The URL can be used to link to this page

Browse Search

Home My WebLink About860089.tiff J I I I WELD COUNTY, COLORADO TAX ANTICIPATION NOTES • SERIES 1986A ' DATED JANUARY 7, 1986 - $2, 675, 000 41 I • • WELD COUNTY, COLORADO 41 41 WELD COUNTY, COLORADO TAX ANTICIPATION NOTES SERIES 1986A DATED JANUARY 7, 1986 - $2, 675, 000 Closing Index 1 . Proceedings re Note Resolution (6 copies) . 2 . Signature Certificate (6 copies) . 5 . General and No-Litigation Certificate (6 copies) . 4 . Certificate of Cumulative Cash Flow ( 6 copies) . 5 . Certificate as to Amount and Use of Note Proceeds (6 copies) . 6. Certificate Relating to Current Year Tax Anticipation Notes and Estimated Tax Receipts (6 copies) . 7 . Delivery Certificate ( 6 copies) . 8 . Notes (6 specimens) . 9 . Evidence of Payment of Purchase Price (6 copies) . 10 . Legal Opinion (6 copies) . 11 . Offering Circular (6 copies) . 12 . Letter re Responsibility for Disclosure (6 copies) . A complete transcript of the closing documents will be furnished to the following parties : Weld County, Colorado (2 copies) County Attorney United Bank of Denver National Association Prudential-Bache Securities, Inc . Ballard, Spahr , Andrews & Ingersoll WELD COUNTY, COLORADO TAX ANTICIPATION NOTES SERIES 1986A DATED JANUARY 7, 1986 - $2, 675, 000 Closing Index 1 . Proceedings re Note Resolution (6 copies) . 2 . Signature Certificate (6 copies) . 3 . General and No-Litigation Certificate ( 6 copies) . 4 . Certificate of Cumulative Cash Flow (6 copies) . 5 . Certificate as to Amount and Use of Note Proceeds (6 copies) . 6 . Certificate Relating to Current Year Tax Anticipation Notes and Estimated Tax Receipts (6 copies) . 7 . Delivery Certificate (6 copies) . 8 . Notes (6 specimens) . 9 . Evidence of Payment of Purchase Price (6 copies) . 10 . Legal Opinion (6 copies) . 11 . Offering Circular (6 copies) . 12 . Letter re Responsibility for Disclosure (6 copies) . A complete transcript of the closing documents will be furnished to the following parties : Weld County, Colorado (2 copies) County Attorney United Bank of Denver National Association Prudential-Bache Securities, Inc . Ballard, Spahr , Andrews & Ingersoll CERTIFIED RECORD O F PROCEEDINGS OF THE BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO RELATING TO A RESOLUTION AUTHORIZING THE ISSUANCE OF ITS TAX ANTICIPATION NOTES SERIES 1986A IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $2, 675, 000 STATE OF COLORADO ) ) ss . COUNTY OF WELD ) The Board of County Commissioners of Weld County, Colorado , held a regular meeting pursuant to its Home Rule Charter at: the First Floor Meeting Room, 915 10th Street, Greeley, Colorado, the regular meeting place of the Board of County Commissioners , on Monday, the 6th day of January, 1986, at the hour of 9 : 00 a .m. The following members of the Board of County Commissioners , constituting a quorum thereof, were present : Chairman: Jacqueline Johnson Commissioners : Gene Brantner Bill Kirby Gordon Lacy Frank Yamaguchi The following members of the Board of County Commissioners were absent : none.. The following persons were also present : County Clerk : Mary Ann Fuerstein County Attorney: Thomas 0. David Finance Director : Donald D. Warden Thereupon the meeting was duly opened by the Chairman, and the following proceedings , among others, were had and taken: Commissioner `loraOn 4-acjf introduced and moved the adoption of the following resolution: -1- RESOLUTION AUTHORIZING THE ISSUANCE OF WELD COUNTY, COLORADO, TAX ANTICIPATION NOTES, SERIES 1986A, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $2, 675, 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 CLOSING DOCUMENTS; SETTING FORTH THE FORM OF THE NOTES; AND REPEALING INCONSISTENT RESOLUTIONS . 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 , 1986 (the Current Fiscal Year) , which will be credited to the general fund of the County (the General Fund) ; 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 , Colorado Revised Statutes, 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 . THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO, AS FOLLOWS : -2- Section 1 . The County hereby determines that the Taxes will not be received in time to pay the County' s projected budgeted expenses in the Current Fiscal Year . For the purpose of paying such expenses the County hereby authorizes the issuance of its negotiable registered Weld County, Colorado, Tax Anticipation Notes , Series 1986A, in an aggregate principal amount not to exceed $2 , 675, 000 (the Notes) , payable from Taxes , investment proceeds on Taxes , and proceeds of the Notes, 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 current budget . Section 2 . The Notes shall be in such denominations as may be determined by the Finance Director of the County, 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 , 1986 , shall bear interest payable at maturity at such rate as may be determined by the Finance Director of the County 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, shall mature on such date as may be determined by the Finance Director of the County but not later than December :31 , 1986, shall be payable from the source and in the manner -3- specified, and shall be otherwise in substantially the form recited in Section 4 hereof . Section 3 . The Notes shall be executed by the Chairman of the Board of County Commissioners, shall bear the seal of the County, and shall be attested 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 , Colorado Revised Statutes as amended. The Chairman 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 : _.4_ [Form of Note] UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF WELD TAX ANTICIPATION NOTE SERIES 1986A No. R- • Weld County, Colorado (the County) , for value received, hereby promises to pay to , or registered assigns, from ad valorem taxes on real and personal property, investment proceeds on such taxes, and proceeds of the notes of this issue, received by the County in the fiscal year ending December 31 , 1986, and credited to the general fund after the issuance hereof, on _, 1986, 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 ir, the amount of Dollars ($ ) being payable at maturity. The principal of and interest on this Note are payable :in lawful money of the United States of America, without deduction for exchange or collection charges, upon presentation and surrender hereof at the office of the County Clerk, either by -5- 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 issued by the Board of County Commissioners , 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 duly adopted prior to the issuance hereof . This Note is issued in order to pay duly budgeted and appropriated current expenses 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 o:° this Note assents . This Note is not subject to redemption in whole or in part at any time. This Note is transferable only upon the books of the County kept by the County Clerk thereof, as registrar , by the registered owner hereof in person or by his, her or its duly authorized representative, the fact of which registration is to be noted hereon. 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, occurred and 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 . -6- IN TESTIMONY WHEREOF the Board of County Commissioners of Weld County, Colorado, has caused this Note to be executed in its name with the (manual ) (facsimile) signature of the Chairman of the Board of County Commissioners, to be sealed with (a facsimile of) the seal of the County, and to be attested with the (manual) (facsimile) signature of the County Clerk, all as of the day of , 1986 . WELD COUNTY, COLORADO (COUNTY) ( SEAL ) By: (Manual or Facsimile Signature) Chairman Board of County Commissioners ATTEST. (Manual or Facsimile Signature) County Clerk [End of Form of Note] -7- [Form of Registration Panel ] This Note is registered in the office of the County Clerk, as registrar , in the name of the owner listed below, and the principal of and interest on this Note shall be payable only to such owner, all in accordance with the Resolution authorizing the issuance of this Note. Date of Name and Address Signature of Registration of Registered Owner Registrar , 1986 [End of Form of Registration Panel] -8- Section 5 . Upon their execution and prior to their delivery the Notes shall be registered for the purpose of payment of principal and interest in the office of the County Clerk, as registrar (the Registrar) . Thereafter, the Notes shall be transferable only upon the registration books kept and maintained by the Registrar by the registered owners thereof in person or by their duly authorized representatives . The fact of such registration shall also 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 public or private sale at, above, or below the aggregate principal amount thereof as may be determined by the Finance Director of the County, and the County hereby determines such action to be in the public interest . Section 7 . The proceeds of the Notes shall be deposited in the General Fund and shall be used solely for the payment of duly budgeted and appropriated current expenses before any other moneys on deposit in the General Fund are so used; provided, however, that any portion thereof 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 , received by the County in the Current Fiscal Year after the issuance of the Notes, shall be deposited in a restricted account within the General Fund to be known as the "Tax Anticipation Notes , Series 1986A, Principal and Interest Redemption Account" (the Note Account) until such time as the moneys therein are sufficient to pay when due the principal of and interest on the Notes . All moneys in the Note Account net 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 moneys so pledged shall immediately be subject to the lien of said pledge without any physical delivery thereof , any filing, or further act . 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(c) of the Internal Revenue Code of 1954 and the regulations thereunder and shall comply with the requirements of said Section and regulations throughout the term of the Notes . 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 -10- 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 ant 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. ADOPTED this 6th day of January, 1986 . CC o irm _ and Count ommissioners (COUNTY) Weld County, Colorado ( SEAL ) ATTEST: /� 'J `u t-C A-t -Q -ke--GO��} C�r ; y Jerk Weld C nty, Colorado -11- The motion to adopt the foregoing resolution was duly seconded by Commissioner 6 // Ai and upon roll call was put to a vote and carried on the following recorded vote: Commissioners voting AYE: Jacqueline Johnson Gene Brantner Bill Kirby Gordon Lacy Frank Yamaguchi Commissioners voting NAY: nohG Thereupon the Chairman declared the motion carried and the resolution duly adopted. After consideration of the other business the meeting was duly adjourned. CC air lJ — oard of County Commissioners (COUNTY) Weld County, Colorado ( SEAL ) ATTEST: �J f. nt Clerk Weld unty, Colorado -12- STATE OF COLORADO ) ss . COUNTY OF WELD I , Mary Ann Fuerstein, County Clerk of Weld County, Colorado, do hereby certify that the foregoing pages numbered L to 12, inclusive, constitute a true and correct copy of the record of the proceedings of the Board of County Commissioners , adopted at a regular meeting of the Board held on January 6, 1986, at the First Floor Meeting Room, 915 10th Street, Greeley, Colorado, in said County, convening at the hour of 9 : 00 a .m, as recorded in the official record of proceedings of said County kept in my office, insofar as they pertain to the adoption of a Resolution authorizing the issuance of the County' s Tax Anticipation Notes , Series 1986A, in an aggregate principal amount not to exceed $2, 675, 000; that said proceedings were duly had and taken; that said meeting was duly held; that the persons therein named were present at said meeting as therein shown. IN WITNESS WHEREOF the undersigned has hereunto set her hand and the seal of the County this 6th day of December , 1986 . (D,cc2 rL County Jerk Weld unty, Colorado (COUNTY) ( SEAL ) -13- SIGNATURE CERTIFICATE The undersigned hereby certifies that he is personally acquainted with Jacqueline Johnson, Chairman of the Board of County Commissioners , and Mary Ann Fuerstein, County Clerk, of Weld County, Colorado; that he knows the above-mentioned officers were the Chairman of the Board of County Commissioners and the County Clerk, respectively, of Weld County upon the date of the execution and delivery of the Weld County, Colorado, Tax Anticipation Notes, Series 1986A, dated January 7, 1986, in the aggregate principal amount of $2, 675, 000; that he is acquainted with the signatures of said officers and knows that the manual signatures appearing upon the Notes are the manual signatures of said officers , respectively; and that said officers have to this Signature Certificate attached their respective signatures as follows : WELD COUNTY, COLORADO airm oard o County ommissioners County lerk IN WITNESS WHEREOF the undersigned has hereunto set his hand this 7th day of January, 1986 . Thomas A. Gordon GENERAL AND NO-LITIGATION CERTIFICATE 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 Weld County, Colorado . That from January 6, 1986, to and including the date of this General and No-Litigation Certificate the following were the duly elected or appointed, qualified, sworn and acting members of the Board of County Commissioners and officers of the County: Chairman: Jacqueline Johnson Commissioners : Gene Brantner Bill Kirby Gordon Lacy Frank Yamaguchi County Clerk: Mary Ann Fuerstein County Attorney: Thomas O. David Finance Director : Donald D. Warden That Weld County, Colorado 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 that there is no litigation pending or threatened relating to the existence or powers of the County or to the rights of the commissioners and officers thereof to hold their respective positions . That there is no reason within our knowledge which would hinder or prevent the County from issuing its Tax Anticipation Notes, Series 1986A, dated January 7, 1986, in the aggregate principal amount of $2, 675, 000; and that there is no litigation pending or, so far as is known to the members of the Board of County Commissioners , threatened relating in any way to the authorization, issuance or delivery or the legality of the County' s Tax Anticipation Notes, Series 1986A, dated January 7 , 1986 . That no authority or proceedings for the issuance of said Tax Anticipation Notes , Series 1986A, dated January 7, 1986, has or have been repealed, revoked or rescinded; and that none of the Notes have been previously issued, sold or delivered. IN WITNESS WHEREOF the undersigned have hereunto set their hands and the seal of the County this 7th day of January, 1986 WELD COUNTY, COLORADO By. airm oard o Count! Commissioners By: (COUNTY) Co nt C erk ( SEAL ) -2- CERTIFICATE OF CUMULATIVE CASH FLOW The undersigned, being respectively the Chairman of the Board of County Commissioners and the County Clerk of Weld County, Colorado, who are duly charged, along with others, with responsibility for issuing the County' s Tax Anticipation Nctes , Series 1986A, dated January 7, 1986, in the aggregate principal amount of $2, 675, 000, hereby certify that the projection attached hereto as Attachment "1" is a true and correct computation of the anticipated cumulative cash flow deficit of the County for the period from January 1 , 1986, to December 31 , 1986, computed in accordance with Section 1 . 103-14(c) of the regulations under Section 103(c) of the Internal Revenue Code of 1954 , as amended. IN WITNESS WHEREOF the undersigned have hereunto set their hands and the seal of the County this 7th day of January, 1986 . WELD COUNTY, COLORADO By: — air ) oard o County Commissioners Z By: ^ 9� (COUNTY) o ilty Cler �SL ( SEAL ) By: / ina c i t ATTACHMENT "1" WELD COUNTY, COLORADO Cumulative Cash Flow (1) (2) (3) (4) (5) Cumulative Surplus (Deficit) Cumulative (2 minus 1 plus or Reasonably Cash Flow Estimated Estimated minus previous figure Required Cash Surplus (Deficit) Expenditures Receipts in this column) Balance (3 minus 4) Opening Balance -- -- $ 770,000 -- -- January $3,040,000 $ 600,000 (1,670,000) $1,040,000 $(2,710,000) February 1,040,000 1,700,000 (1,010,000) 800,000 (1,810,000) March 800,000 1,600,000 (210,000) 1,300,000 (1,510,000) April 1,300,000 2,900,000 1,390,000 1,000,000 (390,000) May 1,000,000 1,200,000 1,590,000 1,000,000 (590,000) June 1,000,000 800,000 1,390,000 1,200,000 (190,000) July 1,200,000 2,800,000 2,990,000 1,100,000 1,890,000 N August 1,100,000 1,500,000 3,390,000 2,200,000 1,190,000 September 2,200,000 700,000 1,890,000 1,000,000 890,000 October 1,000,000 900,000 1,790,000 1,100,000 690,000 November 1,100,000 700,000 1,390,000 1,603,000 (213,000) December 1,603,000 700,000 487,000 3,000,000 (2,513,000) CERTIFICATE AS TO AMOUNT AND USE OF NOTE PROCEEDS The undersigned hereby certify and declare in the name and on behalf of Weld County, Colorado, the following facts, estimates, circumstances and expectations , as of the date of issue of the County' s Tax Anticipation Notes, Series 1986A, dated January 7 , 1986, in the aggregate principal amount of $2, 675, 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 in anticipation of the receipt of ad valorem taxes on real or personal property and other moneys to be credited to the general fund during the current fiscal year in order to provide funds to meet and defray properly incurred and budgeted ordinary and necessary current operating expenses and current contractual obligations of t'ze County. 2 .2 Note Resolution. The Notes are being issued pursuant to a Resolution duly adopted by the Board of County Commissioners on January 6, 1986 . 2 . 3 Date of Notes; Date of Issue. The Notes are dated their date of issue, January 7, 1986 . 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 is $2, 675, 000 . 3 . 2 Cumulative Cash Flow Deficit . Based upon the County' s estimates of its revenues and expenditures during the period during which the Notes are to be outstanding, as set forth in the Certificate of Cumulative Cash Flow being delivered herewith, the maximum cumulative cash flow deficit for such period is $2, 710 , 000 . 3 .3 Other Amounts Available for Payment . The County expects to earn $220, 792 on the investment of the original. proceeds of the Notes and on the investment of amounts deposited in the "Tax Anticipation Notes, Series 1986A, Principal and Interest Redemption Account" (the Note Account) which are to he used to pay the principal of and interest on the Notes . The County expects to spend the sum of $170,977 to pay interest on the Notes and the sum of $18, 000 to pay the costs of issuance of the Notes . Thus , there will be $31,815 derived from investment proceeds available for payment of the expenditures set forth in the Certificate of Cumulative Cash Flow. There will not be any amounts in the General Fund or any other fund or account which are available for the payment of the expenditures set forth in the Certificate of Cumulative Cash Flow which may, without legislative or judicial action, be invaded to pay such expenditures without a legislative, judicial or contractual - 2- requirement that any such fund or account be reimbursed, other than those set forth therein and 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, 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 . Covenants and Representations . 5 . 1 County Covenants . In the Resolution the County covenants that it will deposit the original proceeds of the Notes into the general fund of the County and that such proceeds will be used solely for the payment of duly budgeted or appropriated current expenses of the County before any other -3.- moneys on deposit in the general fund of the County are so used. As demonstrated in the Certificate of Cumulative Cash Flow, the original proceeds of the Notes will be expended for the governmental purpose for which the Notes are issued by no later than the day which is six (6) months after the date of issuance of the Notes . The original proceeds constitute a] 1 of the gross proceeds of the Notes, as all other proceeds of the Notes, including amounts received as a result of investing the original proceeds of the Notes and amounts used to pay debt service on the Notes, are to be held in the Note Account, which is a bona fide debt service fund, and are therefore not considered gross proceeds for this purpose. In the Resolution the County also 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(c) of the Internal Revenue Code of 1954 , as amended, and the regulations thereunder, and that it will comply with the requirements of said Section and regulations throughout the term of the Notes . 5 . 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. -4- 6 . Certification. 6 . 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(c) of the Code. 6 . 2 Reasonable Expectations . To the best of our knowledge, information and belief, the above expectations are reasonable . IN WITNESS WHEREOF the undersigned have hereunto set their hands and the seal of the County this 7th day of January, 1986 . WELD COUNTY, COLORADO • p By. air n oard of Coun Commissioners By: (COUNTY) Co ty Clerk �� v ( SEAL ) -5- CERTIFICATE RELATING TO CURRENT YEAR TAX ANTICIPATION NOTES AND ESTIMATED TAX RECEIPTS The undersigned hereby certifies : That as of the date of this certificate, 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 $2,675, 000 , consisting of the following issues and amounts : Issue Amount Tax Anticipation Notes Series 1986A Dated January 7, 1986 $2,675, 000 That the amount of ad valorem taxes on real or personal property estimated to be received by the County in the fiscal year ending December 31 , 1986, is $17, 147,925 . IN WITNESS WHEREOF the undersigned has hereunto set her hand and the seal of the County this 7th day of January, 1986 . WELD COUNTY, COLORADO By: (COUNTY) hair n ( SEAL ) oard of Coun Commissioners DELIVERY CERTIFICATE The undersigned hereby certifies that the Weld County, Colorado, Tax Anticipation Notes, Series 1986A, dated January 7 , 1986, in the aggregate principal amount of $2, 675,000 , were delivered to the purchaser thereof in accordance with the contract of purchase therefor, and the County acknowledges receipt of the full purchase price thereof, as follows : Principal Amount : $2, 675,000 . 00 Premium (Discount) : 0 . 00 TOTAL $2, 675, 000 . 00 IN WITNESS WHEREOF the undersigned has hereunto set her hand and the seal of the County this 7th day of January, 1986 . WELD COUNTY, COLORADO By: (COUNTY) C air ( SEAL ) oard of County Commissioners UNITED STATES OF AMERICA STATE OF COL CO O D4. ertP 1 O \ .%‘E \n‘ r',.N 1 \\443 No. R-1 $500 , 000 Weld County, Colorado (the County) , for value received, :hereby promises to pay to Milehi & Co. , or registered assigns , from ad valorem taxes on real and personal property, investment. proceeds on such taxes, and proceeds of the notes of this issue, received by the County in the fiscal year ending December 31 , 1986, and credited to the general fund after the issuance hereof, on December 31 , 1986, the principal sum of Five Hundred Thousand Dollars ($500 , 000) together with interest thereon from the date hereof to the maturity date hereof at the rate of six and fifty hundredths percent (6 . 50%) 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 Thirty-One Thousand Nine Hundred and Fifty-Eight Dollars and Thirty-Three Cents ($31 ,958 .33) being payable at maturity. The principal of and interest on this Note are payable :in lawful money of the United States of America, without deduction for exchange or collection charges, upon presentation and surrender hereof at the office of the County Clerk, 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 issued by the Board of County Commissioners, 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 duly adopted prior to the issuance hereof . This Note is issued in order to pay duly budgeted and appropriated current expenses 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. This Note is transferable only upon the books of the County kept by the County Clerk thereof, as registrar, by the registered owner hereof in person or by his, her or its duly authorized representative, the fact of which registration is to be noted hereon. 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, occurred and 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 . -2- IN TESTIMONY WHEREOF the Board of County Commissioners of weld County, Colorado, 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 7th day of January, 1986 . WELD COME, COLORADO (COUNTY) '°, �,: ( SEAL ) : air C', oardep County Commissioners � 1 ' y1 • ' ` \ `ATTEST: v\ \ s fir- sc' ^ouhty lerk -3- This Note is registered in the office of the County Clerk, as registrar, in the name of the owner listed below, and the principal of and interest on this Note shall be payable only to such owner, all in accordance with the Resolution authorizing the issuance of this Note. Date of Name and Addr s Signature of Registration of Registere8 Registrar 1,.. ��i January 7, 1986 Mile ; P. Ca \ �\ ��da; 1700 Broadway � ±b nver, .Celorado , (1/4, o -4- Interdepartmental Wire Order Form SEO r 1 PROGRAM # SEMI-PROGRAI'A # ABA NUMBER_. BANK NAME/THRU ----- - COMPLETE THIS SECTION ONLY AMOUNT SL 01 1 ( CI 1 6 1 CM ,��/IVJ\. ICO TRANSFER TO:.. l A Y /`�'Y' (BANK NAME) (STATE) (BRANCH NAME) CREDIT TO:1, ` \ L-k Il l A/(yl UM 2 L'� D SVGS=T H GG.L.=3 DF =F IATTN: PHONE --_ -- ADDTL INFO_, --- --- DEBIT A/C NO.a - ` I -L r SVGS=T CKG=D GL=G QUE FROM=F ACCOUNT TITLE 11\0r ` _ --- -- IACCOUNT ADDRESS --- -- CUSTOMER SIGNATURE PHONE N 1 PREPARED BY � -- DATE_L- 1 a2 APPROVED BY --- IG TU = I I BALANCE_. NAME �4L� A E PRIM ) �� UBD EXT DEPT NAME____t-14 .4- - rIC- WIRE SECURITY APPROVAL LAW OFF ICES BAL.LARD, SPAHR, ANDREWS Bc INGERSOLL SEVENTEENTH STREET PLAZA BUILDING 30 sou1H / 5 PCET PHII-ADELPHIP, PA I {103 SUITE 2300 215 564 180 1225 I7TH STREET TEL EcoPIEP z,.. 49 e 0316 TELE%-83-4�_ DENVER, COLORADO 60202 303 292 2400 so.re I co 1850 6 STIf Er, J W- r LECOPlER 303 296-3956 WASHlNGTB N C. "'006 202 4ry3^ 590 TELEh S.. .IE 4 January 7, 1986 Board of County Commissioners Weld County, Colorado 915 10th Street Greeley, Colorado 80631 United Bank of Denver National Association L700 Broadway Denver, Colorado 80274 Prudential-Bache Securities , Inc . 5675 South DTC Boulevard, Suite 280 Englewood, Colorado 80111 Re: Weld County, Colorado Tax Anticipation Notes Series 1986A Dated January 7, 1986 - $2,675, 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 1986A, dated January 7, 1986, in the aggregate principal amount of $2, 675,000 (the Notes) , issued for the purpose of providing funds to meet and defray current expenses of the County. The Notes are issued in registered form and consist of two (2) Notes in the denomination of $500, 000 each, four (4) Notes in the denomination of $250 ,000 each, six (6) Notes in the denomination of $100 , 000 each and one ( 1) Note in the denomination of $75 , 000 . The Notes and the interest thereon are payable to the registered owners thereof in lawful money of the United States of America upon presentation and surrender thereof to the County Clerk on December 31 , 1986, either by check oz draft mailed to the registered owner or by wire transfer to such bank or other depository as the registered owner shall designate. The Notes bear interest at the rate of six and fifty hundredths percent (6 . 50%) per annum from their date to their maturity date. The Notes are not subject to redemption in whole or in part at any time. The Resolution of the County authorizing the issuance of the Notes (the Resolution) provides that the Notes and the interest thereon shall be payable from ad valorem taxes on real and personal property, investment proceeds on such taxes, and proceeds of the Notes, received by the County in the current fiscal year and credited to the 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(c) of the Internal Revenue Code of 1954 , as amended (the Code) , and the regulations thereunder and that it will comply with the requirements of Section 103(c) of the Code throughout the term of the. Notes . Officers of the County responsible for issuing the Notes have executed a certificate 1: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(c) of the Code. We call your attention to the fact that the United States House of Representatives has passed H.R. 3838, the Tax Reform Act of 1985, which will be considered by the United States Senate in 1986 . Such legislation, if passed in its present form, would require a rebate to the United States government of certain investment income earned on acquired non-purpose obligations in which the gross proceeds of an issue are invested. Gross proceeds are defined for this purpose as including original proceeds, investment proceeds, amounts held in a sinking fund or reserve fund and transferred proceeds from a prior issue. Under H.R. 3838, no rebate would be required if the gross proceeds of the Notes are fully expended within six months of the date the Notes are issued or are held in a bona fide debt service fund. We have reviewed the proposed legislation, the Resolution requiring the County to expend the proceeds of the Notes before any other moneys on deposit in the general fund are so used, the Certificate, and other matters which we deem relevant, and in our opinion the County is not required to make rebate payments to the United States government in connection with the Notes . In our capacity as bond counsel we have examined the laws and the Constitution of the State of Colorado and the Home Rule Charter of the County, a certified copy of the record of proceedings of the County taken preliminary to the issuance of the Notes, the certificates delivered by the County as of the date of delivery of the Notes, and such other documents as we deemed necessary in order to render this opinion. We have also examined the executed Note No. R-1 and have assumed that all other Notes have been similarly executed. -2- Based upon the foregoing examination, it is our opinion that : 1 . The above—specified proceedings of the County evidence lawful authority for the Notes 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, received by the County in the current fiscal year and credited to the general fund after the issuance of the Notes, as described in the Resolution. 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 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 Section 103(c) of the Code and the regulations and rulings thereunder and of the Certificate, it is also our opinion that : 1 . The Notes are not arbitrage bonds . 2 . The interest on the Notes is exempt from federal income taxes under the laws and regulations of the United States of America as presently enacted and construed. 3 . The 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. We 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 . Very truly yours, -3- NEW ISSUE OFFERING CIRCULAR NON--RATED $2 , 675, 000 WELD COUNTY, COLORADO TAX ANTICIPATION NOTES SERIES 1986A Dated: January 7 , 1986 Maturity Date Amount Interest Rate Price December 31 , 1986 $2, 675, 000 6 . 50% 100 The Notes are not subject to redemption in whole or in part at any time prior to maturity. Interest payable on these Notes will be calculated on a 360-day basis . The Notes and the interest thereon are payable by the County on December 31 , 1986 . The County Clerk will act as Paying Agent, Registrar and Transfer Agent . The net proceeds from the issuance of the Notes will be used to pay duly budgeted General Fund expenses of the County. The Notes are payable solely from ad valorem taxes on real and personal property, investment proceeds on such taxes, and proceeds of the Notes, 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 and accepted by the Underwriters, subject to prior sale, modification or withdrawal of the offer without sale, and subject to the approval of validity and certain other matters by Ballard, Spahr, Andrews & Ingersoll , Denver , Colorado, Bond Counsel . It is expected that the Notes will be available for delivery in Denver , Colorado, on or about January 7 , 1986 , against payment therefor . DESCRIPTION: The Notes are tax anticipation notes issued by the County in an aggregate principal amount of $2, 675, 000 , dated January 7 , 1986, registered as to principal and interest and bearing interest from the date of issuance to maturity at the rate per annum set forth on this Cover Page . In the opinion of Ballard, Spahr , Andrews & Ingersoll , Bond Counsel , interest on the Notes is exempt from Federal and State of Colorado income taxes under the laws and regulations of the United States of America and the State of Colorado as presently enacted and construed. $2, 675,000 Weld County, Colorado Tax Anticipation Notes, Series 1986A Page 2 The Notes pay interest and mature on December 31 , 1986 . The principal of and interest on these Notes are payable at maturity in lawful money of the United States of America, without deduction for exchange or collection charges, upon surrender of the Notes at 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 . AUTHORIZATION: The Notes are issued pursuant to a resolution adopted by the Board of County Commissioners, the laws and the Constitution of the State of Colorado and the Home Rule Charter of the County. SECURITY: The proceeds of the Notes are to be deposited in the General Fund and are to be used solely for the payment of duly budgeted current expenses before any other moneys on deposit in the General Fund are so used; 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 property taxes (the "Taxes" ) levied for General Fund purposes (except Taxes collected for retirement: of existing debt) , investment proceeds on such Taxes, and proceeds of the Notes , received by the County in the fiscal year ending December 31 , 1986 (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 1986A, Principal and Interest Redemption Account" (the "Note Account" ) until such time as the moneys therein are sufficient to pay when due the principal of and interest on the Notes . All moneys on deposit in the Note Account, and all securities in which the same may be invested from time to time, are pledged to secure the payment of the principal of and interest on the Notes . The Notes are payable solely from ad valorem taxes on real and personal property, investment proceeds on such taxes, and proceeds of the Notes received by the County in the current fiscal year and deposited in the Note Account after the issuance of the Notes . 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 tc> 5,000 feet . The South Platte River and its tributaries , the $2, 675, 000 Weld County, Colorado Tax Anticipation Notes, Series 1986A Page 3 Cache La Poudre, Big Thompson, Little Thgompson, 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 t:he 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 Eeet 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 . $2 , 675, 000 Weld County, Colorado Tax Anticipation Notes , Series 1986A Page 4 5 LARGEST TAXPAYERS Entity A.V. Amoco $92, 684 ,290 Eastman Kodak 50 , 467,270 Public Service Co . 26, 038, 800 MGS Oil Corp. 12, 111 , 020 Mountain States Telephone & Telegraph 11 , 598,900 OVERLAPPING DEBT Entity Outstanding G.O. Debt City of Greeley $34 ,235, 000 Town of Eaton 2,420 , 000 La Salle Fire District 138, 000 Platte Valley Fire District 165, 000 North Weld County Water District 5,385, 000 Weld County School District Re-8 5,890 ,000 Weld County School District Re-7 2, 555, 000 Weld County School District Re-2 2,220 , 000 Weld County School District #6 7, 705, 000 Aims Community College 3 ,480,000 Central Weld County Water District 4 , 670, 000 Total $68, 698, 000 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 county system by the registered, qualified electors of the County for staggered four-year terms of office. The Board is a policymaking body whose primary functions are to establish policies for the County and oversee the property and facilities and financial affairs of the County. $2, 675,000 Weld County, Colorado Tax Anticipation Notes, Series 1986A Page 5 The present commissioners of the Board are as follows : Name Title Jacqueline Johnson Chairperson Gene Brantner Commissioner C. W. Kirby Commissioner Gordon Lacy Commissioner Frank Yamaguchi Commissioner FINANCIAL INFORMATION OF THE COUNTY Financial Statement As of January 1, 1986 Actual Valuation, Estimated 4 ,432, 821 , 250 Assessed Valuation, 1985 886, 564 , 250 Direct General Obligation Indebtedness -0- Tax Anticipation Notes (This Issue) 2, 675, 000 Overlapping General Obligation Indebtedness 68, 698, 000 Total Direct, Tax Anticipation Notes and Overlapping Debts 71 ,373 , 000 Population, Estimated - 136, 000 Debt Ratios Net Direct Debt to Actual Valuation -0- Net Direct Debt to Assessed Valuation -0- Net Direct and Overlapping Debt to Actual Valuation 1 . 61% Net Direct and Overlapping Debt to Assessed Valuation 8 . 05% Per Capita Actual Valuation $32, 594 Per Capita Assessed Valuation 6, 519 Per Capita Direct Debt -0- Per Capita Direct and Overlapping Debt $524 . 80 $2, 675,000 Weld County, Colorado Tax Anticipation Notes, Series 1986A Page 6 Estimated Cash Flow - 1986 Estimated Estimated Cumulative Expenditures Receipts Surplus (Deficit ) Opening Balance -- -- $ 770 , 000 January $3 ,040 , 000 $ 600 , 000 ( 1 ,670 , 000) February 1 , 040 , 000 1, 700 , 000 ( 1 ,010, 000) March 800 , 000 1 , 600 , 000 (210, 000) April 1 ,300 , 000 2,900, 000 1 ,390, 000 May 1 ,000 , 000 1,200 , 000 1 , 590, 000 June 1 ,000 , 000 800 , 000 1 ,390, 000 July 1 ,200 , 000 2,800 , 000 2 ,990, 000 August 1 , 100 , 000 1,500 , 000 3 ,390, 000 September 2,200 , 000 700 , 000 1 ,890 , 000 October 1 ,000 ,000 900 , 000 1 , 790 , 000 November 1, 100 , 000 700 , 000 1 ,390 , 00C December 1 ,603 ,000 700 , 000 487 , 000 TAX EXEMPTION: In the opinion of Ballard, Spahr, Andrews & Ingersoll , Denver, Colorado, Bond Counsel , interest on the Notes is exempt from Federal and State of Colorado income taxes under the laws and regulations of the United States of America and the State of Colorado as presently enacted and construed. LEGALITY: Legal matters incident to the authorization, issuance and sale of the Notes, and with regard to the tax-exempt status thereof are subject to the approving opinion of Ballard, Spahr , Andrews & Ingersoll , Bond Counsel . Copies of such opinion will be available at the time of the delivery of the Notes . The matters passed upon by Bond Counsel do not extend beyond the validity and enforceability of the Notes and their exemption from Federal and State of Colorado income taxation, and Bond Counsel has no responsibility for the accuracy, completeness or fairness of statements made to any person in connection with any offer or sale of the Notes in this offering circular or otherwise. RATING: A rating has not been solicited for these Notes . DELIVERY: It is anticipated that these Notes will be available for delivery to the purchaser on or about January 7 , 1986 in Denver , Colorado . $2, 675, 000 Weld County, Colorado Tax Anticipation Notes, Series 1986A Page 7 UNDERWRITERS : Prudential-Bache Securities Inc . , and United Bank of Denver , Colorado, acted as Underwriters for this Issue . Purchase price for the Series 1986A Notes is $2, 675, 000 less an underwriting fee of $14 , 000 . LAW OFFICES BALLARD, SPAHR, ANDREWS Sc INGERSOLL SEVENTEENTH STREET PLAZA BUILDING 30 SOUTH I7T4 ST W ET SUITE 2300 PHILADELPHIA PA. 9103 215 6i4-1801 1225 17TH STREET TELEX R3 453.- DENVER, COLORADO 80202 sun- 00 303 292-2400 1850 n STREET. W. WASHINGTON. C. C. C 006 202 4E.6 'H0 TELEX 9,) 816 January 7 , 1986 United Bank of Denver National Association ]1.700 Broadway Denver, Colorado 80274 Prudential-Bache Securities, Inc . 5675 South DTC Boulevard, Suite 280 Englewood, Colorado 80111 Board of County Commissioners Weld County, Colorado 915 10th Street Greeley, Colorado 80631 Re: Weld County, Colorado Tax Anticipation Notes Series 1986A Dated January 7, 1986 - $2,675, 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 exemption of the interest thereon from federal and State of Colorado income taxation 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, Loring E. Harkness III Hello