HomeMy WebLinkAbout930117.tiff RESOLUTION
RE: SETTING FORTH THE INTENTION OF THE COUNTY OF WELD, COLORADO, TO ISSUE
INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR THE HAUSER CHEMICAL RESEARCH,
INC. , PROJECT
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, representatives of Hauser Chemical Research, Inc. , a Delaware
corporation (the "Company") have advised the officials of the County of Weld,
Colorado (the "County"), of the interest of the Company in acquiring,
constructing, and equipping manufacturing facilities to be located East of
Highway I-25 on the Frontage Road, approximately one mile south of the Del Camino
Truck Stop exit, Weld County, Colorado, subject to the willingness of the County
to finance the project (the "Project") by the issuance of industrial development
revenue bonds, pursuant to the Colorado County and Municipality Development
Revenue Bond Act constituting Article 3, Title 29, Colorado Revised Statutes, as
amended (the "Act") , and
WHEREAS, the I-25 and Frontage Road location consists of approximately 35
acres and is within the political boundaries of the County, and
WHEREAS, the Project consists of the acquisition of land in the County and
the construction and equipping of manufacturing facilities for the manufacture,
extraction and purification of ingredients for food and flavors, which Project
will generate new jobs within the County and will generally add to the strength
and diversity of the County's tax base, and
WHEREAS, the Company has represented to the County that the Project will
qualify as a project within the meaning of the Act, and
WHEREAS, the Board of County Commissioners (the "Board") has considered the
proposal and has concluded that the economic benefits to be derived therefrom by
the County will be substantial, and
WHEREAS, the Board has determined the Project to be consistent with the
goals and objectives of the County, and
WHEREAS, the Board desires to indicate its intent to proceed with financing
the Project through the issuance of such revenue bonds.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado:
Section 1. In order to induce the Company to locate and undertake the
Project, the County shall, subject to the provisions hereof, take all necessary
and advisable steps to effect the issuance of industrial development revenue
bonds (the "Bonds") pursuant to the Act in the maximum aggregate principal amount
of Seven Million Dollars ($7, 000,000) or such lesser amount as shall be
determined and agreed upon by the Company and the County to finance the Project.
_ 930117
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RE: IDRB - HAUSER CHEMICAL RESEARCH, INC. , PROJECT
PAGE 2
The Bonds will not be general obligations of the County. Neither shall the
Bonds, including interest thereon, constitute the debt or indebtedness of the
County within the meaning of any limitation of the Constitution or statutes of
the State of Colorado nor 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 revenues derived from and payable by the
Company pursuant to financing agreements with the County.
Section 2. No costs or expenses, whether incurred by the County or any
other party in connection with the issuance of the Bonds or the preparation of
any documents by any legal or financial consultants retained in connection
therewith, shall be borne by the County. All such costs or expenses shall be
paid from the proceeds of the Bonds or otherwise borne by the Company. In
addition to the costs and expenses to be borne by the Company as described in the
preceding sentences, if the Project is approved by the County and the Bonds are
issued, the Company shall pay to the County at the time the Bonds are issued any
applicable fee when due.
Section 3. Prior to the execution of any financing agreement, mortgage,
indenture of trust, bond purchase agreement or any other necessary documents and
agreements in connection with such Bonds, such documents and/or agreements shall
be submitted for approval to the County, and, if satisfactory to the County,
their execution shall be authorized by resolution of the Board pursuant to law.
Section 4. Prior to any further action by the Board, the Company shall
provide the County with the opinion of Fischer, Brown, Huddleson & Gunn, P.C. ,
as Bond Counsel, supporting the legality of the financing of the Project and the
utilization of Bond proceeds for said Project.
Section 5. Nothing contained in this Resolution shall constitute the debt
or indebtedness of the County within the meaning of any limitation of the
Constitution or statutes of the State of Colorado nor give rise to a pecuniary
liability of the County or a charge against its general credit or taxing powers.
Section 6. All commitments of the County contained herein are subject to
the condition that within twenty-four (24) months of the date hereof, or such
shorter period of time available under applicable law, unless otherwise extended
by agreement between the County and the Company, the Bonds to be issued pursuant
hereto shall be issued and sold. In the event that said Bonds to be issued
pursuant hereto are not issued within twenty-four (24) months, or such shorter
period of time available under applicable law, the County of Weld shall be under
no obligation to perform any of the terms and conditions contained herein.
Nothing contained herein shall constitute a warranty or representation by the
County that the Bonds will receive from the State of Colorado any necessary
allocation of a portion of the private activity bond limit authorized for the
State of Colorado pursuant to the Internal Revenue Code of 1986, as amended. If
an allocation for the Project is necessary, the County shall use reasonable
efforts to secure from the State of Colorado such an allocation authorizing the
issuance of the Bonds from the State of Colorado private activity bond limit.
930117
RE: IDRB - HAUSER CHEMICAL RESEARCH, INC. , PROJECT
PAGE 3
Section 7. All resolutions or parts thereof concerning the subject matter
hereof in conflict with this Resolution are hereby repealed to the extent of such
conflict. This repealer shall not be construed to revive any resolution or part
thereof, heretofore repealed.
Section 8. The agreements of the County set forth above are expressly
conditioned upon the ability and willingness of the County to issue the Bonds as
tax exempt obligations under the Federal Income Tax laws existing on the date of
the issuance of the Bonds. Nothing contained in this resolution shall be
construed as requiring the County to issue the Bonds and the decision to issue
the Bonds shall be in the complete discretion of the County.
Section 9. If any section, paragraph, clause, or provision of this
Resolution with the exception of any section, paragraph, clause or provision
limiting the County's financial obligation shall for any reason be held to be
invalid or unenforceable, the invalidity or unenforceability of such section,
paragraph, clause or provision shall not affect any of the remaining provisions
of this Resolution.
Section 10. For purposes of complying with Section 147(f) of the Internal
Revenue Code, prior to the issuance of the Bonds to finance the Project, the
Board will conduct a public hearing with respect to the Project and the use of
proceeds of the Bonds, notice of which hearing shall be published at least 14
days prior thereto for purposes of approving the issuance of the Bonds in the
maximum aggregate principal amount of $7,000,000 and the use of the proceeds to
finance the costs of acquiring, renovating and equipping a manufacturing facility
in the County, which facility shall be owned and operated by the Company and used
by the Company in its manufacturing operations.
Section 11. This Resolution shall take effect immediately upon its
introduction and passage.
The above and foregoing Resolution was, on motion duly made and seconded,
adopted by the following vote on the 1st day of February, A.D. , 1993.
{/ A J/J� ,// BOARD OF COUNTY COMMISSIONERS
ATTEST:/n � 1(l/U!4//GG� WEL COUNTY, COLORADO
Weld County Clerk to the Board/ e'9�-1 �i
7 4 / Constance L. Harbert, Chairman
iJ ) J
Deputy Clerk to the Board- i\ W.W. Pro-Tem —�
APPROVED AS TO FORM:
G orge Baxte
ount Attor
Y y Dal K. Hall
tic v,
Barbara J. Kirkmeye-
930117
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