and due
form and manner as required by law and that the obligations
represented by this Note do not contravene any constitutional or
statutory limitation of the State of Colorado.
IN TESTIMONY WHEREOF the County has caused this Note to
be executed in its name with the manual signature of the Chairman
of the Board of County Commissioners, to be sealed with the seal
of the County, and to be attested with the manual signature of
the County Clerk, all as of the 12th day of January, 1990.
WELD COUNTY, COLORADO
(COUNTY) By:
( SEAL ') 7t m the Board of
issioners
ATTEST:
C un Clerk
2
This Note is registered with the County Clerk, as registrar, in
the name of the owner listed below, and the principal of and
interest on this Note are payable only to such owner.
Date of Name, Address and Tax I .D. Signature of
Registration Number of Registered Owner ;e• -trar
January 12 , 1990 Kemper Clearing Corp.
411 East Mason Stree
Milwaukee, Wisc ' ' �� �� r /
Tax I .D. N � r '1 iediL C€c4.7
1
3
UNITED STATES OF AMERICA
STATE OF COLORADO
COUNTY OF WELD
TAX ANTICIPATION NOTE
SERIES 1990A
No. R-13 $100,000
Weld County, Colorado (the Count ) , for value received,
hereby promises to pay to the registe - o er hereof as shown on
the registration panel attached h= - d valorem taxes on
real and personal property, s ' p ds on such taxes,
and proceeds of the note extent not
required for the •a ' • -d u ent expenses,
received by i t e r g December 31 ,
990, and c - ee, = = er the issuance hereof,
= on December 1 I e r 1 s'm of One Hundred Thousand
Dollars ($100, •q e nterest thereon from the date
hereof to the m ty - ereof at the rate of six percent
(6%) per annu = • -upon the actual number of days elapsed in a
month of 30 da nd a year of 360 days, said interest in the
amount of Five Thousand Eight Hundred Sixteen Dollars and Sixty-
Seven Cents ($5,816. 67) being payable at maturity.
This Note is issued by the Board of County
Commissioners of the County, on behalf of the County, in
accordance with part 1 of article 15 of title 29, Colorado
Revised Statutes, as amended (the Act) , and pursuant to a
Resolution (the Resolution) of the Board of County Commissioners
of the County duly adopted prior to the issuance hereof in order
to pay duly budgeted current expenses of the general fund of the
County. Reference is hereby made to the Act and the Resolution
for a complete statement of the rights and limitations of rights
of the registered owner of this Note, to all of which the
registered owner hereof by acceptance of this Note assents.
This Note is not subject to redemption in whole or in
part at any time prior to its maturity date.
The principal of and interest on this Note are payable
upon presentation and surrender hereof at the office of the
County Clerk, as paying agent, either by check or draft mailed to
the registered owner hereof or by wire transfer to such bank or
other depository as the registered owner hereof shall designate.
This Note is transferable only upon the books of the
County by the County Clerk, as transfer agent.
It is hereby certified, recited and warranted that all
acts, conditions and things required to be done, occur or be
performed precedent to and in the issuance of this Note have been
done, have occurred and have been performed in regular and due
form and manner as required by law and that the obligations
represented by this Note do not contravene any constitutional or
statutory limitation of the State of Colorado.
IN TESTIMONY WHEREOF the County has caused this Note to
be executed in its name with the manual signature of the Chairman
of the Board of County Commissioners, to be sealed with the seal
of d h e anual signature thethe Countynty, and to be Clerk, all as oft the e12tht day hofmJanuary, 1990. of
WELD COUNTY, COLORADO
(COUNTY) By. o the oard of
( SEAL ) Co Commissioners
ATTEST:
County lerk
2
This Note is registered with the County Clerk, as registrar, in
the name of the owner listed below, and the principal of and
interest on this Note are payable only to such owner.
Date of Name, Address and Tax I .D. Signature of
Registration Number of Registered Owner Registrar
January 12, 1990 Kemper Clearing Corp.
411 East Mason Stree
Milwaukee, Wise
Tax I .D. 2 1 ' `' l� l '-Ec'n
3
Jl
anil
Boettcher&Company
knew%Banks.Senn 1910
828 Seventeenth Street
P.O. Box 54
Denver,Colorado 80201-O054
(303)628-8000
CLOSING MEMORANDUM
TO: Closing Participants
FROM: Jim Manire
Boettcher ompany, Inc.
DATE: January 5, 1990
RE: Closing Details
$4,000,000
WELD COUNTY, COLORADO
TAX ANTICIPATION NOTES
SERIES 1990
1. Time of Closing: 10:00 a.m., Friday, January 12, 1990
2. Place of Closing: Ballard, Spahr, Andrews & Ingersoll
1225 Seventeenth Street
Suite 2300
Denver, CO 80202
3. Boettcher & Company, Inc. ("Boettcher") will pay Weld County, Colorado (the
"County") for its legally issued $4,000,000 Series 1990A Tax Anticipation Notes, the
amount computed as follows:
Par Amount of the Issue $4,000,000
LESS:
Underwriter's Discount (6,000)
Attorney's Fee (4.000)
Total Due at Closing $3,990,000
4. Boettcher will wire transfer on the day of closing $3,990,000 to United Bank of
Greeley, ABA #107000343, for deposit to account #100528 for Weld County, Attn:
Mary Kelner.
1
Boettcher&Company
,moo
$4,000,000
WELD COUNTY, COLORADO
TAX ANTICIPATION NOTES
SERIES 1990A
Closing Participants
Weld County Kemper Clearing Corporation
915 19th Street 110 Wall Street
Greeley, CO 80632 6th Floor
Attn: Mr. Don Warden New York, NY 10005
Ms. Pat Odle Attn: Ms. Lilybell Gonzales
Ballard, Spahr, Andrews & Ingersoll
1225 Seventeenth Street
Suite 2300
Denver, CO 80202
Attn: Loring Harkness, Esq.
Matt Hogan, Esq.
United Bank of Greeley
P. O. Box 1058
Greeley, CO 80632
Attn: Mary Kelner
Boettcher & Company, Inc.
828 Seventeenth Street
Denver, CO 80202
Attn:
Mr. Steve Clark
Ms. Linda Clark
Mr. Tom Gordon
Mr. Brian Roche
Mr. Paul Ferry
Mr. Steve Shepard
Ms. Louise Stepp
Mr. Ron Weaver
2
COUNTY CERTIFICATE AND RECEIPT
The undersigned hereby certify that:
They are the duly elected or appointed, qualified,
sworn and acting Chairman of the Board of County Commissioners
and County Clerk, respectively, of the County.
The County is a political subdivision of the State of
Colorado and a body politic and corporate duly organized and
validly existing under the Constitution and laws of the State of
Colorado and its Home Rule Charter, and there is no litigation
pending or, to the best of their knowledge, threatened, relating
in any way to the existence or boundaries of the County or to the
rights of the commissioners and officers thereof to hold their
respective positions.
The Resolution of the Board of County Commissioners
authorizing the issuance of the County' s Tax Anticipation Notes,
Series 1990A, was duly adopted by the Board of County
Commissioners upon motion duly made and seconded and carried by a
majority vote of the commissioners present and constituting a
quorum thereof at a regular or special meeting thereof duly
called and held prior to the issuance of the Notes, and the
Resolution has not been repealed, revoked or rescinded and
remains in full force and effect on the date hereof.
Pursuant to the Resolution the County has established a
restricted account within its general fund into which will be
deposited the net proceeds of the Notes and has further
established within its general fund a separate restricted account
known as the "Tax Anticipation Notes, Series 1990A, Principal and
Interest Redemption Account" into which will be deposited the
moneys pledged to the payment of the principal of and interest on
the Notes .
The aggregate principal amount of all obligations
issued by the County in the current fiscal year in anticipation
of the collection of ad valorem taxes on real or personal
property is $4, 000,000, and the amount of ad valorem taxes on
real or personal property estimated to be received by the County
in the current fiscal year is $21,284, 983 .
The undersigned are duly authorized to execute the
Notes and this certificate on behalf of the County.
The Notes have been executed with the manual signatures
of the undersigned, whose specimen signatures appear below and
sealed with the seal of the County.
There is no litigation pending or, to the best of their
knowledge, threatened, relating in any way to the authorization,
issuance or delivery or the legality of the Notes.
The facts contained in the Final Offering Circular of
the County, dated January 8, 1990, relating to the sale of the
Notes are true and correct in all material respects, and the
Final Offering Circular does not contain any untrue statements of
a material fact or omit to state a material fact necessary to
make the statements therein, in light of the circumstances under
which they were made, not misleading.
The County hereby acknowledges receipt of the full
purchase price of the Notes.
IN WITNESS WHEREOF, the undersigned have hereunto set
their hands and the seal of the County this 12th day of January,
1990.
WELD COUN Y, COLORADO
By: 4O4 efillat
Chairman of the Board
of County Commissioners
(COUNTY) By: I41n Q.i4., -L4O--t(11,1 ,
( SEAL ) C u9nt Clerk
2
COUNTY CERTIFICATE REGARDING FEDERAL TAX MATTERS
The undersigned hereby certify and declare in the name
and on behalf of the County the following facts, estimates,
circumstances and expectations, as of the date of issue of the
County' s Tax Anticipation Notes, Series 1990A, dated January 12,
1990, in the aggregate principal amount of $4, 000,000, as
follows:
1 . Capacity.
As duly elected and authorized officers of the County,
charged with others with the responsibility of issuing the Notes,
our certification may be relied upon as the certification of the
"issuer" pursuant to Treasury Regulation §1 . 103-13 (a) (2 ) (ii ) .
2 . The Notes.
2 . 1 Purpose. The Notes are being issued for the
purpose of paying duly budgeted current expenses of the general
fund of the County.
2 . 2 Note Resolution. The Notes are being issued
pursuant to a Resolution duly adopted by the Board of County
Commissioners prior to the issuance of the Notes.
2 .3 Date of Notes; Date of Issue. The Notes are dated
their date of issue.
3 . Original Proceeds; Cumulative Cash Flow Deficit;
Other Amounts Available for Payment; Period for Which Notes Will
Be Outstanding.
3 . 1 Original Proceeds . The amount to be received by
the County from the sale of the Notes will be 99 .85% of the par
amount thereof.
3 .2 Cumulative Cash Flow Deficit. Based upon the
County' s estimates of its revenues and expenditures during the
period in which the Notes are to be outstanding, as set forth on
Exhibit A hereto, the maximum cumulative cash flow deficit for
such period is $4, 033,265 . Exhibit A hereto is a true and
correct computation of the anticipated cumulative cash flow
deficit of the County for the period from January 1, 1990, to
December 31, 1990, computed in accordance with
Section 1. 103-14(c) of the regulations under Section 103 of the
Internal Revenue Code of 1986, as amended (the Code) .
3 . 3 Other Amounts Available for Payment. The County
expects to earn no more than $245, 669 on the investment of the
original proceeds of the Notes and on the investment of amounts
deposited in the "Tax Anticipation Notes, Series 1990A, Principal
and Interest Redemption Account" which are to be used to pay the
principal of and interest on the Notes. The County expects to
spend the sum of $232 , 667 to pay interest on the Notes and the
sum of $4, 000 to pay the costs of issuance of the Notes. Thus,
there will be no more than $9, 002 derived from investment
proceeds available for payment of the expenditures set forth on
Exhibit A hereto. There will not be any amounts in the general
fund of the County or any other fund or account which are
available for the payment of the expenditures set forth on
Exhibit A hereto which may, without legislative or judicial
action, be invaded to pay such expenditures without a
legislative, judicial or contractual requirement that any such
fund or account be reimbursed other than those set forth therein
or herein.
3 . 4 Period for Which Notes Will Be Outstanding. The
principal of and interest on the Notes will be paid within one
year of their date of issue.
4. Note Account. Moneys from ad valorem taxes on
real and personal property, investment proceeds on such taxes,
and proceeds of the Notes to the extent not required for the
payment of duly budgeted current expenses, received by the County
in the current fiscal year and credited to the Note Account after
the issuance of the Notes, will be used to pay the principal of
and interest on the Notes. There are no other funds created by
the Resolution or otherwise available that will be so used. The
Note Account will be used primarily to achieve a proper matching
of revenues and debt service requirements on the Notes during the
period for which the Notes will be outstanding. The Note Account
will be depleted at least once a year. It is expected that any
moneys deposited in the Note Account will be spent within a
thirteen-month period beginning on the date of deposit and that
any amount received from the investment of such moneys will be
spent within a one-year period beginning on the date of receipt.
5. Arbitrage Rebate. The County expects that the
Notes will be exempt from the arbitrage rebate requirements of
the Code and the regulations promulgated thereunder, as it is a
governmental unit with general taxing powers, the Notes are not
private activity bonds, 95% or more of the net proceeds of the
Notes are to be used for local governmental activities of the
County, and the aggregate face amount of all tax-exempt
obligations issued by the County and all subordinate entities
during the calendar year 1990 is not reasonably expected to
exceed $5,000, 000. If said expectation is not realized, the
2
County will comply with all arbitrage rebate requirements of the
Code.
6. Covenants and Representations.
6. 1 County Covenants.
In the Resolution the County covenants that it will
make no investment or other use of the proceeds of the Notes at
any time during the term thereof which, if such investment or
other use had been reasonably expected on the date the Notes were
issued, would have caused the Notes to be "arbitrage bonds"
within the meaning of Section 103 of the Code and the regulations
thereunder and that it will comply with the requirements of said
Section and regulations throughout the term of the Notes. The
County will also comply with all information reporting
requirements of the Code.
6.2 Notification. The County has not been notified of
any listing of it by the Internal Revenue Service as an issuer
whose certification respecting arbitrage may not be relied upon.
7 . Oualified Tax Exempt Obligations.
In the Resolution the County designates the Notes as
"qualified tax-exempt obligations" under Section 265(b) of the
Code as the Notes are governmental bonds and the aggregate face
amount of all governmental bonds and the aggregate face amount of
all governmental bonds and 501(c) (3 ) bonds issued by the County
and all subordinate entities during the calendar year 1990 is not
reasonably anticipated to exceed $10,000, 000.
8. Certification.
8. 1 Purpose. This certification is being issued and
delivered pursuant to §§ 1 . 103-13 and 1 . 103-14 of the Treasury
Regulations promulgated under Section 103 of the Code.
8.2 Reasonable Expectations. To the best of our
knowledge, information and belief, the above expectations are
reasonable.
3
IN WITNESS WHEREOF, the undersigned have hereunto set
their hands and the seal of the County this 12th day of January,
1990.
WELD 3ooRADo
By: !�4e
Chairman of the Board of
County Commissioners
(COUNTY)
( SEAL ) �nI �
By: .(-����;((((-- tit P2-CQ_Ldt i,t
Count}� Clerk
4
EXHIBIT A
(1) (2) (3) (4) (5)
Cumulative
Surplus (Deficit) Cumulative
(2 minus 1 plus or Reasonably Cash Flow
Estimate Estimated minus previous figure Required Cash Surplus (Deficit)
Expenditures Receipts in this column) Balance (3 minus 4)
Opening Balance -- -- $ 795,000 -- --
January S 3,903,000 S 700,000 (2,408,000) S1,625,000 S (4,033,000)
February 1,625,000 1,400,000 (2,633,000) 969.000 (3,602,000)
March 969,000 2,330,000 (1,272,000) 1,573,000 (2,845,000)
April 1,573,000 3,482,000 637,000 1,224,000 (587,000)
May 1,224.000 1,700,000 1,113,000 1,224,000 (111,000)
June 1.224,000 940,000 829,000 1,469,000 (640,000)
July 1,469,000 3,085,000 2,445,000 1,346,000 1,099,000
August 1,346,000 2,009,000 3,108,000 2,112,000 996,000
September 2,112,000 874.000 1,870,000 1,224,000 646,000
October 1,224,000 869,000 1,515.000 1,346,000 169,000
November 1,346,000 1,100,000 1,269,000 1,939,000 (670,000)
December 1,939,000 1,170,000 500,000 0 500,000
5
Form 8038-G Information Return for Tax-Exempt
(December1986) Governmental Bond Issues OMB No 1545.0720
Department of the Treasury ►Under Section 149(e) I Exp,res 12-31-89
Internal Revenue Service (Use Form 8038•GC If Issue price Is under$100,000.) '
Part I Reporting Authority Check box if Amended Return leU r
1 Issuer's name 2 Issuer's employer identification number
Weld County, Colorado 84-6000813
3 Number and street 4 Report number
915 10th Street G1989.d.-
a City or town,sate,and ZIP Cade I Date of issue
Greeley, Colorado 80632 January 12, 1990
Part II Type of Issue(check box(es)that applies)
7 Check box if bonds are tax or other revenue anticipation bonds* O Issue Price
8 Check box if bonds are in the form of a lease or installment sale► ❑
9 O Education
10 O Health and hospital •
11 O Transportation
12 O Public safety
13 O Environment(including sewage bonds)
14 O Housing
15 O Utilities
16 ® Other.Describe(see instructions)► General Fund Operating Expense $ 4,000,000
%% '///A
Part III Description of Bonds
(d) (5) (5)
(a) P) (c) Stated redemption Weighted 0) Net interest
Maturity date Interest rate Issue price ice at maturity avera e maturit Yield cost
17 Final maturity . 1 1 6.00 4 000 000 4 000 000
18 Entire issue . . $ 4,000,000 $ 4,000,000 .97 years N/C 6. 15%
Uses of Original Proceeds of Issue(including underwriters'discount)
19 Proceeds used for accrued interest 19 0-
20 Proceeds used for bond issuance costs(including underwriters'discount) 20 $ 10,000
21 Proceeds used for credit enhancement 21 0-
22 Proceeds allocated to reasonably required reserve or replacement fund 22 —0-
23 Proceeds used to refund prior issues 23 —0
24 Nonrefunding proceeds of the issue(subtract lines 20,21,22,and 23 from line 18,column(c)) . . 24 $3,990,000
Part V Description of Refunded Bonds(complete this part only for refunding bonds)
25 Enter the remaining weighted average maturity of the bonds to be refunded ► —0— years
26 Enter the last date on which the refunded bonds will be called ► —0-
27 Enter the date(s)the refunded bonds were issued ► —0
Part VI Miscellaneous
28 Enter the amount(if any)of the state volume cap allocated to this issue 0-
29 Arbitrage rebate:
a Check box if the small governmental unit exception to the arbitrage rebate requirement applies El
b Check box if the 6-month temporary investment exception to the arbitrage rebate requirement is expected to apply O
e Check box if you expect to earn and rebate arbitrage profits to the U.S. O
30 Enter the amount of the bonds designated by the issuer under section 265(bx3)(Bxii) ► $ 4,000,000
31 Pooled financings:
a Check box if any of the proceeds of this issue are to be used to make loans to other governmental units ► O and
enter the amount ►
b Check box if this' is a loan made from the proceeds of another tax-exerppt issue ► O and enter the name of the
issuer ► and the date of the issue Ile
Under x of perry ,I care t I mined t return and accompanying schedules and statements,and to the best of my knowledge and belief,
Please they are ue, rte.a pl
Sign
,Finance Director
Here
lure of officer Date Title
For Paperwork Reduction Act Notice,see page 1 of the Instructions. Form 8038•G (12-86)
*U.S.a1eeene wtetlee OMlew INe—ein4e7meeee
L420.A(PF)
LAW OFFICES 20T.4 FLOOR
BALLARD, SPAHR, ANDREWS & INGERSOLL 30 SOUTH 17.. STREET
PHILADELPHIA,PA 19103
SUITE 2300
ONE WESTLAKES
1225 17TH STREET 1235 WESTLAKES DRIVE
BERWYN, PA 19312
DENVER, COLORADO 80202
SIESMAYERSTRASSE 44
303 292-2400 0 6000 FRANKFURT/MAIN I
FEDERAL REPUBLIC OF GERMANY
TELECOPIER 303 296-3956
CABLE. BALLARD AMERICAN PLAZA U.SUITE 400
57 WEST 200 SOUTH
SALT LAKE CITY, UT 64101
SUITE 900 EAST
LORING E. HARKNESS II[ 555 13TH STREET, N.W.
DIRECT DIAL 303 299-7319 WASHINGTON,D. C. 20004
January 12 , 1990
Internal Revenue Service Center
Philadelphia, PA 19255
Attention: Director
Re: Weld County, Colorado
Tax Anticipation Notes
Series 1990A
Dated January 12 , 1990 - $4 ,000,000
Dear Director:
Enclosed herewith are three (3) copies (one originally
executed) of the Information Return for Tax-Exempt Governmental
Bond Issues (Form 8038-G) with respect to the above-referenced
issue. This return is being filed pursuant to Section 149 (e) of
the Internal Revenue Code of 1986, as amended. Please file the
original of the enclosed return and acknowledge receipt on the
copies and return them separately to the issuer and the
undersigned in the self-addressed envelopes provided for your
convenience.
Thank you for your assistance.
Very truly yours,
Loring E. Harkness III
LEH:dal
Enclosures
cc: Mr. Donald Warden
Certified P 118 936 220
Return Receipt Requested
P 118 936 220 Le fj-
RECEIPT FOR CERTIFIED MAIL
Nt,NS_;ANCE CeaaFAC,__
NOT roc:NTERNA'0N6. MA
!See Reverse)
Se^J F
Internal Revenue Service
Stree:and No
P O Sta'e and Z:F Code
Philadelphia, PA 19255
Pastar,
cen F..
Spe.. t - .e') Fee
,wh., Receipt s
t o wno— antl ;
Return Receipt
Date and Atldress Address •.
j TOTAL Postage and F _ ) j
c Postmark or Date
E
o`
LL
N
a-
UNDERWRITER' S RECEIPT
The undersigned on behalf of the underwriter of the
Weld County, Colorado, Tax Anticipation Notes, Series 1990A,
dated January 12 , 1990, in the aggregate principal amount of
$4, 000, 000 hereby acknowledges receipt of the Notes.
IN WITNESS WHEREOF, the undersigned has hereunto set
his hand this 12th day of January, 1990.
BOETTCHER & COMPANY, INC.
By: 44-i's -'-it-
Ti
LAW OFFICES
20TH FLOOR
BALLARD, SPAHR, ANDREWS 8c INGERSOLL 30 SOUTH 17M STREET
PHILADELPHIA,PA 19103
SUITE 2300
ONE WESTLAKES
1225 17TH STREET 1235 WESTLAKES DRIVE
BERWYN PA 19312
DENVER, COLORADO 80202 ,
SIESMAYERSTRASSE 44
303 292-2400
D 6000 FRANKFURT/MAIN 1
: FEDERAL REPUBLIC OF GERMANY
T ELECO PIER 303 296-3956
CABLE BALLARD AMERICAN PLAZA II, SUITE 400
57 WEST 200 SOUTH
SALT LAKE CITY, UT 84101
SUITE 900 EAST
555 13m STREET, N.W.
WASHINGTON, D. C. 20004
January 12 , 1990
Boettcher & Company, Inc.
828 17th Street
Denver, Colorado 80202
Re: Weld County, Colorado
Tax Anticipation Notes
Series 1990A
Dated January 12, 1990 - $4, 000, 000
Ladies and Gentlemen:
We have acted as bond counsel in connection with the
issuance by Weld County, Colorado (the County) , of its Tax
Anticipation Notes, Series 1990A, dated January 12, 1990, in the
aggregate principal amount of $4 ,000, 000 (the Notes) , issued for
the purpose of paying duly budgeted current expenses of the
general fund of the County.
The Notes are issued in fully registered form. The
principal of and interest on the Notes are payable upon
presentation and surrender thereof at the office of the County
Clerk in Greeley, Colorado, on December 31, 1990. The Notes bear
interest at the rate of six percent (6%) per annum from their
date to their maturity date. The Notes are not subject to
redemption in whole or in part at any time prior to maturity.
The Resolution of the Board of County Commissioners of
the County authorizing the issuance of the Notes (the Resolution)
provides that the principal of and interest on the Notes shall be
payable from ad valorem taxes on real and personal property,
investment proceeds on such taxes, and proceeds of the Notes to
the extent not required for the payment of duly budgeted current
expenses, received by the County in the current fiscal year and
credited to its general fund after the issuance of the Notes.
The Resolution also contains a covenant by the County
that it will make no investment or other use of the proceeds of
the Notes, which, if such investment or other use had been
reasonably expected on the date of issue of the Notes, would have
caused the Notes to be "arbitrage bonds" under Section 103 of the
Internal Revenue Code of 1986, as amended (the Code) , and the
regulations thereunder and that it will comply with the
requirements of Section 103 of the Code throughout the term of
the Notes. Officers of the County responsible for issuing the
Notes have executed a certificate (the Certificate) stating the
reasonable expectations of the County as of the date of issue of
the Notes as to future events that are material for purposes of
Section 103 of the Code and making certain covenants on behalf of
the County relating to compliance therewith. In the Resolution
the County has also designated the Notes as "qualified tax-exempt
obligations" under Section 265 (b) of the Code.
In our capacity as bond counsel we have examined the
laws and the Constitution of the State of Colorado, the
Resolution, the certificates delivered by the County as of the
date of delivery of and payment for the Notes, and such other
documents as we deemed necessary in order to render this opinion.
We have also examined a representative executed Note and have
assumed that all other Notes have been similarly executed.
Based upon the foregoing examination, it is our opinion
that:
1. The Resolution has been duly adopted and the Notes
have been duly authorized, executed and delivered by the County
under the laws of the State of Colorado now in force.
2 . The Notes are valid and legally binding
obligations of the general fund of the County payable solely from
ad valorem taxes on real and personal property, investment
proceeds on such taxes, and proceeds of the Notes to the extent
not required for the payment of duly budgeted current expenses,
received by the County in the current fiscal year and credited to
its general fund after the issuance of the Notes.
3 . The Notes are enforceable according to their
terms, except to the extent such enforcement is limited by
bankruptcy and other laws of general application relating to or
affecting the enforcement of creditors' rights, by the reasonable
exercise of the sovereign police power of the State of Colorado,
and by the exercise of the powers delegated to the United States
of America by the federal Constitution.
Based upon the foregoing examination and our review of
the Code and the regulations and rulings thereunder and of the
Certificate and assuming compliance by the County with certain
2
covenants contained in the Resolution and the Certificate, it is
also our opinion that:
1. The Notes are not arbitrage bonds within the
meaning of the Code.
2 . Interest on the Notes is excluded from gross
income for federal income tax purposes under the laws and
regulations of the United States of America as presently exacted
and construed.
3. Interest on the Notes is not an item of preference
for purposes of computing the individual or corporate alternative
minimum tax under the laws and regulations of the United States
of America as presently enacted and constructed. However,
interest on Notes held by corporations (other than regulated
investment companies, real estate investment trusts, real estate
mortgage investment conduits and certain S corporations) may be
indirectly subject to the alternative minimum tax and the
environmental tax because of its inclusion in the reported income
or current earnings of corporations, and interest on Notes held
by foreign corporations may be subject to the branch profits tax
imposed by the Code.
4. The Notes are "qualified tax-exempt obligations"
under Section 265 (b) of the Code for purposes of determining the
deductibility of interest expenses of banks and other financial
institutions holding the Notes.
5. Interest on the Notes is exempt from State of
Colorado income taxes under the laws of the State of Colorado as
presently enacted and construed.
Ownership of tax-exempt obligations may result in
collateral federal income tax consequences to certain taxpayers,
including, without limitation, financial institutions, property
and casualty insurance companies, S corporations, individual
recipients of Social Security or Railroad Retirement benefits,
foreign corporations engaged in a trade or business in the United
States and taxpayers who may be deemed to have incurred or
continued debt to purchase or carry such obligations. We express
no opinion herein with respect to such consequences.
We also express no opinion herein with respect to the
accuracy or completeness of any documents prepared or used or
statements made in connection with the offering or sale of the
Notes.
�,Veyr�y, _truly yours,(30 ec3
PRELIMINARY OFFERING CIRCULAR
New Issue Not Rated
Bank Qualified
In the opinion of Bond Counsel, interest on the Notes is excluded from gross income for federal
income tax purposes, is exempt from Colorado income tax and is not an item of preference for
purposes of computing the individual or corporate alternative minimum tax, to the extent, upon
the conditions and subject to the limitations stated under "TAX EXEMPTION".
$4,000,000*
WELD COUNTY, COLORADO
Tax Anticipation Notes, Series 1990A
Dated: As of Delivery Due: December 31, 1990
The Notes are being issued as fully registered Notes without coupons. Interest, at the rate set
forth below, is computed on a basis of a 360-day year and is payable on December 31, 1990. The
Notes are not subject to redemption in whole or in part at any time.
AMOUNT MATURITY RATE PRICE
$4,000,000` 12-31-90 %
The Notes are payable solely from ad valorem taxes on real and personal property previously
levied, investment proceeds on such taxes and proceeds of the Notes to the extent not required
for the payment of duly budgeted current expenses, received by the County in the current fiscal
year and credited to the General Fund after the issuance of the Notes.
The Notes are offered when, as, and if issued by the County subject to the approving legal opinion
of Bond Counsel, Ballard, Spahr, Andrews & Ingersoll, Denver, Colorado.
The matters passed upon by Bond Counsel do not extend beyond the validity and enforceability
of the Notes and the tax treatment of interest thereon under Federal and State of Colorado
income tax laws, and Bond Counsel has no responsibility for the accuracy, completeness of fairness
of statements made to any person in connection with any offer or sale of the Notes in this
document or otherwise.
" Estimated
BOETTCHER & COMPANY, INC.
Certain of the information contained herein has been obtained from the issuer of the Notes
identified herein (the "County") and other sources which are believed to be reliable. Such
information is neither guaranteed as to accuracy or completeness nor to be construed as a
representation by Boettcher & Company, Inc. (the "Underwriter"). The information and
expressions of opinion herein are subject to change without notice, and neither the delivery of
this Offering Circular nor any sale made hereunder shall, under any circumstances, create any
implication that there has been no change in the affairs of the County, since the date hereof.
This Offering Circular does not constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of the Notes, in any jurisdiction in which it is unlawful for any person
to make such an offer, solicitation or sale. No dealer, broker, salesman or other person has been
authorized to give any information or to make any representations other than as contained in this
Offering Circular. If given or made, such other information or representations must not be relied
as having been authorized by the County or the Underwriter.
The summaries of various statutes, resolutions, and other documents contained herein are
intended as summaries only and are qualified in their entirety by reference to the originals
thereof, copies of which are available from the Underwriter or the County during the period of
the original offering of the Notes, upon reasonable request and payment of the reasonable costs
of copying the same.
IN CONNECTION WITH THIS OFFERING, THE UNDERWRITER MAY OVER ALLOT
OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE
OF THE NOTES AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN
THE OPEN MARKET. SUCH STABILIZING,IF COMMENCED,MAY BE DISCONTINUED
AT ANY TIME.
2
TABLE OF CONTENTS PAGE
INFORMATION 4
THE NOTES 4
Description 4
Redemption Provisions 4
Authorization 4
Security 4
Investment of Proceeds 5
THE COUNTY 5
The Board of County Commissioners 6
FINANCIAL INFORMATION CONCERNING THE COUNTY 6
General Fund 7
Property Tax Collection 8
Historical Property Tax Data 8
Direct Indebtedness 9
TAX EXEMPTION 9
LEGAL MA 11'ERS 10
RATING 10
UNDERWRITER 10
APPENDIX A
Cashflow Summary
3
INFORMATION
This Offering Circular is provided to furnish certain information in connection with the issuance
by Weld County, Colorado (the "County") of its Tax Anticipation Notes, Series 1990A, in the
aggregate principal amount of$4,000,000 (the "Notes") to be issued pursuant to a Resolution (the
"Resolution") adopted by the Board of County Commissioners of the County on January 10, 1990.
The Notes are being issued to pay duly budgeted current General Fund expenses.
Brief descriptions of the County and the Notes are included in this Offering Circular. Such
descriptions do not purport to be comprehensive or definitive. All reference herein to the
Resolution, the Notes, and other documents are qualified in their entirety by reference to such
documents or to the form of the Notes, copies of which are available for inspection in the office
of the County.
THE NOTES
Description
The Notes are to be issued by the County in an aggregate principal amount of $4,000,000, to be
dated January 12, 1990, to be registered as to principal and interest, to bear interest from issue
date to maturity at the rate per annum set forth on the Cover Page hereof, computed on the basis
of a 360-day year. The Notes will pay interest and mature on December 30, 1990. The principal
of and interest on the Notes are payable at maturity, upon surrender of the Notes, to the office
of the County Clerk, either by check or draft mailed to the registered owner or by wire transfer
to such bank or depository as the registered owner shall designate.
Redemption Provisions
Notes of this issue are not subject to redemption prior to maturity.
Authorization
The Notes are issued pursuant to the Resolution and the Constitution and laws of the State of
Colorado, including, in particular, the provisions of the Tax Anticipation Note Act (the "Act"),
Section 29-15-101 et seq., Colorado Revised Statutes, as amended. The Act permits the County
to issue tax anticipation notes by resolution in an amount not to exceed fifty percent (50%) of all
ad valorem taxes estimated by the County to be received in the current fiscal year.
Security
The proceeds of the Notes are to be deposited in the General Fund of the County and are to be
used solely for the payment of duly budgeted current expenses when and to the extent that other
moneys on deposit in the General Fund are insufficient therefor; provided however, that any
portion of the proceeds may be temporarily invested in securities or investments which are lawful
investments for the County. All ad valorem personal and real property taxes ("Taxes") levied
4
for General Fund purposes (except Taxes collected for retirement of existing debt,) investment
proceeds on such Taxes, and proceeds of the Notes to the extent not required for the payment
of duly budgeted current expenses, received by the County in the Current Fiscal Year after the
issuance of the Notes are to be deposited in a restricted account within the General Fund to be
known as the 'Tax Anticipation Notes, Series 1990A, Principal and Interest Redemption Account"
(the "Note Account") until such time as the moneys are sufficient to pay when due the principal
of and interest on the Notes. All moneys in the Note Account not in excess of the amount
required to pay when due the principal of and interest on the Notes, and all securities in which
the same may be invested from time to time, are pledged to secure the payments of the principal
of and interest on the Notes.
Investment of Proceeds
Proceeds of the Notes and moneys held in the Note Account will, pending their use, be invested
in securities which are legal investments for Colorado counties or deposited in eligible public
depositories, with such deposits being insured or collateralized as required by law.
THE COUNTY
Weld County, established in 1861, is located at the north central part of the State and is the third
largest county in Colorado, covering an area of approximately 4,033 square miles. The surface
is level to rolling prairies with low hills near the western border. Elevations range from 4,400 to
5,000 feet. The South Platte River and its tributaries, the Cache La Poudre, Big Thompson, Little
Thompson, Boulder, and St. Vrain enter from the south and west and leave the county on the
east. Weld County is an agricultural region, ranking fourth in the nation in dollar value of sales
according to the government's 1982 farm census rankings. More than 85 percent of its area is
devoted to irrigated and dryland farming and livestock raising.
Weld County incorporates one of the nation's largest irrigated areas: 647,000 acres of the
2,500,000 acres in Weld County are irrigated by a combination of mountain run-off which is
controlled by eight major irrigation companies and 4,000 wells.
The reservoir storage and stream run-off supply an annual average of 900,000 acre feet while the
wells supply approximately 250,000 acre feet of water. The Colorado Big Thompson Water
Diversion Project supplies approximately 300,000 acre feet of water annually. Water is diverted
to farms and ranches via an extensive system of irrigation canals. Oil and gas play an important
role in the economic picture of Weld County. Wattenberg Gas field, part of which is located in
the southern part of Weld County, was discovered by Amoco Oil Company, the prime developer
of the field. Amoco Oil has estimated that this field contains approximately 400 billion feet of
gas reserves. The gas that is being produced by the Wattenberg Field is delivered to the Public
Service Company of Colorado. This potentially great gas accumulation covers nearly 1,000 square
miles. Wattenberg Field is also producing some oil. Development of oil and gas wells has had
an increasingly more significant impact on the economy of Weld County in the past ten years.
5
The Board of County Commissioners
The County is governed by a five-member Board of County Commissioners (the "Board") whose
members are elected on a district system by the registered, qualified electors of the County for
staggered four-year terms of office. The Board is a policy-making body whose primary functions
are to establish policies for the County and oversee the property and facilities and financial affairs
of the County.
The present directors and officers of the Board and the expiration of their respective terms of
office are as follows:
Term
Expires
Name Title December 31
C.W. Kirby Chairman 1992
Gene R. Brantner Pro-Tem 1990
Constance Harbert Commissioner 1990
George Kennedy Commissioner 1992
Gordon E. Lacy Commissioner 1992
FINANCIAL INFORMATION CONCERNING THE COUNTY
The financial operations of the County are, pursuant to State law, conducted primarily through
its General Fund.
General Fund
The General Fund is the major operating fund of the County, providing most of the resources for
the County's general operations. General Fund revenues amounted to $18,507,315 in 1988, a
increase of 12.8% from 1987. The increase is attributed to
The revenues derived from various sources are reflected in the following table:
6
125 19 C 1987 nais
REVENUE:
Taxes $ 9,873,318 $10,258,786 $10,793,324 $11,196,489
— Licenses & Permits 368,239 363,103 382,707 350,734
Intergovernmental Revenue 891,822 1,144,412 879,166 1,192,993
Charges for Services 1,157,164 1,352,129 451,484 721,422
Fines and Forfeitures 69,455 13,250 76,465 35,469
Miscellaneous Revenue 2,190,774 2,301,231 1,056,616 1,846,186
Earnings on Investments 1,052,991 1,470,996
Fee Accounts 1.631.937 1.547.500 1.711.894 1.693.020
Total Revenue $16.182.709 $16.928.147 $16.404.647 18.507 115
EXPENDITURES:
Current Operating:
General Government $6,120,746 $6,525,593 $6,819,165 7,251,985
Public Safety 7,283,096 7,496,132 6,924,599 7,869,950
Public Works 518,699 482,827 522,724 533,198
Public Health & Welfare 116,045 169,106 124,536 151,158
Culture & Recreation 95,622 86,562 273,702 91,331
Conservation of
Natural Resources -0- 6,025 -0- -0-
Economic Assistance 10,264 0- -0- -0-
Capital Outlay -0- 69,650 348,145 209,281
Debt Service 110,985 170,977 126,088 242,953
Miscellaneous 658.426 186.978 273.702 307.941
Total Expenditures $14.913.833 $15.293.84Q $15.234.669 16.657.797
EXCESS (DEFICIENCY OF
REVENUE OVER
EXPENDITURES) $ 1.268.826 $ 1.634.297 $ 1.169.978 $ 1.849.518
OTHER FINANCING SOURCES
(USES):
Operating
Transfers-In $ 310,000 $ 59,140 $ 2,129,550 -0-
Operating
Transfers-Out (1.986.122) (1.282.370) (1.285.193) (2.081.691)
Total Other Financing
Sources (Uses) $(1.676.122) $(1.223.230) $(1.176.800) (2.081.6911
EXCESS OF (DEFICIENCY) OF
REVENUE AND OTHER SOURCES
OVER EXPENDITURES AND
OTHER USES (407.296) 411.067 (6.822) (232.173)
FUND BALANCE, (Deficit),
Beginning of Period $ 1.145.510 $ 738.214 $1.149.280 $1.013.68Q
Equity Transfers to
Other Funds (128,780) (70,096)
FUND BALANCE (Deficit),
End of Period 738 214 1 149282 $ 1.013,67$ 711411
7
Property Tax Collection
Taxes levied in one year are collected in the next; thus 1989 taxes will be collected in 1990. Taxes are said
to be due January 1 in the year of collection; however, they may be paid in two installments, without
interest penalty, if the payments are made by February 28 and by July 31 of the collection year. The
property owner may elect to make only one payment, and if made by April 30, it is also free of interest
penalty.
All taxes levied on property, together with interest thereon and penalties for default, as well as all other
costs of collection, constitute a perpetual lien on and against the property taxes, and such lien is on a parity
with the tax liens of other general taxes. In the event collection of property taxes becomes impossible, the
County Treasurer may distrain, seize, and sell property to enforce the collection of delinquent taxes on
such property, as well as conduct a regular tax sale to enforce the collection of delinquent taxes on real
property. There can be no assurance that the value of specific property, in the event of foreclosure and
sale by the Weld County Treasurer, would be sufficient to produce the amount required with respect to
taxes levied by the County and by overlapping taxing entities.
Property Tax Levies and Collections in the County
Collection Total Tax Total % of
Year Levy Collected Collections
1978 $10,618,807 $10,558,800 99.43
1979 11,144,614 11,101,916 99.62
1980 11,708,099 11,660,552 99.59
1981 12,622,216 12,596,620 99.68
1982 13,252,865 13,169,249 99.37
1983 14,399,734 14,307,719 99.36
1984 15,119,720 14,985,503 99.11
1985 15,875,706 15,469,833 97.44
1986 17,147,925 17,013,025 99.20
1987 18,005,273 17,756,037 98.60
1988 18,931,528 18,506,143 97.75
Source: Weld County 1988 Annual Financial Report
Historical Property Tax Data
Set forth below is certain historical information concerning mill levies, assessed valuation and property tax
collection for the County.
Mill Levy History
1982 - 1989
Collection Year
1983 17.172
1984 17.369
1985 19.342
1986 19.342
1987 19.968
1988 17.208
1989 19.268
1990 20.892
Source: Weld County 1988 Annual Financial Report, and Weld County Assessor's Office
8
Total Assessed Valuation of the County
1980 - 1988
Budget Assessed Percent
Year Valuation Increase
1980 $ 677,285,480 9.8%
1981 731,849,970 9.3%
1982 771,771,770 9.5%
1983 870,453,500 8.9%
1984 820,747,830 (1.1%)
1985 886,564,250 93%
1986 813,134,000 (8.3%)
•1987 1,118,963,490 37.6%
1988 1,062,703,770 (5.0%)
1989 1,021,455,100 (3.9%)
*Reassessment mandated by Colorado statute changed the base year of market value for valuation from
1977 in 1986 to 1985 in 1987.
Source: Weld County 1988 Annual Financial Report
Direct Indebtedness
The County currently has no outstanding debt.
TAX-EXEMPTION
In the opinion of Bond Counsel, assuming the accuracy of certain certifications of the County regarding
federal income tax matters and continuing compliance with the requirements of the Internal Revenue Code
of 1986, as amended, interest on the Notes is excluded from gross income for federal income tax purposes
and is not an item of preference for purposes of either the individual or corporate alternative minimum
tax under the laws and regulations of the United States of America as presently enacted and construed.
However, interest on Notes held by corporations (other than regulated investment companies, real estate
investment trusts, real estate mortgage investment conduits and certain S corporations) may be indirectly
subject to the alternative minimum tax and the environmental tax because of its inclusion in the reported
income or current earnings of corporations, and interest on Notes held by foreign corporations may be
subject to the branch profits tax.
In the opinion of Bond Counsel, the Notes are "qualified tax-exempt obligations" under Section 265(b) of
the Code for purposes of determining the deductibility of interest expense of banks and other financial
institutions holding the Notes.
Ownership of tax-exempt obligations may result in collateral federal income tax consequences to certain
taxpayers, including, without limitation, financial institutions, property and casualty insurance companies,
S corporations, individual recipients of Social Security or Railroad Retirement benefits, foreign
corporations engaged in a trade or business in the United States and taxpayers who may be deemed to
have incurred or continued debt to purchase or carry such obligations. Bond Counsel will express no
opinion with respect to such consequences. Prospective purchasers of the Notes should consult their own
tax advisors as to such consequences.
9
In the opinion of Bond Counsel, interest on the Notes is also exempt from Colorado income taxation
under the laws of the State of Colorado as presently enacted and construed.
LEGAL MA 1 1 ER$
Legal matters incident to the authorization and issuance of the Notes are subject to approval by Ballard,
Spahr, Andrews & Ingersoll, Denver, Colorado, Bond Counsel, whose approving opinion on such matters
is expected to state in substance that the Notes are valid and binding obligations of the general fund of
the County payable solely from ad valorem taxes on real and personal property previously levied, income
and investment proceeds on such taxes, and proceeds of the Notes to the extent not required for the
payment of duly budgeted current expenses, received by the County and credited to its general fund in the
current fiscal year after the issuance of the Notes and that the Notes are enforceable according to their
terms, except to the extent such enforcement is limited by the bankruptcy and other laws affecting the
enforcement of creditors' rights, by the reasonable exercise of the police power of the State of Colorado,
and by the exercise of the powers delegated to the United States of America by the Federal Constitution.
Bond Counsel has assumed no responsibility to make independent verifications or confirmations of the
statements made in this Offering Circular or otherwise in connection with the sale of the Notes.
RATING
These Notes have not been rated by any municipal rating service.
UNDERWRITER
The Notes are being purchased by Boettcher & Company, Inc. at par value. The County has agreed to
pay the Underwriter a fee of $ . The Underwriter has advised the County that it intends to
make a public offering of the Notes at the price set forth on the cover hereof.
10
APPENDIX A
WELD COUNTY
1990 CASH FLOW SUMMARY
GENERAL FUND
($000's)
Reasonably Cumulative
Cumulative Required Cash Flow
Estimated Estimated Surplus Cash Surplus
Expenditures Receipts (Deficit) Balance (Deficit)
Opening
Balance: -- -- $ 795 -- --
Jan. 1990 $3,903 $ 700 ($2,408) $1,625 ($4,033)
Feb. 1,625 1,400 (2,633) 969 (3,602)
Mar. 969 2,330 (1,272) 1,573 (2,845)
Apr. 1,573 3,482 637 1,224 (587)
May 1,224 1,700 1,113 1,224 (111)
June 1,224 940 829 1,469 (640)
July 1,469 3,085 2,445 1,346 1,099
Aug. 1,346 2,009 3,108 2,112 996
Sept. 2,112 874 1,870 1,224 646
Oct. 1,224 869 1,515 1,346 169
Nov. 1,346 1,100 1,269 1,939 (670)
Dec. 1.939 j..120 500 3,900,000 (3,400,000)
Total $19,954 $19,659
FINAL OFFERING CIRCULAR
Dated: January 8, 1990
New Issue Not Rated
Bank Qualified
In the opinion of Bond Counsel, interest on the Notes is excluded from gross income for federal
income tax purposes, is exempt from Colorado income tax and is not an item of preference for
purposes of computing the individual or corporate alternative minimum tax, to the extent, upon
the conditions and subject to the limitations stated under "TAX EXEMPTION".
$4,000,000'
WELD COUNTY, COLORADO
Tax Anticipation Notes, Series 1990A
Dated: As of Delivery Due: December 31, 1990
The Notes are being issued as fully registered Notes without coupons. Interest, at the rate set
forth below, is computed on a basis of a 360-day year and is payable on December 31, 1990. The
Notes are not subject to redemption in whole or in part at any time.
AMOUNT MATURITY RATE PRICE
$4,000,000' 12-31-90 6.00% 100%
The Notes are payable solely from ad valorem taxes on real and personal property previously
levied, investment proceeds on such taxes and proceeds of the Notes to the extent not required
for the payment of duly budgeted current expenses, received by the County in the current fiscal
year and credited to the General Fund after the issuance of the Notes.
The Notes are offered when, as, and if issued by the County subject to the approving legal opinion
of Bond Counsel, Ballard, Spahr, Andrews & Ingersoll, Denver, Colorado.
The matters passed upon by Bond Counsel do not extend beyond the validity and enforceability
of the Notes and the tax treatment of interest thereon under Federal and State of Colorado
income tax laws, and Bond Counsel has no responsibility for the accuracy, completeness of fairness
of statements made to any person in connection with any offer or sale of the Notes in this
document or otherwise.
BOETTCHER & COMPANY, INC.
Certain of the information contained herein has been obtained from the issuer of the Notes
identified herein (the "County") and other sources which are believed to be reliable. Such
information is neither guaranteed as to accuracy or completeness nor to be construed as a
representation by Boettcher & Company, Inc. (the "Underwriter"). The information and
expressions of opinion herein are subject to change without notice, and neither the delivery of
this Offering Circular nor any sale made hereunder shall, under any circumstances, create any
implication that there has been no change in the affairs of the County, since the date hereof.
This Offering Circular does not constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of the Notes, in any jurisdiction in which it is unlawful for any person
to make such an offer, solicitation or sale.. No dealer, broker, salesman or other person has been
authorized to give any information or to make any representations other than as contained in this
Offering Circular. If given or made, such other information or representations must not be relied
as having been authorized by the County or the Underwriter.
The summaries of various statutes, resolutions, and other documents contained herein are
intended as summaries only and are qualified in their entirety by reference to the originals
thereof, copies of which are available from the Underwriter or the County during the period of
the original offering of the Notes, upon reasonable request and payment of the reasonable costs
of copying the same.
IN CONNECTION WITH THIS OFFERING, THE UNDERWRITER MAY OVER ALLOT
OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE
OF THE NOTES AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN
THE OPEN MARKET. SUCH STABILIZING,IF COMMENCED,MAY BE DISCONTINUED
AT ANY TIME.
2
TABLE OF CONTENTS
PAGE
INFORMATION 4
THE NOTES 4
Description 4
Redemption Provisions 4
Authorization 4
Security 4
Investment of Proceeds 5
THE COUNTY 5
The Board of County Commissioners 6
FINANCIAL INFORMATION CONCERNING THE COUNTY 6
General Fund 7
Property Tax Collection 8
Historical Property Tax Data 8
Direct Indebtedness 9
TAX EXEMPTION 9
LEGAL MATTERS 10
RATING 10
UNDERWRITER 10
APPENDIX A
Cashflow Summary
3
INFORMATION
This Offering Circular is provided to furnish certain information in connection with the issuance
by Weld County, Colorado (the "County") of its Tax Anticipation Notes, Series 1990A, in the
aggregate principal amount of$4,000,000 (the "Notes") to be issued pursuant to a Resolution (the
"Resolution") adopted by the Board of County Commissioners of the County on January 10, 1990.
The Notes are being issued to pay duly budgeted current General Fund expenses.
Brief descriptions of the County and the Notes are included in this Offering Circular. Such
descriptions do not purport to be comprehensive or definitive. All reference herein to the
Resolution, the Notes, and other documents are qualified in their entirety by reference to such
documents or to the form of the Notes, copies of which are available for inspection in the office
of the County.
THE NOTES
Description
The Notes are to be issued by the County in an aggregate principal amount of $4,000,000, to be
dated January 12, 1990, to be registered as to principal and interest, to bear interest from issue
date to maturity at the rate per annum set forth on the Cover Page hereof, computed on the basis
of a 360-day year. The Notes will pay interest and mature on December 30, 1990. The principal
of and interest on the Notes are payable at maturity, upon surrender of the Notes, to the office
of the County Clerk, either by check or draft mailed to the registered owner or by wire transfer
to such bank or depository as the registered owner shall designate.
Redemption Provisions
Notes of this issue are not subject to redemption prior to maturity.
Authorization
The Notes are issued pursuant to the Resolution and the Constitution and laws of the State of
Colorado, including, in particular, the provisions of the Tax Anticipation Note Act (the "Act"),
Section 29-15-101 et seq., Colorado Revised Statutes, as amended. The Act permits the County
to issue tax anticipation notes by resolution in an amount not to exceed fifty percent (50%) of all
ad valorem taxes estimated by the County to be received in the current fiscal year.
Security
The proceeds of the Notes are to be deposited in the General Fund of the County and are to be
used solely for the payment of duly budgeted current expenses when and to the extent that other
moneys on deposit in the General Fund are insufficient therefor; provided however, that any
portion of the proceeds may be temporarily invested in securities or investments which are lawful
investments for the County. All ad valorem personal and real property taxes ("Taxes") levied
4
for General Fund purposes (except Taxes collected for retirement of existing debt,) investment
proceeds on such Taxes, and proceeds of the Notes to the extent not required for the payment
of duly budgeted current expenses, received by the County in the Current Fiscal Year after the
issuance of the Notes are to be deposited in a restricted account within the General Fund to be
known as the "Tax Anticipation Notes, Series 1990A, Principal and Interest Redemption Account"
(the "Note Account") until such time as the moneys are sufficient to pay when due the principal
of and interest on the Notes. All moneys in the Note Account not in excess of the amount
required to pay when due the principal of and interest on the Notes, and all securities in which
the same may be invested from time to time, are pledged to secure the payments of the principal
of and interest on the Notes.
Investment of Proceeds
Proceeds of the Notes and moneys held in the Note Account will, pending their use, be invested
in securities which are legal investments for Colorado counties or deposited in eligible public
depositories, with such deposits being insured or collateralized as required by law.
THE COUNTY
Weld County, established in 1861, is located at the north central part of the State and is the third
largest county in Colorado, covering an area of approximately 4,033 square miles. The surface
is level to rolling prairies with low hills near the western border. Elevations range from 4,400 to
5,000 feet. The South Platte River and its tributaries, the Cache La Poudre, Big Thompson, Little
Thompson, Boulder, and St. Vrain enter from the south and west and leave the county on the
east. Weld County is an agricultural region, ranking fourth in the nation in dollar value of sales
according to the government's 1982 farm census rankings. More than 85 percent of its area is
devoted to irrigated and dryland farming and livestock raising.
Weld County incorporates one of the nation's largest irrigated areas: 647,000 acres of the
2,500,000 acres in Weld County are irrigated by a combination of mountain run-off which is
controlled by eight major irrigation companies and 4,000 wells.
The reservoir storage and stream run-off supply an annual average of 900,000 acre feet while the
wells supply approximately 250,000 acre feet of water. The Colorado Big Thompson Water
Diversion Project supplies approximately 300,000 acre feet of water annually. Water is diverted
to farms and ranches via an extensive system of irrigation canals. Oil and gas play an important
role in the economic picture of Weld County. Wattenberg Gas field, part of which is located in
the southern part of Weld County, was discovered by Amoco Oil Company, the prime developer
of the field. Amoco Oil has estimated that this field contains approximately 400 billion feet of
gas reserves. The gas that is being produced by the Wattenberg Field is delivered to the Public
Service Company of Colorado. This potentially great gas accumulation covers nearly 1,000 square
miles. Wattenberg Field is also producing some oil. Development of oil and gas wells has had
an increasingly more significant impact on the economy of Weld County in the past ten years.
5
The Board of County Commissioners
The County is governed by a five-member Board of County Commissioners (the "Board") whose
members are elected on a district system by the registered, qualified electors of the County for
staggered four-year terms of office. The Board is a policy-making body whose primary functions
are to establish policies for the County and oversee the property and facilities and financial affairs
of the County.
The present directors and officers of the Board and the expiration of their respective terms of
office are as follows:
Term
Expires
Name Title December 31
C.W. Kirby Chairman 1992
Gene R. Brantner Pro-Tem 1990
Constance Harbert Commissioner 1990
George Kennedy Commissioner 1992
Gordon E. Lacy Commissioner 1992
FINANCIAL INFORMATION CONCERNING THE COUNTY
The financial operations of the County are, pursuant to State law, conducted primarily through
its General Fund.
General Fund
The General Fund is the major operating fund of the County, providing most of the resources for
the County's general operations. General Fund revenues amounted to $18,507,315 in 1988, a
increase of 12.8% from 1987. The increase is attributed to
The revenues derived from various sources are reflected in the following table:
6
1485 S 1481 1488
REVENUE:
Taxes S 9,873,318 $10,258,786 $10,793,324 S11,196,489
Licenses & Permits 368,239 363,103 382,707 350,734
Intergovernmental Revenue 891,822 1,144,412 879,166 1,192,993
Charges for Services 1,157,164 1,352,129 451,484 721,422
Fines and Forfeitures 69,455 13,250 76,465 35,469
Miscellaneous Revenue 2,190,774 2,301,231 1,056,616 1,846,186
Earnings on Investments 1,052,991 1,470,996
Fee Accounts 1631.937 1.547500 1.711$44 1.1.4=4
Total Revenue 116.182.709 $16.928.147 S16.404.647 18607315
EXPENDITURES:
Current Operating:
General Government $6,120,746 $6,525,593 $6,819,165 7,251,985
Public Safety 7,283,096 7,496,132 6,924,599 7,869,950
Public Works 518,699 482,827 522,724 533,198
Public Health & Welfare 116,045 169,106 124,536 151,158
Culture & Recreation 95,622 86,562 273,702 91,331
Conservation of
Natural Resources -0- 6,025 -0- -0-
Economic Assistance 10,264 -0- -0- -0-
Capital Outlay -0- 69,650 348,145 209,281
Debt Service 110,985 170,977 126,088 242,953
Miscellaneous 658.426 186 978 273.702 307.941
Total Expenditures $14911$'}1 S15.293.84Q S15.234.669 16.657.797
EXCESS (DEFICIENCY OF
REVENUE OVER
EXPENDITURES) ,,$1.26 .826 $ 1.634.297 S 1.169.978 S 1.849.51$
OTHER FINANCING SOURCES
(USES):
Operating
Transfers-In S 310,000 S 59,140 S 2,129,550 -0-
Operating
Transfers-Out (1.986.122) (1.282.370) (1285.193) (2.081.691)
Total Other Financing
Sources (Uses) $(1.676.122) S(1.223.230) S(1.176 800) (2.081.691)
EXCESS OF (DEFICIENCY) OF
REVENUE AND OTHER SOURCES
OVER EXPENDITURES AND
OTHER USES (407.296) 411067 (6.822) (232173)
FUND BALANCE, (Deficit),
Beginning of Period S 1.145.510 S 738.214 SL149.280 11.013.680
Equity Transfers to
Other Funds (128,780) (70,096)
FUND BALANCE (Deficit),
End of Period S 738.214 S 1.149.282 $ 1.013.678 $711.411
7
Property Tax Collection
Taxes levied in one year are collected in the next; thus 1989 taxes will be collected in 1990. Taxes are said
to be due January 1 in the year of collection; however, they may be paid in two installments, without
interest penalty, if the payments are made by February 28 and by July 31 of the collection year. The
property owner may elect to make only one payment, and if made by April 30, it is also free of interest
penalty.
All taxes levied on property, together with interest thereon and penalties for default, as well as all other
costs of collection, constitute a perpetual lien on and against the property taxes, and such lien is on a parity
with the tax liens of other general taxes. In the event collection of property taxes becomes impossible, the
County Treasurer may distrain, seize, and sell property to enforce the collection of delinquent taxes on
such property, as well as conduct a regular tax sale to enforce the collection of delinquent taxes on real
property. There can be no assurance that the value of specific property, in the event of foreclosure and
sale by the Weld County Treasurer, would be sufficient to produce the amount required with respect to
taxes levied by the County and by overlapping taxing entities.
Property Tax Levies and Collections in the County
Collection Total Tax Total % of
Year Levy Collected Collections
1978 510,618,807 510,558,800 99.43
1979 11,144,614 11,101,916 99.62
1980 11,708,099 11,660,552 99.59
1981 12,622,216 12,596,63) 99.68
1982 13,252,865 13,169,249 9937
1983 14,399,734 14,307,719 99.36
1984 15,119,720 14,985,503 99.11
1985 15,875,706 15,469,833 97.44
1986 17,147,925 17,013,025 99.20
1987 18,005,273 17,756,037 98.60
1988 18,931,528 18,506,143 97.75
Source: Weld County 1988 Annual Financial Report
Historical Property Tax Data
Set forth below is certain historical information concerning mill levies, assessed valuation and property tax
collection for the County.
Mill Levy History
1982- 1989
Collection Year
1983 17.172
1984 17369
1985 19.342
1986 19342
1987 19.968
1988 17.208
1989 19.268
1990 20.892
Source: Weld County 1988 Annual Financial Report, and Weld County Assessor's Office
8
Total Assessed Valuation of the County
1980 - 1988
Budget Assessed Percent
Sat Valuation Inaeasc
1980 S 677,285,480 9.8%
1981 731,849,970 93%
1982 771,771,770 9.5%
1983 870,453,500 8.9%
1984 820,747,830 (1.1%)
1985 88,564,250
1986 813,134,000 (83%)
'1987 1,118,963,490 37.6%
1988 1,062,703,770 (5.0%)
1989 1,021,455,100 (3.9%)
"Reassessment mandated by Colorado statute changed the base year of market value for valuation from
1977 in 1986 to 1985 in 1987.
Source: Weld County 1988 Annual Financial Report
Direct Indebtedness
The County currently has no outstanding debt.
TAX-EXEMPTION
In the opinion of Bond Counsel, assuming the accuracy of certain certifications of the County regarding
federal income tax matters and continuing compliance with the requirements of the Internal Revenue Code
of 1986, as amended, interest on the Notes is excluded from gross income for federal income tax purposes
and is not an item of preference for purposes of either the individual or corporate alternative minimum
tax under the laws and regulations of the United States of America as presently enacted and construed.
However, interest on Notes held by corporations (other than regulated investment companies, real estate
investment trusts, real estate mortgage investment conduits and certain S corporations) may be indirectly
subject to the alternative minimum tax and the environmental tax because of its inclusion in the reported
income or current earnings of corporations, and interest on Notes held by foreign corporations may be
subject to the branch profits tax.
In the opinion of Bond Counsel, the Notes are "qualified tax-exempt obligations" under Section 265(b) of
the Code for purposes of determining the deductibility of interest expense of banks and other financial
institutions holding the Notes.
Ownership of tax-exempt obligations may result in collateral federal income tax consequences to certain
taxpayers, including, without limitation, financial institutions, property and casualty insurance companies,
S corporations, individual recipients of Social Security or Railroad Retirement benefits, foreign
corporations engaged in a trade or business in the United States and taxpayers who may be deemed to
have incurred or continued debt to purchase or carry such obligations. Bond Counsel will express no
opinion with respect to such consequences. Prospective purchasers of the Notes should consult their own
tax advisors as to such consequences.
9
In the opinion of Bond Counsel, interest on the Notes is also exempt from Colorado income taxation
under the laws of the State of Colorado as presently enacted and construed.
LEGAL MA'ITF1SS
Legal matters incident to the authorization and issuance of the Notes are subject to approval by Ballard,
Spahr, Andrews & Ingersoll, Denver, Colorado, Bond Counsel, whose approving opinion on such matters
is expected to state in substance that the Notes are valid and binding obligations of the general fund of
the County payable solely from ad valorem taxes on real and personal property previously levied, income
and investment proceeds on such taxes, and proceeds of the Notes to the extent not required for the
payment of duly budgeted current expenses, received by the County and credited to its general fund in the
current fiscal year after the issuance of the Notes and that the Notes are enforceable according to their
terms, except to the extent such enforcement is limited by the bankruptcy and other laws affecting the
enforcement of creditors' rights, by the reasonable exercise of the police power of the State of Colorado,
and by the exercise of the powers delegated to the United States of America by the Federal Constitution.
Bond Counsel has assumed no responsibility to make independent verifications or confirmations of the
statements made in this Offering Circular or otherwise in connection with the sale of the Notes.
RATING
These Notes have not been rated by any municipal rating service.
UNDERWRITER
The Notes are being purchased pursuant to negotiation by Boettcher & Company, Inc., Denver, Colorado,
at a discount of $6,000 (0.15%).
10
APPENDIX A
WELD COUNTY
1990 CASH FLOW SUMMARY
GENERAL FUND
($000's)
Reasonably Cumulative
Cumulative Required Cash Flow
Estimated Estimated Surplus Cash Surplus
Expenditures Receipts (Deficit) Balance (Deficit)
Opening Balance: -- -- $ 795 --
_
Jan. 1990 $3,903 $ 700 ($2,408) $1,625 ($4,033)
Feb. 1,625 1,400 (2,633) 969 (3,602)
Mar. 969 2,330 (1,272) 1,573 (2,845)
Apr. 1,573 3,482 637 1,224 (587)
May 1,224 1,700 1,113 1,224 (111)
June 1,224 940 829 1,469 (640)
July 1,469 3,085 2,445 1,346 1,099
Aug. 1,346 2,009 3,108 2,112 996
Sept. 2,112 874 1,870 1,224 646
Oct. 1,224 869 1,515 1,346 169
Nov. 1,346 1,100 1,269 1,939 (670)
Dec. 1.939 1.17Q 500 3,900,000 (3,400,000)
Total $19,954 $19,659
LAW OFFICES
2Orn FLOOR
BALLARD, SPAHR, ANDREWS a INGERSOLL 30 SOUTH 17TH STREET
SUITE 2300 PHILADELPHIA,PA 19103
1225 17TH STREET ONE WESrLAKEs
1235 WESTLAKES DRIVE
DENVER, COLORADO 80202 BERWYN, PA 19312
303 292-2400 SIESMAYERSTRASSE 44
D 6000 FRANKFURT/MAIN I
TELECOPIERI 303 296-3956 FEDERAL REPUBLIC OF GERMANY
CABLE: BALLARD AMERICAN PLAZA II,SUITE 400
57 WEST 200 SOUTH
SALT LAKE CITY, UT 84101
SUITE 900 EAST
555 13TH STREET, N.W.
January 12 , TWAS-%y OTO N. D. C. 20004
Boettcher & Company, Inc.
828 17th Street
Denver, Colorado 80202
Board of County Commissioners
of Weld County
915 10th Street
Greeley, Colorado 80632
Re: Weld County, Colorado
Tax Anticipation Notes
Series 1990A
Dated January 12, 1990 - $4 , 000, 000
Ladies and Gentlemen:
By this letter we wish to confirm our understanding
with you that this firm has been engaged in connection with the
above-referenced issue (the Notes) to render an opinion as to the
validity of the Notes and the tax treatment of the interest
thereon under federal and State of Colorado income tax laws and
not to prepare or pass upon any official statement, prospectus,
offering circular, or other documents used in the offer or sale
of the Notes or to make any investigation incident to the
preparation of such documents or to the offer or sale of the
Notes.
Very truly yours,
7 -
Loring E. Harkness III
Hello