HomeMy WebLinkAbout911022.tiff RESOLUTION
RE: INTENT TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS - MONFORT, INC.
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, Colorado (the "County") is authorized by Article 3
of Title 29 of C.R.S. ; as amended (the "Act"), to issue revenue bonds for the
purpose of defraying the cost of financing any land, building or other
improvement and all real or personal properties, and any undivided or other
interest in any of the foregoing, suitable or used for or in connection with any
sewage or solid waste disposal facilities, upon such conditions as the Board of
County Commissioners of the County may deem advisable, and
WHEREAS, representatives of Monfort, Inc. (the "Company"), a subsidiary of
ConAgra, Inc. (the "Guarantor") , have advised the County of its interest in the
expansion of its existing facilities used for the collection, storage, treatment,
utilization, processing and disposal of sewage, including, without limitation,
the expansion of the pre-treatment capacity at two sewage treatment plant sites,
the acquisition and installation of sewage transmission lines and the
acquisition, construction and installation of various facilities functionally
related and subordinate to the foregoing facilities (the "Project") , and
WHEREAS, the County has considered the Company's proposal and has concluded
that the Project will be beneficial to the County and its inhabitants and that
the County wishes to proceed with the financing of the Project by the issuance,
pursuant to the Act, of industrial development revenue bonds in the maximum
aggregate principal amount of $5,200,000 (the "Bonds"), and
WHEREAS, it is presently anticipated that the obligations of the Company
with respect to the Bonds will be guaranteed by the Guarantor, and
WHEREAS, construction, reconstruction or acquisition of the Project (within
the meaning of Section 1.103-8(a) (5) of the regulations promulgated under Section
103 of the Internal Revenue Code of 1986, as amended) has not yet commenced, and
WHEREAS, it is intended that this Resolution shall constitute "some other
similar official action" toward the issuance of the Bonds within the meaning of
Section 1.103-8(a) (5) of the regulations promulgated under Section 103 of the
Internal Revenue Code of 1986, as amended.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that in order to induce the Company to acquire, construct and
install the Project, the County shall take all steps necessary or advisable
pursuant to the Act to effect the issuance of the Bonds in the maximum aggregate
principal amount of $5,200,000 or such lesser amount as shall be mutually agreed
upon to finance the Project. This Resolution is and constitutes the taking of
911022
OR O 746 Fononce., RC«.
Page 2
RE: INDUCEMENT RESOLUTION - MONFORT, INC.
affirmative official action by the County toward the issuance of the Bonds. No
costs are to be borne by the County in connection with the issuance of the Bonds.
BE IT FURTHER RESOLVED the terms and conditions of the Bonds and of the
financing documents relating to the Bonds will be mutually agreed upon by the
County and the Company, and prior to their execution, such documents will be
subject to authorization by resolution of the Board of County Commissioners
pursuant to law.
BE IT FURTHER RESOLVED the Company has agreed to provide for reimbursement
of all expenses incurred or to be incurred by the County in connection with the
issuance of the Bonds.
BE IT FURTHER RESOLVED the County agrees to cooperate with the Company in
applying to the State of Colorado for the required allocation of the "state
ceiling", as defined in Section 24-320-1703, C.R.S. , as amended, to enable the
Bonds to be issued as tax-exempt obligations.
BE IT FURTHER RESOLVED neither the Bonds, including interest thereon, nor
anything contained in this Resolution shall constitute a debt or indebtedness of
the County within the meaning of the Constitution or statutes of the State of
Colorado, or give rise to a pecuniary liability of the County or a charge against
its general credit or taxing powers. The Bonds shall be payable solely from and
secured by a pledge of the revenues derived from and payable pursuant to the
financing documents referred to above.
The above and foregoing Resolution was, on motion duly made and seconded,
adopted by the following vote on the 21st day of August, A.D. , 1991.
kd BOARD OF COUNTY COMMISSIONERSATTEST: � � WELD COU TY, OLORADO
Weld County Clerk to the Board
Gor o . Lac , nnan
7
By: /e1�, .��
Deputy Clerk to the Board C George Kenn dy, Pro-Tem
APPROVED TO FORM: EXCUSED
Constance L. Harbert
-65.1
County Attorney C. W. Kirby
9
W. H. Webster
911022
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