HomeMy WebLinkAbout810396.tiff RESOLUTION
RE: WAIVER OF MORTGAGE BOND SERVICE AND SALE AGREEMENT PROVISION
WHEREAS, the Board of County Commissioners of Weld County,
Colorado, pursuant to Colorado statute and the Weld County Home
Rule Charter, is vested with the authority of administering the
affairs of Weld County, Colorado, and
WHEREAS, Weld County is in the progress of preparing a bond
issue for single-family mortgage revenue bonds, and
WHEREAS, Midland Federal Savings and Loan of Denver, Colorado,
is a participant in the program, and
WHEREAS, Section 2. 02 (b) of the Sales and Service Agreement
associated with the bond issue specifies that the issuer, Weld
County, can waive certain provisions, and
WHEREAS, Midland Federal Savings and Loan, in a letter dated
December 14, 1981, has requested the waiver of the merger pro-
vision provided in the Sales and Service Agreement, and
WHEREAS, The Director of Finance and Administration and the
underwriter, E.F. Hutton, have no objections to such waiver.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commis-
sioners of Weld County, Colorado that the merger provisions in
accordance with Section 2. 02 (b) of the Sales and Service Agree-
ment is hereby waived for Midland Federal Savings and Loan, and
BE IT FURTHER RESOLVED by the Board of County Commissioners
that the Chairman of the Board of County Commissioners of Weld
County, Colorado, be and hereby is authorized to sign such waiver
at the bottom of the December 14, 1981 letter from Midland Federal
Savings and Loan concerning this subject.
The above and foregoing Resolution was, on motion duly made
and seconded, adopted by the following vote on the 16th day of
December, A.D. , 1981. BOARD OF COUNTY COMMISSIONERS
ATTEST: WELD COUNTY, COLORADO
Weld County Clerk and
�=j ----
C ck Carlson, Chairman
Recorder and Clerk to
the Board 60•14"-•-f��
Norman Carlson, Pro Tem
BY: ..�, L, :,, 7(c:jcc
Deputy County Clerk.-
tAPPR VED AS TO FORM: C.W. Kirby
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John)T.. Martin
County Attorney ,
J ze K. Steihmark 810396
7
DATE PRESENTED: DECEMBER 16, 1981
MIDLAND
FEDERAL SAVINGS
2300 16th Street
Greeley,Colorado 80631
303/356-6776
December 14, 1981
Weld County Commissioners and
E.F. Hutton
Gentlemen:
Attached you will find our check for $20,000.00 for the purpose of procuring a
$1,000,000.00 loan commitment on the Weld County, Colorado 1981 Series A,
Single Family Mortgage Bond Program.
It is further understood that this offer to commit on the part of Midland is
contingent upon amendment to Section 2.02(b) of the Sales and Service Agreement.
This deals with mergers, and since Midland is potentially considering mergers,
and has been advised that it may be requested by governmental agencies to aid
in the mergers of some more distressed savings and loans, this paragraph would
be prohibitive to Midland's participation in the program if not altered. We
have been orally advised that such an amendment would be provided to Midland,
and would be so worded as to satisfy Midland. In the event that this amendment
is not accomplished, then it is understood that this request for commitment
is null and void, and the commitment fee for $20,000.00 will be refunded to
Midland in its entirety.
Dennis L. Kohan
Assistant Vice President
The issuer, Weld County, in accordance with Section 2.02(b) of the Sales and
Service Agreement waives the merger provision specifically for Midland
Federal Savings and Loan of Denver, Colorado.
Chuck Carlson��
Chairman, Board of County Commissioners
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