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AR2056003
ORDINANCE NO. 144
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
MENTAL HEALTH REVENUE REFUNDING AND FACILITIES BONDS
(WELD COUNTY MENTAL HEALTH CENTER PROJECT) SERIES 1986,
IN THE PRINCIPAL AMOUNT OF $770, 000; AND APPROVING THE
FORM AND AUTHORIZING THE EXECUTION OF CERTAIN :DOCUMENTS
RELATING THERETO AND DECLARING AN EMERGENCY FOR TEE
ADOPTION HEREOF.
N (,)
BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF WELD
Y-' U COUNTY, COLORADO:
a WHEREAS, the County of Weld in the State bf,. Colorado (the
"County" or the "'Issuer') , is authorized by the County and
Municipality Development Revenue. Bond 'Act, Constituting Title 29,
fpai ArtiCle 3 , Part 1, Colorado Revised Statutes, (the Act) , to
a acquire, own, lease, improve and dispose of properties to the end ,
u that the County may be able to promote industry and develop trade
or other economic activity by indU,Cing profit Or nonprofit
‘o a corporations, federal governmental offices, hospitals, and;
.. w agricultural, manufacturing, industrial, admaletcial or business
enterprises to locate, expand or remain in the State of Colorado,
a to mitigate the serious threat of extensive unemployment in parts
,p a of the State, to secure and %aintain ,,. a balanced and stable.
m o economy in all parts of the State, and to further the use of its
v z agricultural products or natural resources; and ,
W
`O E" WHEREAS, the County has heretofore authorized and issued its
a Mental HealthFacilities Revenue Bonds (Weld Mental Health Center
Project) Series 1984 dated as of July 1, 1984 in the original
o w principal amount of $650, 000 and now outstandin in the principal
1/40 amount of $630, 000 : (the "Series 1984 Bonds") or the purpose of
o z making a loan to Weld Mental Health Center, Inc. (the
o < "Borrower") , a Colorado nonprofit corporation described in
r Section 501 (c) (3) of the Internal Revenue Code of 1954, as
w 04
amended (the "Code") and exibnpt from tax under Se stion 501 (a). of
a the Code; and
LO
ImAr-
WHEREAS, representati%es of - the Borrower have met with
'-' G officials of the County and have advised the , County of the
w w Borrower' s interest and need in refunding, paying and discharging'
the Series 1984 Bonds and assisting Weld Mental Health Resources;
Inc. , a Colorado nonprofit corporation and related company to
the Borrower, in acquiring, remodeling and equippiig additional
facilities the Borrower currently occupies within the County (the
"Building" and together with the refunding transaction
-1-
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. , 061366
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•
hereinafter referred to as the "Project) subject to the
willingness of the County to finance the Project by the issuance
of revenue bonds or other obligations pursuant to the Act; and
WHEREAS, the County has considered the Borrower' s proposal
and has concluded that the economic benefit to the County will be
substantial and it wishes to proceed with the financing of the
N u Project; and
N p WHEREAS, the Borrower has requested that the County issue
U its $770, 000 Mental Health Revenue Refunding and Facilities Bonds
A (Weld County Mental Health Center Project) Series 1986, for the
o a purpose of financing the Project; and
0
or. WHEREAS, the following documents have been submitted to the
`n- Board of County Commissioners (the "Board") and filed in the
0 office of the County Clerk and Recorder (the "Clerk") and are
available for public inspection:
� a
(a) an Indenture of Trust, to be dated June 1, 1986
and actually executed as of the date of delivery of the
a Bonds (the "Indenture") proposed to be made and entered into
w between the Issuer and United Bank of Greeley, Greeley,
co Colorado,Colorado, a commercial bank with corporate trust powers (the
"Trustee") ; and
off
E (b) a Loan Agreement, to be dated June 1, 1986 and
o actually executed as of the date of delivery of the Bonds
(the "Loan Agreement") , proposed to be made and entered into
o w between the Issuer and the Borrower; and
o LH
w
o z (c) a Combination Mortgage and Security Agreement, to
cv < be dated June 1, 1986 and actually executed as of the date
of delivery of the Bonds (the "Mortgage") , proposed to be
u
made and entered into between the Borrower and the Trustee;
and
LnM
WHEREAS, the Board desires to issue at this time the Weld
o County, State of Colorado, Mental Health Revenue Refunding and
tv Facilities Bonds (Weld County Mental Health ' Center Project)
Series 1986, to be dated June 1, 1986, in the principal amount of
$77.0, 000 (the "Series 1986 Bonds" or the "Bonds") ; and
WHEREAS, it is necessary to issue the Series 1986 Bonds by
ordinance and to approve the form and authorize the execution of
the aforementioned documents thereby.
-2-
NOW, THEREFORE, BE IT ORDAINED by the Board of County
Commissioners of Weld County, Colorado, that Ordinance 144 be
and hereby is enacted as follows:
Section 1. Approvals and Authorizations. The forms of
the Indenture, the Loan Agreement, the Note and the Mortgage are
hereby approved. The Chairman of the Board and the Clerk are
hereby authorized and directed to execute the Indenture and the
N0 Loan Agreement and affix the seal of the Issuer thereto and
o further to execute and authenticate such other documents,
.. instruments or certificates as are deemed necessary or desirable
O by bond counsel in order to issue and secure the Series 1986
o Bonds. Such documents are to be executed in substantially the
A form hereinabove approved, provided that such documents may be
o
0 3 completed, corrected or revised as deemed necessary by the
o a parties and approved by the County Attorney in order to carry out
+r o the purposes of this Bond Ordinance. Copies of all of the
a documents shall be delivered, filed and recorded as provided
o therein.
U
W
a The proper officers of the Issuer are hereby authorized and
w directed to prepare and furnish to bond counsel certified copies
H, x of all proceedings and records of the Issuer relating to the
W• Series 1986 Bonds and such other affidavits and certificates as
m u may be required to show the facts relating to the authorization
and issuance thereof as such facts appear from the books and
o H records in such officers ' custody and control or as otherwise
W
w E known to them. All such certified copies, certificates and
o
o cn affidavits, including any heretofore furnished, shall constitute
w representations of the Issuer as to the truth of all statements
o o contained therein.
ow
Lo z The approval hereby given to the various documents referred
o z to above includes an approval of such additional details therein,
01 4
o including such amendments or modifications as may be necessary or
u a desirable, as may be necessary and appropriate for their
w completion, including interest rates and any numbers derived
a
therefrom or deletions therefrom and additions thereto as may be
in N approved by bond counsel and the County Attorney prior to the
r•'' d' execution of the documents. The execution of any instrument by
H o
the appropriate officers of the Issuer herein authorized shall be
m w conclusive evidence of the approval by the Issuer of such
instrument in accordance with the terms hereof.
Section 2. Bond Details. The Issuer shall issue its
Weld County, State of Colorado, Mental Health Revenue Refunding
and Facilities Bonds (Weld County Mental Health Center Project)
Series 1986, to be dated as of June 1, 1986, as Fully Registered
Bonds, in the denomination of $5, 000 or any integral multiple
-3-
thereof, for the purpose, in the form and upon the terms set
forth in this Bond Ordinance and the Indenture. Notwithstanding
the foregoing, if necessary, the Issuer may issue a temporary
bond or bonds pending the printing of definitive bonds. Pursuant
to the recommendations of the Committee on Uniform Security
Identification Procedures, CUSIP numbers may be printed on the
Bonds.
Principal of the Series 1986 Bonds shall be payable to the
owners of the Bonds (the "Owners") upon presentation and
surrender thereof for cancellation at the principal office of the
Trustee. Interest payments shall be made to the person whose
name appears on the Bond registration books of the Trustee as of
,.., o the close of business on the fifteenth (15th) day of the calendar
C" U month next preceding an interest payment date, such interest to
be paid by check or draft mailed to such Owner at his or her
`" v address as it appears on such registration books as herein
provided. The interest on the Bonds shall be payable on January
a 1, 1987 , and semiannually thereafter on the 1st day of July and
0 3 the 1st day of January of each year (the "Interest Payment
o a Date") . If upon presentation at maturity the principal of any
<n w Bond is not paid as provided herein, interest shall continue
a thereon at the rate set forth therein until the principal is paid
O in full.
U
• a The Bonds shall mature on July 1, 2000 and shall bear
0 interest at the rate of nine percent (9 . 0%) per annum from their
1/40
h4 date to their maturity date, except if redeemed prior thereto.1/40 Q w
The Bonds of this issue are subject to mandatory sinking
• U fund redemption in part by lot, on July 1, 1990 and on each
H following July 1 to and including July 1, 2000, at a redemption
price equal to their principal amount, together with accrued
o vEi interest to the mandatory sinking fund redemption date. There is
to be deposited in the Bond Fund on ore before July 1, 1990, and
o o on or before each following July 1 to and including July 1, 2000,
o w a sum (together with other moneys available in the Bond Fund)
1D sufficient to redeem on the mandatory sinking fund redemption
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Z date designated below the following principal amounts of the
o Bonds maturing on July 1, 2000 together with interest accrued to
U the redemption date:
a
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row
-4-
Designated Date Designated Principal Amounts
1990 $ 35, 000
1991 40, 000
1992 45, 000
1993 50, 000
1994 55, 000
1995 55, 000
1996 60, 000
1997 70, 000
1998 75, 000
1999 80, 000
2000 205, 000*
*Final Maturity
o To the extent that the Bonds shall have previously been
o called for redemption in part otherwise than from the mandatory
o sinking fund, each annual mandatory sinking fund payment shall be
reduced as herein provided. The mandatory sinking fund
o requirements are to be recomputed on May 1, 1997, and on each
o w following May 1. On May 1, 1997 the amount of the Bonds
o previously called for redemption is to be multiplied by the ratio
o x which each annual sinking fund requirement bears to the principal
• w amount of all Bonds then outstanding. The amount so determined
o for each annual sinking fund payment date is to be subtracted
from that annual sinking fund payment date ' s mandatory sinking
•.) a fund requirement to obtain the adjusted mandatory sinking fund
.▪ � requirement. All remaining mandatory sinking fund requirements
1/4.> are to be recalculated thereafter on each May 1 by multiplying
the amount of the Bonds which were called during such annual
period otherwise than pursuant to the mandatory sinking
requirement by the ration shich each annual sinking fund payment
o u date ' s adjusted sinking fund requirement (i. e. the requirement
z calculated on the previous May 1) bears to the principal amount
o H of all Bonds then outstanding. The amount so calculated is to be
VD H subtracted from the adjusted requirements for each annual sinking
o a fund payment date (i.e. the requirements calculated on the
previous May 1) and rounded to the nearest $5, 000 multiple to
o w determine the adjusted requirements as of May 1 of the year of
o w calculation.
1/4O
tr) 2
N On or before the 25th day prior to each mandatory sinking
fund payment date the Paying Agent will select for redemption (by
U a lot in the manner the Paying Agent may determine) from all
outstanding Bonds a principal amount of such Bonds equal to the
aggregate principal amount of the Bonds redeemable with the
Lo
H N required sinking fund payment. The Paying Agent then will call
o Bonds or portions thereof for redemption from the mandatory
w sinking fund on the next mandatory sinking fund payment date and
will give notice of the call as provided below.
-5-
In addition, all Bonds of this issue are subject to optional
redemption prior to the maturity date on July 1, 1996 , and on
interest payment dates thereafter upon payment of the principal
amount thereof plus accrued interest thereon to the redemption
date plus a premium of one percent (1. 0%) of the principal amount
so redeemed. All Bonds of this issue subject to optional
redemption prior , to their respective maturity dates are
u redeemable in inverse order of maturity and by lot within a
N
o maturity.
v Partial Redemption of Bonds. Bonds shall be called for
redemption in part if issued in denominations greater than $5, 000
o rbk only in integral multiples of $5, 000. If less than all of the
0 3 Outstanding Bonds are to be redeemed, except to the extent
o a otherwise provided herein, the Trustee shall select by lot those
4.0- r4 to be redeemed from among the Bonds then subject to redemption,
0 and for this purpose the Trustee shall treat each Bond as
o
representing that number of Bonds which is obtained by dividing
w a the principal amount of such Bond by $5, 000. Any Bond in a
denomination greater than $5, 000 and to be redeemed only in part
shall be surrendered by the Owner thereof and the Issuer shall
g execute and the Trustee shall authenticate and deliver to such
Owner, without charge, a new Bond of any authorized denomination
co ci requested by such Owner in an aggregate principal amount equal to
z the unredeemed portion of the Bond so surrendered.
H
F Notice of Redemption. Notice of redemption shall be given
o
by the Payment Agent in the name of the County by sending a copy
in ] thereof by certified or registered first-class postage prepaid
w mail , at least thirty (30) days prior to the redemption date to
o W Prudential-Bache Securities, Inc. , Anderson DeMonbrun Division
o zZ and United Bank of Denver, N.A. (the "Placement Agents") and the
N F:4 registered owner of each of the Bonds being redeemed, determined
as of the close of business on the day preceding the first
v a mailing of such notice, at the address appearing on the
registration books of the County maintained by the Registrar.
N Such notice shall specify the number or numbers of the Bonds to
be redeemed, whether in whole or in part, and the date fixed for
H c redemption and shall further state that on the redemption date
w there will be due and payable upon each Bond or part thereof so
to be redeemed the principal amount or part thereof plus accrued
interest thereon to the redemption date in, the case of a
mandatory sinking fund redemption or the principal amount or part
thereof plus accrued interest thereon to the redemption date plus
a premium of 1. 0% of the principal amount to be so redeemed in
the case of an optional redemption, and that from and after such
date, of either a mandatory sinking fund redemption or an
optional redemption, interest on each Bond or part thereof so to
be redeemed will cease to accrue. Failure to mail any notice as
-6-
aforesaid or any defect in any notice so mailed with respect to
any Bond shall not affect that validity of the redemption
proceedings with respect to any other Bond. Any Bonds redeemed
prior to their maturity date by call for prior redemption or
otherwise shall not be reissued and shall be cancelled the same
as Bonds paid at or after maturity.
Section 3 . ' Form and Execution of Series 1986 Bonds. The
Series 1986 Bonds shall be signed by the manual or facsimile
signature of the Chairman of the Board of County Commissioners,
sealed with a manual or facsimile impression of the seal of the
Issuer and countersigned by the manual signature of the County
o Clerk. Should any officer whose manual or facsimile signature
N
o appears on said Bonds cease to be such officer before delivery of
r- p the Bonds to the purchaser, such Bonds with the signatures
U thereto affixed may, nevertheless, be authorized by the Trustee,
and delivered, and may be sold by the Issuer, as though the
a person or persons who signed such Bonds had remained in office.
O
x The Series 1986 Bonds shall be in substantially the
following form (any blanks in the form shall be completed on the
% date of delivery of the Series 1986 Bonds) :
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-7-
[Form of Bond]
(Text of Face)
UNITED STATES OF AMERICA
N U
o STATE OF COLORADO COUNTY OF WELD
co
MENTAL HEALTH REVENUE REFUNDING AND FACILITIES BOND
0 (WELD COUNTY MENTAL HEALTH CENTER PROJECT)
oW
SERIES 1986
O3
o n4
co-[g1
qP No. R-
0
U
woo INTEREST MATURITY ORIGINAL CUSIP
RATE DATE ISSUE DATE NUMBER
o
1/40
9 . 0% July 1, 2000 June 1, 1986
Boa
w U
c z REGISTERED OWNER:
a H
- w
VD E
om
ya PRINCIPAL SUM:
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o W
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oz
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o Weld County, in the State of Colorado (the "Issuer") , for
w value received, hereby promises to pay, solely from the special
a E funds provided therefor, as hereinafter set forth, to the
lr) Registered Owner (specified above) , or registered assigns, the
Principal Sum (specified above) , in lawful money of the United
o States of America, on the Maturity Date (specified above) , with
w interest thereon from the date hereof to the Maturity Date,
except if redeemed prior thereto, at the per annum Interest Rate
(specified above) , payable semiannually on the 1st day of January
and the 1st day of July of each year, commencing on January 1,
1987 in the manner provided herein. If upon presentation at
maturity the principal of this Bond is not paid as provided
herein, interest shall continue thereon at the same Interest Rate
until the principal is paid in full.
-8-
All Bonds of this issue are subject to optional redemption
prior to the maturity date on July 1, 1996, and on interest
payment dates thereafter upon payment of the principal amount
thereof plus accrued interest thereon to the redemption date plus
a premium of one percent (1. 0%) of the principal amount so
redeemed.
All Bonds of this issue subject to optional redemption prior
to their respective maturity dates are redeemable in inverse
order of maturity and by lot within a maturity.
Ho
IN
The Bonds are also subject to the mandatory sinking fund
rn p redemption prior to their maturity date on the dates specified
O below, by lot, upon payment of the principal amount thereof plus
o accrued interest thereon to the redemption date. Such Bonds are
o w to be redeemed on July 1 in each of the following years in each
o of the following aggregate principal amounts:
oa
°). w A Year Principal Amount Year Principal Amount
o 1990 $35, 000 1996 $ 60, 000
ci a 1991 40, 000 1997 70, 000
VD y 1992 45, 000 1998 75, 000
1993 50, 000 1999 80, 000
-ix 1994 55, 000 2000 205 , 000
Is1995 55, 000
m c.)
a z Mandatory sinking fund redemptions are required to be made
o H as provided in the Ordinance and Indenture authorizing the
�
E�., issuance of the Bonds.
0 En
C4 This Bond may be redeemed in part if issued in a
o w denomination which is an integral multiple of $5, 000 . In such
0 w case this Bond shall be surrendered in the manner provided for
� z transfer of ownership. Upon payment of the redemption price the
cv F Registered Owner shall receive a new Bond or Bonds of authorized
o denominations in aggregate principal amount equal to the
U a unredeemed portion of this Bond.
a
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS
..-im BOND SET FORTH ON THE REVERSE HEREOF.
H ‘r
rio
This Bond shall not be valid or become obligatory for any
PQ 4 purpose or be entitled to any security or benefit under the
Ordinance authorizing the issuance of this Bond until the
certificate of authentication hereon shall have been signed by
the Registrar.
-9-
IN TESTIMONY WHEREOF, Weld County, in the State of Colorado,
has caused this Bond to be signed in its name and on its behalf
with the manual (facsimile) signature of the Chairman of the
Board of County Commissioners, to be sealed with a manual
impression (facsimile) of its seal, and to be attested and
countersigned with the manual signature of the County Clerk and
Recorder.
WELD COUNTY
N U STATE OF COLORADO
0
U (MANUAL) (Manual or
(FACSIMILE) By: Facsimile Signature)
a ( SEAL ) Chairman of the Board
00 of County Commissioners
ATTESTED AND COUNTERSIGNED:
orx
(i W
o (Manual Signature)
County Clerk and Recorder
1/40 CO
Dated:
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-10-
CERTIFICATE OF AUTHENTICATION
This Bond is one of the series issued pursuant to the Ordinance
therein described. Printed on the reverse hereof is the complete
text of the opinion of bond counsel, Laff Stowe & Associates,
P.C. , Denver, Colorado, a signed copy of which, dated the date of
original issuance of the Bonds therein described, is on file with
the undersigned.
INTRAWEST BANK OF GREELEY, N.A.
o as Trustee and Registrar
N
0
� U
Ca By: (Manual Signature)
Authorized Officer
o Gi
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-11-
(Text of Reverse)
The principal of, interest on, and any premium due in
connection with the redemption of this Bond are payable, solely
from the special funds provided therefor, to the Registered Owner
by United Bank of Greeley, Greeley, Colorado, or its successor,
o as Paying Agent. , The principal shall be paid to the Registered
N v Owner upon presentation and surrender of this Bond at maturity or
o
upon prior redemption. Except as hereinafter provided, the
NO� U interest shall be paid to the Registered Owner, determined as of
the close of business on the regular record date, which shall be
a the fifteenth (15th) day of the calendar month next preceding the
0 3 interest payment date, irrespective of any transfer of ownership
hereof subsequent to the regular record date and prior to such
o a
v) cal interest payment date, by check or draft mailed to the Registered
a Owner at the address appearing on the registration books of the
o Issuer maintained by IntraWest Bank of Greeley, N.A. , Greeley,
w Colorado, or its successor, as Registrar. Any interest hereon
not paid when due and any interest hereon accruing after maturity
.- L• a shall be paid to the Registered Owner, determined as of the close
up
x of business on the special record date, which shall be fixed by
x the Paying Agent for such purpose, irrespective of any transfer
kip a of ownership of this Bond subsequent to such special record date
coo
and prior to the date fixed by the Paying Agent for the payment
viz of such interest, by check or draft mailed as aforesaid. Notice
H
of the special record date and of the date fixed for the payment
o u) of such interest shall be given by sending a copy thereof by
w first-class, postage prepaid mail, at least ten (10) days prior
ma to the special record date, to Prudential-Bache Securities, Inc. ,
o 0 w Anderson DeMonbrun Division, and United Bank of Denver, N.A. ,
kio Denver, Colorado, and to the registered owner of each Bond upon
o z which interest will be paid, determined as of the close of
o business on the day preceding such mailing, at the address
a appearing on the registration books of the Issuer maintained by
the Registrar. Any premium shall be paid to the Registered Owner
a upon presentation and surrender of this Bond upon prior
tfl en redemption.
a
~ o Notice of redemption of any Bonds of this issue shall be
w w given by the Paying Agent in the name of the Issuer by sending a
copy of such notice by certified or registered first-class,
postage prepaid mail, at least thirty (30) days prior to the
redemption date, to Prudential-Bache Securities, Inc. , Anderson
DeMonbrun Division, and United Bank of Denver, N.A. , Denver,
Colorado, and to the registered owner of each of the Bonds being
redeemed, determined as of the close of business on the day
preceding the first mailing of such notice, at the address
appearing on the registration books of the Issuer maintained by
the Registrar. Such notice shall specify the number or numbers
-12-
of the Bonds to be redeemed, whether in whole or in part, and the
date fixed for redemption and shall further state that on the
redemption date there will be due and payable upon each Bond or
part thereof so to be redeemed the principal amount or part
thereof to be so redeemed plus accrued interest thereon to the
redemption date in the case of a mandatory sinking fund
redemption or the principal amount or part thereof plus accrued
interest thereon to the redemption date plus a premium of one
percent (1. 0%) of the principal amount to be so redeemed in the
case of an optional redemption and that from and after such
redemption date, of either a mandatory sinking fund redemption or
o an optional redemption, interest on each Bond or part thereof so
N U to be redeemed will cease to accrue. Failure to mail any notice
o as aforesaid or any defect in any notice so mailed in respect of
MO any Bond shall not affect the validity of the redemption
U proceedings in respect of any other Bond.
ca
o [i This Bond is issued under the County and Municipality
0 3 Development Revenue Bond Act, constituting Title 29 , Article 3.,
wPart 1, Colorado Revised Statutes (the "Act") , and in conformity
A with the provisions, restrictions and limitations thereof. This
p Bond does not constitute a charge against the general credit or
o
w taxing powers of the Issuer and does not grant to the Registered
Lo 04 Owner of this Bond any right to have the Issuer levy any taxes or
... ,,, interest hereon, nor is this Bond a general obligation of the
z Issuer or the individual officers or agents thereof. This Bond
% and interest hereon are payable solely and only from the monies
w received under the Loan Agreement or held by the Trustee in the
co a of the Bonds under
--- Fund or Account appropriated to the payment
• z the Indenture, hereinafter mentioned, including Loan Repayments
H
to be made by Weld Mental Health Center, Inc. , a nonprofit
k.oE-4 corporation formed under the laws of the State of Colorado (the
a "Borrower") .
4
o a This Bond is one of a duly authorized series of special
1G obligation Bonds of an aggregate principal amount of $770, 000 in
in Z
the denomination of $5 , 000 or any integral multiple thereof,
oN < numbered from R-1 upwards in order of maturity, and of like tenor
a and effect except as to serial number and maturity, all of which
U
w have been authorized by law to be issued and have been issued or
ac are to be issued for the purpose of funding a loan from the
in v1 Issuer to the Borrower to enable the Borrower to effect the
ri co
refunding and discharging of the County' s Mental Health
H O Facilities Revenue Bonds (Weld Mental Health Center Project)
w w Series 1984 , dated July 1, 1984 , originally issued in the
principal amount of $650, 000 and to assist a related company to
the Borrower to acquire, remodel and equip facilities (the
"Building") the Borrower currently occupies within the County of
Weld (together the refunding transaction and the Building are
-13-
hereinafter referred to as the "Project") , pursuant to a Loan
Agreement (the "Loan Agreement") between the Issuer and the
Borrower dated as of June 1, 1986, and a Bond Ordinance of the
Issuer finally passed and adopted prior to the issuance of the
Bonds, and an Indenture of Trust (the "Indenture") dated as of
June 1, 1986, duly executed and delivered by the Issuer to the
Trustee. The Bonds of this Series are equally and ratably
secured by the Loan Agreement, the Indenture, the Bond Ordinance
and a Combination Mortgage and Security Agreement dated as of
June 1, 1986, from the Borrower to the Trustee (the "Mortgage") ,
o to which Loan Agreement, Indenture, Bond Ordinance and Mortgage
N
o and amendments thereof reference is hereby made for a description
and limitations of the revenues and property pledged and
r u mortgaged to secure the payment of the Bonds, the nature and
extent of the security thereby created, the rights of the
o W Registered Owners of the Bonds, the conditions of the issuance of
o 3 additional parity lien bonds, the rights, duties and immunities
o a of the Trustee, and the rights, immunities and obligations of the
Issuer thereunder. Certified copies of the Bond Ordinance and
executed counterparts of the Indenture, Loan Agreement and
u Mortgage are on file at the office of the Trustee and at the
office of the County Clerk.
In case an Event of Default as defined in the Indenture or
Loan Agreement occurs, the principal of this Bond and all other
Bonds Outstanding may be declared or may become due and payable
w• u prior to the stated maturity hereof in the manner and with the
z effect and subject to the conditions provided in the Indenture
o H but no Registered Owner of any Bond shall have any right to
enforce the provisions of the Indenture, Loan Agreement or
o a Mortgage except as provided in the Indenture.
o w With the consent of the Issuer and Trustee and to the extent
o w permitted by and as provided in the Indenture, the terms and
0Z
provisions of the Indenture, the Loan Agreement or the Mortgage
N Ft or of any instrument supplemental thereto may be modified or
o altered by the assent or authority of the Registered Owners of at
u a least 66-2/3% in aggregate principal amount of the Bonds then
Outstanding thereunder.
•
co It is hereby certified and recited and the Board of County
o Commissioners of the Issuer has found: that the Project is an
w eligible "project" defined in C.R.S . 29-3-103 (10) (b) of the Act;
that the issuance of the Bonds and the acquisition and completion
of the Project will promote the public welfare and carry out the
purposes of the Act; that all acts, conditions and things
required to be done precedent to and in the issuance of this Bond
and the series of which it is a part have been properly done,
have happened and have been performed in regular and due time,
-14-
•
form and manner as required by law; and that this Bond and the
series of which it is a part does not constitute a debt of the
Issuer within the meaning of any constitutional, statutory or
charter limitations.
This Bond is transferable only upon the registration books
of the Issuer maintained by the Registrar by United Bank of
Greeley, Greeley, Colorado or its successor, as Transfer Agent,
at the request of the Registered Owner or his or its duly
ti o authorized attorney-in-fact or legal representative, upon
o surrender hereof together with a written instrument of transfer
duly executed by the Registered Owner or his or its duly
a o authorized attorney-in-fact or legal representative with guaranty
of signature satisfactory to the Transfer Agent, containing
a written instructions as to the details of the transfer, along
0 3 with the social security number or federal employer
o a identification number of the transferee and, if the transferee is
Lai a trust, the names and social security numbers of the settlor or
2 settlors and beneficiary or beneficiaries of the trust.
o Transfers shall be made at the expense of the transferor, and the
z Transfer Agent may also require payment of a sum sufficient to
wo
v defray any tax or other governmental charge that may hereafter be
imposed in connection with any transfer of bonds. No
registration or transfer of this Bond shall be effective until
a
entered on the registration books of the Issuer maintained by the
VD m u Registrar and Transfer Agent. The Registrar and Transfer Agent
shall authenticate and deliver to the new registered owner a new
o H Bond or Bonds of the same aggregate principal amount, maturing in
the same year, and bearing interest at the same per annum rate as
o a the Bond or Bonds surrendered. Such Bond shall be dated as
provided in the Ordinance authorizing the issuance hereof. The
M o Transfer Agent shall not be required to transfer ownership of
o w this Bond during the fifteen (15) days prior to the first mailing
w of any notice of redemption or to transfer ownership of any Bond
o E selected for redemption on or after the date of such mailing.
o The Registered Owner may also exchange this Bond for another Bond
or Bonds of authorized denominations. The Issuer may deem and
g treat the person in whose name this Bond is last registered upon
x the books of the Issuer maintained by the Registrar as the
o absolute owner hereof for the purpose of receiving payment of the
v principal of, interest on and any premium due in connection with
the redemption of this Bond and for all other purposes, and all
w such payments so made to such person or upon his order shall be
valid and effective to satisfy and discharge the liability of the
Issuer or the Paying Agent upon this Bond to the extent of the
sum or sums so paid, and the Issuer shall not be affected by any
notice to the contrary.
* * * * * * * * * *
-15-
(Assignment)
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and
transfers unto
o PLEASE INSERT SOCIAL SECURITY OR
Nu OTHER IDENTIFYING NUMBER OF ASSIGNEE
QD
.+ U
a
oW
03
yr
o (Name and Address of Assignee)
W
Lo
.. x
g the attached Bond and does hereby irrevocably constitute and
A appoint IntraWest Bank of Greeley, N.A. , Greeley, Colorado, or
a Bo its successor, as Registrar and Transfer Agent, to transfer said
co u
Bond on the books kept for registration thereof.
cz
O N
�w
1O F o to (Signature of Assignor)
,., NOTICE: The signature to this assignment
o ww must correspond with the name of
o
the Registered Owner as it appears
o Z upon the face of the attached Bond
o in every particular, without
alteration or enlargement or any
t
change whatever.
a
L Signature guaranteed: •
co
ri Cr
Pq W
(Bank, Trust Company or Firm)
[End of Form of Bond]
-16-
Section 4 . Determinations. It is hereby found,
determined and declared that:
(a) The Project, as more fully described in the
Indenture referred to in Section 1, constitutes a project
authorized by and described in Section 29-3-103 (10) (a) of
the Act and .located as required by the Act to permit the
issuance of the Series 1986 Bonds therefor;
(b) Based on the information supplied by the Borrower,
attached hereto as Exhibit A and incorporated herein by this
o reference, the public purpose of the Project is and, in the
cv U judgment of the Board of County Commissioners, the effect
thereof will be to promote the public welfare by: creating
r o new or additional employment opportunities; expanding the
ti U
tax base and increasing sales, property or other tax
ca revenues to the Issuer; maintaining and promoting a stable,
0 NI 3 balanced and diversified economy among agriculture, natural
resource development, business, commerce and trade; and
o w promoting or developing use of agricultural, manufactured,
2 commercial or natural resource products within or without
p the State of Colorado;
VD a (c) The amount necessary to pay the principal of and
:'. w the interest on the Series 1986 Bonds to be issued to
finance the Project from the date thereof is comprised of
r+ x
$770, 000 principal amount and $732 , 525 as maximum interest
�o a thereon for a total of the debt service payments of
m) U $1, 502 , 525 to the date of maturity thereof;
H
� z
(d) A Debt Service Reserve Fund for the Series 1986
1/4O E" Bonds in an amount equal to $115, 000 will be established by
a the transfer $100, 000 of such amount from the reserve fund
en a created with respect to and from the proceeds of the Series
o
o 1984 Bonds and $15, 000 from funds of the Borrower and such
w
amounts shall be held in connection with the debt service
• z requirements on the Series 1986 Bonds and the Bond Fund will
`N1 < be established into which the accrued interest to be paid by
the original purchasers of the Bonds will be deposited;
U a
(e) The Borrower has agreed to pay the costs of
CO maintaining the Project in good repair and maintaining
ri
proper insurance;
r1 o
m w (f) The Borrower has agreed to pay all property taxes
on the Project;
-17-
(g) The issuance and sale of the Bonds, the execution
and delivery of the Indenture and the Loan Agreement and the
performance of all covenants and agreements of the Issuer
contained in the Indenture and the Loan Agreement and things
required under the laws of the State of Colorado to make the
Indenture, Loan Agreement and Bonds valid and binding
obligations of the Issuer in accordance with their terms,
o are authorized by the Act;
N
(h) There is no litigation pending or, to the best of
coo
its knowledge threatened against the Issuer relating to the
Project or to the Bonds, the Indenture, or the Loan
a Agreement, the Note or questioning the organization, powers
0 3 or authority of the Issuer;
��, W (i) The execution, delivery of the Bonds, the Trust
a Indenture and the Loan Agreement and the performance of the
U Issuer' s obligations thereunder have been fully authorized
by all requisite action and do not and will not violate any
VD a law, any order of any court or other agency or government,
or any indenture, agreement or other instrument to which the
Issuer is a party or by which it or any of its property is
bound, or be in conflict with, result in breach of, or
1/4.0 constitute (with due notice or lapse of time or both), a
default under any such indenture, agreement or other
instrument;
o H
v W
o y (j ) Under the provisions of the Act, and as provided
in the Indenture, the Bonds are not to be payable from nor
rn o w charged upon any funds other than amounts payable by the
o w Borrower pursuant to the Loan Agreement and the Issuer
w pursuant to the Indenture and the property pledged by the
o z Borrower under the Mortgage; the Issuer is not subject to
any liability thereon; no Owner of the Series 1986 Bonds
v a shall ever have the right to compel the exercise of the
taxing power of the Issuer to pay the Series 1986 Bonds or
the interest thereon, nor to enforce payment thereof against
O1 m any property of the Issuer; the Series 1986 Bonds shall not
constitute a charge, lien or encumbrance, legal or
a equitable, upon any property of the Issuer; and the Series
ma 1986 Bonds issued under the Indenture shall recite that the
Series 1986 Bonds, including interest thereon, shall not
constitute nor give rise to a charge against the general
credit or taxing powers of the Issuer and that the Series
1986 Bonds do not constitute an indebtedness of the Issuer
within the meaning of any constitutional or statutory
limitation;
-18-
(k) No member of the Board of County Commissioners
having acted upon this Ordinance in his official capacity
(i) has a direct or indirect interest in the Project, the
Indenture, the Loan Agreement, the Mortgage or the Series
1986 Bonds, (ii) owns any interest in the Project or the
Borrower, (iii) is a partner or employee of the Borrower,
(iv) will be involved in supervising the completion of the
Project on behalf of the Borrower, or (v) will receive any
commission, bonus or other remuneration for or in respect to
the Project, the Indenture, the Loan Agreement, the Note,
the Series 1986 Bonds or the Mortgage; and
(1) The Issuer, pursuant to the Indenture, hereby
preserves the option to issue, at its discretion, upon
.-i o request of the Borrower, and only within the terms set forth
C11
u
o therein, such Additional Bonds as are necessary to complete
o\ . the Project, provide funds for improvements to the Project
°1v and to refund or advance refund the principal balance of the
Q Bonds then Outstanding.
a
0 PI
3 Section 5. Nature of Obligation. Under the provisions
o• of the Act, and as provided in the Indenture, the Series 1986
a
✓- M Bonds shall be special, limited obligations of the Issuer payable
a solely from, and secured by a pledge of, the revenues derived
O from the Loan Agreement or held by the Trustee in the Fund or
w Account appropriated to the payment of the Bonds under the
y Indenture, and shall be further secured by the lien of the
L• s Mortgage upon the Project. The Issuer will not pledge any of its
1/4O
x property or secure the payment of the Series 1986 Bonds with its
w property. The Series 1986 Bonds shall never constitute the debt
co a or indebtedness of the Issuer within the meaning of any provision
co u
or limitation of the State constitution or statutes and shall not
CYZ
D H constitute nor give rise to a pecuniary liability of the Issuer
CD w or a charge against its general credit or taxing powers. In
ocn entering into the Indenture and the Loan Agreement, the Issuer
w will not obligate itself, except with respect to the Project and
m m the application of the revenues therefrom and Bond proceeds
o w therefor. The Issuer will not pay out of its general fund or
tn z otherwise contribute any part of the Costs of the Project (as
o z said term is defined in the Loan Agreement) .
N 4
O
0 C4 Section 6. Bond Ordinance Irrepealable. After the
a Series 1986 Bonds are issued, this Bond Ordinance shall
constitute an irrevocable contract between the Issuer and the
"' o Owners of the Series 1986 Bonds and shall be and remain
tirn
HI o irrepealable until the Series 1986 Bonds, both principal and
interest, shall be fully paid, cancelled and discharged.
ww
-19-
Section 7 . Ratification. All action heretofore taken by
the Issuer and the officers thereof not inconsistent herewith
directed toward the financing of the Project and the issuance and
sale of the Series 1986 Bonds is hereby ratified, approved and
confirmed.
Section 8 . Repealer. All acts, orders, resolutions,
ordinances, or parts thereof, taken or adopted by the Issuer and
u in conflict with this Bond Ordinance are hereby repealed, except
o that this repealer shall not be construed so as to revive any
0 o act, order, resolution, ordinance, or part thereof, heretofore
N u repealed.
ca
o w Section 9 . Severability. If any paragraph, clause or
0 3 provision of this Bond Ordinance is judicially adjudged invalid
o a or unenforceable, such judgment shall not affect, impair or
"'q invalidate the remaining paragraphs, clauses or provisions
hereof.
U
a Section 10. Emergency. It is hereby found, determined
and declared that this Ordinance is necessary to the immediate
�no preservation of the public health and safety and shall be
effective upon adoption to thus enable the entering into of the
Agreements cited hereby and the transaction contemplated and
CO C.) authorized by this Ordinance. In the opinion of the underwriters
of the Bonds, Prudential-Bache Securities, Inc. , Anderson
OH DeMonbrun Division, and United Bank of Denver, N.A. , in order to
ks, successfully accomplish the transaction herein contemplated, the
a Agreements must be entered into on or about June 9 , 1986, which
date necessitates the passage of this Ordinance as an emergency
el
o w ordinance.
o Ga
Z Section 11. Effective Date. This Ordinance shall take
Net effect upon enactment, as provided by Section 3-14 (6) of the Weld
o County Home Rule Charter.
rig
w
a
� rn
W G+
—20-
The above and foregoing Ordinance No. 144 was, on motion
duly made and seconded, adopted by the following vote on the 4th
day of June 1986.
BOARD OF COUNTY COMMISSIONERS
t�
WELD COUNTY, COLORADO
4.4
N U ATTEST: /) tutr�
O Weld County Nlerk and Recorder —
o and Clerk to the Board J cqu ine Jo n on, Chairman
N
Q r v
0 3
Deputy County lerk G r cy, o=
ow
yr W
o APPROVED TO,,,,MLL_::lier
/7 Gene R. Bran ner
County Attorney t ie7t't
Bill irby
4A101/1fredia)
2 F ank Yama 1 ni
O H
VD
o
a Read and approved: June 4 , 1986
M
o
o w Published: June 12 , 1986 , in the Johnstown Breeze
o z
0
IC Effective: June 4 , 1986
U P4
L.r) N
r- O1
ri 0
rl
P7 W
-21-
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