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Home My WebLink About940686.tiff RESOLUTION RE: SETTING FORTH THE INTENTION OF THE COUNTY OF WELD, STATE OF COLORADO, TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR THE DOVATRON INTERNATIONAL, 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 DOVatron International, Inc. , a Delaware Corporation (the "Company") , have advised officials of the County of Weld, State of Colorado (the "County") , of the interest of the Company in acquiring, constructing, and equipping manufacturing facilities to be located east of the Highway 119 exit, more particularly described as Lot 3, Block 1, of Amendment to Del Camino Center P.U.D. , 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 5.5 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 of printed circuit boards and related products and applications, 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. 940686 ta. F/) Aivjron( w4 j Dwyer FZoo/8 • IDRB INDUCEMENT RESOLUTION - DOVATRON INTERNATIONAL, INC. PAGE 2 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. 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 multiple fiscal year direct or indirect debt or other financial obligation or 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. 940686 . IDRB INDUCEMENT RESOLUTION - DOVATRON INTERNATIONAL, INC. PAGE 3 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 such 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 any 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. 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. 940686 /�. - i- IDRB INDUCEMENT RESOLUTION - DOVATRON INTERNATIONAL, INC. PAGE 4 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 27th day of July, A.D. , 1994. WELDD OF TYUNCY COMMISSIONERS ATTEST: WELD COUNTY, C LORADO �Y Weld County Clerk to the Board W. H. Webster, Chairman BY: l� �j�✓ EXCUSED DATE OF SIGNING (AYE) eputy C rk to the Board Dale Hall, Pro/-jt'em APPROVED AS TO FORM: ` I e e . Baxter ki f st?y Attor y 1-Constance L. Harbert EXCUSED Barbara J. Kirkmeyer 940686 FISCHER. BROWN. HUDDLESON 8 GUNN. P. C. WARD H.FISCHER ATTORNEYS AT LAW WILLIAM H.BROWN CHAS R.HUDDLESON TENTH FLOOR • FIRST TOWER MAILING ADDRESS WILLIAM C.GUNN POST OFFICE DRAWER J STEVEN B.RAY 215 WEST OAK STREET FORT COLLINS.CO 80522 DAVID E.DWYER JAMES E.RIHOCHBERG T. THOMAS METIER FORT COLLINS, COLORADO 80521 TELEPHONE WILLIAM R. FISCHER STEPHEN J.JOUARD 303/452-1056 CLINTON L.HUBBARD FAX MARGARET A.BROWN THOMAS K.MIGLEY July 22, 1994 303/482.3840 Mr. Don Warden Weld County, Colorado P. O. Box 1948 Greeley, Colorado 80632 Re: $7,000,000 County of Weld, Colorado Industrial Development Revenue Bonds, Series 1994 (The DOVatron International, Inc. Project) Dear Don: In reference to our telephone conversation today, I enclose the Inducement Resolution for your comment. I will be out of town next week, but any changes you require can be made by Tom Higley or Judi Rohlman of this office in my absence. Please let Tom Higley and Mary Lou Schwab at DOVairon know the time of the Board of Commissioners' hearing on Wednesday, July 27. I assume it is in the morning. I have asked Ms. Schwab to forward payment of the $500 fee due the County at this time. We will prepare the application and submit it as soon as we can. We will also prepare the State Allocation application thereafter. Thank you for your excellent service in connection with this matter. Yours very truly, David E. Dwyer DED/jmr cc: Ms. Mary Loux Schwab Mr. Tom Higley Mr. Greg Venn F:\WPC\DED\DOVATRON\WARDEN.IND 940696 RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE COUNTY OF WELD, COLORADO SETTING FORTH THE INTENTION OF THE COUNTY OF WELD, COLORADO TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR THE DOVATRON INTERNATIONAL, INC. PROJECT WHEREAS, representatives of DOVatron International, 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, in the vicinity of the State Highway 119 exit, more particularly described as Lot 3, Bloch 1, of Amendment to Del Camino Center P.U.D., 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 5.5 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 of printed circuit boards and related products and applications, 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. 940686 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF WELD, 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. 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 multiple fiscal year direct or indirect debt or other financial obligation or 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 - 2 - 940686 %. 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. 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 - 3 - 940686 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. Passed and adopted at a regular meeting of the Board of Commissioners held this day of , 1994. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO (Seal) Chairman Attest: By County Clerk APPROVED AS TO FORM: County Attorney F:\WPC\DED\DO VATRON\DOC\INDUCE l RES - 4 - 9406 Hello