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ORDINANCE NO. 117
AN ORDINANCE RELATING TO THE ISSUANCE OF INDUSTRIAL
DEVELOPMENT REVENUE BONDS UNDER THE PROVISIONS OF THE
COLORADO COUNTY AND MUNICIPALITY DEVELOPMENT REVENUE BOND
ACT; PROVIDING FOR THE ISSUANCE AND SALE OF WELD COUNTY,
COLORADO, INDUSTRIAL DEVELOPMENT REVENUE BONDS, SERIES 1983
(THE GATEWAY PARTNERSHIP PROJECT) IN THE PRINCIPAL AMOUNT OF
$2,800 ,000 FOR THE PURPOSE OF LOANING FUNDS TO GATEWAY
PARTNERSHIP TO FINANCE IMPROVEMENTS RELATING TO ACQUIRING,
DEVELOPING, RENOVATING, RECONSTRUCTING AND EQUIPPING AN
EXISTING OFFICE BUILDING FOR USE AS COMMERCIAL AND BUSINESS
OFFICE SPACE IN GREELEY, WELD COUNTY, COLORADO; APPROVING
AND AUTHORIZING THE EXECUTION AND ASSIGNMENT OF A LOAN
AGREEMENT AND NOTE BETWEEN GATEWAY PARTNERSHIP AND THE
COUNTY; AND AUTHORIZING THE PREPARATION AND EXECUTION OF
CERTAIN RELATED DOCUMENTS AND INSTRUMENTS.
Be it ordained by the Board of County Commissioners of Weld
County, Colorado:
ARTICLE I
DEFINITIONS, LEGAL AUTHORIZATION AND FINDINGS
1 . 1 . Definitions
The terms used herein, unless the context hereof shall
require otherwise, shall have the following meanings and any
other terms defined in the Loan Agreement shall have the same
meanings when used herein as assigned to them in the Loan
Agreement unless the context or use thereof indicates another or
different meaning or intent.
1. Act. The County and Municipality Development Revenue
Bond Act, Article 3 , Title 29 , Colorado Revised Statutes, 1973 ,
as amended.
2 . Assignment of the Loan Agreement. The assignment to be
executed by the County and the Lender assigning the County' s
interest in the Loan Agreement to the Lender.
3 . Bonds. The $2,800 ,000 Industrial Development Revenue
Bonds, Series 1983 (The Gateway Partnership Project) to be issued
by the County pursuant to this Ordinance.
4. Bond Counsel. The firm of Fischer, Brown, Huddleson
and Gunn, Fort Collins, Colorado.
5. Bond Register. The records kept by Weld County,
Colorado to provide for the registration and transfer of
ownership of the Bonds.
830607
6. Collateral Assignment of Rents. The assignment to be
executed by the Company assigning to the Lender as security for
the Bonds the rents due the Company under a lease dated
November 1 , 1983 , with ARIX, A Professional Corporation and the
rents due the Company under all other lease of any portion of the
Project.
7 . Company. Gateway Partnership, a Colorado partnership,
their successors and assigns, and any surviving, resulting or
transferee business entity which may assume their obligations
under the Loan Agreement.
8. Company Note. Means the note of the Company delivered
to the Issuer and endorsed to the Lender which evidences the
obligation of the Company to repay the loan of the County in
accordance with Section 4 . 1 of the Loan Agreement and which is in
the form attached to the Loan Agreement as Exhibit C.
9 . County. Weld County, Colorado, its successors and
assigns.
10. Deed of Trust. The Deed of Trust to be executed by the
Company in favor of the Lender securing payment of the Bonds and
interest thereon.
11 . Guaranty. The Guaranty Agreement to be executed by the
Company, ARIX Investors, Ltd. , Gary R. Windolph, N. Kent Baker,
C. Neal Carpenter, Robert Shreve, Eugene R. Brauer and Eugene
Brauer Family Trust, Patrick C. Dwyer, Dale J. Steichen,
Gordon W. Bruchner, Robert D. Thomas, William Clark and Linda
Clark, Les Ewegen and Judy Ewegen, John K. Jerome, Linda L.
Kadlecek, James Kadlecek, Charles Kadlecek, John Kadlecek, Ted
Nelson, Gene Pepin, Robert W. Stanley, Chris Scott, Larry Scott,
Darrell Schurle and Harriet Schurle, Bill Kahler and Pat Kahler,
Dale Boehner, Stanley Commercial Radio Company, Dorothy M.
Stanley, Richard R. Bond, B-2 Properties, Robert A. Stanley,
James A. Vohs and Ruth L. Vohs, Ralph Boehner and Harriett
Boehner, F.W. "Fritz" Barsch, Barbara Piper, Greeley Sheltership
and ARIX, A Professional Corporation, in favor of the Lender as
security for the Bonds.
12 . Improvements. The structures and other improvements,
including any tangible personal property, to be constructed or
installed on the Land in accordance with the Plans and
Specifications and to be owned by the Company.
13 . Inducement Letter. The letter agreement from the
Company to the County and the Lender dated November 8 , 1983.
14 . Land. The real property and any other easements and
rights described in Exhibit A attached to the Loan Agreement.
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15. Lender. Greeley National Bank, Greeley, Colorado, its
successors and assigns. The Lender is the initial purchaser of
the Bonds.
16 . Letter of Credit. The Letter of Credit to be provided
by Company and issued by Greeley National Bank in favor of Lender
to secure payment of the Bonds and interest thereon.
17 . Loan Agreement. The agreement to be executed by the
County and the Company, providing for the issuance of the Bonds
and the loan of the proceeds thereof to the Company, including
any amendments of supplements thereto made in accordance with its
provisions.
18 . Offer to Purchase. The letter agreement from the
Lender to the County, dated November 8 , 1983.
19 . Plans and Specifications. The plans and specifications
for the construction and installation of the Improvements on the
Land, which are approved by the Lender, together with such
modifications thereof and additions thereto as are reasonably
determined by the Company to be necessary or desirable for the
completion of the Improvements and are approved by the Lender.
20 . Principal Balance. So much of the principal sum on the
Bonds as from time to time remains unpaid.
21. Project. The Improvements and the Land.
22. Project Costs. All costs of the Project (i) which are
capitalized expenditures under generally accepted accounting
principles and which must be or with a proper election may be
capitalized for Federal income tax purposes and (ii) for which
the Bond proceeds may be spent under the Act, including the
following:
(a) Payment for the preparation of plans and
specifications for the Project (including any preliminary
study or planning of the Project) , and for the acquisition,
development, construction and installation of the Project
(including architectural, engineering and supervisory
services with respect to any of the foregoing) .
(b) To the extent that they shall not be paid by a
contractor, payment of the premiums on all insurance
required to be maintained prior to the date the Project is
completed.
(c) Payment of any taxes, assessments and other
charges payable with respect to the Project prior to the
date the Project is completed.
(d) Payment of any fees and expenses for recording or
filing such documents, instruments and financing statements
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which the Company, the Lender or the County may deem
desirable to perfect or protect the rights of the County and
the Lender under the Loan Agreement, the Company Note and
the Assignment of the Loan Agreement.
(e) Payment of any commitment or acceptance fee of the
Lender and the legal, accounting and financial advisory fees
and expenses, and all other fees and expenses incurred in
the preparation of related documents.
(f) Interest accrued on the Bonds prior to completion
of the Project.
23 . Ordinance. This Ordinance of the County, adopted
September 26 , 1983, together with any supplement or amendment
hereto.
1 . 2 . Legal Authorization
The County is a political subdivision of the State of
Colorado and is authorized under the Act to finance the Project
herein referred to, and to issue and sell the Bonds for the
purpose, in the manner and upon the terms and conditions set
forth in the Act and in this Ordinance.
1 .3 . Findings
The Board of County Commissioners, based on the
representations of the Company, has heretofore determined and
found, and does hereby determine and find, as follows:
(a) In authorizing the Project the County' s purpose
is, and in its judgment the effect thereof will be, the
promotion and development of trade and other economic
activities within the County by inducing the Company to
acquire and construct facilities in the County and to secure
and maintain a balance and stable economy within the County;
(b) The amount estimated to be necessary to finance
the Project Costs, including the costs and estimated costs
permitted by the Act, will require the issuance of the Bonds
in the principal amount of $2 ,800 ,000 , as hereinafter
provided;
(c) It is desirable, feasible and consistent with the
objects and purposes of the Act to issue the Bonds , for the
purpose of financing the construction of the Project;
(d) The Bonds and the interest accruing thereon shall
never constitute the debt or indebtedness of the County
within the meaning of any provision or limitation of the
constitution or statutes of the State of Colorado or the
Charter of Weld County, Colorado and shall not constitute
nor give rise to a pecuniary liability of the County or a
charge against its general credit or taxing powers;
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(e) Pursuant to Sections 113 and 114 of the Act the
County hereby determines (i) the amount necessary in each
year to pay the principal of and the interest on the Bonds
is set forth in the Loan Agreement which requires such
payments by the Company, (ii) the establishment by this
Ordinance of a Bond reserve fund for the retirement of the
Bonds is not deemed advisable, and (iii) since the Loan
Agreement provides that the Company shall maintain the
Project and carry all proper insurance with respect thereto,
no determination of the estimated cost of maintaining the
Project need be made; and
(f) Pursuant to Section 120 of the Act, the County
hereby determines that the revenues of the Company will be
sufficient to, and that the Loan Agreement provides that the
Company shall, pay all taxes which may be due and owing with
respect to the Project.
1 . 4 . Authorization and Ratification of Project
The County hereby authorizes the Company to provide for the
construction and installation of the Improvements to be included
in the Project pursuant to the Plans and Specifications by such
means as shall be available to the Company and in the manner
determined by the Company, and the County hereby ratifies,
affirms and approves all actions heretofore taken by the Company.
ARTICLE II
BONDS
2 . 1 . Authorized Amount and Form of Bond
The Bonds issued pursuant to this Ordinance shall be in
substantially the form set forth herein, with such appropriate
variations, omissions and insertions as are permitted or required
by this Ordinance, and in accordance with the further provisions
hereof; and the total principal amount of the Bonds that may be
outstanding hereunder is expressly limited to $2 ,800 , 000 . The
Bonds shall be in substantially the following form:
UNITED STATES OF AMERICA
STATE OF COLORADO
COUNTY OF WELD
INDUSTRIAL DEVELOPMENT REVENUE BOND
(THE GATEWAY PARTNERSHIP PROJECT)
SERIES 1983
NOVEMBER 1 , 1983
R-1 $2 ,800 ,000
FOR VALUE RECEIVED, WELD COUNTY, COLORADO (the "County" )
hereby promises to pay to the order of GREELEY NATIONAL BANK,
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Greeley, Colorado (the "Lender") , its successors or registered
assigns, from the source and in the manner hereinafter provided,
the principal sum of TWO MILLION EIGHT HUNDRED THOUSAND DOLLARS
($2 ,800 ,000) (the "Principal Balance" ) , and to pay interest
thereon from date hereof in consecutive monthly installments
beginning December 1 , 1983 , and on the first day of each
succeeding month during the term hereof through and including
December 31 , 2003 , at a per annum rate equal to the rate of 10%
through December 31 , 1984 , and thereafter the rate will vary
annually at 85% of the rate of interest publicly announced by The
Chase Manhatten Bank (National Association) on January 1 , of each
succeeding year at its principal office in New York, New York, as
its "prime rate" (the "Prime Rate") (computed on the basis of a
30 day month and a 360 day year) ; provided that the rate of
interest on this Bond shall not be less than 8% per annum or more
than 12% per annum, in any coin or currency which at the time or
times of payment is legal tender for the payment of public or
private debt in the United States of America, in accordance with
the terms hereinafter set forth.
(a) The principal of this Bond shall mature and be
repayable in twenty annual installments in the amounts and
on the dates as follows:
MATURITY DATE PRINCIPAL AMOUNT
December 31 , 1984 45 ,000
December 31 , 1985 50 ,000
December 31 , 1986 60 ,000
December 31 , 1987 65 ,000
December 31 , 1988 75 ,000
December 31 , 1989 85 ,000
December 31 , 1990 95 ,000
December 31 , 1991 100 ,000
December 31 , 1992 110 ,000
December 31 , 1993 120 ,000
December 31 , 1994 125 ,000
December 31 , 1995 140 ,000
December 31 , 1996 150 ,000
December 31 , 1997 200 ,000
December 31 , 1998 200 ,000
December 31 , 1999 220 ,000
December 31 , 2000 240 ,000
December 31 , 2001 240 ,000
December 31 , 2002 240 ,000
December 31 , 2003 240 ,000
(b) This Bond must be redeemed in whole within six (6)
months after the date of a "Determination of Taxability"
(defined in the Loan Agreement) at a redemption price equal
to (i) the principal amount of the Bond to be redeemed, plus
(ii) an additional amount equal to the difference between
(A) the interest on the Bond during the "Taxable Period"
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(defined in the Loan Agreement) if the Bond had borne
interest during such Taxable Period at an interest rate
equal to 13% per annum for any period prior to and including
December 31 , 1984 , and 110 .5% of the Prime Rate for any
period thereafter and (B) the interest actually paid on the
Bond during such Taxable Period plus (iii) an amount equal
to any interest, penalties on overdue interest and additions
to tax as referred to Subchapter A of Chapter 68 of the
Internal Revenue Code of 1954 , as amended, owed by the
Lender. In the event of a Determination of Taxability the
net effective interest rate on this Bond shall not exceed
thirty (30%) percent per annum.
In the event the Bond is to be redeemed in whole or in
part pursuant to the provisions of the Loan Agreement, the
Company shall give notice of the redemption to the Issuer
and the Lender by first class mail, postage prepaid, mailed
not less than thirty (30) days prior to the redemption date .
No prior notice of redemption shall be required in
connection with a partial redemption of this Bond from
moneys remaining in the Construction Fund (defined in the
Loan Agreement) after the Completion Date.
(c) On December 31 , 2003 (such date to be the "Final
Maturity Date") , the entire remaining Principal Balance and
any interest accrued to the Final Maturity Date shall be due
and payable.
2 . Interest shall be computed on the basis of a 30 day
month and a 360 day year, but charged for the actual number of
days principal is unpaid. Anything in this Bond to the contrary
notwithstanding, the obligations of the County under this Bond
shall be subject to the limitation that payments of interest
hereunder shall not be required to the extent that receipt of any
such payment by the Lender would be contrary to provisions of law
applicable to the Lender which limit the maximum rate of interest
which may be charged or collected by the Lender.
3 . Principal and interest due hereunder shall be payable
at the principal office of the Lender, or at such other place as
the Lender may designate in writing.
4 . This Bond is issued by the County to provide funds for
a project, as defined in Section 103 of the Act, consisting of
the acquisition, development, renovation, reconstruction and
equipping of a building on real estate located in the County,
pursuant to a Loan Agreement dated as of November 1 , 1983 ,
between the County and Gateway Partnership (the "Company") (the
"Loan Agreement") , and, further, this Bond is issued pursuant to
and in full compliance with the Constitution and laws of the
State of Colorado, particularly the Act and an ordinance of the
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Board of County Commissioners of the County duly adopted on
September 26 , 1983 (the "Ordinance")
5. This Bond is secured by (i) an assignment of the Loan
Agreement and the Company Note by the County to the Lender, (ii)
a Deed of Trust from the Company as grantor, in favor of the
Lender, (iii) a Security Agreement under the Uniform Commercial
Code (iv) a Guaranty Agreement between the Company, ARIX
Investors, Ltd. , Gary R. Windolph, N. Kent Baker, C. Neal
Carpenter, Robert Shreve, Eugene R. Brauer and Eugene Brauer
Family Trust, Patrick C. Dwyer, Dale J. Steichen, Gordon W.
Bruchner, Robert D. Thomas, William Clark and Linda Clark, Les
Ewegen and Judy Ewegen, John K. Jerome, Linda L. Kadlecek, James
Kadlecek, Charles Kadlecek, John Kadlecek, Ted Nelson, Gene
Pepin, Robert W. Stanley, Chris Scott, Larry Scott, Darrell
Schurle and Harriet Schurle, Bill Kahler and Pat Kahler, Dale
Boehner, Stanley Commercial Radio Company, Dorothy M. Stanley,
Richard R. Bond, B-2 Properties, Robert A. Stanley, James A. Vohs
and Ruth L. Vohs, Ralph Boehner and Harriett Boehner,
F.W. "Fritz" Barsch, Barbara Piper, Greeley Sheltership and ARIX,
A Professional Corporation, as guarantors, and the Lender, (v) a
Letter of Credit provided on behalf of the Company by the Greeley
National Bank in favor of the Lender, and (vi) the Collateral
Assignment of Rents dated as of the date hereof . This Bond is
subject to all the terms, conditions and provisions of said Loan
Agreement and Company Note, Deed of Trust, Security Agreement,
Letter of Credit and Guaranty Agreement.
6. The Lender may waive an event of default hereunder
caused by the nonpayment of interest and/or principal due on this
Bond without notice to or consent of any party liable hereon and
without releasing any such party. However, in no event shall the
Final Maturity Date be beyond forty (40) years from the date
hereof.
7. The County may prepay, without a premium, all or a
portion of the Principal Balance at any time upon ten (10) days'
written notice to the Lender, but only from funds available
therefor under the Loan Agreement. No partial prepayment shall
change the amount or extend the time of payment of any
installment payable hereunder.
8 . This Bond is further subject to prepayment, without a
premium, in whole, upon the occurrence of certain events of
damage to, or destruction or condemnation of the Project as
specified in the Loan Agreement, the Deed of Trust and the
Ordinance.
9 . The annual principal and monthly interest payments due
under paragraph 1 hereof shall continue to be due and payable in
full until the entire Principal Balance and accrued interest due
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on the Bond have been paid, regardless of any partial prepayment
made hereunder.
10 . As provided in the Ordinance and subject to certain
limitations set forth therein, this Bond is transferable upon the
books of the County at the office of the County Clerk, by the
Lender in person or by its agent duly authorized in writing, at
the Lender' s expense, upon surrender hereof together with a
written instrument of transfer satisfactory to the County Clerk,
duly executed by the Lender or its duly authorized agent. Upon
such transfer the County Clerk will note the date of registration
and the name and address of the new registered Lender in the
registration blank appearing below. The County may deem and
treat the person in whose name the Bond is last registered upon
the books of the County as the absolute owner hereof, whether or
not overdue, for the purpose of receiving payment of or on the
account of the Principal Balance, prepayment price or interest
and for all other purposes, and all such payments so made to the
Lender or upon its order shall be valid and effective to satisfy
and discharge the liability upon the Bond to the extent of the
sum or sums so paid, and the County shall not be affected by any
notice to the contrary.
11 . THIS BOND AND INTEREST THEREON AND ANY PENALTY OR
PREMIUM DUE HEREUNDER ARE PAYABLE SOLELY FROM THE REVENUES AND
PROCEEDS DERIVED FROM THE LOAN AGREEMENT, THE NOTE, THE DEED OF
TRUST, THE LETTER OF CREDIT, THE COLLATERAL ASSIGNMENT OF RENTS,
AND THE SECURITY AGREEMENT, AND SHALL NEVER CONSTITUTE THE DEBT
OR INDEBTEDNESS OF THE COUNTY WITHIN THE MEANING OF ANY PROVISION
OR LIMITATION OF THE STATE CONSTITUTION OR STATUTES OR THE
CHARTER OF WELD COUNTY, COLORADO, AND SHALL NOT CONSTITUTE NOR
GIVE RISE TO A PECUNIARY LIABILITY OF THE COUNTY OR A CHARGE
AGAINST ITS GENERAL CREDIT OR TAXING POWERS.
12. The remedies of the Lender, as provided herein and in
the Loan Agreement, the Deed of Trust, the Security Agreement,
the Collateral Assignment of Rents, the Letter of Credit and the
Guaranty, are not exclusive and shall be cumulative and
concurrent and may be pursued singly, successively or together,
at the sole discretion of the Lender, and may be exercised as
often as occasion therefor shall occur; and the failure to
exercise any such right or remedy shall in no event be construed
as a waiver or release thereof.
13 . The Lender shall not be deemed, by any act of omission
or commission, to have waived any of its rights or remedies
hereunder unless such waiver is in writing and signed by the
Lender, and then only to the extent specifically set forth in the
writing. A waiver with reference to one event shall not be
construed as continuing or as a bar to or waiver of any right or
remedy as to a subsequent event.
14 . This Bond has been issued without registration under
state or federal or other securities laws, pursuant to an
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exemption for such issuance; and accordingly the Bond may not be
assigned or transferred in whole or part, nor may a participation
interest in the Bond be given pursuant to any participation
agreement, except in accordance with applicable registration
requirements or an applicable exemption from such registration
requirements, and the County Clerk may require an opinion of
qualified counsel as to the existence of such an exemption before
transferring this Bond on the books of the County.
IT IS HEREBY CERTIFIED AND RECITED that all conditions, acts
and things required to exist, happen and be performed precedent
to or in the issuance of this Bond do exist, have happened and
have been performed in regular and due form as required by law.
IN WITNESS WHEREOF, the County has caused this Bond to be
duly executed in its name by the manual signature of the Chairman
of the Board of County Commissioners, to be sealed with the Seal
of the County, to be signed and attested with the manual
signature of the County Clerk and to be countersigned with the
manual signature of the County Treasurer and has caused this Bond
to be dated November 1 , 1983 .
COUNTY OF WELD, COLORADO
By:
Chairman of the Board of
� f} � County Commissioners
ATT�ESTL I i / t,�/i.
rC ty lerk
✓ j - ,Leltplywit COUNTERSIGNED:
By
County Treasurer
PROVISIONS AS TO REGISTRATION
The ownership of the unpaid Principal Balance of this Bond
and the interest accruing thereon is registered on the books of
Weld County, Colorado, in the name of the holder last noted
below.
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Date of Name and Address Signature of County
Registration of Registered Owner Clerk or Deputy
2 . 2 . The Bonds
The Bonds shall be payable at the times and in the manner,
and shall be subject to such other terms and conditions as are
set forth in the form thereof included as Section 2 . 1 of this
Ordinance. The net effective interest rate on the Bond shall not
exceed twenty percent (20%) per annum, unless there shall have
been a "Determination of Taxability, " in which case the net
effective interest rate on the Bond shall not exceed thirty
percent (30%) per annum. Subject to the foregoing, the Bond
shall bear interest at the rate set forth in the form thereof
included as Section 2 . 1 of this Ordinance.
2. 3 . Execution
The Bonds shall be executed on behalf of the County by the
manual signature of the Chairman of the Board, shall bear the
seal of the County and shall be signed and attested with the
manual signature of the County Clerk. In case any officer whose
signature shall appear on the Bonds ceases to be an officer
before delivery of the Bonds to the Lender, such signature shall
nevertheless be valid and sufficient for all purposes, the same
as if he had remained in office until delivery.
2 . 4 . Delivery of the Bonds
Before delivery of the Bonds there shall be filed in the
office of the County Clerk the following items:
1 . Executed copies of the Loan Agreement, Company Note, the
Assignment of the Loan Agreement, the Deed of Trust, the Security
Agreement, the Collateral Assignment of Rents, the Letter of
Credit and the Guaranty; and
2. An opinion of Counsel for the Company in scope and
substance satisfactory to Bond Counsel as to the authority of the
Company to enter into the transaction and other related matters;
and
3 . An opinion of Counsel for the County in scope and
substance satisfactory to Bond Counsel as to the authority of the
County to enter into the transaction, issue the bonds , and other
related matters; and
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4 . The opinion of Bond Counsel at to the validity and tax
exempt status of the Bonds; and
5 . Such other documents and opinions as Bond Counsel may
reasonably require for purposes of rendering its opinion required
in subsection (4 ) above or that the Lender may require for the
closing.
2 .5. Issuance of New Bonds
Subject to the provisions of Section 2 . 9 hereof, the County
shall, at the request and expense of the Lender, issue new Bonds,
in aggregate outstanding principal amount equal to that of the
Bonds surrendered, and of like tenor except as to number,
principal amount and the amount of the annual principal and
monthly interest installments payable thereunder, and registered
in the name of the Lender or such transferee as may be designated
by the Lender.
2 . 6 . Registration of Transfer
The County will cause to be kept at the office of the County
Clerk a record of the Bond or Bonds outstanding on which the
County Clerk shall provide for the registration of transfers of
ownership of the Bonds. The Bonds shall be transferable by the
Lender in person or by its attorney duly authorized in writing,
upon surrender of the Bonds together with a written instrument of
transfer, duly executed by the Lender or its duly authorized
agent, and a legal opinion as to exemption from registration
satisfactory to the County Clerk. Upon such transfer the County
Clerk shall note the date of registration and the name and
address of the new Lender in such record and in the registration
blank appearing on the Bonds.
2. 7 . Mutilated, Lost or Destroyed Bond
In case any Bonds issued hereunder shall become mutilated or
be destroyed or lost, the County shall, if not then prohibited by
law, cause to be executed and delivered, a new Bond of like
outstanding principal amount, number and tenor in exchange and
substitution for and upon cancellation of such mutilated Bond, or
in lieu of and in substitution for such Bond destroyed or lost,
upon the Lender' s paying the reasonable expenses and charges of
the County in connection therewith, and in the case of a Bond
destroyed or lost, the filing with the County of evidence
satisfactory to the County that such Bond was destroyed or lost,
and furnishing the County with indemnity satisfactory to it. If
the mutilated, destroyed or lost Bond has already matured or been
called for redemption in accordance with its terms it shall not
be necessary to issue a new Bond prior to payment.
2 . 8 . Ownership of the Bonds
The County may deem and treat the person in whose name the
Bond is last recorded as the absolute owner of such Bond for the
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purpose of making payment of or on account of the Principal
Balance, prepayment price and interest and for all other purposes
whatsoever, and the County shall not be affected by any notice to
the contrary.
2 . 9. Limitation of Bond Transfers
The Bonds have been issued without registration under state
or other securities laws, pursuant to an exemption for such
issuance; and accordingly the Bonds may not be assigned or
transferred in whole or part, nor may a participation interest in
the Bonds be given pursuant to any participation agreement,
except in accordance with applicable registration requirements or
an applicable exemption from such registration requirements.
2 . 10 . Additional Bonds
So long as the Loan Agreement is in effect and subject to
Lender' s prior written consent, which shall not be unreasonably
withheld, one or more series of Additional Bonds may be issued,
authenticated and delivered for the purpose provided in the Loan
Agreement. Such Additional Bonds shall be payable solely from
the amounts payable under the Loan Agreement (except to the
extent paid out of moneys attributable to the proceeds derived
from the sale of the Additional Bonds or to income from the
temporary investment thereof and, under certain circumstances, to
proceeds from insurance and condemnation awards) . If the County,
in its sole discretion, decides to issue such Additional Bonds,
the Additional Bonds of each such series shall be delivered to or
upon the order of the purchasers thereof, but only upon there
being filed with the County:
(a) Original, executed counterparts of a supplemental
ordinance, an amendment of the Loan Agreement and Note and
an amendment of the Deed of Trust expressly providing that,
for all purposes of this Ordinance, the Loan Agreement and
the Deed of Trust, the Project shall include any facilities
being financed by the Additional Bonds. The date or dates
of the Additional Bonds, the rate or rates of interest on
the Additional Bonds, the time or times of payment of the
interest thereon and the principal thereof, and the
prepayment provisions, if any, with respect thereto, all
shall be as provided in the supplemental ordinance, rather
than as provided in this Ordinance, and may differ from the
provisions with respect to the Series 1983 Bonds set forth
in this Ordinance.
(b) A written opinion by an attorney or firm of
attorneys of nationally recognized standing on the subject
of municipal bonds, to the effect that the issuance of the
Additional Bonds and the execution thereof have been duly
authorized, all conditions precedent to the delivery thereof
have been fulfilled, and that the exemption from federal
income tax of the interest on the Series 1983 Bonds and any
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Additional Bonds theretofore issued will not be affected by
the issuance of the Additional Bonds being issued.
Each series of Additional Bonds issued pursuant to this
Section shall be equally and ratably secured under this
Ordinance with the Series 1983 Bonds and all other series of
Additional Bonds, if any, theretofore issued pursuant to
this Section, without preference, priority or distinction of
any Bonds over any other thereof.
Notwithstanding anything herein to the contrary, no
Additional Bonds shall be issued unless (i) the Loan Agreement
and Company Note are in effect, (ii) there is no Default at the
time of issuance under the Loan Agreement, the Company Note, the
Deed of Trust or under this Ordinance, and (iii) all current
County regulations are complied with.
2. 11 . Establishment of Funds
The County hereby establishes with the Lender two funds, to
be called the "Weld County, Colorado Gateway Partnership Project
Bond Fund" and the "Weld County, Colorado Gateway Partnership
Project Construction Fund. " Accrued interest will be paid into
the Bond Fund out of the proceeds of the Bonds and the remaining
proceeds shall be deposited into the Construction Fund. The
County hereby authorizes the Lender (a) to make disbursements
from the Construction Fund in accordance with Section 3 . 3 of the
Loan Agreement, (b) to make the payments required by the bonds to
the Bondholders from the Bond Fund and (c) invest the moneys on
deposit in the Funds in accordance with Section 3 . 7 of the Loan
Agreement.
ARTICLE III
PREPAYMENT OF BONDS BEFORE MATURITY
3 . 1 . Prepayment
1 . In the event of damage to or destruction of the Project
or condemnation of the Project or any part thereof, the Bonds
shall be subject to prepayment to the extent and in the manner
set forth in Article V of the Loan Agreement and in the Deed of
Trust.
2. The Bonds may be otherwise prepaid in accordance with
the provisions of the Bonds.
3. 2 . Termination of Interest
Upon payment of any prepayment amount to the Lender and the
giving of requisite notice, if any, the principal amounts prepaid
shall, after such date, cease to bear interest.
- 14 -
ARTICLE IV
GENERAL COVENANTS
4 . 1 . Payment of Principal and Interest
The County covenants that it will promptly pay or cause to
be paid the principal of and interest on the Bonds at the place,
on the dates, from the source and in the manner provided herein
and in said Bonds. The principal and interest are payable solely
from and secured by revenues and proceeds derived from the
Project and payable pursuant to the Loan Agreement, the Company
Note, the Guaranty, the Security Agreement, the Letter of Credit,
the Collateral Assignment of Rents, and the Deed of Trust; and
nothing in the Bonds or in this Ordinance shall be considered as
assigning, pledging or otherwise encumbering any other funds or
assets of the County.
4 .2 . Performance of and Authority for Covenants
The County covenants that it will faithfully perform at all
times any and all covenants, undertakings, stipulations and
provisions contained in this Ordinance, Loan Agreement, in the
Bonds executed, authenticated and delivered hereunder and in all
proceedings of the Board of Commissioners pertaining thereto;
that it is duly authorized under the Constitution and laws of the
State of Colorado, including particularly and without limitation
the Act, to issue the Bonds authorized hereby, pledge the
revenues and assign the Loan Agreement and endorse the Company
Note in the manner and to the extent set forth in this Ordinance,
the Bonds and the Loan Agreement and Assignment of Loan
Agreement; that all action on its part for the issuance of the
Bonds and for the execution and delivery thereof has been duly
and effectively taken; and that the Bonds in the hands of the
Lender are and will be a valid and enforceable obligation of the
County according to the terms thereof. In making these
representations, the County relies upon the opinion of Bond
Counsel as to the truth of matters asserted and the efficacy of
actions taken.
4 .3 . Nature of Security
Notwithstanding anything contained in the Bond, the Deed of
Trust, the Loan Agreement or any other document referred to in
Section 2 . 4 of this Ordinance, the Bonds shall never constitute
the debt or indebtedness of the County within the meaning of any
provision or limitation of the constitution or statutes of the
State of Colorado or the Charter of Weld County, Colorado and
- 15 -
shall not constitute nor give rise to a pecuniary liability of
the County or a charge against its general credit or taxing
powers; and the County, its agents, officers and employees shall
not be subject to any personal or pecuniary liability thereon.
ARTICLE V
MISCELLANEOUS
5 . 1 . Severability
If any provision of this Ordinance, except Section 4 .3 of
Article IV, hereof, shall be held or deemed to be, or shall, in
fact, be, inoperative or unenforceable as applied in any
particular case in any jurisdiction or in all cases because it
conflicts with any provisions of any constitution or statute or
rule or public policy, or for any other reason, such
circumstances shall not have the effect of rendering the
provision in question inoperative or unenforceable in any other
case or circumstance, or of rendering any other provision or
provisions herein contained invalid, inoperative or unenforceable
to any extent whatever. The invalidity of any one or more
phrases, sentences, clauses or paragraphs in this Ordinance,
except Section 4 ..3 of Article IV, shall not affect the remaining
portions of this Ordinance or any part hereof.
5. 2 . Authorization to Execute Agreements
The forms of the proposed Loan Agreement, the Assignment of
Loan Agreement, the Company Note, the Inducement Letter and the
Offer to Purchase are hereby approved in substantially the form
presented to the Board of Commissioners; and the Chairman of the
Board and the County Clerk are authorized to endorse the Company
Note and execute the Loan Agreement, the Assignment of Loan
Agreement, the Inducement Letter and the Offer to Purchase in the
name of and on behalf of the County and such other documents as
Bond Counsel considers appropriate in connection with the
issuance of the Bonds. In the event of the absence or disability
of the Chairman of the Board or the County Clerk, such officers
of the County as, in the opinion of the County Attorney, may act
in their behalf, shall without further act or authorization of
the County Board of Commissioners, do all things and execute all
instruments and documents required to be done or executed by such
absent or disabled officers.
5 .3 . Authority to Correct Errors, Etc. .
The Chairman of the Board and the County Clerk are hereby
authorized and directed to make or agree to any alterations,
changes or additions in the instruments hereby approved as the
- 16 -
Chairman of the Board and the County Attorney deem necessary or
proper to accomplish the purposes of this Ordinance, the
signatures of the Chairman of the Board and the County Clerk on
the instruments to be conclusive evidence of such approval;
provided, however, no alteration, change or addition shall be
made which shall alter the maximum net effective interest rate ,
denomination, date , maturities, form, interest rates ,
registration privileges, manner of execution, places of payment
or terms of prepayment of the Bonds or which shall increase the
aggregate principal amount of the Bonds authorized by the Board
of Commissioners or in any way give rise to a pecuniary liability
of the County or a charge against its general credit or taxing
powers with respect to the Bonds .
5 . 4 . Further Authority
The Chairman of the Board and the County Clerk and other
proper County officials, and each of them, are hereby authorized
to execute and deliver for and on behalf of the County any and
all additional certificates, documents and other papers and .to
perform all other acts they may deem necessary or appropriate in
order to implement and carry out the matters herein authorized.
5 .5 . Repealer. All ordinances or parts thereof in conflict
with this Ordinance are hereby repealed.
5 . 6 . Ordinance Irrepealable. After said bonds are issued
this Ordinance shall be and remain irrepealable until said bonds
and the interest thereon shall have been fully paid, satisfied
and discharged.
5 . 7 . Recording and Authentication. This Ordinance, as
adopted by the Board of Commissioners , shall be numbered and
recorded, and the adoption and publication shall be authenticated
by the signatures of the Chairman of the Board and County Clerk
and by the certificate of the publisher, respectively.
Introduced, considered favorably on first reading and
ordered published this 22nd day of August, 1983 , and to be
presented for second reading on the 7th day of September, 1983 .
BOARD OF COUNTY COMMISSIONERS
ELD COUNTY, COLORADO
ATTEST:
Ch c Carlson, Chairman
Weld County Clerk n ecorder EXCUSED DATE OF SIGNING-AYE
an erk to the oard J T. Martin, Pro-Tem
6? - �/Y ne Brantner
u y County erk
P VE AS TO FORM: Norman ;arlso�p
J:cqu;line Jdh son
County Attor y
First reading: 8-22-83 Second reading 9-7-83 Third reading 9-26-83
Published: 8-25-83 Published: 9- 8-83 Published: 9-29-83
Published in County Legal
Newspaper - LaSalle Leader - 17 -
Presented and considered favorably on second reading and
ordered published this 7th day of September, 1983 , and to be
presented for final passage on the 26th day of September, 1983 .
Ch rman of the Board
(SEAL)
ATTEST: , �
County Clerks a9c4» 4-7---i-cf
jCf
Passed and dopted on final reading on this 26th day of
September, 1983.
(. irmanhe Board
ATTEST:
County Clerk GEC Q-1., 4c--cr
Commission er 'Carlson moved that the foregoing
Ordinance heretofore introduced and read in full be approved on
first reading. Commissioner Martin seconded the
motion.
The question being upon the approval on first reading of the
Ordinance, the roll was called with the following results:
Commissioners voting "AYE" : Chuck Carlson,
John T. Martin
Gene R. Brantner
Norman Carlson
Jacqueline Johnson
Commissioners voting "NAY" :
The Chairman of the Board thereupon declared that, a
majority of the Commissioners present having voted in favor
- 18 -
thereof, the motion was carried and the Ordinance duly approved
on first reading.
Thereupon the Chairman of the Board ordered said Ordinance
published once in full together with a notice giving the date
when said Ordinance will be presented for second reading in The
Greeley Tribune, a newspaper of general circulation published in
the County, at least ten (10) days before presentation for second
reading.
After consideration of other business to come before the
Board of Commissioners, the meeting was adjourned.
Ch rman of the Board
ATTEST:
County Clerk W9)(
STATE OF COLORAD )
COUNTY OF WELD
CITY OF GREELEY
The Board of Commissioners of Weld County, Colorado, held a
regular meeting at 915 10th Street, First Floor Assembly Room,
Greeley, Colorado, on Wednesday, the 7th day of September, 1983 ,
at the hour of 9 :00 a.m.
The following persons were present:
Commissioners:
Chuck Carlson, Chairman
John T. Martin, Pro Tem
Gene R. Brantner
Norman Carlson
Jacqueline Johnson
- 19 -
County Clerk: Mary Ann Feuerstein
Acting Clerk to the Board: Jeannette Sears
County Attorney: Thomas O. David
The following persons were absent:
The Chairman of the Board informed the Board of
Commissioners that Ordinance No. 117 , which was introduced ,
approved on first reading, and ordered published once in full at
a regular meeting of the Board of Commissioners held on
August 22 , 1983 , was duly published in the LaSalle Leader, which
has been selected as the legal newspaper of Weld County, in its
issue of August 25 , 1983.
County Attorney Tom David then read said Ordinance by its
title, the full reacting thereof having been waived.
Thereupon, Commissioner Johnson moved that Ordinance
No. 117 , heretofore read by title be approved on second reading
and the question being upon the second reading of said Ordinance ,
the roll was called with the following results:
Commissioners voting "AYE" : Chuck Carlson , Chairman
John T. Martin , Pro-Term
Gene R. Brantner
Norman Carlson
Jacqueline Johnson
Commissioners voting "NAY" :
The Chairman of the Board thereupon declared that a majority
of the Commissioners present having voted in favor thereof, the
motion was carried and the Ordinance approved on second reading.
Thereupon the Chairman of the Board ordered said Ordinance
published one time in full together with a notice giving the date
- 20 -
when said Ordinance will be presented for final reading in The
LaSalle Leader, which has been selected as the legal newspaper of
WeldCounty, at least ten (10) days before presentation for final
reading.
After consideration of other business to come before the
Council the meeting was adjourned.
7 ��l
Chairman of eB Board
of Commissioners
f Weld County, Colorado
ATTEST: am � r '.^�-�
C9l}nty Clerk l
We '7ora / +t
STACOLORADO )
COUNTY OF WELD )
CITY OF GREELEY )
The Board of Commissioners of Weld County, Colorado, held a
regular meeting at 915 10th Street, First Floor Assembly Room,
Greeley, Colorado, on Monday, the 26th day of September, 1983 , at
the hour of 9 :00 a.m.
The following persons were present:
Commissioners:
Chuck Carlson, Chairman
Bohn-Tr-Martin;-pro-pem
Gene R. Brantner
Norman Carlson
Jacqueline Johnson
County Clerk: Mary Ann Feuerstein
Acting Clerk to the Board: Jeannette Sears
County Attorney: Thomas O. David
The following persons were absent:
John T. Martin - Excused
- 21 -
The Chairman of the Board informed the Board that Ordinance
No. 117 , which was introduced, approved on first reading,
and ordered published once in full at a regular meeting of the
Board of Commissioners held on August 22 , 1983 , was duly
published in the LaSalle Leader, which has been selected as.
the legal newspaper of Weld County, in its issue of August 25 ,
1983 , and that Ordinance No. 117 , was presented and approved
on second reading, and ordered published once in full at a
regular meeting of the Board of Commissioners held September 7 ,
1983 , was duly published in the LaSalle Leader in its issue of
September 8, 1983 .
County Attorney, Thomas O. David,then read said Ordinance by
its title, the full reading thereof having been waived.
Thereupon, Commissioner Norman Carlson moved for the
final passage of Ordinance No. 117 , and the question being
upon the final passage of said Ordinance, the roll was called
with the following results:
Commissioners voting "AYE" : Chuck Carlson , Chairman
Gene R. Brantner
Norman Carlson
Jacqueline Johnson
Commissioners voting "NAY" :
The Chairman of the Board thereupon declared that a majority
of the Commissioners present having voted in favor thereof, the
motion was carried and the Ordinance finally passed.
Thereupon the Chairman of the Board ordered said Ordinance
published one time in full together with a notice of the final
passage of the Ordinance in the LaSalle Leader, which has been se-
lected as the legal newspaper of WeldCounty, within five (5) days
after said final passage.
After consideration of other business to come before the
Council the meeting was adjourned.
irman of e Board
Weld County, Colorado
- 22 -
Attest:
/ijc. ,
County glerk
Weld County Colorado
STATE OF COLORADO )
ss.
COUNTY OF WELD )
CITY OF GREELEY )
I, Mary Ann Feuerstein , County Clerk of Weld
County, Colorado, do hereby certify that the attached copy of
Ordinance No. 117 , is a true and correct copy; that said
Ordinance was introduced and approved on first reading by the
Board of County Commissioners of Weld County, Colorado, at a
regular meeting thereof held at 915 10th Street, First Floor
Assembly Room, Greeley, Colorado, the regular meeting place
thereof, on Monday, the 22nd day of August, 1983 , that said
Ordinance was presented and approved on second reading by said
Board of Commissioners at a regular meeting thereof held at 915
10th Street, First Floor Assembly Room, Greeley, Colorado, the
regular meeting place thereof, on Wednesday, the 7th day of
September, 1983 , that said Ordinance was finally passed on third
reading by said Board of Commissioners at a regular meeting
thereof held at 915 10th Street, First Floor Assembly Room,
Greeley, Colorado, the regular meeting place thereof, on Monday,
the 26th day of September, 1983 , that a true copy of said
Ordinance has been authenticated by the signatures of the
Chairman of the Board of Commissioners and myself as recorded in
a book marked "Ordinances" , was duly published once in full
together with a notice giving the date when said Ordinance would
be presented for second reading, once in full together with a
Notice giving the date when said Ordinance would be presented for
final passage and once in full together with a notice of the
final passage of the Ordinance in the LaSalle Leader, which
has been selected as the legal newspaper of Weld County, in its
issues of August 25 , 1983 , September 8, 1983 and September 29 ,
1983 , as evidenced by the certificates of the publisher attached
hereto at pages , 25 , 26 , and 27 I further
certify that the foregoing pages 1 through 21 , inclusive,
constitute a true and correct copy of the record of the
proceedings of said Board of Commissioners as its regular
proceedings relate to said Ordinance; and that said proceedings
- 23 -
were duly had and taken, that the meetings were duly held; and
that the persons were present at said meetings as therein show.
IN WITNESS WHEREOF, I have hereunto set my hand and the
seal of Weld County, Colorado this 26thday of September
1983
Iic _ , .— . . r✓
County Clerk
Weld County, Colorad )
STATE OF COLORADO
COUNTY OF WELD ) ss.
CITY OF GREELEY
(Attach affidavit of publication in full of Ordinance and notice
giving date when Ordinance to be presented for final passage. )
GP3 : 16
- 24 -
BOND ORDINANCE NO. 117
WELD COUNTY, COLORADO
INDUSTRIAL DEVELOPMENT REVENUE BONDS
SERIES 1983
(THE GATEWAY PARTNERSHIP PROJECT)
ADOPTED: September 26 , 1983
e ,,
TABLE OF CONTENTS
(This table of contents is not a part of the Ordinance but
is included for convenience only. )
Page
ARTICLE I
DEFINITIONS, LEGAL AUTHORIZATION
AND FINDINGS
Section 1 . 1 . Definitions 1
Section 1 . 2 . Legal Authorization 4
Section 1 .3 . Findings 4
Section 1 .4 . Authorization and Ratification of
Project 5
ARTICLE II
BONDS
Section 2 . 1 . Authorized Amount and Form of Bonds 5
Section 2 . 2 . The Bonds 11
Section 2 . 3 . Execution 11
Section 2 .4 . Delivery of the Bonds 11
Section 2 . 5 . Issuance of New Bonds 12
Section 2 . 6 . Registration of Transfer 12
Section 2. 7 . Mutilated, Lost or Destroyed Bonds 12
Section 2 . 8 . Ownership of the Bonds 12
Section 2 .9 . Limitation on Bond Transfers 13
Section 2 . 10 . Additional Bonds 13
Section 2 . 11 . Establishment of Funds 14
(i)
(ii)
STATE OF COLORADO
COUNTY OF WELD ) ss.
CITY OF GREELEY
The Board of Commissioners of Weld County, Colorado, held a
regular meeting at 915 10th Street, First Floor Assembly Room,
Greeley, CO 80631 , on Monday, the 22nd day of August, 1983 , at
the hour of 9 : 00 a.m.
The following persons were present:
Commissioners: Chuck Carlson, Chairman
John T. Martin, Pro Tem
Gene R. Brantner
Norman Carlson
Jacqueline Johnson
County Clerk: Mary Ann Feuerstein
Acting Clerk to the Board: Jeanette Sears
County Attorney: Thomas O. David
The following persons were absent:
Commissioner Chuck Carlson introduced the
following Ordinance, which was read in full.
(iii)
BOND REGISTER
$2 ,800 , 000 Weld County, Colorado
Industrial Development Revenue Bonds
Series 1983
(The Gateway Partnership Project)
The ownership of the unpaid Principle Balance of the above
described Bonds and the interest accruing thereon is in the name
of the holder last noted below:
Date of Name and Address Signature of County
Registration of Registered Owner Clerk or Deputy
/
/// `j ? '1:` ,<,(�(.-! A/14 111,
/
h DO
N �-L6gy M.��l 7-412,4:14d [.,.
(,/
GP4 : 1
�COU[� LEG•,z LS`
5 eti k a+117 r,r .ate <➢:
`,.
bC M ,tpND,OROSNAN,...a- ' ;,t;vin T✓
• Flnai Publication tt : -., t
a New COUNTYt CowMDO
Affidavit of Publication
SERIAL DEVELOPMENT REVENUE
STA'r• CF CCLCP.ACO. 1
1NDU BONDS 4d JJ.
a?k County cl Weid
4R n
B BI1S't�1953 . L !'Ak [ MASS6 LI
a n of
ltc said county et Weld. 0.111 duly-sworn. say that.-[ am pubdahe[ of r(
k) A co, VQcal e'r
that the acme u a weekly newspaper of general
cuculatICn pro y., ,pnn:edc cr.1dl puc;sr.ed the
e '
-4->�:.fpOMl@r September 16i.1f1i l �. town cf ^x a VQ ``C_
an acid county cad stare: that the nct[c• cr adver-
tisement. el which the annexed is a true copy.
has been pucheeed to soc west Cy newspaper
-c F TABLE OP CONTSNT6 VaiitERMtcsn' bona i• not at�v• •ant e,..:2-€::, for b N E- "rcrae^t:ve
.t„ $This Ssbl oL ! wens. that the nonce •acs pualiare< in :he
Le't}^alu4eP-teCon ep !�i, s. nRJ"1 [y ,'e
d'a 104`1•- 'I �.r: rectal= and enure issue of every nur..ber of acc
E'4`{ nJOY4 newspaper during the paned and `-e c: puC•CC
,,,na TICt.L.�3 yM 2.tithe,
eu , • J eeEien of a<ui notice rend an ale newspaper
. ,�y� e x t°'Yt .fi Y
a f7t1q 4DSP{ ,14 ST yiNPlNnt�FIV1,rxf447,yU '�' r proper and not in a aupple•nent thereat: "liar the
x t" t'uPa'' ,.--4.{pa p
b 1 ttto r 194uk 'ISIS 'lilt pub:lr_ncn of said aot;e was contained IC' in
e
r 2kf Yi.S p 4 the ague of said news
f inittOnt'f c Rf K�, paper becnnc date. the
7-9.- n I.1.� M k ..+£s } difi44^ I
Seotion 1'.3.- Lindingwejp isaifon '.rstnud clis44 r2$ dey et Sto l Z. :g k�3
tx kata and the sat Fuht¢ahce trerc::. in the trice et
le'don lA: PSndfn9e S„ :• .. NAde -'r
Authorfa�sfon`ind•nabitiC•el0n of a sad_ewsFaper h _.ti eCN. :he 2� day c:
'Net10n 1.1. Protectw,5: N:-tn •QiPptQ
-141439:43 J SeP�,
,.,-a 1v., sP 19 the: the said
rs ' PARTICLE-1i, e '.
. Nr rkpl
t eoxbH lebak sl �A Sa''E',
feet t Benda+ eL4[Tt1M ![l, _
tiHetion 2.1 Authorited1,04. ;444P 9 Npa #.Y Yk 4744
- • has been q th..ec rnimaouJly end w:n:er:u or.
'Section 3.3 Tne utionsG • ".t'ny2 . jlaa
e- duCra 'he pent' cF <: !r_ar hay-t.vc con-
ies; " 4 f t ,i t n. .5'„ FTa*d. secative week, net: prior •a the CCIt issue :hereof
t 1},trµf re
'SeOyse,�ilen 3,] contorting acid .2<r_e e: he fzrsr 'flue er,ci
Netien:].1 De11veF(`o! tN Sends':y.q »�„y.efY 41 116F(
ose
Iuuaneer 0I Now Tran"lade iit tt' ' refenee tea and that acid new'e er was c: the
geotlpn 3•f - doe of each of :he pubrnora of sod nonce.
iitreeion of 2-,'.
petlon 3.(. ge9 ,. t.,
Lost of 'strayed Sends iitq C=nF '.or tnct purpose with:, 'he mean.
gentian 2.7. Nutilatedt 12 •t:" inq of an co:.4L entitled, An At, C_r.cer _.a ' eCI
section 3.8. Ownership of tBondhe ndi I] t Notices. Ad,.nceme:.:J end CarPuillichnons. ant
eibtien 2.9. Limitation on bndTraneter• 1,,"
the een of ?raters and =c:Ti:au•a :hereof. enc
ds
.+ f 4. 14 '_
.c F,;. to F.epeci c(1 Acts =a parrs cf Jain an Cooper
Section 1.10• Adeielonal Bon
with :.4e?-visions of dal Ja.• approved Anal i
Section l.11. eR•D3lthmnnt of LS IIIYap 'Paee'�`.
1922, std ca e=end..—.ens :herseE, ens par--.:.
'A,TI 312 m)r°f' }ale 1rt.u; lerFy o caned cy on c approved. ldarch :0.
' May a
C . PREPAYMENT OF BONDS-BOOM MATURITY 1272. 4 - cat afl:c d Mc 1.. '90!.
Ym SI' a
gectlon J.1. Pnpayrn< 1/ .
mention 3.2. Termination o1 Inbred
AATICLe IV _ ? !ssher
oaten COVstata8 S¢aac._ed and sworn 'a Seae:e me 'his ....._&72
.
.. 15l j
section 1.1. Paym• of Principal and Interest cry
nC
15 `.
Bastion 13. covmringetsb ot.and Authority for < 4, � L,- ,
18
S•eCion 4.3. Nature Of Security L-.
'.fy c:nun..isalen expires //— $ ,1 '�
Yc:cry .^_:a
ELIZABETH MASSEY
22019 W C.RD. 54
'.
GREEtF/ Co 80631
�EEI
ARTICLE V
MISCELLANEOUS .
Section 5.1. Severabilicy
Section 5.1. Authorisation to Execute Agreements 16
Section 5.3. Authority CC Correct Errors,
Etc. 16 ,.
Section 5.4. Further Authority
17
1T
Section 5.5. Repealer
Section 5.6. 0[dioance Irnpeelable
11'
and Authentication 1T
Section 5.7. Pscordla9 17
SIGNATURES
EXHIBIT A
-
STATE OP COLORADO I _
COUNTY,OP WELD lee. `
CITY OF GREELEY 1 Coloredo.:neld a
10 th'Street. First'Floor AesemblY Room,
The Board.of ComSissionere.of Weld County 19S3,.at
regular meoti 0631,9111Monday, the 22nd day of August,
Greeley, CO 9;00 a.m.
the hour 2 sent+
The following persons were
p
Chuck Carlson, Chairman .
'Commissioners; John T. Martin, Pro Tem .
Gene R•Carl
lsonaZ •
Normannn
lineJohnson
Jacque
Clerk: Mary Ann 4euer5tein
county -
County Attorneys Thomas O.David
The following persons were absents;gy 7 - ..
£ 111 3 ..Sxia�. cY ...... .
the
Commissioner c was rea n $,_ e.
following Ordinance, w ;J +
III
ORDINANCE N0. �.
THE-ISSUANCE OF INDUSTRIAL_
TING TODS UNDER THE PROVI.ICNNSSVENU6 HELD
AN ORDINANCE REVELA .BONUS DEVgy0pMENT.
ACTS p oVID1NTY AND.HE ICSPALITY SERIES 03
COIARADG TJRlVENUE BONDS, .OP'
ACTT PROVID�U6 WI 4 OgV610PMEL ANU Eg1R;0Y'WELD COUNTY,
(THE GATEWAY
_ GATEWAY
(THE GATEWAY PARTNERSHIP PAWECTI';TN,THB FUNDS TO A ACGUIRINGr-.
' PARTNERSHI FOR'.:THE CE BIPNWZMENTS RELATING
PARTRWRSRIP,�RBNCVATING, RECONSTRUCfiNG ANDS EQU AND
BV6IAll
EEVSTOPING• COLORADO; APPROVING
NRUn <CVHTA, cOLo6NT'0YAP LOAN
g%I6TINI OPFICE VATING:Id eOR USE+AE COMNE
OPPSCB SPACE IN THEEfEXE AND AAD OAN-,
EIM1ND N THE.EXECUTION SEPAL PARTNERSHIP
'AND
AND NOTE BETWEEN EXECUTION OF
COUNTY; AND AUTHORIZING THE PREPAMTION ASO' X , '.
CERTAIN RELATED DOCOMENTS AND ItibWee NNT6. Weld
CERTAIN Board of County Commissioners of
Be it ordained by the
County, Colorado,
ARTICLE I
DEFINITIONS. LEGAL AUTHORIZATION AND FINDINGS
1.1• Detin--wr
unless the contest nasooq en{11...
shall have the tollowin9 meanion and.any
The terms'used .in the'Loan Agreement shall,'haV in e.the Wsa e
sam
esquire othad u!e tns' assigned to them
Aches tscwuen°tus•d::hotein''as use9,
.eenin9s text or use thereof indicates anothet or
A9c•emene unlose <M Shunt• J nt Revenue,
different awaning or,intent.
Munle1PahitY DeveloPM
TM CTi tle J9• Colorado Revised Etatutee,.1.RY3.
. 1. Act
•
u use.- ' n A reemont• Thee°the Co`n tto
J,.l.Asai nmantbf we er assi9
executed by LOentYr en e " '
an.Agreemenc to the Lender•, venue
to `
interest An the Lo, o l Developoant Rave'D00 indusfrlq to bp issue
d
J, Bonds. 'T n. 61 Gateway Farcnetsnip Piojectl.
Send*,the Cou u• ursuant°to this Ordinance. ' •'Nuddleson
'by the County pursuant Brown,
6 " D d Coun el. ,The lire o! YSdcM c,-.:. .^ ...
,and Gunn ort''''.n 51 Colocedo; - Meld County•
5, Bond Re is er, The records bane band transfer of
r the relletFation
Colorado to p[evhenEa• i nt to be
. '5. p of the none of'Rence. -.Tpe'r se se e
"C. ts't alAee ass 911 o9 to c _Lender le se Ccatad',for
-'6 Com ant' under a
the eeutad b`, c a' i due the Company. oration end ft ova
Bondi rho onpanyh ARIS,a A other lase of my portion o•Vovartber i, 1:81, with
undm' all ochat Lease ofu
same our cna comPanY. _.
?rolecy Partnership, a Colorado parinershole,
Gateway nd any surviving, teen lcirg
Com m me chair ions
their
eree b�n'ssd "s 1-
w• 37
ness entity which may ° Continued on page
transferee Loan A9 raemsnc.
under the
'4
. w 6
•
•
•
■/. ♦ - - LEADER-HERAL
Weld �moV my Legals The Bonds issued pursuant t0 this Ordinance shall be in such transfer the County C;
substantially the form set forth herein, with such appropriate variations, omissions and insertions as are permitted or required and the name and address ,registration blank appeari
by this Ordinance, and an accordance with'the further provisions treat the person in whose
COB1IDBatl'f[Om page M hereof; and the total principal amount of the Bonds that may he the books of the County as
outstanding hereunder is expressly limited to 82,000,000. The not overdue, for the purpo.
Bonds shell be in substantially the:fgllowing form: account of the Principal le
8. Company Note¢. Means the note of,the Company delivered and for all other purposes,
u
to the Issuer not endorsed to the Lender which evidences [M - UNITED STATES OF AMERICA Lender or upon its order s,
obligation of the Company to repay the loan of the County in STATE OF,C(jLOPA00
accordance with Section 4.1 of the Loan Agreement and which is inand or sums discharge the:1/W111 to
r the form attached to the-Loan Agreement as Exhibit C.
COUNTY OF WELD' sum sums so pats and th
INDUSTRIAL DEVELOPMENT REVENUE BOND notice11 Co the contrary.
9. taunts, Weld County, Colorado, its successors and assigns. (THE GATEWAY SERIES ISO] PROJECT) - 11. THIS 90 AND IN'
PREMIUM DUE HEREUNDER ARE F
10, Deed of Trust. The Deed of Trust to be executed by the•
198] AIDPRO THE SECURITYDERIVED FROM THE L
Company in favor of the Lender securing NOVEMBER 1, 1903 TRUST, THE LETTER OF CREDIT
interest [hereon. payment of the Bonds and AND THE FTH AGREEMENT,
R_1 $2,800,000
OR INDEBTEDNESS OF THE COUN1
LD COUNTY, COL
11. Gua�ran[t•, The Guaranty Agreement to be executed by the FOR VALUE RECEIVED, WELD COUNTY, COLORADO (the 'County') OR LIMITATION OF THE STATE
Company.. ARIX Investors, Ltd., Gary R. Windolph, N. Kent Baker, hereby promises to-pay to the order of GREELEY NATIONAL BANK, AGAINSTGIVE RISE CHARTER F TOEA PECUNIARY LI
C. Neal Carpenter, Robert Shreve, Eugene R. Brauer and' Eugene I GA PEC CREDIT C
Brauer Family Trust, Patrick C. Dwyer, Dale J. St0lchen, Greeley, Colorado (the 'Lender"),in I, its manner hereinafter
o
Gordon W. Bruckner, Robert 0. Thomas, William Clark and Linda the principal
from he source and in the S providr etl
Lee Ewegen and Judy D.
, John K. Jerome, Linda L. principal sum of TWO MILLION EIGHT HUNDRED THOUSAND DOLLARS 1o. ere remedies of tt
Dee.
Clark, James Kadlecek, Charles Kadlecek, John Jerome,
ek, Ted $2,800,000) (the Principal Balance•,, and to the CLoan ollateral Asst the pea'
Nelson,Kadlecek,G Jameepin, Robert W. Stanley, Chris Scott, Larry Scott, thereon from date hereof v pay interestresent of
pursue
Darrell Schurle and Harriet Schurle, ill Kohler and Pat Kehler, beginning December 1, 19th and consecutive through
monthly installments of eaincluding concu Guaranty, are not cluciv.Dale Buchner, Stanley Commercial Radio Company, December
month during the term hereof equal to h the and often rnt and may be poor out
Daanley, Richard R. Bond, B-2 Pro Robert A.Dorothy ey, December 31, 2003, a per annum rate ex the o occasion
ten f t
James A. Vohs and Ruth L. Vohs,Properties,
hesoehnand Harriett through December 312[198/, and thereat pb the rata wrate ill early a often eat waiver orrel right or r[
James A. F.W. "Fritz" bench, Barbara Piper, Greeley Sheltership Chaseannuallyesaa ai
at Ban of the raie of il Dfiia[ inb publicly announced by The 0e velvet or release there.
Boehnand ARIX, A Professional Corporation, in favor of the Lender a Chase Manhattan Bank (National Aecociatlonl on January 1, Of each
security for the Bonds.
succeeding year at its principal office in New York, New York, as
13. The Lender shall n,
its 'prime rate" (the 'Prime Rate") (computed on the basis of a or commission, to have w
12. Improvements. The structures and other improvements 30 day month and a 360 day dear); provided that the rate of hereunder unless such waiver
including any tangible personal property, to be constructed or interest on this Bond shall not be leas than tla Lender, and then only to the
installed on the Land in accordance with the Plans and than 12% per annum, in any coin or currency whit at a the time or
construed citing A waiver ing ref:
Specifications and to be'owned by the Company. times of payment is legal tender for the payment of public or
writing.
as qua o
private debt in the United States of Ameri0a, in accordance with remedy as to a subsequent is
13. Inducement Letter. Tho loiter agreement from the the terms hereinafter sec forth. a,
Company to the County and the Lender dated November B, 1981 vt
(a) The principal of this Bond shall mature and be 14. federal` Bond has bean
16, Land, The real repayable in twenty annual installments in the a eta[. or or other
rights eeaLanded in Exhibit A attached to n thetLoanAgreement.
to and on the dates as follows:
amounts and 2µ,e tars ::L assioned Cr otranslor lr'..111i uL
15. Lender, Greeley National Bank, Greeley, Colorado, its MATURITY DATE PRINCIPAL AMOUNT interest
n t ;h. I.oIn
l In in
ors and assigns. The Lender is the initial ee a t• ` .'opt
sucsuccessor. purchaser of December 31, 1984 45,000 requirem^mta, : he county
December 31, 1985 50,000 gratifiedneoi or
t t count,'
16. Letter of Credit. The Letter of Credit to be provided December 31, 1986 60,000 gratified .° ,�:,•1 '` h• IOo "
by Company and issued by Greeley National Bank in favorof Lender December 31, 198) 65,000 transferring this Weed it lu.
-to secure payment of the Bonds and interest thereon. December 31, 1988 75,000
December 31, 1989 85,000 IT binge
IIM1It11P\' i F.I:'I'I Flo!: A
17. Loan Agreement. TheDecember 31, 1990coal rh inns ee.p'irnl c„ ,• till,
County and the Company, agreement to-be executed by the December 31, 1991 95,000 to er in the a nun o,xl11L
and the loan of-the y, providing for the issuance of the Bonds December 31, 1992 110,000 have bcen�pvrl�rmuJ iu I,hula
and amendments supplements thereto to the Company, including December 31, 1993 110,000
provisions.
made in accordance with its December 31, 1994 120,000 IN executed
WiIE ;,,;n the
' December 31, 1995 125,000 du t' ex Beard in its :mar by
18. Offer to Purchase. The letter agreement December 31, 1996 140,000 °l the I Beard of 10 bo C
Lender to the County, dated November l t, 39 from the December 31, 1997 150,000 m the 1, 'I 1 Calm'',
December 31, 1998 200,000 mana(ere et tee canine C l',,:k
19.. Plans and Specifications, The plans and specifications December 31, 1999 240,000 manna t signature 111 \
for the construction and installation of the Improvements on the • December 31, 2000 240,000 to be J..t.t Noven:l•er I, IaHJ,
Land, whichDecember 31, 2001 240,000
modifications.ther approved d additions Lender,
009as are er with suchDecember 31, 2002 240,000
determined by the Company to be necessary or desirable for the December 31, 2003 210,000
complet_on of the Improvements end are240,000
approved by the Lender. 's Bond 20. Principal Balance. So much of the principal sum on the months(bafter the date must
ofa a 'Determination e redeemed in oiof rTaxability'61
Bonds its from time to time remains unpaid.
(defined in the Lean reement) at a redemption price equal A9'TI:ST:
31. P[o eft. The Improvements and the Lend. to (11 the-principal amount of the Bond to be redeemed, plus-
22. Project Costa. All coats of the Project (if which are Oil) an nal amount equal to the difference Period'
between
(Al the interest on the Bond during the 'Taxable
capitalized expenditures under gnerally accepted accounting (defined in the lean Agreement) if the Bond had borne County Clark
rinciples and which'must be or with a proper election may be interest during such Taxable Period at an andi rate
the capitalizedBond for Federal income tax purposes and (11) for which
equal to 13% per annum for any period prior to and includinq
B following;
may be spent under the Act, including the period r thereafter.
reaft 81, and 110.5% of the Prime Rote fur any
period after.and (B) the interest actually paid on the
Bond during such Taxable Period plus (iii) an amount equal
(a) Payment for the preparation of plans and to any interest, penalties on overdue Chapter and of i[iens
specifications for the Project (including any preliminary lo tax as referred to Subchapter A of amended, fie of.the
e
study or planning of the Project), and for the acquisition, Internal In the e Title of 1954, owed by t t
development, construction and installation of the Project Lender. In effectiveinterest event of a Determination of Taxabilityexceed e
(including. architectural, engineering and supervisory netrc rt this Bond shall not
services with respect to any of the foregoing), thirty f30r1 percent per annum. - d -
I-Hoe Is totes Al
lb) To the extent that they shall not be paid by a In Na avent'Che Bond is to be redeemed in whole or in
contractor, payment of the premiums on all insurance part pursuant-to..the provisions of the Loan Agreement, the nwner::bt ul the
required to be maintained te :the
unpn
completed. Prior to the date the Project is Company shall-give notice of the-redemption to the Issuer
-- and.Chu interest ,peru mq the r.
and tlees than'
by first class sail, postage prepaid, mailed weld Count'', CUIV Colorado, in the
not lees than thirty (30) days(c) Payment-of any• taxes, aaeeaa(wasY prior CO the redemption date. Da law. -
chaigev. payable with,respecto CM'9iP set and-oche[ -. No prior nfyy'ce of redemption shall be required in pate el 'I; li and Ad
date the Project is completed. j prior to the connection with'a partial redemption of this Bond from negi et ration „I n,,gi),l,,,,
moneys remaining in the Construction Fund (defined in the
' Loan Agreement) after the Completion Date.
filingdsuchadocuments nt of any fees and ment expenses
financing statements
nts �_--- -
It) On Deceplbei 2003 (such date to be the "Final
which the Company,. the Lender or the County may deem Maturity Date"), the entire remaining Principal-Balance and --- ----
desirable to perfect br protect the rights of the County and and interest: cooed' to the Final Maturity Date.shall be due the Lender under the Loan Agreement, the Company Note and and payable:II
the Assignment of the Loan Agreement. "
2. Interest 'shah be computed on the bests 0f a 30 day le) Payment of any commitment or acceptance fee of the month and a 360 day year, but charged for the actual number of 2.2. TM1n_Ixm,L,
Lender and the legal, accounting and financial advisory feu days principal is�u0ceLd:. Anything in this-bond to the contrary"and expanses, and ell other fees and expenses incurred in' erj£ha, morn, aWl-oh liettns en the'Ceuyty
the preparation of related documents. shall de .hall the 11mLewx the at receipt of .'body and roHDYeI"'4M'( I II I I yd,l„
beP•t-that interest '' needse,•,,,;,:ir,t r , ;,,.t „
hereunder shall not Le required to the rar0[.ogpt of any sot L ace i- If1- Interest't accrued on the Bonds prior to completion such payment bls by eM3endet would be Contrary hemax to term II'••,,.,I
P 1Or ofna of law ordinance.in: The.;net el boats,•
of the Project. _ 'applicable to the-Lender which limit the maximum rate of interest 1 t 41 j -.01 T eeln
which may be charged of collected by the ender. ��'
23. Ordinance. This Ordinance of the County, een a 1 C l P the
23. Ord 19nce together with •doptetl -- 3. Principal and'interest due hereunder shall be per effective :I r n•.
geany supplement or amendmentpayable I ,II
hereto. at the principal o the Lender, or at such other place as 01411 q-cur(.u,br.. r. he r
tMZandeYlay-designate in writing. ,I
• in 1.2. Legal Authorization
, ,1It 1 S.; 1 thin
"DUTII...,This Bond-is.issued by the County to provide funds for TM County a e scq,t, as"defined to Section.103 of t etc, consisting of 2.). Y
Colorado is is h a political subdivision of the State of the atgwlsitln, pent, renovation, revnetructlon and
and ed authorized under the Act to finance the Project equipping of a building on real to located in.the Count TS II 1 .a ll I . a„l
herein referred to, •and to issue and sell the Bondi for theY manual the eu I nChairman
purpose, in the manner and upon the terms and conditions set betaeem he • Loan d Agreement dated as.e( ague.•:),. 'tC
forth ie the A t and in this Ordinance. between the County ind Gateway Psstsetsaly ,'IBAe Coep pursuant
aft 'eel 1 Il,yz n appear 1 .-1 II be
Loan Agrseesnt•1,.and, further, thin Bond p bsuW mantel (gnalun, I the r y r
., e' sad 1e full lianee with her, Colaale Bond is a Pursuant to 519.1 Lure nna“- ,n, the w
3.3, 7[indlaer state O(-Colors. it aria-lass the before dpplwery'se•the Mona awe
particularly the Act and at dWia{hee of the. • - as i • lid and uul lit.
The Board of County Commissioners, ore determined on the
Board of Conty'Conle loners of the, Cewty duly- MOpred as if M�9md rvmal vd I, nli i•n u
representations of the Company, has heretofore and September 24,5,-.1603:(64 Ot0finance^) wl \f mad, and does hereby determine and find, as follows, -^ 1l.. i : $ 9 ]Satz f tDu (tondo
la) 'In authorising the Project the County's purpose Agreement This:AWN by 111 'axrlynme t bk LM'cf an'A reement and the-Company Mote by the County to the tender, (ill
b414fv delivery of the Mend:
is, and in its,judgment effect thereof will be, the a Deed of Trust from'the Company s grantor,. in favor.of the.- ff ee V.Cho County Clark taw. 14
promotion'and development the of trade and other economic Lender', (111) a Security Agreement Under the Uniform Commercial' r al P .0 t�l
activities within the County by inducing the Company to Code (iv)- a Guaranty Agrys t outwears the C pony s991X (' ( met ,z 1a
acquire and.construe[ facilities in the County and Co secure
Investors,-Ltd., Garp R W' delph, N. Kent Baker C.Deal
A ant et,the Loan Agre..m,:nt,
and maintain a balance and stable economy within the County: Carpenter, Robert'Bbreve, Eugene P. Brauer and Eugene Brauer') CreditAgreement, two.Cull ar:crdl A<:;i gars
Family Trust, Patrick C, Dwyer, Dal 3. Stoic Gorden N. Credit. and tgg'quurasty; end
Ibl The amount estimated to be necessary CO finance Biuchntr, Robert D. Thomas, William Clark altd LindaCOat)',-tun
the Project Costs, including Na costs end estimated costs Ewegen and Judy'Ewegen', John K. Jerome, Linda L. K dl tY James 2 An p' i 1 -J f.
permitted by the Act, will require the issuance of the Bonds
Kadlecek, Charles Kadlecek, John Kadlocek, Ted Nelson, Gene sunlit t .e tier Cur% to bend Co.
in the principal amount of $2,000,000, ee hereinafter . Stanley, Chris Scott, Larry' Scott, Darrell dean%tto enter into the trans..
Pepin, Robert W
provided;
Setter'. and Harriet Schurle, Bill Kohler and Pat Kohler, Dale +^m
RBoehner,R Stanley Commercial Radio Company, Dorothy N. Stanley,
(c) It is desirable, feasible and consistent with the Bond, 9-2 Properties, Robert A. Stanley, James A. Vohs •
- 3 An opinion of Counsel I
the Bonds, for the
and 'Ruth L. Vohs,' Ralph BoeMtr and Ilarri.tt p t4
objects and purposes of the hot to issuesubstance satisfactory to pond Cou
purpose of financing the.eonatrvtlon of the Project; F.W. 'Fritz" Borsch, Barbara Piper, Greeley Shelturahip and ARIK,
, County to onto: into the [ranaacti
A Professional Corporation, as guarantors, and the Lender, (v) 4' •
Letter of Credit Provided on behalf of the Company by the Greeley related matters; and
(a) The Bonds and the interest accruing thereon shall
rule
never constitute the debt or indebtedness of the County National Bank in favor, of the Lender, end Ivvl the CollateralY 4. Ise Opinion r :Paid C within the moaning of any provision or limitation. of the Assignment of Rents dated as of the date hereof. This Bend is exempt t t '4[ the Winds; ant ury
of
constitution or statutes of the State of Colorado or'the
subject to all the-terms, conditions and provisions of said Loan _
Charter of Weld. County, Colorado and shall not constitute A9rseMt and Company Note, Deed of Trust, Security Agreement, 3 n rich° d [ end
nor give rise to • pecuniary liability of the County or • Letter of'credit •nd Guaranty Agreement.
in reasonably ubsuttiun I r 2u ir•.above,
pgrpu.:u:;charge against its general credit or taxing powersfigL.rt: or that u
6. The Lander-may waive an event of default hereunder closing.
le, Pursuant to Sections 111 and 114 of the Act the caused by the nonpayment of interest enu/ur principal due on this
County hereby determines I l the amount necessary in each Bond without notice to or consent of a e heal. . 2 5 -pa:dance nc ( I v year to Day the orinea i. r me . . ,.,ra,,a.. .,. u_ n._._ n/ mr _ n..nn.
a1
'
•• Page 38 LEADER-HERALD September 29, 1983 pa[aiculs.'case 1 . r'auri•a=tti<n or in all cases because it
conflicts Pith Any providlons of any constitution or statute or
s.
Weld"County Legals rc o,',ces- shall
o ,dr for any other reason, such
cu-Or. mss snail by, .have the effect of renderingthe
ProViSioll in qua[ion any inoperative or unenforceable in other
case or circunietapc9, or o{;rendering any other provision or ' County Clerk:
Continued from page 77 provisions herein
contained naval d, inoperative orunenforceable
•
outstanding principal amount, number and tenor in exchange and to any extent h c s . 'the-invalidity of any one r county Artorn.
- substitution for and upon cancellation of such mutilated Bond, or phrases, sentence-1s, glass e r paragraphs in this Ordinance,
in lieu of and in substitution for such Bond destroyed or lost, except Section i4AlAif Artfele YV,"ehall not' ffect th remaining .The following porn
upon the Lender's•paying the reasonable expenses and charges of portions of this Ordinance or.any part hereof.
the County in connection therewith, and in the case of a Bond
destroyed or lost, the filing with the County of evidence 5.2. Authorization to Execute Agreements
satisfactory to the County that such Bond was destroyed or lost,and furnishing the County with indemnity satisfactory to it. If The forms of the proposed Loan Agreement, the Assignment of
the mutilated, destroyed or lost Bond has already matured or been Loan Agreement, the Company Note, the Inducement Letter and the
called for redemption in accordance with its terms it shall not Offer to Purchase are hereby approved in substantially the form
be necessary to issue a new Bond prior to payment. presented to the Board of commissioners; and the Chairman of the The Chairman of.
Board and the County Clerk are authorized to endorse the Company Commissioners that Ord
2.8.: Ownership of the Bonds Note and execute the Loan Agreement, the Assignment of Loan approved on first read:
Agreement, the Inducement Letter and the Offer to Purchase in the a regular meeting of
The'County may deem and treat the person in whose name the name of and on behalf of the Countyand such other documents as August 22, 1983, was d
Bond is last recorded as the absolute owner of such Bond for the Bond Counsel considers appropriate in connection with the newspaper of general c
purpose of making payment Of or on account of the Principal issuance of the Bonds. In the event of the absence or disability issue of August 25, 19)
Balance, prepayment price and interest and for all other purposes of the Chairman of the Board or the County Clerk, such officers
whatsoever, and the County shall not be affected by any notice to of the County as, in the opinion of the County Attorney, may act Commissioner
the contrary. in their behalf, shall without further act or authorization of title, the full read
the County Board of Commissioners, do all things and execute all 2.9. Limitation of Bond Transfers instruments and documents required to be done or executed by such Thereupon, Commis
absent or disabled officers. No, , heretofore
' The Bonds have been issued without registration under state and [fie question being
or other securities laws, pursuant to an exemption for such the roll was called wi
issuance; and accordingly the Bonds may not be assigned or 5.1. Authority to Correct Errors, Etc.,
transferred in whole or part, nor may a participation interest in Commissioners vot
the Bonds be given pursuant to any participation agreement, The Chairman of the Board and the County Clerk are hereby
except in accordance with applicable registration requirements or authorized and directed to make or agree to any alterations,
an applicable exemption from such registration requirements. changes or additions in the instruments hereby approved as the
Chairman of the Board and the County Attorney deem necessary or
2.10. Additional Bonds proper to accomplish the purposes of this Ordinance, the
is in effect and subject to signatures of the Chairman of the Board and the County Clerk on
So long as the Loan Agreement the instruments to be conclusive evidence of such approval; Commissioners vet
Londe prior written consent, which shall.not be unreasonably provided, however, no alteration, change or addition shall be
' withheld, one or more series of Additional Bonds may be issued the maxima not affective interest rate,
authenticated and delivered for the purpose provided in made which shall alter the Loan denomination, date, mthe aics,m form, ,interest rates,
Agreement. Such Additional Bonds shall be payable solely from registration privileges, manner of execution, places of payment
the amounts payable ender the Loan Agreement (except to the or terms of prepayment of the e Bonds or which shall increase the
extent paid out of moneys attributable to the proceeds derived aggregate principal amount of the Bonds authorized by the Board
from the sale of the Additional Bonds or to income from the of commissioners or in anyway give rise to a pecuniary liability
temporary investment thereof and, under certain circumstances,C to, of the Count or a charge against its general credit or taxing The Chairman of .
proceeds sole insurance and condemnatision awards). If the Bonds,. powers with respect to the Bonds. of the Commissioners
in its Bends on, decides to series
such Additional i Bonds, as n.
the Additional order
Bonds of each such t ereo shall be delivered to or 5,1, Further Authority, motion was carried a
upon the iof the County:
purchasers thereof, but only upon there
being filed with the County: The Chairman of the Board and the Count Clerk and other Thereupon the Ch
County
ublished time in
• proper County officials, and each of them, ar hereby authorized
dal Original, executed thecounterparts a suand No mental. to execute and deliver for and on behalf of the County any and when said Ordinance w
aordinance, an amendment Dee of start Agreement Note and all additional certificates, documents and other papers and.to Greeley Tribne, a ne
n amendment of the th of nanc expressly L providing that, orthe County, at least
for all purposes this Ordinance, the Loan Agreement and e perform all other acts they may n deemarsnecessary appropriate ze in reading.
the Deed of Trust, the Project shall include any facilities order to implement and carry out the matters herein authorized.
being financed by the Additional Bonds. The date or dates 5.5. Pe en der. All ordinances or parts thereof in conflict After c sitle[at
of the Additional Bonds,s, the rate or rates so of interest on with this Ordinance arc hereby repealed. Council the meeting w
the Additional Bonds, the time or times of payment of the
interest thereon and principal with and the 5.6. Ordinance Irrepealable. After said bonds are issued
prepayment a provisions, if any, respect thereto, all this Ordinance shall be and remain irrepealable until said bonds
than; be as provided provided this the supplemental, dydiff r rather and the interest thereon shall have been fully paid, satisfied
than as in ordinance, and may from the
provisions iwithnan respect to the Series 1981 Bonds set forth and discharged.
in this Ordinance. 5.7. Recording and Authentication, This Ordinance, as
lb) A written opinion by an attorney or firm of adopted by the Board of Commissioners, shall be numbered and ATTEST:
attorneys of nationally recognised standing on the subject recorded, and the adoption and publication shall be authenticated
of municipal bonds, to the effect that the issuance of the by the signatures of the chairman of the Board and County Clerk
Additional Bonds and the execution thereof have been duly and by the certificate of the publisher, respectively,
authorized, all conditions precedent to the delivery thereof Introduced, considered favorably on first reading and County Clerk
have been fulfilled,theinterest and that the exemption 190 from federal al ordered published this 22nd day of August,,4953, and to be Weld county, coioradt
income tax of on the edriil 1not Bonds and any
Additional Bonds theretofore issued will not be affected by Presen[etl for second reading on Na 7th tlay'of September, 1983.
the issuance of the Additional Bonds being issued. BOARD OF COUNTY COMMISSIONEItb STATE OF COLORADO
Each series of Additional Bonds issued pursuant to this WELD COUNTY, COWMMDO
I
Section shall be equally and ratably secured under this COUNTY OF WELD
Ordinance with the Series 1983 Bonds and all other series of ATTEST; •
Additional Bonds, if any, theretofore issued pursuant to Chuck Carlson, Chairman CITY OF GREELEY
this Bastion, without preference, priority or distinction of Weld County Clerk antl Recorder
any.Bonds over any other thereof. and Clerk to the Board John T. Martin, Pro-Tem The Beard of Co
regular meeting at 9
Notwithstanding anything herein to the contrary. noGene Brantner Greeley, Colorado, o
Additional Bonds shall be issued unless (i) the Loan Agreement By: i
Deputy County Clerk the hour of ora0 ,.m
antl COmpany,Note are in effect, (ii) there is no atilt at the APPROVED AS TO FORM: Norman Carlson
time of issuance under the Loan Agreement, the Company Note, theThe following p
Deed of Trust or under this Ordinance, and ()Ail all current Jacqueline JohnsonCounty regulations are complied with. •
Coen*Attorney'1 - Commission,,
2.11. Establishment of Funds First reading: 0-22-03' Second reading 9-7-83 Third reading 9-26-83
Published: 8-25-83 Published; 9-9-83 Published: 9-29-83
The County hereby establishes with the Lender two funds, to published In County Legal Newspaper la Salleleader,
be called the Weld County, Colorado Gateway Partnership Project Presented and ccnsidered lavurebly on second reading and
Bond Fund" and the "Weld County, Colorado Gateway Partnership' ordered published this 7th day of September, 1903, and to be
Project Construction Fund," Accrued interest will be paid into presented for lanai pa,mage on the 'tech day of September, 1983,
the Bond Fund out of the proceeds of the Bonds and the remaining County Cle
proceeds shall 'be deposited into the Construction Fund. The
County hereby authorizes the Lender la) to make disbursements • County Att
"" from the,Construction Fund in accordance with Section 3.3 of the " '
Loan Agreement, Ibl to make the payments required by the bonds to Chairman of the The following p
the Bondholders from the Bond Fund and lc) invest the moneys on
deposit in the Funds in accordance with Section 3.7 of the Loan (SEAL)
Agreement.
ARTICLE III
PREPAYMENT OF BONDS BEFORE MATURITY ATTEST:
The Chairman c
3.1. Prepayment • County Cl ek Nn, Ill , which
Passed and.adopted on fined ing on this 26th day of d o[ a '3'publlal
1. In the event•of damage to or destruction of the Project F Board of C iaeio
or condemnation of the Project of any part thereof, the Bonds September, 1987. . pub; hed in The I
shall be subject to prepayment to the extent and in the manner - circulation publish
set forth in Article V of the Loan Agreement and' in the Deed of 1983, and that'Ordi
Trust. •
I Chairman of the Board on second reading,
• regular eting,of
2, The Bonds may be otherwise prepaid in accordance with 1983, was duly publ
the provisionsof the Bonds. ATTEST: September 15,.1983,
3.2. Termination of Interest Count Clerk . - County Attorney
Y its title, the full
Upon payment of any prepayment amount to the Lender and the Commissioner moved that the foregoing
• giving of requisite notice, if any, the principal amounts prepaid Ordinance herotofe re introduced antl road in full be approved on Thereupon, Com
shall, after such date/cease to bear interest. first reading.::Commissioner seconded the final pasesge.of O;
ARTICLE IV g' upon the final pas.
motlon� • with the fallowing
GENERAL COVENANTS The question being upon the approval on first reading of the '' '
was Cemmissiu
4.1. Payment of Principal and Interest Ordinance, the roll called with the following results:
The County covenants that it will promptly pay or cause to Commissioners voting 'AYE':
be paid the principal of and interest on the Bonds at the place,
on the dates, from the. source and in the manner provided herein Commiasic
and in said Bonds. The principal and interest are payable solely
from and secured by revenues and proceeds derived from the Commissioners voting 'NAY":
Project and payable pursuant to the Loan Agreement, the Company
Note, the Guaranty, the Security Agreement, the Letter of Credit,
the Collateral Assignment of Rents, end the Deed of Trust; and
nothing in the Bonds or in this ordinance shall be considered as
assigning, pledging or otherwise encumbering any other funds or
assets of the County. The Chairman t
of the Commiestone:
4.2. Performance of and Authority for Covenants The Chairman of the Beard thereupon declared that, • motion was carried
The County covenants that it will faithfully perform at all majority of the Commissioners present having voted in favor Thereupon the
times any and all covenants, undertakings, stipulations and thereof, the motion w carried m;d tee Ortliwnce duly approved publi published one
provisions contained in this Ordinance, Loan Agreement, in the on first rending. passage of the time
me
Bonds executed; authenticated and delivered'hereunder and i all passage of hea O d;
proceedings of Na Board of Commissioners pertaining thereto; Thereupon the Chairman of the Board ordered said Ordinance after said final IN
that it inaduly authorized under the Constitution and laws of the published once in full together with a notice giving the date
the of Colorado, the n particularly and without the
[ion when said Ordinance will be precentud for second reading in The After conside
the Act, to issue the Bonds authorized hereby, pledge th Greeley Tribune, a newspaper of general circulation published an Council the meetln,
1 revenues and assign the Loan Agreement and endorse the Company the County, at least nten 1101 days before ip[esmCataon for second
Note in the manner and to the extent set forth in this Ordinance, reading,
the Bonds and the Loan Agreement and Assignment of Wan
Agreement; that all action on its part for the issuance of the After consideration Of other business to come before the
Bonds_and to[ the execution and delivery thereof has bee;duly Board of Commissioners, the meeting vas adjourned. Attest:
WELDCOUNTY LEGAL S
Continued from page 3e •
reading by maid Board of Commissioners at a regular meeting
thereof held at 915 10th Street, First Floor Assembly Boom,
Greeley, Colorado, the regular messing place thereof, on Monday,
the ttth day of September, 1993, that a true copy of•said
Chairman Ordinance has
the been Board of Commissioners andhenticated 'by signatures recordedof d
a book marked 'Ordinances', was myself in
together with a notice ,the duly published once infol 9iead 'the date when said Ordinance n<e h would
presented h esecond e•asaid, once in toll together er with
final, agisige and once e when said Ordinance withwould be presented for
final passage and in full t theer C a notice of.•the
final passage of the Ordinance in the She Greeley Tnty i its
'newspaper of general circulation published in the County, in i
issu1ssueGa of August 15, 1983, September 15, 1983 and September 29,
1993,u at pages
by the Certificates,of the publisher attached
certify panes - I and O y that the 1orenoi n9 pnge,;I through 31, n usive,i
constitute a true and correct copy of the record Inclusive,
pceedings of said Board r rof Commissioners . of the proceedings relate to said Ordinance; and that said regular
gs
duly La.l . .IM1rn. y hold;
that II I, I Jul; 1 11 .ii
I I NI'I NI 111.1'11 F, I I a
l Ih 1'W.
t.t y, Colorado ado Ott. 'Lo I hat '1 11, al n,l thr
wr l d ;nu i t y, 'hut urnd,..
S'I'A'1'1" 01, COLORADO I
COUNTY Itl' 51':1,11
c 1'1'1' nl' :1111 a:I,I'IY 1 or coil Ilvina;hflilriwlhen Et,tit nom II•,lu bo pr :IIJ rJal lo Lit lul1OT(I i1u;I m , uW notice
Published In;he la Salle testier Thursday.September 29, 1981.
•
Affidavit of Publication
STATE CF COLORACO. 1
sa.
County cf Weld.n
I. �A�t. 1 d.r t nSSGN7 ct
said County ct Weld. teins duly-sworn. say that..
1 am publisher of
_ R cal (.C cnJ (---
.
.
that the sat. is a weekly newspaper of generci
crh:ulancn pad\ printed and published in :he '
town of
P SgI i.rZ
in said caunry and state•, that the acute or cdver
tisement. of which the annexed 1s a trse copy.
has been published in sate weekly newspaper
for n IJG r.rsec.:tve
weeks: that the notice was published in the
regular and enure Issue el every mother of said
' newspaper duns the penod cad ts:e cf pubic
cation of said notice and in the newspaper
proper end not in a supplement thereat: that the
lint pubticaaan at said notch was contained in
the ue is ct scud newspaper becrinc date. tba
2 day et 5ef-4. ~ .. !c.$ '3
and :he :eat pubifaaaca Crete-1 in the issue el
said newspaper hearth; date. the 9" day c!
S ep`- 19 a that the acid
I,wS0.1le Li.eci Lc, fn ,
has Seen published continuously end uninter..tpt-
•
tcy dtaing the ;erica ct at least fifty-two :n
aecutrve weeks next prior to the Pint issue thereat
containing sad cente Cr caveraaseme.^.t eca-.e
• petered to: end that said newspaper was a: the
tithe et each of the publications of said notice.
duly qualified for that purpose wits the theca.
In;ct an cc. entitled. "An Ac Cancer..mg t-egai
. Notices. Adverisementa and Puhliccncm. cad
the Fees of Printers and Publishers thereof. and
to Repeal ell Acts and ?=,s of Acts in CanP1c:
with the P-etsiera et this Act" approved April 7.
1921. end all cr end—.eras thereat. and panic_-
. lei y as =ended by en a_ c approved. March _0.
1923. cd an .. approved Mar 3. 1931.
Pis ' ..er
Suhscr=ed c sworn :a 'relate the b. ._ Qp.�
d_y _i ._ ___.__.. .. 13 n,'3
"CG-Zd-G'J ,/
//_.7 _ f
My Cn:thiasicn expires
Netary Pubilt
EABETH MASSe(
220 LI7 19 W-C.RD. 54
GREELEY, CO 80631
•
LA SALLE LEADER. September 8, 1983 Page 1..
TABLE or CONTENTS ^t
lThia table ofl contents ief not a part of the Ordl lnoe but
lb included for convenience,only.).
page.:
ARTICLE }
DEFINITIONS, LEGAL AUTHORIZATION
AND FINDINGS
Section 1.1. Definitions 1•
-
Section 1.2. Legal Authorization 4 -
Section 1.3. Findings 4
Section 1.4. Authorization and Ratification of 5
Project
ARTICLE II
BONDS
Section 2.1. AuthOrired Amount and Form of Bonds 5'
Section 1.2. The Bonds
11
Section 2.3. Execution -
11
Section 2.4. Delivery of the Bonds 11
Section 2.5. Issuance of New. Bonds 12
Section 2.6." Registration of Transfer 12 '
Section 2.7. Mutilated, Lust or Destroyed Bonds 12
Section 2.8. Ownership of the Bonds 12
Section 2.9. Limitation on Oun,i Transfers 13 _
Section 2.10. Additional Ponds 1J
Section 2.11. P.ntablinement of funds I4
Pane
ARTICLL III
PREPAYMENT OF PONDS PRFORE MATURITY
Section 3.1. Prepayment 14
Section 3.2. Termination OS: Interest 14
ART ICI-: IV
GENERAL. eoV1':NAN'TS
Section 4.1. Payment of Principal and Interest 15
Section 4.2. Pertormance of and Authority for .
Covenants 15
Section 4.3. Natures el $ei:utity 15
ARTICLE V
MI St'Ii1.I.NEOIIS
Section 5.1. SeVerability 16
Section 5.2. Authorization to.Execute Agreements . 16
Section 5.3. Authority to Correct Errors, Etc. - 16
Section 5.4. Further Authority 17
Section 5.5. Repealer 17
-Section 5.6. Ordihance Irrepoalablo 11.
Section 5.7. Recording and Authentication 11. ..
1}
SIGNATURES -
EXHIBIT A
COUNTY Np WIAD
('ITV Or IRn':I:Lf.Y I
• The ino.u.l ul I w I I .,Ill y inn, 1 1 1 .1
recoil,. 1 I I y'i ,, /I r'IIY 1 AA ,ibllylll , al
l rrr Pry, 1 1 III,III. : M
the hipur o1 9.00 .I.1
Thu Hui:,l inll VI III .Pill
('.melee a l:mLl l Churl lfeii0� Ch.,Vr'nFi
I Ir
INuIsni : loon
,1. ..111n. a P 0,11r,Pn
0111111 y 1:1,-rx: M y Ann Run.,
Couol y Al turm•y. '1'In.lna u. Day 1P1
TnrvtrrAl ow i tog l w,.n• ale en
t oduced the C ordneneL,nnioner 1.{—J reed in luT. r..+ R^,. A,..: ....
f6'I'J� lng f i
GRPINA:1:1: Ni,. II/
!11 r111VANll' NEIRI I NI: 'I 1111 I '::IIAN l ol• III t1::I1 IAN '
BI.VI'I IIa1:N'l' I VI'1111'. RONDS THE PIRA//I.'!GNU Op 1111
COLORADO INI)U 111111:'/ AIIN MIIIIIIIIIPAEITS.11:•/11 NMI I•l.VENUE ,NU
ACT; PIIOVINING PG 1'III': INGIIANGI1 AND op WI'I II COUNTY,
( I))I,AIJO, INOUNTP IA!. UI:'/IIIIMy II PIOJEZPIE'HONI1., GRic IEG 1541
(THE GA'FlSIh I AI 1 111 1111' I P I IP.11 I11 '111H I.1 1 - PAL AMrj 11Y GI
S2.400.000 V N THE JIIBI• 1 OP I /All i 111:11 TO I/IIWAW
Vl Hl tllV 9111• If 411A.1 I'A 11VW ll'NI 101: ',MATING TO;/I J2lPll
IEVELO 1110, RENOVATING; Ike.GNIAI POUTll An EV; PPINd A
UsFICELlul5,Ullic, FOP USE GOEGRADr
A1.l MMENCI41(d IIW}GUNL S
OFFICE`SPACE Ill IsELI// Fl11 l{ 1.1'1/
AND AUTHOPIAING TIII: NL}(IITI N AND in''Ir IMYI' or A LOAN
ALIFtiE.N9•MID ItO'n "BETWEEN I.ATI:WAY PAPTII4PNIIIP / U LIE
COUNT'/;"AND AUTIIDIl I ElG;•'pit F: P I.61•A pA'f rl,:LA.ib EXECUTION OF
CERTAIN IIEliTF:D DO1:I1MiNTIi AND MOS InIME::I't
he It Or _1 by tee:
lV 1 County r ur7.of Weld
Co t'L Cu lr.r ne Arlo.
APTICIE I
Ut k'I:I I'1'IONS1 ii:':,.,.A11'1'IlO NI LA'f InN AND FII•D I:IGS
1.1. Definition:. •
The terms used herein, listless the context hereof shall
require °therein°, shell have the following meanings and any
ether terms defined an the Loan.Agreement shell have the same
meanings when used heroin as assigned tO them in the Loan
Agreement unless the context or use thereof indicates another or
different meaning or intent. •
1. Act. The count/ and Municipality Development Revenue
Bond Act, Article 3, Title 29, Colorado Revised Statutes, 1973,
as amended. -
2. Assignment of the Loan Agreement. ^ ^
Theass the C
assignment
to be .
•
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•
•
• LA SA
N+ The Bonds dad vpursuant0meet
P Co Chit'Ordinanq,§,hpll De in - tl sech ,
the
Weld"Cou -ty` Legals substantially the form set forth h elm with :WWI appropriate a ithe nor
variations, o aeons end insertions as are permitted or required regis the by this Ordinance, and in accordance with the further provisions cpi
i
hereof; and the total principal amount of the Bonds that may be the books al
Continued from page 11 outstanding hereunder is expressly limited.to §2,800,000. The not overdue
Bonds shall be in substantially the following form: account of
and for all
8. Company Note. Means the note of the Company delivered UNITED STATES OF AMERICA Lunde[ or to the Issuer ens endorsed to the Lender which evidences the STATE OF COLORADO and ditches,
1}+; obligation of the Company,to repay the loan of the County in
COUNTY OF WELD 1f accordance with Section 4.1 of the, Loan Agreement and which is in notice toswn or mtl the form attached to the Loan Agreement as Exhibit C. INDUSTRIAL DEVELOPMENT REVEN•
UE BOND
11. TB
9. County. Weld County, Colorado, its successors and ITNE GATEWAY PARTNERSHIP PROJECT) PREMIUM DUE
assigns.
SERIES 1983 _ PROCEEDS DEL
NOVEMBER 1, 1983 TRUST, THE I
y 10. Deed of Trust. The Deed of Trust to be executed by the AND ,11E SECt
.BiJ{ • Company in favor of the Lender securing payment of the Bonds and OR INDEBTED R-1 thereon. R-1 §2,000,000 OR LIMITATI(
•
FOR VALUE RECEIVED,'WELD COUNTY, COLORADO (the "County") CHARTER OF 4
11. Guaranty. The Guaranty Agreement to be executed by the hereby promises toGIVE RISE T(
Company, ARIX Investors, Ltd., Gary R. windolph, N. Kent Baker, pay to the order of GREELEY NATIONAL BANK, AGAINST ITS
C. Neal Carpenter, Robert Shreve, Eugene R. Brauer. and Eugene Greeley, Colorado (the 'Lender"), its successors Brauer Family Trust, Patrick C. Dwyer, Dale J. Steichen, registered
Gordon W. Bruchner, Robert D. Thomas, William Clark and Linda assigns, from the source fTWOand in the EIGHT -1 softer provided, Lo Th
Clark, Les Ewegen and Judy Ewegen, John K. Jerome, Linda L. the principal of palMIL BB nce') HUNDRED THOUSAND i0 DOLLARS es the Loan ter
($2,800,000)hereon (the "Principal Balance"), and to pay interest the Collator Kadlecek, James Kadlecek, Charles Kadlecek, John Kadlecek,, Ted thereon from date hereof i consecutive monthly installmets Guaranty,Nelson, Gene Pepin,' Robert W. Stanley, Chris Scott, Larry Scott, beginning December 1,. 1983,^ and on the first day of each concurrent a
Darrell Schurle and Harriet le, Bill Kehler and Pat Kehler, succeeding month during the term hereof through and including at the sole
Dale Boehner, Stanley Commercial Radio Company, Dorothy M. December 31. 3-at a per annum rate equal to the rate of 10% often as Stanley, Richard R. Bond, B-2 Properties, Robert A. Stanley, - through December 31,1964, and nthereafter the rate will t. ice any
James A. vohs and Ruth L. Vohs, Ralph Boehner and Harriettannually at 85% of the rate of interest publicly announced by c
Heebner, F.W. "Fritz" Berson, Barbara Piper, Greeley Sheltership pu licl The as a waiver
and ARIX, A Professional Corporation, Chase dngs year Bank (National Association) eonw January 1, of each
pore ti0p, in favor of the Lender as year at its13. Th
security for the Bonds. succeeding principal office in New York,n New of a
its "prime rate" (the "Prime Rate") (computed on the basis of us or comet
12. Improvements. The structures and other improvements, an day month.and a 360 day year); provided that th rate u hender,, rsun
including interest on this Bond shall not be less then 88 per annum or more Lender„ and
ay tangible personal property, to be constructed or than 12% per eannum, in any coin or currency which at the time or writing. A
installed on the Land accordance with the Plans and times o£ payment is legal tender fur the payment of public or construed as Specifications and to be owned by the Company. private debt In the United States of America, in accordance with remedy as to
13. Inducement Letter. The letter agreement from the the.terms hereinafter set forth. 14. Th
fa Company to the County and the Lender dated November 8, 1983. (a) The principal of this Bond shall n and be state or fe
14. Land. The real property and repayable in twenty annual installments in the t amounts and emnrzton ,any other easements and on the dates as follows: m.(rights described in Exhibit A attached to the Loan Agreement.
Ca.ro.:[ ,
MATURITY DATE .PRINCIPAL AMOUNT cement,
15. Lender- Greeley National Bank, Greeley, Colorado, its del-cement,
successors and assigns. The Lender is the initial purchaser of December 31, 1984 45,000 Le.Inieolik.nto
the Bonds. December 31, 1985 50,000 qualtlaod :.
December 31, 1986 60,000 r
16. Letter of Credit. The Letter of Credit to be provided December 31, 1987 t 65,000
by Company and issued by Greeley National Bank in favor of Lender December 31, 1988 75,000 t'(' 1> h to secure payment of the Bonds and interest thereon. December 31, 1989 85,000 to.( thin,. .,
December 31, 1990 95,000 toe or Ln rim
17. Loan Agreement. The agreement to be executed by the December 31, 1991 100,000 tow.: Lunn, p..County and the Company, providing for the issuance o£ the Bonds December 31, 1992 110,000
and the loan of the proceeds thereof to the Company, including December 31, 1993 120,000 IN wiTs
any amendments of supplements thereto made in accordance with its December 31, 1994 125,000 duly ex
provisions. December 31, 1995 140,000 of file ...led
December 31, 1996 150,000 01 tit, Count
18. Offer to Purchaee. The letter agreement from the December 31, 1997 • 200,000 signature u Lender to the County, dated November B, 1983. _ December 31, 1998 200,000 manual ::,.ins:
December 31, 1999 220,000 to be eat co e
19. Plans and Specifications. The plans and specifications December 31, 2000 240,000
for the construction and installation of the Improvements on the December 31, 2001 240,000
Land, which are approved by the Lender, together with such December 31, 2002 240,000
modifications thereof and additions thereto as are reasonably December 31, 2003 240,000
determined by the Company to be necessary or desirable for the
completion of the Improvements and are approved by the Lender.
• (b) This n
20. Principal Balance. So much of the principal sum on the months after the date eof a "Determination l of e wTaxability�61
Bonds as from time to tame remains unpaid. (defined in the'Loan Agreement) at a redemption price equal xl's'H:Pf:
21. ero ae[. The Improvements to 1i) the principal amount of the Bond to be redeemed, Plus
� and the Land. (11) an additional amount equal to the difference between
(A) the interest on the Bond during the "Taxable Period' '
22. Project Costs. All costs of the Project (1) which are (defined in the Loan Agreement)_if the Bond had borne County ; i,rk•
eapltaliied expenditures under generally accepted accounting interest during such Taxable Period at an interest rate
principles end which must be or witha proper election may be
capitalized for Federal income tax purposes end (11) for which Decal to 13% per annum f 110.5%5% period fthe prior. to and including
the Bond proceeds may be spent under the Act, including the period thereafter 31, I981,_d theof interest Prime Rate for any
followings period and le actually paid on the
Bond during,such Taxable Period p .ts (iii) an amount equal
•
(a) Payment !or the preparation of plans and to any infuses). penalties on over interest and additions
^'specifications for the Project (including any preliminary, to tax a referred to Subchapter A of Chapter 60 of the
' study or planning of the Project), and for the acquisition] Internal a In nvtee Code t 1954, amended, axe l the -
development, construction and installation of the Project Lender. the event of a Determinationo ond of Taxability et c the
e
(including architectural, engineering and supervisory net interest rate this Bond shall not d'
services with respect to any of the foregoing). thirty (30%) percent per annum. •
(b) To the extent that they shall not be paid by + In the event the Bond is to be redeemed in whole or
"cocontractor, payment of the premiums on all paid ce part pursuant to the-provisions of the' Loan Agreement, the The nuns
Company shall give-notice of'the redemption to the Issuer and the t,,tm
completed.o be maintained prior to the date the Project is _ and the Lender by first class mail• postage prepaid; mailed Weld County,
not less than thirty (30) days prior to the redemption date. 'below.
(d Payment o1 any taxes, aevees mente and other No prior notice of redemption shall be required in II.tc ul
charges payable t o respect to the s ent prior to Ns connection.with a partial redemption of this Bond from • Rhin'meal ion
date the Project is completed. moneys remaining in the Construction Fund (defined in the
Loan Agreement) after the completion Data.
1,Jll (dl Payment of any fees and expanses for recording or lc) On December 31, 2003 (ouch date to be the "Final
ing such documents, instruments and financing statements Maturity Date"), the entire remaining Principal Balance and _._"'_'""'
which the Company, the Lender or the County may deem any interest,accrued to the Final Maturity Date shall be due
ll desirable to perfect or protect the rights of the County and and payable: —'-----
,the Lender under the Loan Agreement, the Company Note and
the Assignment.of the.Loan Agreement. 2. Interest shall be.computed on the basis of a 30 day -
month and a 360 day year, but charged for the actual number of 2.2. TI.(e Payment of any commitment Or acceptance fee of the days principal is unpaid. Anything in this Bond to the contrary
Lender and the legal, accounting and financial advisory fees notwithstanding, the obligations of the County under this Bond The hued:
and expenses, and all other fees and expenses incurred in shell be subject to the limitation that
the preparation of related documents: hereunder shall not be required to the extentpay that ents of interest . end s I
that receipt-of any set torrh i,,
such payment by the Lender would be contrary to provisions of law Ord l name:. 'I'I
If) Interest accrued on the Bonds prior to completion applicable to the Lender which limit'the maximum rate of interest "wawa( t.
of Na Project. which may be charged or.collected by the Lender. boon ., i,i:i,Yr
23. Ordinance. This Ordinance of the County, adopted effective in',
9e t23.er Ord 19n a together with ' 3. Principal and interest due hereunder shall be payable perm... line:
p gany supplement or amendment at the principal office of the Lander, or.at such other place as' shall hoer i hereto. thtlender Tay designate in writing. in',luded ... N,
1.2. Legal Authorization • +znFre,'—This Bond ia'issued by the County.to provide funds for' 2.1. Fist
' The County is a political subdivision of the state. of a project, as defined in Section 103 of the Act, consisting of "-
Cp1pCThe County
is is aT lied under the vi ot of the the a,P of t the acquisition, devel nt, .renovation, ,reconstruction end , Th: (li,d'
herein referred to, and to issue and sell the Bonds for the- pg suantq of + hull ding On �[a"dsted'as,o,Nov in.tne l,py ' I 1r n
.+;putypp, it
the minnsr,and.upon [na term+..and onditinne ed u[ +nf to a Loan Agreelfht d tatl--se-n! November B t 1 Au•.1.
fottA In the Ace end in this Ordinance. s..f9 ztc.A twen,tbe,uCoun gdrGyway Pertnersaieema*•Compenyf (the 1 pe,.
•Loan A'gf full'co d,awrth ,,this Constitution
iasued'pursuant to tore d, vh...
1.3. FSn�s and 1+s Colorapliance with th he,Aottutlon eord lawsinan of the hulrrt, deliver
seats of Colorado, .particularly tAa:Acc.ytd:en ordinance of the eoverthelen. I.
`
The Board of County Commissioners, based on the - Board of County'Commissioners of •kne-county duly adopted men as
if,he hurl r
representations of the Company, has heretofore determined and September 26, 390] (the.•Ordin a"I •
found, and does hereby determine and find, as follows, - 2.4. D21
• 5. This Bond secured by 111 n a y t of th loan
(al In authorizing the Project the County's purpose Agreement and the Cop y Not by th Count/ t th' Lend ye(ii) Dclory d,:
is, and in its judgment the effect thereof w111 be, the a Dud of Trust from the Company as grant in favor of the office of the
•
promotion and' development of trade and other economic Lender, liiil a Security Agreement under the Uniform Commercial
activities within the County by inducing the Company to Code (iv) a Guaranty .Agreement between the Company, AR3 Y. I. 6xecu
Kent Raker, 'C. Neal-•
acquire and.construct facilities in the County and to secure Investors, Ltd., Gary R. WSntlolph, .N.. ' Asniynment of
and maintain a balance and stable economy within the County, Carpenter, Robert Shreve, 'Eugene R. Bracer and Eugene Brauer
Agreement, the
Family Trust, Patrick C. Dwyer, Dale J. Steichen, Gordon W. Credit and the
(b) The amount estimated to be necessary to finance Buchner, Robert 0. Thomas, William Clerk red Linda clerk, Los
the Project Costs, including the costs and estimated costs Ewegen and Judy Ewegen, John K. Jerome, Linda L. Kadlecek. James
2. An °F
permitted by the Act, w111 require the issuance of the Bonds Kadlecek, Charles Kadlecek; John Katllacok, Ted Nelson, Gene substance wti
Pepin, Robert W. Stanley, Chris Scott, Larry Scott, Derrell Company to ant in the principal amount of 42,800,000, as hereinafter
provided; - S<nu[le and Harriet Schuriey Bill Kahle[ and Pat Kohler, Dale +^d
soehner, Stanley Commercial Radio Company, Dorothy M.' Stanley,
•
(c) It is desirable, feasible and consistent with the Richard R. Bond, B-2 Properties, Robert A. Stanley, James A. Yoh§ 3. Ano
objects and purposes of the Act to issue the Bonds, for the and Ruth L. Vona, Ralph Boehnei and Harriett Huebner, substance sat i,
F.W. Fritz" Basch, Barbara Piper, Greeley Sheltcrahip and ARIX,n
purpose of flnaneing'[he Construction of the Project;
. County to Dote.
A Professional Corporation. as guarantors, and the Lender, (v) Ste related metre r.
(d) The Bonds and the interest accruing thereon shall Letter of Credit provided oh behalf of the Company by the Greeley ' '4. The o
naves constitute the debt or indebtedness of the County - National Bank in favor of the Lender, and (vi) the collateral exempt status ,
within the meaning of any provision Or limitation of the Assignment of Rents.dated-as of the date hereof. This Bond is. ese p
constitution or statutes of the State of Colorado or'the subject to all the terms, conditions and provisions of said Loan 5. Such •
Charter of Weld County, Colorado and shall not constitute Agreement and Company Note,. Deed of Trust, Security Agreement. reasonably rep
nor give rise to a pecuniary liability of the County or a Letter of Credit and Guaranty Agreement. in subsection
charge against its general credit or taxing power., - • closing.
6. The Lender maywaive an event of default hereunder
(el Pursuant to Sections 113 and 114 of the Act the caused by the nonpayment of.interest ann/or principal due on-this 2.5. Is•i
County hereby determines. (il the amount necessary in each Bond without notice to or consent of any party liable hereon and
year to pay the principal of and the interest on the Kends without releasing any such party. However, in no event shall the Subject Cc
• is set forth in the Loan Agreement which requires such Final Maturity Date be beyond forty 1/0)eyeus from the date shall, at the f
payments by the Company, (S1) the establishment by this hereof.
Affidavit of Publication
SATs CR C.:LORA:3O. 1 11
• County of Weld. i
I. rated Yn. A S S at
said County at Weld. oetrtq duty-swarn, say that.-
I am publish.: of
j„ a CO-( le Lat,.,cIp.in.
' that the same is a weekly newspaper at garter-_:
cir_ulanan r d\(fpruned cod published to the ' •
town at • U et cote,
in said county and atc:e, that the naltce Cr adver-
tisement, at which the annexed is a tYe ospy.
has been published in said weekly newspaper
far 6 "- 't- comae_:ve
weeks, that the nonce was published in the
reculc: and enure issue of every number at said
newspaper duratq the penad and tre a pub's-
.
canon of said muss and in the newspaper
picar and not in a supple-neat thereat: that the
lint publfc:non ct said mice was contained in
the issue at said newspaper tearing date. tits
rKS (/�day of " . A.Z.. fO
and the last pubiiccaec kietcof. In the issue ei
sa[id�-newspaper br_ -q dote. t e a J day cf
^`-'�JI^ 14 Eel-that :he said
has been published caniinucusly and uniznarrupr•
ecly durtop the pent' ca cc least fifty-two can•
sK1nYe weeks net: prior to :ha first issue thereat
contaninq sates nonce or acve.^.-setnent chore
•• - referrer for and that sad newspaper was a: the
time of each of the puck_=tiara of said nonce.
duly crs.oh fed tar that purpose within the -gam
nig of ca ca. entitled. -An Act Concerning Lecni
Notices, Advenisemen:s and Ruhlcancrn, crd
. the Fees of :raters and Pubfahers thereof. cod
•
to Repeal al Acn cad Para of Acts in Candid:
with the Provisions of this Ac:. cperaved Aorl 7,
1921. and ail =exdr-era thereat, and pema-
Icrly cc =ended by an= approved. Mer_h n
1423. approved May 18. 1 3'..
cip_____
Ruhr ' r
Suascrihec rind swarm •- bets;. -e this _.n'
V3 CC( _ -------; �__.. :.�.. I3(!lYYY�,
— .4. ..zi e 7-Sir
a/bd./e G
My commission expires g- / -A r O
Ncnry ^.Y.Ec
•
• TABLE OF CONTENTS
(This table of contents is not_ya part of the Ordinance but.
is included,for convenience only.).
Pete
ARTICLES.:
DEFINITIONS, LEGAL AUTHORIZATION
MD FINDINGS y; -
Section 1.1. Definitions . 1
Section 1.2. Legal Authorisation ., •�• 4
Section 1.3. Findings t 1 -
Section 1.4. Authorization and Ratification of
Project � 5
ARTICLE TI
Section 2.1. Authorized Amount and Form of Bonds 5 -
Section 3.2. The Bonds - 11
Section 2.3. Execution 11
Section 2.4. Delivery of'the Bonds,N, -. 11
Section 3.5. Issuance of New Bonds . 12
Section 2.6. Registration of Transfer 12 '
Section 2.7. Mutilated, Lost or Destroyed Bonds 12
Section 2.8. Ownership of the Bonds _. 12
Section 2.9. Limitation on Bond Transfers. '13
Section 2.10. Additional Bonds 13
Section 2.11. Establishment of Fund;..;. 14
Page
ARTICLE III
PREPAYMENT OF BONDS BEFOREMATURITY
Section 3.1. Prepayment 14
pt.
Section 3.2. Termination of Sntare •at • 14
•
ARTICLE Iv ..'s�,n
GENERAL COVENANTS c.
Section 1.1.' Payment of Principal'and Interest 15
Section 4.2. Performance of and Authority for,
Covenants «d. 15
Section 4.3. Nature of Security 15
. ARTICLE V ...
MISCELLANEOUS:
Section 5.1. Severability--N ' 16
Section S.T. Authorisation to Execute Agreements 16
Section 5.3. ' Authority`to Correct Errors:Et9. 16
Section 5.1. Further Authority 17
Section S.S.i."Repealer T ." r, -":17
Section 5.6. .Ordinance Irrepeaieblo 17
Section 5.7.' Recording and A thentication 17'
SIGNATURES 17'
EXHIBIT A
ra,
STATE OP COLORADO ) :•,.
COUNTY OF WELD lea. 7t.:
CITY OP GRSSLRY 1
-The Board of Comsdssloner -of Weld County Colorado('held a
regular meeting at 915-10th'Street,'-Pitst Floor Assembly Rana,
Greeley, CO 80631; on Monday6 the 22nd day of August,.1983, at
The following persons were present!
Commissioners', ' Chuck Carlson, Chairman
John T. Martin, Pro Tem •
Jacqueline
-' -Carleo
Johns
on
County Clark, - Mary
Ann'reuetstain
County AttornayqM1+•Thomes O. David
evFA-.,tr. l
.The following'peraons ns%ve wer-Mment,S . '4• '.— -
7 a w,
ri
_ ttaa;—i Y 3 X^,x•"�"C 1 f.'lM ".: at ..
g0.4 ^. ssioner:i - v��e f introduced., FRe
,�-' ''y. .. nEelnanee.wrhlmharuere d+zr{`r ryT+ ,T
ORDINANCE NO.,f 117''.♦
AN ORDINANCE RELATING TO;,THE ISSUANCE OF INDUSTRIAL
DEVELOPMENT REVENUE`BONDS°AUNDER,THE PROVI^IONS OP THE
'COLOAADO COUNTY AND-MUNICIPALITY'DEVELOPMENT REVENUE BOND
ACTT.PROVIDING FOAA'NE ISSUAHCE•AND:,MLE OF WELD'COUNTY,
T�'CCOOLORADO: INDUSTRIAk,DEVELOPMENT REVENUE BONDS SERIES 1983
T SH EE OATEMAY'PARTNERIP PROJECT) IN THE PRINCIPAL AMOUNT.OP
• ; 82,800.000:FOR.THECPURPOSE OF LOANING FUNDS.TO--GATEWAY
'..PARTNERSHIP TO`FINANCE INPAOVDIENTB,RELATING TO ACQUIRING,.
DEVELOPING,' RENOVATING, RECONSTRUCTING AND EQUIPPING AN
EXISTING OFFICE BUILDING FOR,USE AS COMMERCIAL AND BUSINESS.-'V
' DICE SPACE IN'GREELEY, WELD COUNTY, COLORADO! APPROVING
D-AUTHORIEING_THE EXECUTION AND ASSIGNMENT OF A LOAN
RED4ENT AND'NOTE BETWEEN GATEWAY PARTNERSHIP AND. THE
UNTYi.AND AUTHORISING THE PREPARATION AND EXECUTION OF
AIBLRELATED:DOCUMENTS AND INSTRUMENTS.
sour St2ordalned by the Board`of County Commissioners of Weld
olorado,
S ARTICLE I
ISTTION9 LEGAL AUTHORIZATION AND FINDINGS
ID COUNTY .IEGALS " � !i °n: e
TDe used herein, unlit** the context hereo0.shall
�'" meanings
:B feed Mall have pM eeaen ln9 ell ha a and.any
'lined'he 2M Loan Agreement.Mall have the.sass• meanings used herein'as **Signed toff them in the Lem
BOND ORDINANCE NO. 117• fr £ .4 a: AA,o!qfferent eat ,context
eiKo �dilAbnt �'�,tent DX u
9 *e thereof indicates another or,
�� " ,
LA SALLE
The Bonds issued pursuant to this Ordinance shall be in such transfer the Cou,
Weld County Legals substantially the form set forth herein, with such appropriate and the name and add
variations, omissions and insertions as are permitted or required registration blank av
'.I by this Ordinance, and in accordance with the further provisions - treat the person in
hereof; and the total principal amount of the Bonds that may be the books of the Coen
Continued Trim pale 10 outstanding hereunder is expressly limited to $2,800,000, The not overdue, for the
Bonds shall be in substantially the following forms account of the Princi
B. Company Note. Means the note of the Company delivered and for all other pu`f
to the Issuer ana endorsed to the Lender which evidences the UNITED STATES OF AMERICA Lender or pun the o
obligation of the Company to repay the loan of the County in STATE OF COLORADO and or
pa lis
accordance with Section 4.1 Of the Loan Agreement and which is in COUNTY OF WELD sum notice
sums so paid,
then form attached to the Loan Agreement as Exhibit C. noeieaeo the contrary
INDUSTRIAL DEVELOPMENT REVENUE BOND •
4t'9. County. Weld County, Colorado, its successors and - 11. THIS BOND A
as.L n+• (THE.GATEWAY PARTNERSHIP PROJECT) - PREMIUM DUE HEREUNDER
SERIES 1903 PROCEEDS DERIVED PROM
'4110. Deed Of Trust. The Deed of Trust to be executed by the • NOVEMBER 1, 1903. TRUST, TSE LETTER OF f
Co ny in favor of the Lender securing payment of the Bonds and AND THE SECURITY AGREE
in ost thereon. R-1 • $3,800,000 OR INDEBTEDNESS OF THE
OR LIMITATION OF TNE
1. Guaien[ The Guaranty Agreement to be executed by the FOR VALUE RECEIVED, MELD.COUNTY, COLORADO (the 'County") GIVE RISE R OF WELD COUNT,
COsp4ny, ARIK Investors,; Ltd., Gary R. Windolph, N: Kent Baker, hereby promises to pay to the order of-GREELEY NATIONAL BANR, GIVE TO A PECUNI.
C.Veal Carpenter, Robert Shreve, Eugene R. Brauer and Eugene Greeley, Colorado (the 'Lender"), its successors or registered
coyer, Dale J. Steichen, assigns, from the source and in the manner hereinafter provided, 12. The remedies
Gorddn W. Bruchner, Robert D. Thomas, William Clark and Linda the principal sum of TWO MILLION EIGHT HUNDRED THOUSAND DOLLARS Agreement, to
_liQQ'k����, Lea Ewegen and Judy Ewegen, John K. Jerome, Linda L. the Loan
%adl�cek, James Kad lecek, Charles Kadlecek, John Kadlecek, Ted
$2,800,0001 (the Principal Balance"), and to pay interest the Collateral Assigns
fel((on, Gene Pepin, Robert W. Stanley, Chris Scott, Larry Scott, thereon from date hereof in consecutive monthly installments
each nte concurrentGuaranty, are not ax
443 11 Schurle and Harriet Schurle, 0111 Kehler and Pat Ranier, beginning December 1, 1983, and on the first day of and may be
(alp Boehner, Stanley Commercial Radio Company, Dorothy M. Decemsucceeding month during the term hereof through and including at the sole discretion
tapley, Richard R. Bond, B-2 Properties, Robert A. Stanley, ber 31, 2003, at a per annum rate equal to the rate of 100 often as occasion the.
IT A. Vohs and Ruth L. Vohs, Ralph Boehner and Harriett through December 31, 1984, and thereafter the rate will vary exercise any such rich
uegner, F.M. 'Fritz' ',attach, Barbara Piper, Greeley Sheltership annually at 85\ of the rate of interest publicly announced by The as a waiver or release
d9 er, A Professional Corporation, Chase Manhattan Bank (National Association) an January 1, of each
cilitof pa[a[Son, in favor of the Lender es succeeding year at rimeprincipal office in New York, New York, as 13. The Lender el
y roc the Bonds. its 'prime tats' (the "Prime Rate) (computed on the basis of a 30 day month and a 360 day or commission, to have
9. Improvements, The structures and other improvements, not be'provided that the rate of hereunder unless such
clpdin9 any tangible personal property, to be constructed or interest on this Bond shall .be less than et per annum or more Lender, and then onl 1
,tolled on the Land in accordance with the Plans and than 121 per annum, in any coin or currency which at the time or writing. A waiver wit
•gjtieetione and to be owned by the company. times of payment is legal tender for the payment of public or construed as a subsoin5
• - private debt in the United States of America, in accordance with remedy as to substages
13. Inducement Letter, The letter agreement from the the terms hereinafter set forth.
?pony to the County and the finder dated November 8, 1983. 14. .This Bond ha:
(a) The princial of this Bond shall mature and dna state or federal or
11. Land. The real property and any other easements and repayable in twenty annual installments in the amounts and exemption for such lent
rod
Its deseiiEed in Exhibit A attached to the Loan Agreement. on the dates as follows' assigned .ref r,metrr,I
MATURITY DATE interest in the Bond.1
15. Lender. Greeley National Bank, Greeley, Colorado, its PRINCIPAL AMOUNT agreement, except in
:eaters a�aeslgn¢. The Lender is the initial purchaser of December 31, 1984requirements x. app
Bonds. 45,000 requirements, �,mn�tt e.•December 31, 1905 50,000 qualified counsel as to
p�6. Letter of Credit. The Letter of Credit to be December 31, 1986 60,000 tranofen'inq this nnn,l provided December 31, 1987 8 65,000
myany and issued by Gtedley National Bank In favor'of Lender December 31, 1988 075,000— to ure.payment of the Bonds and interest thereon. December 31, 1989 IT l% 111:1311 P1' ORIiTI
December 31, 1990 • 85,000 and thanes rognub" to
07. Loan Agreement. The agreement to be executed by the95,000 to or In the
County and the CompareprovidingDecember 31, 1991 - 110,000 have been portormCJ in
Y. for the issuance of the Bonds December 31, 1992 110,000
aend the loan of the proceeds thereof to the Company, including December 31, 1993 120,000 IN executed
S WHEREOF
any amendments of supplements thereto made in accordance with its December 31, 1994 125,060 duly executed in its n
proylaiOns. December 31, 1995 140,000 n
December 31,'1996 ul the Hoard ni County
08. Offer to Purchase. The letter agreement from the December 31, 1991 150,000 of the County, to ha.
Linear to the County, dated November 8, 1983. December 31, 1998 200,000 signature of iceCountythe
-- 200,000 manual signature urru L, the
.19. Plane and Specifications. The plans and specifications December 31, 1999 220,000 to be dated Novorbor I,
December 31, 2000 240,000
for the construction and installation of the Improvements on the December 31, 2001 240,000
Land, which are approved by the Lender, together with such December 31, 2002 240,000
modifications thereof and additions thereto as are reasonably December 31, 2003 240,000 •
determined by the Company to be necessary or desirable for the
completion of the Improvements and are approved by the Lender.
20. PrinelDal Balance. So much of the p (b) This Bond must be redeemed in whole within six (61
Bondi as from thee time remains unpaid, principal sum on the months after the date of a 'Determination of Taxability.
(defined in the Loan Agreement) at a redemption price equal ATTEST:
21. Pro sec. The Improvements and the Land. to li) the'principal amount of the Bond to be redeemed, lass
(11) an additional amount equal to the difference between
22. Project Costs. All cotta of the Project 111 which are (A) the interest on the Bond during the 'Taxable Period'
eapitalisea expenditures under generally accepted accounting (defined in the Loan Agreement) if the Bond had borne County Clark
--
principles and which must be or with a proper election may be interest during such Taxable Period prior or interest rate
capitalised for Federal income tax purposes and (11) for which equal December 31, per,annum for any period to and including
the.Bond proceeds may be spent under the Act, including the priod thereafter 1984, and 110.5\ of the Prime Rate for any
follwingt - period such and IBI the interest actually paid on the
Bond during Taxable Period plus liiil an amount equal
(el Payment for the preparation of plane end to any interest, penalties on overdue interest and additions
specifications for the Project (Including any preliminary to tax as referred C to Subchapter f1954 A of Chapter 68 of the
-study or planning of the Project), and for the acquisition, Internal Revenue Code of of 1954, as amende owed by the
:development, construction and installation of the Project Lander. In the event a Don i mend of Taxability the
Aincluding architectural, engineering and supervisory net thirty 130%) rc interest t rate on this Bond anal( net exceed
services with respect Co any of the foregoing). (30\I percent per annum. - Pxuvla
•
(b) To the extent that they shall not be paid by • In the event the Bond is to be redeemed in whole or in
contractor, payment of the premiums on all insurance part pursuant to the provisions of the Loan Agreement, the The ownership u1 to
required to be maintained prior to the date the Project 1s Company shall give notice of the redemption to the Issuer +^d' cha interest u
and the•Lender by first class mail, postage.prepaid, mailed
Weld County, Culorueut,i n,
not less than thirty.(301 days pilot to the-redemption date: below.
(cl Payment of any taxes, assaumenta and other No prior notice of redemption shall be required in Data et Nene.
charges payable with respect to the Project prior to the connection with a partial Construction
of this Bond from xtq i:n ration .n lit Cat( the Project is compiled, moneye Agreement)
in the Construction DFundate.
(defined in the
Loan Agreement) after'the Completion Date. f
�,0.Q (d)' Payment of any fees and expenses for recording or "_---- . ----
i}linq each documents, instruments and financing statements (c) ate),ember 31, e remaining such date to be the "Final
which the company, the Lender or the Cooney may deem Maturity Date•), the entire Principal Balance and -----
desirable to perfect or protect the rights of the County and and payable, accrued to the Final Maturity Date shall he due •
.t Lender under the Loan Agreement, the Company Note and and payable. -
the Assignment of the Loan Agreement. 2. Interest shall. be computed on the basis of a 30
day -- - -"•
month and a 360 day year, but charged for the:actual number Of
lel Payment of any Commitment or acceptance fee of the2.2. IM1 1 ne_.
Lender and the legal, accounting and financial advisory fees days principal hepobl Anything in this Bond d the this snndy - -'
and expenses, and all other fees and expenses incurred in notwithstanding, the obligations of the County under Bond Theshell
Infield ::poll be
the preparation of related documents. shall be shall to the limitation that payments receipt ec of and forth in the part t„�
hereunder shall not Lenderbe required to the extent that of any Ordm Ordinance.
in the inrm Lb
121 Interest accrued on the Bonds prior to completion aeon payment by the would be contrary CO provisions of law O L a Zhu U.L :gin:
of-the Project. applicable to the Lender which limit the.maximum rate of interest dntwrnty per. a (21
• which may be charged or collected by the Lender: been a •Itutitrini ed.a OD „I
23 Ordinance. This Ordinance of the County, adopted eff five t t.
Sapt23Dei 26, 1981, together inh any supplement or amendment 3. ' Principal and interest due hereunder shall be payable. p r L (10%1 per '
hereto = at the principal office of the Landes,Or at such other place as shall Lear L at 1L)
r,�. _ •
thi7,ender lay designate in writing. • included f C 1 2.1 b
3 Legal Authorization a This Bond. 10 issued by the Sou ty t provide funds for , 2.3. F
xucurion TM, CDunty'le political subdivision of the State of a project; as defined in Section•.303(of-th Act, consisting f '
the act isition, development, renovation, reconstruction and
Colorado and is authorized under the Act to finance the Project l signature
I ,u shall be G
herein referred to, and to issue and sell the Bonds for the equipping of'a Agr,en.tea d.te -as located in the County, manual ale a tun al area e
purpose,'in the manner and upon the terms and conditions set pursuantbetwe the C Loan and AdtGatewa dated- re of (the ' o 1, 1983, seal of gn County and e
forth in the Actand in this Ordinance. Loan An County Gateway Partnership (the "Company") (the manual signature m the C
'Loao'Agieement•), and, further, [his'Bond. is issued pursuant to signature shall appear of
1.3. Findings and in full compliance.with the Constitution and.lnan of the before delivery of the Do
State of Colorado, particularly the Act and an ordinance of the nu erthe last: he valid and
The Board of County Commissioners,' based on the Board of County Commissioners of the County duly adopted on
en if he had remained in i
representations of the Company, has heretofore determined and September 26, 1983 (the "Ordinance").
found, and does hereby determine and find, as follower Before2.4. Delivery of chi
5. This Bond is secured by (i) an assignment-of tnc Lean
(a) ^In authorizing nt the Project the County's purpose Agreement and the Company Note by as graunty to the Lender, fill delivery of t
is, and in its judgment the effect thereof will be, the a Deed of Trust the eeme nthe in favor of the office of the County copies rl
promotion and development of trade and the economic Lender, (iii) a Security Agreement under ween Cha Uniform Commercial
acquire anes within the County by inducing the Company to Code. (iv) a Guaranty Agreement between the Company, ARI Y. 1. , ad t
acquire end aconstruct facilities in the County and to secure Investors,enter Ltd., Gary R. EugenepN. N. Kent Baker,Eugene C. Neal CreAssdit
and o[ the Loan Agr
and maintain a balance and stable economy within the County( Carpenter, Robert Shreve, Eugene R. Brauer and Brauer
Agreement, the Cullatcul
Family Trusty Patrick C. Dwyer, Dale J. Stelcnen, Gordon N.Bruch Credit and Cho coaranty:'a
•• (b). The amount estimated to be necessary to finance Ewegen a Robert wD.e Thomas,John William Clark and Linda Clark,Jbus
ames
the Project Costs,' including the costs and estimated costa EKwegen and Judy Ewegen, K.John
Ked,-Linda L. Kadlecsk, James 2. An opinion of fit
permitted by the Act, will require the issuance eif the Bonds Pepin,e RobChaert
W.
tan ley, John Scott, ea Ted Nelson, Gene Company to satisfactory into to
the
in the principal amount of $2,800,000, as.hereinafter M. Stanley, Chris Larry Scott, Darrell
company enter into
provided; Senuele and Harriet Schurle, Bill Kahlar and Pat Kehler, Dale and
Boehner, Stanley Commercial Radio Company, Dorothy M. Stanley,
IC1' It is desirable, feasible and consistent with the Richard R. 3. An opinion of C
Bondy B-2 Properties, Robert A. Stanley, James A. Vohs
objects and purposes of the Act to blue the Bonds, tot the and Ruth L. Vohs, Ralph Boehner and Harriett 0uehner, substance satisfactory to
purpose of financing the construction of the Project, P.W. Fritz' Barash, Barbara Piper, Greeley Sheltership and AR's, County to enter into the [
A Professional Corporation, as guarantors, and the Lender, (v) a related matters' and T:. (d) The Bonds and the interest aeoruio9 thereon shall Letter of Credit prdvided on behalf of the Company by the Greeley I. The opinion of 0,
never constitute the debt or indebtedness of tee County National Bank in favor of the Lender, and (vi) the Collateral axe within the peening of any provision or limitation of the Assignment of Rents-dated as of the date hereof. This Bond is 01Pt,statue.q( the bonds
constitution or statutes of the stab of Cbloredo or the subject to all the/terms, •conditions and provisions of said Loan 5. Such other documl
Charter Of Weld County, Colorado and shall not Constitute Agreement and .Company Note, Deed of.Trust, Security Agreement, reasonably require for our
nor give rise to a pecuniary liability of the Cowry or a Letter of Credit and Guaranty Agreement,Sn subsection (Al above o:
charge against its general credit or taxing prawn; - closing.'
6. The Lender may waive an'event of default hereunder le) Pursuant to Sections 113 and 114 of the Act the caused by'tne nonpayment of interest and/or principal due on this 2.5. Issuance of New
County hereby determines (i) the amount necessary in each Bond ut t notice to or consent of any party liable hereon and
year to pay. the principal of and the interest on the Bonds without any such
is eat forth in the Loan Agreement releasingparty. However, in no event shall the which requires such Final Maturity Date ba b•vond fort, ant , _ subject to the Drowse
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