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KAROWSKY, WITWER,& OLDENBURG
CHARLES A.HAROWSNY
STOW L.WITWER.JR. SUITE 550,GREELEY NATIONAL PLAZA
R.SAM OLDENBURG NINTH AVENUE AND EIGHTH STREET
JOHN J. BARRY GREELEY,COLORADO 60631-3994
(303)352-3161
MARILYN J. DAVID
May 7, 1990
Board of County Commissioners
Weld County, Colorado
PO Box 758
Greeley, CO 80632
Atten: Don Warden
Re: Redemption of Nor-Colo Distributing Co. Industrial Revenue Bonds
Dear Don :
I am enclosing herewith the original of a notification which is being
given to Greeley National Bank , as Trustee, and Weld County,
Colorado, as Issuer , of the early redemption of certain industrial
revenue bonds issued for the benefit of Nor-Colo Distributing Co. I
believe that the information set forth in the letter of April 27,
1990 from Nor-Colo Distributing Co. is self-explanatory, but if you
should require any additional information concerning this, please let
me know.
Your attention to this matter is appreciated .
Yours very truly,
KAROWSKY, WITWER & OLDENBURG
Jo J. Bew9:
JJB:mmv
Enclosure
Okb 75
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\�� c�UOtc-1�0-0 �0 I to CO.s ibuti ng
� e P.O. BOX 846, 211 30TH ST • GREELEY, COLORADO 80632
PHONE:(303)352-8161
in C
Budweiser
April 27, 1990
b 0 Greeley National Rank Weld County, Colorado
- ;'= Greeley National Plaza 915 Tenth Street
(LIGHTBUD ) Ninth Avenue and Eighth Street Greeley, CO 80631
Greeley, CO 80631
Atten: Ms. Lori Schreiber
ARe: Redemption of $925,000 Aggregate Principal Amount Industrial Development
Revenue Bonds (Nor-Colo Distributing Co. Proiect) Series 1980, Issued by
MICRIOBD- Weld County, Colorado as of July 1, 1980, and Defeasance of Indenture of'___, Trust
Ladies and Gentlemen:
F4The bonds referred to above (the "Bonds") were issued by Weld County, Colorado
MICHEROB (the "Issuer") pursuant to an Indenture of Trust dated as of July 1, 1980 (the
_rn/i`) "Indenture") between the Issuer and Greeley National Rank, as trustee (the,y __ "Trustee"). The proceeds of the Bonds were lent to Nor-Colo Distributing Co.
(the "Company") by the Issuer pursuant to a Loan Agreement dated as of July 1 ,
1980 (the "Loan Agreement"). The proceeds from the sale of the Bonds were
used to acquire, construct, improve and equip a Project (as defined in the
Loan Agreement) , which was mortgaged to the Trustee by the Company pursuant to
MICHELOB a Construction Mortgage and Security Agreement and Fixture Financing Statement
OZzokIDARN.. dated as of July 1 , 1980 (the "Mortgage") to secure the Bonds.
`4
NOTICE OF AND CERTIFICATE RELATING TO REDEMPTION
The Company hereby certifies that, pursuant to Section 3.01 of the Indenture,
the Company exercises its option to cause the Bonds maturing on or after July
1 , 1991 to be redeemed on July 1, 1990. The Company further certifies that
Natural the redemption is to be in the amounts and at the prices specified below:
4 Light
Principal Amount Due July 1 Redemption Price (103%)
570,000.00 1991
75,000.00 1992 $72,100.00
77
85,000.00 1993 87,5550.00
, 50.00
+�+ 90,000.00
1994 92,700.00
100,000.00 1995 103,000.00
110,000.00 1996 113,300.00
Totals: $530,000.00 $545,900.00
BUSCH
*_
April 27, 1990
Page 2
In addition, $60,000.00 in aggregate principal amount of the Bonds will mature
on July 1 , 1990. The principal amount of Bonds to be redeemed, plus the
amount to be paid at maturity, on July 1, 1990 is $590,000.00, which is the
entire unpaid principal amount of Bonds which remain outstanding.
IRREVOCABLE DEPOSIT BY THE COMPANY
On this date the Company has delivered to the Trustee, for irrevocable deposit
pursuant to clause (a)(ii) of the second paragraph of Article VIII of the
Indenture, cash in the amount of $228,731.02, which, along with the monies
already held by the Trustee and available for the purposes described below, is
the amount necessary to provide fully for the payment of principal, premium,
and interest on the Bonds on July 1, 1990, along with all amounts owed the
Trustee for its unpaid fees and expenses through July 1, 1990. By executing
this letter in the space below and returning it to the Company, the Trustee
acknowledges that such amount has been so received and is adequate for such
purposes.
DEFEASANCF. INSTRUCTIONS
Pursuant to Article VIII of the Indenture, the Company, on behalf of the
Issuer, hereby irrevocably instructs the Trustee as follows:
(a) The principal, premium and interest on the Bonds is to be paid
on July 1, 1990, as stated more fully above.
(b) The Trustee is to call for redemption on July 1, 1990, pursuant
to Article III of the Indenture, those Bonds which mature on or after
July 1, 1991, as stated more fully above.
(c) The Trustee is to publish, as soon as practicable, in the manner
prescribed by Article III of the Indenture, a notice to the holders
of the Bonds and coupons thereon that the deposit described above has
been made with the Trustee and that the Bonds and coupons are deemed
to have been paid in accordance with Article VIII of the Indenture
and stating the maturity and redemption date upon which moneys are to
be available for the payment of the principal and redemption premium
(as applicable) on the Bonds as specified in (a) above.
Very truly yours,
NOR-COLO DI IBUTING
By. , ldfi Berri �i1-.
utl�a�iz gent
April 27, 1990 Page 3
TRUSTEE'S ACKNOWLEDGMENT AND RELEASE
Greeley National Bank, the above-mentioned Trustee, hereby acknowledges:
(1) receipt of the Company's irrevocable deposit in the amount described
above; and (2) that all things required by Article VIII of the Indenture to
be done, prior to releasing the Company and the Project from the Indenture and
the Mortgage, have been done. Accordingly, the Trustee hereby releases and
discharges the Company and the Project from the lien of the Indenture and the
Mortgage, and delivers herewith such instruments as are necessary and
appropriate to give the Company title to the Project free and clear of any
lien relating to the Indenture, the Loan Agreement, the Mortgage, or the
Bonds.
3REELEY NATIONAL BANK
By:
Authorized Officer
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