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Home My WebLink About820415.tiff AR1900262 ORDINANCE NO. 109 AN EMERGENCY ORDINANCE RELATING TO THE ISSUANCE ec OF INDUSTRIAL DEVELOPMENT REVENUE BONDS UNDER THE PROVISIONS OF THE COLORADO COUNTY AND MUNICIPAL- ITY DEVELOPMENT REVENUE BOND ACT; PROVIDING FOR " THE ISSUANCE AND SALE OF WELD COUNTY, COLORADO, INDUSTRIAL DEVELOPMENT REVENUE BONDS (TENTH o3 STREET INVESTORS PROJECT) SERIES 1982 , IN THE PRINCIPAL AMOUNT OF $2,500 ,000 FOR THE PURPOSE OF LOANING FUNDS TO THE TENTH STREET INVESTORS TO FINANCE THE ACQUISITION, CONSTRUCTION , IMPROVING AND EQUIPPING OF A COMMERCIAL OFFICE BUILDING CONSTITUTING A PROJECT UNDER THE ACT IN WELD '` COUNTY, COLORADO; APPROVING AND AUTHORIZING THE EXECUTION OF A LOAN AGREEMENT BETWEEN THE TENTH ^s STREET INVESTORS AND THE COUNTY AND AN INDENTURE OF TRUST BETWEEN THE COUNTY AND A TRUSTEE; AUTHO- ” RIZING THE PREPARATION AND EXECUTION OF CERTAIN RELATED DOCUMENTS AND INSTRUMENTS ; AND RELATED MATTERS. NW as BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF WELD hi COUNTY, COLORADO: C'i1 ^z Section 1. Recitals . T.z Yr A. The County of Weld, Colorado (the "County" ) , de- o cc r sires to provide , promote and stimulate commerce and develop y u i Nm trade and other economic activity within the County; and n,U7 ,-_ B. Pursuant to the provisions of the County and Munici- pality Development Revenue Bond Act, §29-3-101 , et seq. , Colo- rado Revised Statutes 1973 , as amended (the "Act" ) , the County is authorized to issue industrial development revenue bonds and to loan the proceeds therefrom to a group of individuals 820415 7 2 comprised of Harry Asmus, Sara Asmus, Margaret Ann Clemons , o Norman Dean, Bonnie Dean, Tom Rapp, William L. West and Jerry D. Winters, also known as the Tenth Street Investors (the v 3 "Company" ) to finance the acquisition, construction , improving and equipping of certain facilities which constitute a cc c "project" under the Act; and c C. The Company desires to obtain the funds to acquire , • .6 a � construct, improve and equip a commercial office building (the Ca _I "Project") by borrowing funds from the County in the principal H amount of $2,500 ,000 and promising to repay the County pursuant ti _ COi- 0 to a Loan Agreement dated as of July 15 , 1982 (the "Loan Agree- ey ment") by and between the County and the Company, said loan to C-4LL z be secured by an irrevocable letter of credit from Wells Fargo az Bank, National Association; and CC Z D. It is hereby found and determined that the County n will issue its Industrial Development Revenue Bonds (Tenth :y Street Investors Project) Series 1982 (the "Series 1982 Bonds" ) in the principal amount of $2,500 ,000 pursuant to an Indenture of Trust dated as of July 15 , 1982 (the "Indenture" ) by and between the County and Wells Fargo Bank, National Association , as trustee (the "Trustee" ) , and that the proceeds therefrom will be used in accordance with the provisions of the Loan Agreement and the Indenture; and 3 E. It is hereby found and determined that financing the Project will promote the public health , welfare , safety, con- e a venience and prosperity of the County and its inhabitants by 0 providing , promoting and stimulating commerce and developing o trade and other economic activity within the County; and 3 F. There have been presented to the Board of County o EL- Q Commissioners the proposed forms of Loan Agreement, Indenture s o and Bond Purchase Agreement (as hereinafter defined) , all in Pr% re connection with the Series 1982 Bonds; and G. It is necessary to provide for the issuance and sale of of the Series 1982 Bonds and to authorize the execution and Paz E3 preparation of all documents , instruments and acts necessary in connection therewith. 7 ft H. This is an emergency Ordinance which shall be effec- z tive immediately upon its passage and adoption, as provided in Section 3-14 of the Home Rule Charter for the County. Public -_ notice shall be given forthwith . Without such procedure , the 1 N. Nri b' ti referendum period following the approval of the financing of at _ the Project by the County under its Home Rule Charter would not end until the latter part of September 1982 . Given the vola- tility of the bond market , the financing of the Project might not be feasible at such time and would , therefore , be jeopar- dized if the emergency ordinance procedure is not utilized. It is found and determined that the Project will help to spur the 4 economy of the County and provide needed office space such that this emergency Ordinance is the appropriate and desired means to authorize the financing of the Project. cs Section 2. Findings and Determinations . The Board of - eo County Commissioners hereby finds and determines that (a) the e ,_ amounts necessary to pay the principal of and interest on the 0 c y Series 1982 Bonds in each year are as set forth in Exhibit A w hereto and incorporated herein by reference; (b) it is not deemed necessary or advisable to establish any reserve funds in c ` connection with the retirement of the Series 1982 Bonds or the o t.! maintenance of the Project; (c) since the Loan Agreement pro- x c z vides that the Company shall maintain the Project and carry all proper insurance with respect thereto, no determination of the iti estimated cost of maintaining the Project in good repair and v keeping it properly insured needs to be made; and (d) the z Tz revenues of the Company from the operation of the Project are 0. sufficient to pay any taxes or amounts , if any, in lieu of z taxes required of the Company by the Act. s• 4r Section 3. Approval of and Authorization for Issuance of LL the Series 1982 Bonds . The County' s Industrial Development Revenue Bonds (Tenth Street Investors Project) Series 1982 , shall be dated July 15 , 1982 , and shall be issued in the principal amount of $2 ,500 ,000 . The Series 1982 Bonds shall mature on August 15 , 2012 , and shall bear interest at a rate 5 per annum equal to 68% of the prime rate of Wells Fargo Bank , c National Association or its successors . Such prime rate for U each applicable period shall be determined in the manner set forth in the Indenture; provided , however , that the interest 3 rate shall never exceed 25% per annum nor be less than 7% per to annum. The Series 1982 Bonds shall be issued substantially in o the form and with substantially the content set forth in the w Indenture, and such issuance is in all respects approved, s authorized and confirmed , and the Chairman or Chairman Pro Tem o of the Board of County Commissioners and the County Clerk or cA z the Deputy County Clerk are hereby authorized and directed to e. execute and seal the Series 1982 Bonds in the manner provided -a in the Indenture and to deliver them to the purchaser herein- 21 after designated for and on behalf of the County, and upon receipt of the purchase price to deposit the proceeds thereof cc r_ with the Trustee in the manner provided by the Indenture . The b. t Series 1982 Bonds shall be issuable as fully registered bonds -L or as coupon bonds in the denomination of $5 ,000 or any in- tegral multiple thereof , and the Series 1982 Bonds shall be issued originally as a single fully-registered Bond in the denomination of $2,500 ,000 and designated R-1 . The principal of and interest on the Series 1982 Bonds shall be payable at the place and be subject to the terms of redemption, including mandatory sinking fund redemption, and the Series 1982 Bonds 6 0o `. shall be executed , as set forth in the Indenture , which pay- 6 ments include monthly payment of interest commencing on Septem- 3 ber 15 , 1982. The Series 1982 Bonds shall never constitute an or- indebtedness of the County within the meaning of any provision cc or limitation of the Colorado Constitution or statutes , and c shall not constitute or give rise to a pecuniary liability of ,c; x the County or any of its officers, employees or agents , or a N charge against the general credit or taxing powers of the `'` r County. The Series 1982 Bonds are not general obligations, but Lii CO are special, limited obligations of the County, payable solely out of the revenues derived under the Loan Agreement and the wri U- n z Indenture. a C o Section 4 . Authorization of the Sale of the Series 1982 EJ Bonds and Approval of the Bond Purchase Agreement. The forms , ti = terms and provisions of the Bond Purchase Agreement (the "Bond o Purchase Agreement") between the County, the Company , Wells Fargo Bank, National Association and Merrill Lynch , Pierce , Fenner & Smith Incorporated (the "Purchaser") are hereby approved, and the County shall enter into the Bond Purchase Agreement substantially in the form of such document hereby approved , but with such changes therein as the officers of the County executing such document shall approve , their execution thereof being deemed conclusive of their approval of any such changes ; and the Chairman or Chairman Pro Tem of the Board of County Commissioners is hereby authorized and directed to 7 execute and deliver such document and the County Clerk or Deputy Clerk of the County is hereby authorized and directed to a affix the seal of the County to, and to attest, such document o 3 '= in substantially the form of such document hereby approved. Section 5. Approval and Authorization of Loan Agreement. u C.C The forms, terms and provisions of the Loan Agreement are here- u Y by approved, and the County shall enter into the Loan Agreement cam substantially in the form of such document hereby approved but cz with such changes therein as the officers of the County exe- CO s cuting such document shall approve , their execution thereof h. being deemed conclusive of their approval of any such changes; 4-7) z and the Chairman or Chairman Pro Tem of the Board of County az Commissioners is hereby authorized and directed to execute and s t deliver such document and the County Clerk or Deputy Clerk of ti the County is hereby authorized and directed to affix the seal o L tti of the County to, and to attest, such document in substantially the form of such document hereby approved. Section 6 . Approval and Authorization of Indenture of Trust. The forms , terms and provisions of the Indenture are hereby approved , and the County shall enter into the Indenture substantially in the form of such document hereby approved but with such changes therein as the officers of the County exe- cuting such document shall approve , their execution thereof being deemed conclusive of their approval of any such changes; 8 co and the Chairman or Chairman Pro Tem of the Board of County 0 Commissioners is hereby authorized and directed to execute and deliver such document and the County Clerk or Deputy Clerk of ow ors the County is hereby authorized and directed to affix the seal G = * !7.-:1 of the County to, and to attest, such document in substantially the form of such document hereby approved. Lu Section 7 . Further Authority. The Chairman or Chairman x Pro Tem of the Board of County Commissioners and the County E Clerk and Deputy Clerk and other proper County officials , and CZ u.; each of them, are hereby authorized to execute and deliver for v and on behalf of the County any and all additional certifi- 1; Zo cates , documents and other papers and to perform all other acts o z they may deem necessary or appropriate in order to implement and carry out the matters herein authorized. CC £ Section 8. Severability. If any provision of this Ordi- ri nance shall be held invalid, the invalidity of such provision o = shall not affect any of the other provisions of this Ordinance. Section 9 . Declaration of Emergency. The Board of County Commissioners of Weld County, Colorado, pursuant to Section 3-14 (6) of the Home Rule Charter for Weld County, does hereby declare , for the reasons hereinabove set forth , that this Ordi- nance is to be an emergency ordinance under such provisions of the Home Rule Charter for Weld County. 9 The above and foregoing Ordinance No. 109 was , on motion M- O c , duly made and seconded , adopted by the following vote on the oa. C 11th day of August 1982. co w BOARD OF COUNTY COMMISSINOERS WELD COUNTY, COLORADO i / o / //// fi., L �� ..�`.. .sri f [ r hairman, John T. Martin c `= Attest: . Weld County erk and (1.-:" - -1Q-- -12-- - ix o Y Recorder a,nd the B,'ard Chuck CarPro Tern C.4 < CO LI s Norman Carlson o s ix w w i r' � W K i r y m z J n K. Steinmar 7 .4".''Ji? ' L 0 :3- 46/ r Lii KIC C lelmlootp . TO FORM: j.-17.;4-7.---s-r.-- Sc)-72CoeLD ,_ County Attorney DATE PRESENTED: August 11, 1982 PUBLISHED: August 19 , 1982 , in the La Salle Leader 10 c _ r: 0 0 0 9 EXHIBIT A Debt Service Schedule a- Date Total V ; (August 15) Principal Interest* Debt Service c x tre, s 1983 $ 25 ,000 $677 ,083 .33 $702,083 .33 1984 25,000 618 ,750.00 643 ,750 .00 ca N 7 1985 30 ,000 612,500 .00 642,500 .00 �, 7 1986 35,000 605 ,000 .00 640 ,000 .00 `- Li 1987 40 ,000 596,250 .00 636 ,250 .00 ~ ` 1988 50,000 586 ,250 .00 636 ,250 .00 • c 1989 60 ,000 573,750 .00 633,750 .00 -- 1990 70,000 558 ,750.00 628 ,750.00 L 1991 80 ,000 541,250 .00 621 ,250 .00 0 1992 90,000 521 ,250 .00 611 ,250 .00 z 1993 . 100 ,000 498 ,750 .00 598 ,750 .00 V 1994 100,000 473,750.00 573 ,750 .00 r 1995 100 ,000 448 ,750 .00 548 ,750 .00 - c 1996 100 ,000 423 ,750 .00 523 ,750 . 00 1997 100 ,000 398 ,750 .00 498 ,750 .00 1998 100 ,000 373 ,750 .00 473 ,750 .00 .m .m 1999 100 ,000 348 ,750 .00 448 ,750 .00 2000 100,000 323 ,750 .00 423 ,750 .00 "" - 2001 100 ,000 298 ,750 .00 398 ,750 .00 2002 100,000 273 ,750 .00 373 ,750 .00 2003 100 ,000 248 ,750 .00 348 ,750 .00 2004 100,000 223 ,750 .00 323 ,750 .00 2005 100 ,000 198 ,750 .00 298 ,750 .00 2006 100 ,000 173 ,750 .00 273 ,750 .00 2007 100 ,000 148 ,750 .00 248 ,750 .00 2008 100 ,000 123 ,750.00 223 ,750 .00 2009 100 ,000 98 ,750 .00 198 ,750 .00 2010 100 ,000 73,750 .00 173 ,750 .00 2011 100 ,000 48 ,750 .00 148 ,750 .00 2012 95,000 23, 750 .00 118 ,750 .00 *Assuming the maximum allowable rate of 25% and that the Series 1982 Bonds bear interest from July 15 , 1982 . fA OFFICE OF WELD COUNTY CLERK AND RECORDER DEPARTMENT OF CLERK TO BOARD / O PHONE (303) 356-4000 EXT. 223 P.O. BOX 459 GREELEY, COLORADO 80631 OLORADO August 24 , 1982 Kutak Rock & Huie 707 17th Street Denver, CO 80202 Attention: Dan Omera Dear Mr. Omera: Enclosed please find the documents requested this date as follows: 1) Affidavit - Ordinance No. 109 2) Ordinance No. 109 3) Minutes - August 11, 1982 4) Resolution - January 27 , 1982 5) Minutes - January 27 , 1982 The certifications are attached to each document. If we can be of further assistance in this matter, please do not hesitate to contact us . Sincerely, BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO BY : MARY ANN FEUERSTEIN WELD COUNTY CLERK AND RECORDER AND CLERK TO THE BOARD Bette M. Foose, Deputy bf "06"M'^f• ®'u�' i"nn;mss I. .1 San TN ,y", A' t :W .., v t9 Es ANi[ ,b ., tit swo• T l} U '^y�� +� • 'd , s fALt4'lt ANO'A D ' A a 4 IB ITO jRNRD BY tHR ROA ", III 'IBI Dlr CO1N1tY,COLORADOO, SIIIM BMlon 1.Recitals. ... . _. . . A.TM Comity of Wild,Colorado(the"County"),desires to mogjele, proniete and stimulate commerce and Develop ,rage RISE Sier ea semc activity within the County;and .. B.Pursuant to the previsi n. if the t qg Development Revenue Bend Act,$11194,101,0 Wet.,Colorado Sttus OM miame ded(the"Act"),the Coonlyhya(hilfzeptf}1, �el development revenge bends and to leen the ME le a p of ledlvidahComprised of Harry Agree* Nva group Ares.Mergam Clemons.Ann Clems,Norman Deed, Mehl DIMS7'am Rapp,WINam L.West end Jerry 0.Wintae,Afee Mem ae the Meat Investors (ten Compansyy'') td, tin awl the aaBdy�aR„ eenstrucnen, Improving a eqSfl sg M oeatein MSS tWk. mieslltute a"project"undid the Acts ad C.The Company desire,s obtain she funds to.igalry,ee.S_.J, improve and equip a commercial Once bending(Meg'W e{wf"? borrowing funds from the Canny h ten principal amount . lad promising repa to Mali the Mate pursuentto a Lean' alp of July 15,1mi2(the"Liao Agreement")by dad between Ilea and the Company,add leen to be seamed by altlerielinale NNW a1 credit from Wells Pinto Bank,Nelte nl AssechNe,;and O.It is hereby found and deMlnhed that NeYounty.511 Inge lie industrial Development Revenue Bends (Sent, Street 111v tae Project)Series 1912(the"Series 1911 Bing")in Mifladpplailmopit et suet*pursuant Than indents,of Trust MS es it July 1Itl (1M"Indenture")by and between the County and Wage prga..Da�,. Naked.Association,as trustee(ten"Trustee"),and that the MOM therefrom will be used in accordance with the prevhnne ef the Is Agreement and the Indenture,and B.It is hereby found and determined that financing tie Prejeen e promote the public health,welfare,safety,convenience and protpdpRy,.. ofi lii County and. Its inhabitants by providing,.pnet ang.,dad tine commerce and developing trade and other a amnk acivity within the County;and' .. P.There have been presented to the Board of County Ceenrrrisstenam the proposed forms of Loan Agreement,Indenter,and tent Malign %r Agreement(as hereinafter defined),all In eennectmB Mt the Mess Bends;and {,Itg tosand necessary a provide for the alien a ognd �. NIS goons and to to pwrW the Issuance add :h demmentn,Instruments and acts ddeWisry kV N. This is an emergency H Which shah be efsaBW immediately upon Its passage and ancehe Main 1Al of the Home Rule Charter for ten Coen*'as , s lt be Ierehwith.Without such procedure,th►refereed approval ef the financing often Project bythe CeasMy Rots Charter would not end until the latterpart 0 - Given the yaatility of the hoed market,the nuncios ef the weight not�Maeaasible at such time and would,therefore,be IWM eh� Msrmleedthatfheprojen witch.*nao q�7l4Y Pa A' aadprovide needed office space such that toes emergency - the appropriate and desired means to al/ rize tho the fkyncing.el tee. ►relect. .._ fiction 2. Findings and Determinations. The Board of commissioners.hereby finds and determines mat (a}the necessary to pay the principal of andieterest on*elides 19S2 Mega in each year are as set forth in Exhibit A hereto and o rggorMated ry herein by reference; (b) it is not deemed necessa or WN(ahle to. estalish any reserve funds in amnesties with the retirement of the' Series 1982 Bonds or the maintenanceof the Project;(c)atocethe Lean Agreement provides that the Company shall maintain the Prefect and carry all proper insurance with rennet thereto,no determination of the animated costa maintaining the Project in good repair el dkeeeing it progeny insured needs to be made; and (d) the revenues if th Company from the operation of the project are sutticiat to paY any taw or amounts,if ally,In lieu of taxes required ef the Company by the act. Section D.Approves of and Authorisation for Issuance el the Series' Ices Bonds. The County's Industrial Revaegnent Revenue Bondi (Tam *reel investors Project) ROAM 19es,shelf bit OW AM 16. Mb and shah he Issued la the AMNION amount of-Slabillit The Sarkis 190 Bonds shall mature W August 15, 2t12,and Mau bar Interest at a rate par annum equal to WS of the Prime rata et Wilts Parge Bank,National Aisedatla a'lb eucceesers.Suck pine rah for can Migrate fowled shad be determined to the manna at forth In BM inde turetatrev did,however,that the Intermit roan Snail neverexceed shall per annum ear Be less than 7%perann The Bones itet theaH��NM,tea cal is in ail Bonds content he fade ht r8s ahtpeap f e err rented*IMProved, et and,a�CWRkmetyip,and 1M Ilmn.or Cos Coppmtestroorceed on �a y Ct ewe C 0 ate ..0 h to and ptatnto IIIi,$iM ties Beads is .m n e. . +.s fed hepi,to #b Ihleill tie: r ee fog fob, the of et.1M,dn see deelgats„E tut. 'nit r fig `. - mxMBlx A 4lbt See ,tee 1 , , q- r' 151 4inoipal Interest*' b 1 1983 $ 25,000 $677,083,33 $20,0441110•101 " 1984 25,000 618,750 00 6013,7 ***1 1985 30,000 6120500 000 ,s420 $8044t 1986 35,000 605,001:00. ;�6540,0 At , 1997 40,000 596,250 00 X6360 . - • 1988 50,000 5815-,25110-00-0:44,-:,- 3E ''.. 3.989 90,000 571,750-00 633,. a '' 1990 70,000 558,,150 0d 20, 1991 80,000 5,41.250 Dot 621. %' 1992 40,000 521,250.,00 0}2, 1993 100,000 498,.750.00�- 598- �. 1994 100,000 t 1995 100,000 448 473y750 00 ', ' `5 ° 750,00=« ? 541,'7 1996 100,000 423„750.00 5l3-.7 `." S ,,. . tati 1710,Db0 ,Mr.0u 1 ' 1998 100,000 375.,750 00 ;s R ti 14, ,' 2999 100,000 34140$1100,0" *�rimy 2000 10 0.000 �" " 323075 0t e.'w, 3001 100,0760 2§8,750.00 , y> „, k °_`x. -312 100,400 2730750.00 t 3 75 . ,, 2003 100,000 2482 2004 100,000 223 `!50, 0: } ' 3 ,145 2005 100,000 198e 0D ,-+'2006 100,000 17305040, 7 2 t7548;100 • 07 1000000 148150 00 ' ,'T5 lisS 100,000 123,,,'1104440"?)0 t. 22 9 100,000 98 750400441- 1 o 10 100,000 73 ?130 00 Al ,x]012 95,0004611 too;no* 2 50` . 4. *4i0VmjRngg the maximum allowable rate ot` 251 and tha!' the 11141 101. "02,40t Bonds bear interest.from July 15, 1982. W Page 16 LA SAL{p' ,LEADER August 19. 1982 Affidavit of Publication interest on Me Series 1 " cis shall be payable at the pace and be subject to the terms of ption,including mandatory sinking fund redemptip4 and Series nds shill be executed,as set forth in the Indenture, which pay include monthly payment-of I commencing on Septem 5,1982.The Series 1982 Bonds shall never STATE OF COLORADO, 1 ss constitute an indebted —,of .of the County within the meaning of any provision or limitation -. a Colorado Constitution or statutes, and County of Weld. shall not constitute or g e to a pecuniary liability of Me County or any of its of titers,empl or agents,or a charge against Me general / v credit or taxing power e County.The Series 1982 Bonds are not I, /'1��CC� . /�� / of general obligations,be :special,limited obligations of the County, L J=/f" • payable solely out of enues derived under Me Lean Agreement said County of Weld. being duly sworn, sty that and the Ir 4. Authorize '- Section 4. Authorize _tot the Sale of the Series 1982 Bonds and I am pubsher of Approval Of the Bond hale Agreement. The (onus, terms and provisions of the Bon chase Agreement (the "Bond Purchase J277/��_. CZ -�� Agreement") between County,the Company, Wells Pargo Sank, ../tn/ V National Association Merrill Lynch, Pierce, Fenner & Smith that the same is a weekly newspaper of general Incorporated(Me"Per. er� )are hereby approved,and the County shall enter into the Bond chase Agreement substantially in the form circulation and printed,.and published in the Of such document here- roved,but with such changes therein as ,„5,./Z. ' '' Me officers of the Count utin such document shall approve,their town of -_ l�.-� ..E._ execution thereof bean -med conclusive of their approval of any in said county and state; that the notice cr adver such changes;and the an or Chairman Pro Tem of the Beard of bsemen:, of which the annexed is a true copy, County Commissioners eby authorized and directed to execute and deliver such datum d the County Clerk or Deputy Clerk of the bs been published in said weekly newspaper County is hereby author and directed to affix the seal of the County / to,and to attest, such:. ument in substantially the form Of such for - .__.. _.__ consecutive document hereby app ` weeks- that the notice was published in the Section 5. Approval ' ;Authorization of Loan Agreement. The forms, terms and pro s of the Loan Agreement are hereby • regular and entire issue of every number of said approved, and the C shall enter info the Loan Agreement substantially in the fond such document hereby approved but with newspaper during the period and time of pubic- such changes therein Me officers of the County executing such • cation of said notice and in the newspaper document shall appro ',their execution thereof being deemed proper and not in a supplement thereof; ,hat the conclusive of their appr of any such changes;and the Chairman or . • Chairman Pro Tem of Heard of County Commissioners is hereby first publication of said notice was contained in authorized and directed ecute and deliver such document and the the Issue of said newspaper bear:nq date. the County Clerk or Deputy, k of the County is hereby authorized and 2 // directed to affix the sea e County to,and to attest,such document / //7. day of -_/Zit L`(GZ2 , A.D., 19.S✓2 in substantially the for such document hereby approved. and the last publican thereof, in the issue a: Section 6. Approval Authorization of Indenture of Trust. The �) forms,terms and provis of the indenture are hereby approved,and said newspaper bearing date, the ../ . day ct the County shall enter he Indenture substantially in the form of > such document hereby sieved but with such changes therein as the zizZei esIX __- , l9✓(�-g that the said officers of the County ting such document shall approve, their execution thereof being e med conclusive of their approval of any such changes;and the man or chairman.Pro Tem of the Board j ( of County Commissioners.. hereby authorized and directed to execute _.� L- i�C��t' and deliver such documor file the County Clerk or Deputy Clerk of the has been published continuously and uninlertupt. County is hereby andauth directed to affix the seal of the County to,and to attest, such' ment in substantially the form of such ed'y during the period of at least fifty-two con. document hereby appr secutive weeks next prior to the first issue thereof Section 7.Further Autkel*fy.The Chairman or Chairman Pro Tem of the board of County Cosioners and the County Clerk and Deputy containing said notice or advertisement above Clerk and other proper ty officials,and each of them,are hereby referred to: and that said newspaper was at the authorized to execute a e liver for and on behalf of the County any and all additional cer es, documents and other papers and to time of each of the publications of said notice, perform all other acts, may deem necessary or appropriate in duly qualified for that purpose within the mean. order to implement and- , ry out the meters herein authorized. tog of an act. entitled, "An Act Concerning Legal Section 8. Severabilify, any provision of this Ordinance shall be held invalid,the invalidity` such provision shall not affect any of the Notices, Advertisements and Publications, and other provisions of this'Qlginance. the Fees of Printers and Publishers thereof, and Section 9. Declarati{lian f Emergency. The Board of County Commissioners of Weld Canty,Colorado,pursuant to Section 3.14(61 of to Repeal all Acts and Parts of Acts in Conflict the Home Rule Charter fotweld County,does hereby declare,for the with the Provisions of this Act," approved April 7. reasons hereinabove rth, that this Ordinance is to be an emergency ordinance u _such provisions of the Home Rule Charter 1921. and all amendments thereof, and portico- for Weld County. t larly as amended by an act approved, March 30, The above and forego' dinence No.log was,on motion duly made ,l and seconded,adopted a following vote on the 11th day of gust lri 1923, and an act approved May 18, 1931. 1982- J � • � r +` BOARD OF COUNTY COMMISSIONERS Q,Gi�/' ,/' r _ WELD COUNTY,COLORADO ublisher John T.Martin^ " f Chairman,John T.Martin Subscribed and sworn to before me this ratl -,. r ._ Attest: Mary Ann Feue(_glNn .. day of L. —'_-`--�ltf<-E AD 19__ Weld County Clerk antl Chuck Carlson Recorder and Clerk • Chuck Carlson,Pro Tem r ,y# To the Board _ �<� l�< .(__ �_�('�/L.�'-LC By Jeanette Sears Normal t rlsoa // �� Norman Carlson My commission expire —L7 • C.W.Kirby C Notary Public June K.Stteiei nmmarkark June K.Steinmark APPROVED AS TO FORM: Thomas O. David County Attorney DATE PRESENTED: Aggast 11, 1982 'n. Published in the La Sage Leader Thursday, August 11, 1982. ORDINANCE NO.109 AN EMERGENCY ORDINANCr `SATING TO THE ISSUANCE OF INDUSTRIAL DEVELOPMEN :VENUE BONDS UNDER THE PROVISIONS OF THE COLOR As...COUNTY AND MUNICIPALITY DEVELOPMENT REVENUE BOND ACT; PROVIDING FOR THE ISSUANCE AND SALE OF WELD COUNTY, COLORADO, INDUS- TRIAL DEVELOPMENT REVENUE BONDS (TENTH STREET INVESTORS PROJECT) SERIES 1982, IN THE PRINCIPAL AMOUNT OF$2,500030 FOR THE PURPOSE OF LOANING FUNDS TO THE TENTH- ST.REET INVESTOR) TO FINANCE THE • ��peaa ACQUISITION, cossmicytoN, IMPROytNG AI DIPPING Affidavit of Publication OF A^COMMERCIA PFICE 'BUIL G CO TING A PROJECT UNDER THE ACT IN WELD COUNTY, ORADO; APPROVING AND AUTHORIZING THE EXECUTION OF A LOAN AGREEMENT BETWEEN THE TENTIAVREA,TBNVESTORY AND: THE COUNTY AND AN INDENTURE OF MUST' BETWEEN THE STATE OF COLORADO, COUNTY AND A TRUSTEE; AUTHORIZING THE PREPARATION 55. ,AT- AND EXECUTION OF'CERTAIN ELED'.DOC�lMENTS'AND County of Weld. 7INSTRUMENTS; AND RELATEDeATTEkRS. . • . BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS i Pa,l i✓4 ri-s 'Q- _.. _ of OF WELD COUNTY,COLORADO: t Section 1. Recitals. .-- said County of Weld. being duly sworn, say that I am publisher of A.The County of Weld,Colorado(the"County"),desires to provide, , �J a �d ,c.Y.` 1 promote and stimulate commerce and develop trade and other Ls A.Sc(,S I t'e O economic activity Within the County; and .... B. Pursuant to the provisions of the County and Municipality That the same is weekly newspaper of genera: Development Revenue Bond Act,5529.3-101,et seq.,Colorado Revised Statutes 1973,as amended(the"Act"),the County Is authorized to Issue circulation and printed and published in the industrial development revenue bonds and to loan the proceeds therefrom to a group of individuals comprised of Harry Asmus,Sara town of __.. x�..�g..�..��- - Asmus, Margaret Ann Clemons, Norman Dean, Bonnie Dean, Tom In said county and state: that the notice cr odver- Rapp,William L.West and Jerry D.Winters,also known as the Tenth • Street Investors (the "Company") to finance the acquisition, tisement, of which the annexed is a true copy. construction, improving and equipping of certain facilities which has been published in said weekly newspaper constitute a "project" under the Act; and rt C.ohe equip desires to obtain the funds to acquire, ect y for _.___. _._ _ _. / consecutive improve and equip a the ty)office buildingindl (the"Project") by weeks: that the notice was published in the and pro g funds from the County in the rs nt o amount of$2,Agreement 00,000 dated and promising to repay the County pursuant to a Loan Agreement dated regular and entire issue of every number of said as of July 15,1982(the"Loan Agreement")by and between Me County newspaper during the period and time of pualo- and the Company,said loan to be secured by an irrevocable letter of credit from Wells Fargo Bank, National Association;and cation of said notice and in the newspaper D. It is hereby found and determined that the County will issue its . Industrial Development Revenue Bonds (Tenth Street Investors proper and not m a supplement thereof; .hat the Project)Series 1982(the"Series 1982 Bonds")in the principal amount • first publication of said notice was contained :r. of$2,500,000 pursuant to an Indenture of Trust dated as of July 15,1982 the issue of said newspaper :eating date th, (the"Indenture")by and between the County and Wells Fargo Bank, /G, �n/ x� National Association,as trustee(the"Trustee"),and that the proceeds /f day of .4 K -/ - A.G.. 13.14- therefrom will be used in accordance with the provisions of the Loan Agreement and the Indenture; and and the last publicoricn thereof. in the issue o: E.It is hereby found and determined that financing the Project will said newspaper bearing date, the .../1 day of promote the publichealth,welfare,safety,convenience and prosperity • of the County and its inhabitants by providing, promoting and 0"'; that the soia stimulating commerce and developing trade and other economic ---""' a -'-' 19 activity within the County; and F.There have been presented to the Board of County Commissioners S 1+ 1 the proposed forms of Loan Agreement,Indenture and Bond Purchase A 1. J E 8�-t-f.`i-r-. 4:' v s ' Agreement(as hereinafter defined),all in connection with the Series 1982 Bonds; and has been published continuously and uninterrupt- G.It is necessary to provide for the issuance and sale of the Series' edjy during the period of at least fifty-two con- 1982 Bonds and to authorize the execution and preparation of all documents,instruments and acts necessary in connection therewith. secuhve weeks net prior to the first issue thereof H. This is an emergency Ordinance which shall be effective containing said notice or advertisement above immediately upon its passage and adoption,as provided in Section 3-19 of the Home Rule Charter for the County.Public notice shall be given referred to: and that said newspaper was at the forthwith.Without such procedure,the referendum period following the time of each of the publications of said notice, approval of the financing of the Project by the County under its Home duly qualified for that purpose within the mean- Rule Charter would not end until the latter part of September 1982. Given the volatility of the bond market,the financing of the Project ing of an act. entitled, "An Act Concerning Legal might not be feasible at such time and would,therefore,be jeopardized Notices, Advertisements and Publications, and if the emergency ordinance procedure is not utilized. It is found and the Fees of Printers and Publishers thereof. and determined thatihe Project will help to spur the economy of the County and provide needed office space such that this emergency Ordinance is to Repeal all Acts and Parts of Acts in Conflict the appropriate and desired means to authorize the financing of the April 7. Project. with the Provisions of this Act." approved P Section 2. Findings and Determinations. The Board of County 1921, and all amendments thereof, and portico- Commissioners hereby finds and determines that (a) me amounts lady as amended by an act approved, March 30 necessary to pay the principal of and interest on the Series 1982 Bonds in each year are as set forth in Exhibit A hereto and incorporated 1923, and an act approved May 1 , 1931. herein by reference; (b) it is not deemed necessary or advisable to establish any reserve funds in connection with the retirement of the Series 1982 Bonds or the maintenance of the Project;(c)since the Loan Y/'�e ;ALA Agreement provides that the Company shall maintain the Project and carry all proper insurance with respect thereto,no determination of the P er estimated cost of maintaining the Project in good repair and keeping it properly insured needs to be made; and (d) the revenues of the Subscribed and Worn to before me this _ 4...... Company from the operation of the Project are sufficient to pay any l,, taxes or amounts,if any,in lieu of taxes required of Me Company by the day of z2/7,_ ..____. . A.D.. -t9 Act. Section 3.Approval of and Authorization for Issuance of the Series it 1982 Bonds. The County's Industrial Development Revenue Bonds S- L u / e—/-7 (Tenth Street Investors Project) Series 1982,shall be dated July 15, {�_C___- f� / 1982, and shall be issued in the principal amount of $2,500,000. The shall Series 1982 Bonds shall mature on August 15, 2012, and shall bear //— ,—.41,,C' interest at a rate per annum equal to 68% of the prime rate of Wells My c es ommisio2 expir --_ Fargo Bank,National Association or its successors.Such prime rate for Notary Public each applicable period shall be determined in the manner set forth in the Indentured provided, however,that the interest rate shall never exceed 25%per annum nor be less than 7%per annum.The Series 1982 Bonds shall be issued substantially in the form and with substantially the content set forth In the Indenture, and such issuance is in all respects approved,authorized and confirmed, and Me Chairman or Chairman Pro Tem of the Board of County Commissioners and the County Clerk or the Deputy County Clerk are hereby authorized and directed'M ekecute and seal Me Series 1982 Bonds in the manner provided in the Indenture and to deliver them to the purchaser ' herinafter designated for and on behalf of the County,and upgoj'eceipt,. of the purchase price to deposit the proceeds thereof with the Trustee In the manner provided by the Indenture.The Series 1982 Boggs shall be issuable as fully registered bonds or as coupon bofTds in the — ---- Wetloi0 Milton of 65,000 or any Integral multiple thereof,and the Series 9.1MBEands shall be issued originally as a single fully-registered Bond in the UenomiBNion of$2,500,000 and designated R-1.The principal of and 4r W nnr$ _ ✓aN/Ua°("'..a h1. ieR Ati... ', df eb v-we y*^ 'S ;3... ^aib+yavae-arrwmAAy .my-+Ma 1 r4'.'..a.#�M.#sS*¢ak.Ya+.Ly`vV-:ti. aSk-sr ••-..9a tt.L. .. er®.aeae NeAa y.ys. : flit Meet is e.rtal iare►•ya R (4140tairit InpanaMaild A Weds ttlt_Lie arailt.fa tar limn laps ad prailain oh Waal as Siva* S r Cana sail Sr' tat, •""-a.` •. ' oasnal YRyis IMeersec Pan dean ip.kMl'ManY ' - M**..dd ..:, .n, :Tea or na w AMMO p • y ,� :.. 1r. salb*away� ' * �tlae to Mann �, wweAoe tit s'Mevie an n�a <� ". .aincwsit.wCury�a itop .. ,..fir r atCweb<ewmlW nli Pinkly _ ■e. Ur ewe 4.sr-1 a..kiYeuet.nt - M ." Atte Tes.stfAe" trainerth Pr. W e, e� may duet usasardoevnialsreag y£AP..e�lac �l �� fit& ty.11.r7 r of aspen provision daft Ra ay*s ' �IN:OftlPoilfCl.. f '£f n''n 112 west-as,°'wy+' lye WPM wend.due. '* r irlk. MO this pick Walston Oaf - ,C 1i0R�a' ►• nM •^R.M. . Why on Me tut rs,AMest': �•: 1 H .Ac. y ` . DOARD ORCOUNTY IORERA? r - ' Ant T.MMtln' ,Chairman.Jack?.Martin `-'_ ¢ .t. '. ieyF�'t S Ry¢�,,,„ f t `i ntl�y rC a is „ . Y: _ ' IS' IIAer Taeru$y, it 6 mil. m 41 9¢ `a P �SxF S T �v`.MtQ1gR-3 =y. .M ,?7,'-'[,6en.... 0.4, -: )...4-4, .•; F«v+�lx"9e..„, +n -- rt yqy� sJ'��a '" r r � At.y§z" All ` Q"�,Q' a ."a; fia"�. ff . s ._ ,. F;„ i�.<} _ , P Y 'C. F n nit P• .4_q 6 "' y. -4'4 4.s .,:' 106.000 4. 50 h• x 1c 15 473,730. , X46kgs73 �. 100.000 . T. 750 ,. E" 7 100.000 398.75be. ' 750 100.000 750 30 008 ,' 100, X93,750 00 100,0000 T X173 750> fir y r "` ° 03 100.000 248} 0 .... ". 0 •100,000 223, 50 4 2004 100.000 108 50. 1"� 0005 100.000 5000 '� d 100.000 3.48,.50.x9 a , x ,. , . 8 100.000- 193,750.1 ".r ,� ,. ` 1. 100,900 . , 90 50 3 + 0,0 73F�`05i1 I. ""I,.� ` ..100.0 0 4110 50. a. �a t 1 95.800 23x750 ' ' ��. J. ':! -', "` roc. a i the maximum a11o�+able rate mt• 251 nds bear interest fray July 15, 1982• :. ., , s Hello