HomeMy WebLinkAbout810391.tiff KUTAK ROCK S. HUIE ATLANTA
EUGENE A.REIDY
JOHN R.MORAN.JR. 1330 COLORADO NATIONAL BUILDING 1200 STANDARD FEDERAL
SAVINGS BUILDING
EUGENE L.HOHENSEE ATLANTA,GEORGIA 30303
5 KENNETH J.STUART DENVER,COLORADO 80202 (404)522-6700
DIRK W. deR005.
JAMES D.ARUNDEL. LOS ANGELES
WILLIAM C.GORHAM (303)534-1330 SUITE 620
JAMES R.BLACK BOO WEST 6T+H STREET
ROBERT J.AHRENHOL2. LOS ANGELES.CALIFORNIA 90017
ROBERT D.IRVIN (213)627-8330
GREGORY V.JOHNSON
JAMES E.THOMPSON December 9, 1981 MINNESOTA
FREDERICK T BERMENKE 700 PILLSBURY CENTER
BLUETTE N.BLINOFF MINNEAPOLIS,MINNESOTA 55402
RANDALL W.PERKINS (612)336-1008
CHARLES L.BORGMAN*
MARY L.GROVES OMAHA
THOMAS A.GORDON THE OMAHA BUILDING
STEPHEN C.PARKER 1650 FARNAM STREET
WARREN J.LUDLOW OMAHA,NEBRASKA 68102
DAVID A.CAPRERA (402)346-6000
THANE R.HODSON. WASHINGTON
SYDNEY BARTON
DAVID W.MILLER 1101 CONNECTICUT AVENUE,N.W.
WASHINGTON,D.C.20036
(202)828-2400
NOT ADMITTED IN COLORADO
Donald Warden
Budget Director
Weld County, Colorado
915 10th Street
Greeley, Colorado 80631
Re : Application to Consider Resolution
of Intent to Issue Industrial
Development Revenue Bonds for
Platte River Steel Co. , Inc. , a
Wholly-Owned Subsidiary of Arkansas
Foundry Co.
Dear Don:
As you know, John Houtchens of Houtchens, Houtchens and
Daniel in Greeley, Colorado has been retained to act as local
counsel, and Kutak Rock & Huie has been requested to serve as
Bond Counsel, in connection with a proposed issuance of indus-
trial development revenue bonds by Weld County. If approved
by the County, proceeds of the bonds will be applied to the
acquisition of approximately 20 acres of real estate located
within the County and the construction thereon of a steel fab-
ricating facility to be owned and operated by Platte River Steel
Co. , Inc. Platte River Steel Co. , Inc. is a newly-formed
Colorado corporation and is the wholly-owned subsidiary of
Arkansas Foundry Company, an Arkansas corporation. Arkansas
Foundry Company, of course, would guaranty full payment of
principal of and interest on the bonds.
810391
KUTAK ROCK L HUIE
Donald Warden
December 9, 1981
Page Two
On behalf of the above-named corporations, we have been
asked to submit a formal Application to the County to consider
the issuance of industrial development revenue bonds for the
purpose referred to above. We would request the County to con-
sider the issuance of bonds in a principal amount not to exceed
$2 , 500 , 000. In support of such application, the following
documents are hereby enclosed:
1. A "Response to Guidelines" setting forth certain
information regarding the application which is responsive to
the Resolution heretofore adopted by the governing body of Weld
County relating to the issuance by the County of industrial
development revenue bonds.
2. Attached to the document referred to in 1 above are
(a) Exhibit 1 consisting of a letter from Commercial National
Bank, Little Rock, Arkansas, containing certain information
regarding the Company' s financial position, (b) Exhibit 2 con-
sisting of a summary of the history and operations of Arkansas
Foundry Company, (c) Exhibit 3 consisting of a Dunn & Bradstreet
report on Arkansas Foundry, (d) Exhibit 4 consisting of a resume
of the principals and key employees of both corporations, (e)
Exhibit 5 consisting of a schedule showing the anticipated use
of bond proceeds, and (f) Exhibit 6 consisting of an anticipated
debt service schedule.
3. A check in the amount of $500 . 00 to defray the costs
of analysis by the County of this Application.
It is anticipated that the bonds will not be underwritten
or publicly sold but will, instead, be purchased by Commercial
National Bank on a private placement basis upon completion of
required legal procedures. Commercial National Bank has agreed
on a preliminary basis to execute an appropriate investment letter
indicating its accessibility to financial information regarding
the respective corporations and further indicating its intent to
purchase such bonds for its own portfolio and not with any view
of a secondary market resale of the bonds.
KUTAK ROCK S HUIE
Donald Warden
December 9 , 1981
Page Three
As indicated in the Response to Guidelines, certain informa-
tion regarding the business and operations and certain financial
information relating to Arkansas Foundry Company has been made
available for inspection by appropriate representatives of Weld
County at the law offices of Houtchens , Houtchens and Daniel in
Greeley, Colorado. The financial information consists of audited
financial statements for the five-year period ended October 31,
1980 and interim unaudited financial statements for the twelve-
month period ended October 31, 1981. Audited financial statements
for the year ended October 31, 1981 will be similarly available
for inspection.
As further indicated in the Response to Guidelines , our
firm is of the opinion that the proposed project falls within
the intent and meaning of the County and Municipality Development
Revenue Bond Act, Article 3 , Title 29 , C.R.S . 1973 , as amended.
In the event the County determines to proceed toward the issuance
of the bonds, a formal bond opinion from this firm in customary
form will be provided to all parties at the closing of the trans-
action.
The parties to the transaction are hopeful that the County
would be able to analyze the accompanying Application prior to
the meeting of the County ' s governing body on December 28 , 1981.
If possible, the Company would also request the County to consider
adoption of an applicable intent resolution at such meeting. I
am enclosing herewith a form of intent resolution which the
governing body of the County could consider, either at such
meeting or at any subsequent meeting as may be deemed appropriate
by the County.
Both John Houtchens and the undersigned are prepared to
assist representatives of the County in any way in connection
with this Application. Please contact either of us at any time
at your convenience.
Very ruly yours ( /
7/
Ja .es D. Arun el
RESPONSE TO GUIDELINES
Section 1 . Declaration of Policy
1 .1 . No direct response is required by Section 1 of the
guidelines , since the guidelines provide that only the County
Commissioners can make the necessary determinations of the
desirability of projects . As background , however , the project
to be financed (the "Project") will be for the benefit of
Platte River Steel Co. , Inc . , a corporation organized under the
laws of the State of Colorado (the "Company") and a wholly-
owned subsidiary corporation of Arkansas Foundry Corporation , a
corporation organized under the laws of the State of Arkansas
("Arkansas Foundry" ) . The Project will have the effect of
creating sixty new jobs . In addition , it will have the effect
of inducing the Company to begin its operations in Weld
County . Neither the Company nor Arkansas Foundry have existing
operations in the State of Colorado .
1 . 2 . Financing of the Project , while inducing the Company
to begin its operations in Weld County , will not have the
effect of inducing the Company not to leave operations in any
other parts of the State of Colorado , since the Company (in-
cluding its parent corporation) has no other operations in the
State of Colorado .
2
1 . 3 . The Project will be owned by the Company and the
Company will pay all real estate taxes on the Project .
1 .4 . The Company will be happy to provide any and all
information desired by the County Commissioners or their staff ;
however , certain financial information will be filed at the
offices of Houtchens , Houtchens and Daniel as hereinafter pro-
vided .
1 . 5 . The financial condition of the Company is addressed
in other portions of this application .
1 .6 . See 1. 4 . above .
Section 2 . County Planning Criteria
2.1 . The Project will be located in Weld County and will
be located between the Cities of Greeley and Eaton . We believe
that the Project, at its anticipated location, will meet the
goals , concepts and objectives for development as set forth in
any Comprehensive Master Plan of Weld County .
2 . 2 . The Project facility consists of a building and
related equipment purchases located on 20 acres of real
estate . The land will have a zoning district classification
which permits the Project ' s operations .
2. 3 . The Project will be in full compliance with appro-
priate zoning and subdivision regulations of Weld County . The
property is in the process of being rezoned , which rezoning is
anticipated to be acted upon by the governing body of Weld
County on December 16 , 1981 .
3
2 . 4 . All water and sewer improvements are to be installed
by the Company and all necessary permits therefor have been or
will be obtained prior to purchase of the site , which is now
under option .
2 . 5 . The Company believes that it has or will obtain all
necessary permits for off-site improvements .
Section 3 . Application Requirements
3.1 . In the opinion of Kutak Rock & Huie , qualified
municipal bond counsel , Denver , Colorado , the Company' s propo-
sal falls within the intent and meaning of the County and
Municipality Development Revenue Bond Act, article 3 , title 29 ,
C .R.S . 1973 , as amended . A formal bond opinion will be pro-
vided to all parties upon the closing of the transaction.
3 . 2 . Attached as Exhibit 1 is a copy of the letter of
Commercial National Bank , Little Rock , Arkansas . Commercial
National Bank is Arkansas Foundry' s primary commercial bank
and , in such capacity , is familiar with the operations and
financial position of Arkansas Foundry and the Company . The
letter contains certain comments regarding the integrity of the
financial position of Arkansas Foundry .
Commercial National Bank has represented that it will
purchase the Bonds upon completion of required action and
delivery of the aforementioned bond opinion of Kutak Rock &
Huie .
4
3 . 3 . The Company was recently incorporated and has no
previous operating history.
(a) A history of Arkansas Foundry, including a descrip-
tion of its operations , is included as Exhibit 2 to this Appli-
cation .
(b) The Company will operate on a fiscal year ending
October 31 . Arkansas Foundry operates on a fiscal _year ending
October 31 .
The Bonds will be guaranteed by Arkansas Foundry, the
Company' s parent corporation . Financial statements for
Arkansas Foundry for the past five years are available for
inspection by officials of Weld County at the law offices of
Houtchens , Houtchens and Daniel , 1007 Ninth Avenue , Greeley ,
Colorado 80631 (303-353-9195) .
(c) As noted in 3 . 3 (b) above , Exhibit 1 contains a letter
from Commercial National Bank with respect to the financial
position of Arkansas Foundry . Attached as Exhibit 3 is a Dunn
& Bradstreet report on Arkansas Foundry .
(d) Arkansas Foundry has over 200 accounts , and is not
dependent on any one large customer for a significant percent-
age of its sales . Certain sales information for 1979 and 1980
with respect to Arkansas Foundry, and certain other condensed
data regarding Arkansas Foundry' s operations , is available for
5
inspection by officials of Weld County at the law offices
referred to in 3 . 3 (b) above .
(e) A resume of the principals and key employees of the
Company and Arkansas Foundry is included as Exhibit 4 to this
Application .
(f) Since a commitment for the purchase of the bonds has
been made by Commercial National Bank as indicated above , the
Company requests that Weld County waive inclusion of pro forma
financial information for the next five years reflecting the
proposed bond issue .
(g) As noted in 3 . 3 (b) above , historical financial state-
ments for the previous five years with respect to Arkansas
Foundry are available for inspection by officials of Weld
County . Audited financial statements for the year ended
October 31 , 1981 , when completed , will be similarly available .
Interim unaudited financial statements as of October 31 , 1981
are available for inspection by officials of Weld County at the
law offices referred to in 3 . 3 (b) above .
(h) See 3 . 3 (c) above .
(i) The Project will consist of a plant for the fabrica-
tion of structural steel . It is anticipated that proceeds of
the Bonds would be used to purchase 20 acres of land , to pay
for construction of the facility , to purchase related equipment
and to pay costs of issuance . Prior to closing of the bond
6
issue , it is anticipated that a construction contract will be
signed . See Exhibit 5 for a schedule showing anticipated use
of bond proceeds .
(j ) An anticipated debt service schedule is included as
Exhibit 6 hereto. Such debt service schedule reflects what
Commercial National Bank and Arkansas Foundry believe the
market to be today , and may change over the course of the next
several months .
The Company will agree in the bond documents to pay all
taxes with respect to the Project, and the entire cost of
maintaining the Project in good repair , and all applicable
insurance premiums .
3 . 4 . An application fee of $500 to defray the costs of
analysis by Weld County of this Application has been included
herewith . The Company will pay such additional fees as may be
required by Weld County subsequent to adoption of its resolu-
tion of intent to issue the bonds as set forth in Section 5 of
Ordinance No. 69 of the Board of County Commissioners of Weld
County .
3 . 5 . The Company will be happy to supply Weld County with
additional information upon its request .
Section 4 . County Review of Application
No direct response is required .
7
Section 5 . Validity of Ordinance
No response is required .
Section 6 . Effective Date
No response is required .
EXHIBIT 1
THE
DANK.
Commercial National Bank
200 Main Street
Post Office Box 1331
Little Rock, Arkansas 72203
501 378-3000
November 13, 1981
Board of County Commissioners
Weld County Colorado
Greeley, Colorado
Re: Platte River Steel Company, Inc.
Industrial Revenue Bonds
Gentlemen:
This is to confirm to you that we are well acquainted
with the Arkansas Foundry Company of Little Rock, Arkansas ,
the parent company of Platte River Steel Company, Inc.
We have had the privilege of serving that company for many
years and consider them to be an outstanding corporate
citizens of our state and community.
That company has maintained an excellent depository account
with us since the early 1940' s and we extend to them an
unsecured line of credit for our bank' s legal lending limit.
Throughout all of these years , they have handled all of
their financial affairs in an excellent manner.
We are well acquainted with the management of this firm and
have a very high regard for them and their management
capabilities.
We are well acquainted with their financial condition and
based upon that knowledge and past experience, we are pleased
to advise you that we believe they are capable to meet and
will meet the expenses incurred in connection with the above
captioned bond issue.
Please let us know if we can assist you in any other way for
you to be able to make approval of this issue.
Sincerely yours ,
Wallace B. unningham
xecutive- Committee
{
WBC:mh
EXHIBIT 2
HISTORY OF ARKANSAS FOUNDRY CORPORATION
In June of 1909, Mr. Fred Brown and four partners incorporated the Arkansas
Foundry Company as a grey iron foundry. In 1912, the Thomas Fordyce Machinery Co.
was leased. Industrial customers during this period were saw mills, oil companies,
and agricultural compresses.
The Fordyce plant was purchased in 1918 and structural and reinforcing steel
were added to the product mix. In 1920, AFCO became the first Arkansas company
to warehouse a wide variety of metals. This portion of the business is now
operated as AFCO Metals, Inc. with plant locations in Little Rock, West Memphis,
Fort Smith, Shreveport, and Oklahoma City.
By 1940, Mr. Brown had bought out all other interests and retired all
long-term indebtedness. The building materials division was added; pressure
vessels were put on a production line basis; and structural fabrication capabil-
ities were expanded to service the aluminum, petroleum, and power industries.
In the 1950' s, highway bridge fabrication was begun on a continuous basis,
and in the 1960' s was moved to a separate shop. The South Shop is today the
major structural fabrication plant for the company.
The principle products of AFCO Steel as it exists today are fabricated
structural steel, pressure vessels and tanks, weldments, liner plates, bridge
beams, and girders. The engineering department employs over 40 people, and the
shop personnel employs in excess of 350. The production facilities have a
capacity for fabricated sturctural steel of 2500 tons per month with tank and
plate work at a capacity of 400 per month. The AFCO Steel plants have approximately
900,000 square feet under crane.
The company has remained a family-owned and managed business; the third
generation of the Brown family is now active in the business.
2
The Platte River Steel Co. , Inc. is a recently organized corporation,
incorporated under the Colorado Corporation Code with no previous operating
history. Platte River Steel is a wholly-owned subsidiary of AFCO Steel, Inc.
The intended future operation of Platte River Steel is to engage in the
business of buying, selling, leasing, fabricating, and erecting steel and other
metal products.
Construction of the facility in Greeley, Colorado is to begin in April, 1982,
with initial plant size of approximately 90, 000 square feet.
EXHIBIT 3
•
FULL REVISION
DUNS ; 00-633-7042 DATE PRINTED SUMMARY
ARKANSAS FOUNDRY COMPANY ( INC ) NOV 12 1981 RATING 1R2
+AFCO STEEL
FABRICATES STARTED 1947
BOX 231 STRUCTURAL STEEL PAYMENTS SEE BELOW
' 1423 E 6TH ST SALES 637 , 000 ,000
LITTLE ROCK AR 72203 SIC NOS. WORTH 612 ,000 ,000
TEL ; 501 372-6261 34 41 17 91 EMPLOYS 350
HISTORY CLEAR
CHIEF EXECUTIVE ; FRED I BROWN JR . PRES 8 TREAS CONDITION GOOD
PAYMENTS ( Arounts may be rounded to nearest figure in prescribed ranges )
• REPORTED PAYING HIGH NOW PAST SELLING LAST S)
RECORD CREDIT OWES DUE TERMS WITHIt
10/81 Disc 1000
Pot 40000 10000 -0- 1 Mo
Pot 15000 -0- -0- 2-3 Mo!
Pot 250 -0- -0- Regular terms 6-12 Mi
Pot-Slow 30 40000 N30
Pot-Slow 30 7500 2500 -0- 1/2 10 N30 1 Mo
9/81 Pot 30000 15000 -0- 1 Mo
Pot 500 -0- -0- 2-3 Mo;
Pot 100 100 -0- N7 1 Mo
Pot-Slow 15 5000 -0- -0- N30 2-3 Mo
Pot-Slow 30 1000 -0- 1/2 10 N30 6-12 MI
8/81 Disc-Ppt 2500 1000 100 2 10 N30 1 Mo
Pot 100000 100000 -0- N30 1 Mo
Pot 500 -0- -0- N30
7/81 Disc 2500 750 -0- 1 10 N30 1 Mo
Ppt 300000 2500 -0- 1 Mo
Pot 50000 -0- -0-
' Pot • 20000 5000 -0- 1 Mo
Pot 10000 2500 250 N30 1 Mo
Pot 1000 -0- -0-
Pot ' 1000 -0- -0- 4-5 Mo
Pot 500 50 50 2 10 Prox N30
' Pot 250 -0- -0- N10 4-5 Mo
Ppt 100 -0- -0- N30 6-12 M
Pot-Slow 30 100000 -0- -0- 1/2 10 N30 6-12 M
( 26 ) 200000 30000 -0-
( 27 ) 5000 -0- -0- 2 10 Prox N30
6/81 Pot 1000 100 -0- 1 Mo
Pot 50 -0- -0- N30 r 6-12 M
Pot-Slow 60 40000 -0- -0- 1 10 N30 2-3 Mo
4/81 Disc 250 -0- -0-
Pot 500 -0- -0- 6-12 M
Pot-Slow 15 80000 5000D -0-
3/81 Pot 15000 10000 -0- N30 1 Mo
Pot 7500 2500 -0- 1 Mo
( CONTINUED ) .
ARKANSAS FO 'C Y COrPL•vY (INC ) wCV 1E :h&I =ace c
LITTLE ROCK AR FULL REVISION
PAYMENTS
( Cont ' d ) (36 ) 250 -0- -0-
2/81 Slow 80 50 -0- -0- N30 2-3 Mo
1/81 Slow 30 100 -0- N3U
12/80 Ppt 500 -0- -0- w30 6-12 M
Ppt 100 -0-
Payment experiences reflect how bills are met in relation to t
terms granted . In some instances Payment beyono terms can oe the
result of disputes over merchandise , sgipoed invoices etc .
FINANCE
11/11%81 On Nov 11 1981 John Thach , assistant secretary-treasurer,
declined financial statement.
This company is a long establishea business which has been
successfully conducted over the years . Management has reported tha
its sales have advanced over the oast several years and with
operations Profitable .
Sales for the fiscal period ended Nov 30 1979 were reported at
670,000 , 000. This was a consolidated figure as was a net worth fig'
of $19 ,000,000 duoted by management . Effective Dec 1 1979 the stocl
of AFCO Metals Inc,. which had been a wholly-owned subsidiary, was.
distributed to the stockholders of subject . This had the effect of
decreasing subject ' s net worth and total sales at Nov 30 1980, whicl
management now reports at $12,000, 000 and 637. 000,000, respectively
Management has declined a balance sheet but has from time to t
submitted certain partial figures . Figures submitted have cenerall
reflected a good working capital position . There is available to
assist operations a moderate seven figure line of credit . Manaoeme
has reported net worth at Nov 30 1980 at 612 ,000 , 000 and a
satisfactory financial condition is indicated .
BANKING
12/80 Bank confirms both commercial loan and depository experience
which is satisfactory . Other details declined .
HISTORY •
11/11/81
FRED I BROWN JR . PRES a TREAS ROBERT NELSON , V PRES
JOHN THACH , ASST SEC & CONTR JOSEPH W BROWN , EXEC V PRES
AUSTIN MC CASKILL SR . SEC SCOTT SAVAGE , V PRES
DIRECTOR ( S ) ; THE OFFICER ( S) and Joseph Mullen .
Incorporated Arkansas Jun 9 1909 .
Authorized capital 3. 000 shares common Class A stock at no par
and 27 . 000 shares common Class B stock at no par . Present control
started 1947 when Fred I Brown Jr became an officer . Style ) Afco
Steel is registered and used in the general conduct of business . 1
of the outstanoing capital stock is owned by the Brown fanily .
FRED I BROWN JR born 1923 married , Has been employed by subje
all of adult life . Graduated University of Arizona and MIT , Boston
Ma . Vice president 1947-59 until succeeding his late father as
( CONTINUED )
ARKANSAS FOUNDR/ COMPANY ( INC ) NOV 12 1981 Pane 3
LITTLE ROCK AR FULL REVISION
HISTORY president here in Jan 1962 ,
( Cont ' d) JOSEPH BROWN born 1926 marrieo . U S Navy 19u2-43 , Attended
University of Ar 1943 until graduating 1947 . Officer in company since
1947. Secretary-treasurer of subsidiary .
AUSTIN MC CASKILL born 1920 married , Little Rock attorney with
law firm Barber . Henry , Thurman , Mc Caskill ana Amsler since 1947 when
he graduated from law school , Active only in advisory caracity here ,
ROBERT NELSON born 1939 married , With suoject since 1961 .
Graduated from Columbia University .
JOHN THACH born 1923 married . With subject since 1964 . 1951-64
with Monsanto Corp . St Louis. no , 1946-51 University of Arkansas .
1942-45 U S Air Force ,
SCOTT SAVAGE born 1924 married . With subject as an employee
since 1949 . 1945-49 University of Arkansas :
JOSEPH MULLEN, Self employed business consultant at Little Rock.
PERATION
11/11%81 Fabricates structural steel 90% 5 manufactures pressure vessels
5% . and does structural steel erection 5% .
Has 200 accounts , Manufactures under the name "Afco" . Terms net 30
days 100%. Sells to industrial plants . commercial concerns,
contractors and some to government agencies. Territory Ar. La , Ms ,
Tn , Ok , Tx . Mo , Az , Co . NM , Fl and Ut .
Nonseasonal . Competition is normal .
EMPLOYEES ) 350 on a consolidated basis including officers .
LOCATION ( Company owns approximately 20 buildings located on 19
acre site at 6th and Thomas Streets , located in central industrial
area . The headquarters office is a three story cement block and brick
building containing 18 .000 square feet , located on active street in an
industrial area , Premises neat .
SUBSIDIARIES ) Subject has 1 subsidiary listed below.
ERECTION SERVICE CO ( INC) . Little Rock , Ar ( 100% ) , Cnartered
under Arkansas laws Jul 1 1958 , Engaged in structural steel erection.
Intercompany relations consist of merchandise and service transactions
on 30 day terms and occasional advances settled on 30 day basis .
There are no guarantees or endorsements in effect .
11-12 ( 191 /97 ) 0850/19 07201 085055055
'r
EXHIBIT 4
Liule Rock: AR 72203
-7OI-372-6'6/.
ai . W , ._ _ _
RESUMES OF KEY PERSONNEL
President: Fred I. Brown, Jr. - Thirty-three years of fabrication experience.
Succeeded father who founded company in 1909. B.S. degree in Math from University
of Arizona and B.S. in Metallurgy from M.I.T.
Executive Vice President: Joseph W. Brown - Thirty years of fabrication
experience. B.S.M.E. degree from University of Arkansas.
Vice President of Sales: Scott H. Savage - Five years experience in construction
plus twenty-four years in steel fabrication with AFCO. B.S.C.E. from
University of Arkansas. Licensed P.E.
General Sales Manager: Grady E. Harvell - Nine years experience in steel
fabrication. B.S.C.E. Degree from University of Arkansas. Licensed structural
engineer.
Structural Sales Manager: John M. Woodard - Twenty-two years experience in
construction, including four years steel fabrication and erection. B.C.E. and
M.S.C.E. degrees from Georgia Tech. Licensed P.E. in Arkansas, Mississippi,
Kentucky, Tennessee, Louisiana, Oklahoma, Kansas, Georgia and Michigan.
Manager of Contracts and Technical Operations: Robert B. Nelson - Nineteen years
experience in steel fabrication. B.A. degree from Hendrix College in Math,
B.S. and M.S. degrees from Columbia University in Structural Engineering.
Licensed P.E. Former Planning Engineer in Shop and former Chief Structural
Product Engineer. Currently serving on AISC Quality Certification Committee for
Category IV.
Chief Structural Design Engineer: James W. Wooten - Thirty years of fabrication
experience. B.S.C.E. degree from Purdue University, M.S.C.E. degree from
University of Arkansas. Licensed P.E. Currently serving on AISC Committee on
Steel Structures Research and on three AISC Task Forces.
Chief Product Engineer: John W. Nagel - Twelve years of engineering experience,
B.S.C.E. and M.S.C.E. from University of Notre Dame. Licensed P.E.
Quality Assurance Manager: Robert F. Oates - Thirty-two years of fabrication
experience, including assignments as draftsman, Chief Engineer and as Works
(Shop) Manager. B.S.C.E. from University of Arkansas. Licensed P.E.
Works Manager: Robert A. Bendigo - Twenty years fabrication experience. Formerly
Assistant Works Manager, Bethlehem Steel Co. , Pottstown Works. B.S.C.E. degree
from the Citadel, M.S.C.E. from LeHigh University.
P.O..Box 231
1423 East Sixth Street
Little Rock, AR 72203
ilrFIC 0
TCECELL
BIDDER: AFCO Steel
Little Rock, Arkansas
PROJECT:
ATTACHMENT NO. 1
RESUMES - KEY ENGINEERING AND PRODUCTION
PERSONNEL
ROBERT A. BENDIGO - WORKS MANAGER
Education: BSCE 1958, the Citadel
MSCE 1960, Lehigh University
Research Assistant at Fritz
Engineering laboratory 1958-1960
Experience: Bethlehem Steel, 1960-1976
a) Trainee, 1960-1963
b) Resident Engineer, 1963-1967
c) Assistant Superintendent, 1967-1970
d) Superintendent, 1970-1972
e) Assistant Works Manager, 1972-1976
AFCO Steel, 1976 - Present
a) Works Manager, 1976 - Present
ROBERT B. NELSON - MANAGER OF CONTRACTS AND TECHNICAL OPERATIONS
Education: B.A. (Math) 1959, Hendrix College
B.S. in Engineering 1960, Columbia University
M.S. in Engineering 1961, Columbia University
Additional graduate courses at Graduate Institute of Technology
Little Rock
Experience: AFCO Steel, 1956 - Present
a) Simmer employee, 1956-1960
b) Design Engineer Trainee, 1961
c) Structural Detailer, 1962-1963
d) Structural Detailing Squad Trader, 1964-1965
e) Planning Engineer, 1966-1969
f) Chief Structural Product Engineer, 1970-1974
g) Manager of Contracts and Technical Operations, 1975 - Present
ACO Steel
RESLMES
Page 2
Professional:
a) Vice Chairman, AISC Task Committee on Nuclear Quality
Certification
b) Member, AISC Committee on Fabricating Operations and
Standards
c) Lecturer, AISC Simplified Steel Design
d) Day Chairman, 1981 AISC Conference of Operations Personnel
(Topic: Cleaning and Painting)
e) Arkansas Registered Professional Engineer #2250
f) Member: Tau Beta Pi, ASCE, NSPE
ROBERT F. OATES - QUALITY ASSURANCE MANAGER
Education: BSCE 1944, University of Arkansas
Experience: U.S. Navy, 1944-1946
a) Construction Engineer, U.S. Naval Construction Battalion,
1944-1946
AFCO Steel, 1946 - Present
a) Structural Steel Detailer/Designer 1946-1956
b) Chief Engineer 1957-1968
c) Works Manager 1968-1975
d) Quality Assurance Manager, 1975-1981
Professional:
a) Arkansas Registered Professional Engineer; Past President,
Arkansas Society Professional Engineers
Member of Jury Awards, Structural Design Program,
Lincoln Arc Welding Foundation, 1966
Member of Boiler Advisory Board of Arkansas
Member: AWS, ASPE, ASCE, NSPE
JOHN W. NAGE.L, - CHIEF PRODUCT ENGINEER
Education: BSCE 1964, University of Norte Dame
MSCE 1966, University of Norte Dane
Experience: U.S. Army, 1966-1968
a) U.S. Army Officer - Korea
b) Instructor, U.S. Army Engineer School
U.S. Army Engineer District, Little Rock
a) Structural Engineer, 1968-1972
AFC() Steel, 1972 - Present
a) Engineer Trainee, 1972
b) Bridge Engineer, 1973-1974
c) *Chief Product Engineer, 1975 - Present
*See page 3 for duties
AFCO Steel
RESUMES
Page 3
Duties: Manage and oversee preparation of in-house and subcontract shop
drawings and advance bills. Serve as technical advisor to squad
leaders and subcontract detailing personnel on questions of
engineering, calculations, or interpretation of specifications.
Develop and standardize shop details to minimize quality problems
and costs. Coordinate work with other departments. Responsible
for the communication, through shop drawings or procedures, of
all quality requirements for a contract. Responsible for the
preparation, approval, and control of logs of special procedures.
Professional:
a) Arkansas Registered Professional Engineer #3486
b) Member, AISC Manual and Detailing Textbook Committee
c) Member: Tau Beta Pi, ASCE, NSPE, Little Rock Engineers Club
(past president)
JAMES M. WCOTEN - CHIEF STRUCTURAL DESIGN ENGINEER
Education: BSCE 1950, Purdue University
MSCE 1967, University of Arkansas
Experience: Mosher Steel Company, 1950-1951
a) Structural Steel Detailer
•
Gill & Harrell, Arhcitects, 1951-1952
a) Field Inspector, 40 Story Steel Structure
• EBASCO, 1953-1954
a) Field Engineer, Power Plant Construction
AFCO Steel, 1954 - Present
a) Structural Steel Detailer/Designer, 1954- 1959
b) Structural Steel Designer, 1959-1965
c) Chief Structural Design Engineer, 1965 - Present
Professional:
a) Arkansas Registered Professional Engineer #1088
b) Member, AISC Committee on Structural Steel Research (CSSR)
Member, Sub-Committee of CSSR on Connections Research
c) Member, Following Task Groups Monitoring Research Projects:
AISC 1) Stiffened End Plate Connections
2) Design of Coped Beams '
ASS' 1) Flexible Connections with Wind Moment
2) Single Plate Framing Connections
3) Beam to Column Web-Moment Connections
d) Member: ASPE, NSPE
RESUME
ROBERT A. BENDICO
•
EMPLOYMENT HISTORY
1976 to Present: Works Manager, AFCO Steel, Little Rock, Ark.
Responsible for Management of AFCO fabricating, plant
engineering, maintenance and traffic operations.
19?2 co 1976 Assistant Works Manager, Pottstown Works, Pottstown, Pa.
The Fabricated Steel Construction Division of Bethlehem
Steel Corporation is a major producer of bridges, buildings ,
and other large steel fabrications. The Pottstown Works
is the largest and heaviest capacity Works in the FSC
Division. Work force, salary and hourly, is approximately
1050 persons; facilities include a Drafting Dept. of
approximately 100 draftspersons , a Maintenance Dept. of
20-30 craftsmen and supervisors and two (2) fabricating
shops--each with a capacity of 2500-3000 tons per month.
As Assistant Works Manager I am responsible for the day-to-day
operation of the Works. I supervise directly the operation
of the two fabricating shops as well as the various staff
departments, scheduling work, manpower and equipment,
Chairman of Works OSHA and Productivity Committees.
Responsible to Works Manager for cost control of the
operation — direct and overheads. Develop and implement
Capital Expenditure Program, Works Expense Budget and
Works Operating Budget. Serve as consultant to Estimating
Dept. in formulation of bid data--cost and delivery.
] 9 ?0 - 1972: Superintendent, Shop 112, Pottstown Works
Pottstown Works Shop #2 is the largest capacity shop in the
Fabricated Steel Construction Division. As Superintendent
I was responsible for job planning and performance of
approximately 350 supervisors and men. In addition to supervising
fabrication of several monumental bridge and building contracts,
cost performance of Shop #2 was dramatically enhanced during
my tenure. Developed a cadre of young supervisors who were
elevated to positions of greater management responsibility .
1969 - 1970: Asst. Superintendent, Shop 111, Pottstown Works
1967 - 1969: Asst. Superintendent , Shop #1, Leetsdale Works, Leetsdale, Pa.
As Assistant Superintendent in both Leetsdale and Pottstown
I was responsible for detailed shop planning, material receipt
and preparation, fabrication procedures and schedules.
1363 - 1967: Resident Engineer, Erection Department , Leetsdale , Pa, and
Pinole Point, California
As Resident Engineer at Leetsdale and Pinole Point my
responsibilities included making plant layouts , preparation
of construction drawings and schedules, contract administration
and coordination of site activities as well as budget control
during FSC's modernization program for plant and equipment
during the 1963 - 1967 period.
1960 - 1963: Trainee in Bethlehem Steel Corp. Loop Course.
Trained in estimating, engineering, drafting and basic fabrication
management techniques.
LEHIGH UNIVERSITY, BETHLEHEM, PA.
1958 - 1960: Worked as Research Assistant full time at Fritz Engineering
Laboratory while studying for Graduate Degree.
EDUCATION
1954 - 1958: THE CITADEL, Charleston, S. C.
Degree: BS in CE (Athletic Sholarship)
1958 - 1960: LEHIGH UNIVERSITY, Bethlehem, Pa.
Degree: MS in CE (Hoppes Fellow and Research Asst.)
Service: U. S. Army - Platoon Leader, Asst. Operations Officer and
Company Commander in Corps of Engineers Construction Batallicn.
Awarded Army Commendation Medal at end of tour.
RESUME
ROBERT B. NELSON
54 West Windsor, Little Rock, Ark.
BORN: May 7, 1937, in Arkadelphia, AR
EDUCATION: North Little Rock High School, 1955
BA Mathematics, 1959, Hendrix College
BS Structural Engineering, 1960, Columbia University
MS Structural Engineering, 1961, Columbia University
BUSINESS: AFCO Steel, 1961 to Present, Vice President
Chief Structural Product Engineer, 1970-1974
Manager of Contracts & Technical Operations, 1974-1981
Other Business and Civil Activities:
Member - Arkansas Society of Professional Engineers
Editor - Arkansas Professional Engineer Magazine, 1964-1966
Member - American Society of Civil Engineering
Member/Vice-Chairman - American Institute of Steel Construc-
tion Task
Member - AISC Committee on Fabricating Operations and
Standards
RESUME OF AUSTIN McCASKILL, SR.
BORN: Little Rock, Arkansas
January 31, 1920
Graduated from Little Rock High School - 1937
Undergraduate and Legal Education at Washington & Lee University,
Lexington, Virginia. Recieved LLB Degree - 1942 .
Served in U. S .Army - 1943 to 1946 - 1st Lt. , Corps of Engineers
on Manhattan Engineering Project, Oakridge, Tennessee.
Engaged in the private practice of law in Little Rock, Arkansas ,
from 1947 to date. Presently senior partner in the lawfirm of
Barber,McCaskill ,Amsler,Jones & Hale.
Member of Sigma Chi Social Faternity; Phi Delta Phi, legal Faternity;
and Kiwanis Club of Little Rock (President, 1963) ; member of Pulaski
County, Arkansas and American Bar Associations , International
Association of Insurance Counsel, Fellow in the American College
of Trial Lawyers . Secretary and Member of the Board of Directors
of Arkansas Foundry Company. Secretary and Member of the Board of
Directors of Crow-Burlingame Company. Assistant Secretary of
Arkansas Television Company.
RESUME
John D. Thach Date of Birth: October 16, 1923
40 Woodberry Road Place: Hamburg, Arkansas
Little Rock, Arkansas 72212 Marital Status: Married
Telephone: (501) 225-1726 Children: 1 Son (21) - 1 Daughter (15)
Employment Experience
March 1966 - present Arkansas Foundry Company Assistant Secretary &
Little Rock, Arkansas Controller
1965 - 1966 E. L. Gaunt & Co. CPA Firm Accountant
Little Rock, Arkansas
1960 - 1964 Monsanto Company Accountant
St. Louis, Missouri
(Lion Oil purchased by Monsanto
Co.) - Transferred to Corporate
Headquarters in St. Louis. Hydro-
carbons Div. thru 1964. Handled
Accounting Monsanto Oils Ltd.
Syndicate #1, Monsanto, Venezula
Corporate consolidation with
Chemstrand. Resigned to return
to Arkansas to meet special
responsibilities.
1951 - 1959 Lion Oil Company Staff Accountant
El Dorado, Arkansas and
New Orleans, Louisiana
Barton Chemical Plant Plant Accountant
Luling Louisiana
1942 Big Inch Pipeline
Cincinnati, Ohio
Military
1943 - 1946 U. S. Air Force Control
Wisconsin and Florida Net System Radar
Education
1947 - 1951 University of Arkansas Graduated B. S. B. A.
Fayetteville, Arkansas Major - Accounting
(Top 10% of Senior
(Served in Student Senate, Class) .
Treasurer Associated Student
Body, AKP and A Club)
1954 Loyola University Advanced Accounting
New Orleans, Louisiana for Corporation
1962 Washington University Advanced Accounting
St. Louis, Missouri for Consolidation
Leisure Activities
Working with 75 - 90 age group men in church. Tennis,
Fishing and Farming.
Soc. Sec. 429-34-5452
Fred I. Brown, Jr.
31 Beverly Place, Little Rock, Ark.
Born: January 26, 1923 in Little Rock
Education:
Little Rock Public Schools 1 - 12 Grades
B. S. Mathematics, July '43, University of Arizona
B. S. Metallurgy, June '49, Mass. Inst. of Technology
Military:
U. S. Navy, Sept. '43 - Aug. '46
Business:
AFCO Steel, 1949 to date, President since 1962
Other Business and Civic Activities:
Board of Little Rock Port Authority - 1960 to date,
Chairman since 1965
Director: Associated Industries of Arkansas, Past
President and Chairman
Director: Little Rock Boys ' Club, Past President
Director: American Red Cross, Pulaski County Chapter
Member: Little Rock Propeller Club
Member: American Society for Metals
Member: American Institute Mining & Metallurgical Engineers
Past Activities :
President, Holy Souls Church Men's Club
President, Serra Club of Little Rock
Chairman, St. Vincent Infirmary Council of Community Advisors
Director, Little Rock Chamber of Commerce
Director, Union National Bank
Director, National Association of Manufacturers
Director, Little Rock Branch Federal Reserve Bank of St. Louis
Director, Federal Reserve Bank of St. Louis
Member, Budget Committee, United Way
Member, Board of Advisors, Catholic High School
O479842-0880
LIBERTY FUND, INC.
7440 NORTH SHADELAND
INDIANAPOLIS, INDIANA 46250
Biographical Information
Joseph Mullen
Name
Home Address 6209 Greenwood Road
Little Rock, AR 72207
Business Address Joseph Mullen Financial Management Consultant, Inc.
6209 Greenwood Road
Little Rork, AR 77707
(501464-3324 (501) 664-3323
Phone Number (Home) (Business)
Present Position and Company Owner — President
Joseph Mullen financial Management Consultan
also, Manager, Corp. Development, Ramteck Industries, Inc. , Houston, Texas.
Pr , , , ; resl en , Westside ennis lub, Inc. ,L:
Professional History
1946-1958 - with Olin Corporation and predecessor companies
General Manager, Agrirnitnrat rho,nical Divisi'
from 1954-1958
19589-1959- with J.C.- _Wheat & Cnmpany, memhnrs ULYRF
1960-1964 - General Partner, A.G. Edwards & Sons, in charge o
Corporate Finance Department
since 1965- Financial and Management Consultant to numerous
companies
since 1976-Manager, Corp. Development, Ramteck Industries,Inc
since I-979-rresident and part owner, Executive Travel
since 1973-President and part owner, Westside Tennis Club, In,
EXHIBIT 5
PLATTE RIVER STEEL COMPANY, INC. PROJECT
$2, 000, 000 Weld County, Colorado Industrial Development Revenue Bond Issue
Use of Bond Proceeds
1. Purchase Land $ 200, 000
2. Legal & Architectural 100,000
3. Site Improvements
A. Clearing & Grading 30,000
B. Road Construction 90,000
C. Rail Service 100,000
D. Fence 20,000
E. Utilities
1. Elect Power To Load Ctr 100,000
2. Water to Shop 10,000
3. Nat. Gas to Shop 10,000
F. Contingency 20,000
$ 380, 000
4. Building
A. Plant Office $ 80,000
B. Change Room & Employee Facilities 100,000
C. Fab Shop 80 x 1000 @ $20/Sq. Ft. 1, 600,000
$1, 780,000
5. Major Equipment Purchases
A. Air Compressor $ 60,000
B. Straddle Carrier 150, 000
C. Two (2) Bridge Cranes 240,000
D. Beam Line w/Saw 150,000
E. Band Saw 40,000
F. Burning Machine 38, 000
G. Traveling Radial Drill ---
H. Detail Punch 16, 000
I. Iron Worker 25,000
J. Small Tools (Burn, Weld, Grind, etc) 100,000
K. Misc. & Contingency 20,000
$ 839,000
6. Recap
$ 2. 08/Sq. Ft. A. Purchase Land $ 200, 000
1. 04/Sq. Ft. B. Legal & Arch. 100,000
3. 96/Sq. Ft. C. Site Improvements 380,000
18. 54/Sq. Ft. D. Building 1, 780,000
8. 74/Sq. Ft. E. Major Equipment Purchases 839,000
$34. 37/Sq. Ft. $3,299,000
Colorado Industrial Development Revenue Bonds- 2,000,000
(.FC0) Internal Financd $1,299,000
2
$100, 000 - $2, 000, 000
200,000 - 300, 000
$300,000 $1, 700,000
380 = 12. 7% x 1, 700, 000 = $215,900
2, 999
1, 780 = 59.4% x 1, 700,000 = $1, 009, 800
2,999
839 - 27. 9% x 1,200,000 = $474,300
2, 999
$1, 700, 000
100. 00% 100,000
200, 000
$2, 000,000
EXHIBIT 6
Weld County, Colorado Industrial Development Revenue Bonds
(Platte River Steel Company, Inc. Project)
DEBT SERVICE SCHEDULE
Issue: $2, 000,000
Date: 12% Fixed, 15 Year Term
Purchaser: Commercial National Bank, Little Rock, Arkansas
Interest Payments: Semi-Annual
Principal Payments: January 1, Annual
Principal Payment Schedule:
Year 1. $0 Year 9. $100,000
2. $ 50,000 10. $200,000
3. $ 50, 000 11. $200,000
4. $100, 000 12. $200,000
5. $100, 000 13. $200,000
6. $100, 000 14. $200,000
7. $100, 000 15. $300,000
8. $100,000
ORD94
810391
FILF CONTAINS PHOTOS - SEE ORIGINAL
ORDINANCE FILE
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