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RESOLUTION
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RE: APPROVE ASSIGNMENT OF NURSING EMPLOYMENT AND TUITION (NEAT) LOAN AGREEMENT
: g 8 AND PROMISSORY NOTE AND AUTHORIZE CHAIRMAN TO SIGN
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S- WHEREAS, the Board of County Commissioners of Weld County. Colorado.
pursuant to Colorado statute and the Weld County Home Rule Charter, is vested
A 0 with the authority of administering the affairs of Weld County. Colorado, and '
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WHEREAS, the Board has been presented with an Assignmennt of Nursing -
Employment and Tuition (NEAT) Loan Agreement and Promissory Note between the
' North Colorado Medical Center, Inc., and the County of Weld, State of Colorado,
'"' for Cheryl Weinmeistar. with the terms and conditions being as stated in said
;,,.'. m assignment. and
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� : WHEREAS, after review, the Board deem it advisable to approve said
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�, assignment, a copy of which is attached hereto and incorporated herein by
'elm reference
N 2 NOW, THEREFORE. BE IT RESOLVED by the Board of County Commissioners of Weld
'' �ni County, Colorado, that the Assignment of Nursing Employment and Tuition (NEAT)
o:f+ Loan Agreement and Promissory Note between the North_Colorado Medical Center,
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Inc., and the County of Weld, State of Colorado, be, and hereby is, approved.
3 "_ elms BE IT FURTHER RESOLVED by the Board that the Chairman be, and hereby is,
+.,1 + authorized to sign said assignment.
2 J M ,,,
The above and foregoing Resolution was. on motion duly made and seconded,
,a adopted by the following vote on the 16th dayy:of September. A.D., 1992.
BOARD.OF COUNTY COMMISSIONERS
-; .4S ATTEST: 4d WELD COUNTY. COLORADO
VIM
' 03 be - Weld Conb:tq Z�lark to the Board
`�,. die. E, , �� Ran�edy, Chairman �t— •
BY: ` •
y, lark o the B " „tante L. Harbert, Pro-Ten
a_,
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APPROVED'A TO FORM: EXCUSED DATE OF SIGNING (AYE) •
"C.�W. Ri by
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County Attorney Gov • y `
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W. H. star
• 920863
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AGREEMENT
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._ NORTH COLORADO MEDICAL CENTER,INC.
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NURSING EMPLOYMENT AND TUITION (NEAT) LOAN AGREEMENT
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0 . THIS AGREEMENT is made and entered into this �2 day of JnCU- , 19 VO
N R by and between Ch Mk, f�r.r/nirrrr"te.ftt. whose residence is
xi Semi like re '7rrV LO. , hereinafter referred to as "STUDENT' and
d5 NORTH COLORADO ICAL CENTER,INC., with principal offices at 1801 16th
o�3 Street, Greeley,Colorado 80631,hereinafter referred to as NCMC;
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7t M.p WITNESSETH THAT:
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)42', WHEREAS, STUDENT is a full-time student nurse currently enrolled at an accredited
? u+ school of nursing,hereinafter referred to as PROGRAM.
ion
"t WHEREAS,STUDENT desires to become a Registered Nurse and NCMC,subject to the
s terms and conditions set forth herein,is willing to financially assist STUDENT in obtaining
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.t0 a further training.
aitNto
+ Zell in consideration of the foregoing and other good and viable consideration the receipt
, of which is hereby acknowledged the parties hereby,agree as follows:
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1. I non*streamer,• NCMC agrees to loan to STUDENT a sum not to exceed
,. a a +r�/,YJ9.ao for the payment of tuition or related educational
-log o expenses (maximum S1,000/semester)in a PROGRAM for so long as STUDENT
1,i ri. remains enrolled,in good. standing in the PROGRAM and makes satisfactory
, o+ progress toward a nursing degree. Advances on the loan shall be made as requested
II by STUDENT on Application for Student Loan and as approved by the Educational
Ns., Trust Fund Committee of NCMC. The loan made to STUDENT pursuant to the
m w terms of this paragraph shall be controlled by the terms and conditions set forth
fl ins
rt el elsewhere in this Agreement and by the terms and conditions of a promissory note
m a to be executed by the STUDENT contemporaneous with execution of this
Agreement:
2. Conditions Precedent. NCMC shall have nJ obligation to advance any funds to, or
on behalf of, STUDENT,unless, and until, STUDENT is accepted as a student in .
an accredited school of nursing and NCMCs obligation to continue making advances
or loans pursuant to this Agreement shall be contingent upon the STUDENT
remaining in good standing in the PROGRAM, and all respects; the STUDENT
makes satisfactory progress towards a nursing degree.
t Exhibit "A"
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3. Terms of Loans The principal advance to, or on behalf of STUDENT shall bear
interest at the rate of zero(0)percent per annum so long as the STUDENT remains
o continuously enrolled in the PROGRAM and is in good standing. Continuously
c enrolled shall be construed to mean enrolled u a part-time or full-time STUDENT
o during the regular academic year. All funds advanced pursuant to the terms of this
U Agreement shall be due and payable and shall bear interest at the rate of 8.5%per
qq annum commencing(I)thirty(30)days after the withdrawal by STUDENT from the
. o s PROGRAM; (2) thirty (30) days alter expulsion of STUDENT from the
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PROGRAM, or the imposition of any academic or disciplinary probation, by the
wp accredited School of Nursing, (3) upon evidence satisfactory to NCMC that
pr, STUDENT is not making satisfactory progress towards a nursing dcgrcc; (4) thirty
(30)days after graduation;(5)thirty(30)days following termination of employment •
with NCMC except as herein provided;or,(6) upon failure of STUDENT to qualify
a and become licensed as a Registered Nurse in Colorado within the first six (6)
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months of employment by NCMC or thirty (30) days after notice of failure of the
second available NCI-EX-RN administered by the Colorado Board of Nursing,
whichever shall first occur. In the event the amounts advanced pursuant to this
at u
Agreement become due and payable,and interest accrues,the principal amount shall
`w be amortized over a period of five (5)years (60 months)with payments due on the
e,p first day of the second month following the event making the sum due and payable
e with interest,and payable on the first day of each month thereafter until fully paid.
CO In no event, however,shall the monthly payment be less than Fifty dollars ($50.00)
°1 a per month. STUDENT shall have the right to prepay without penalty.
4. Deferral of Principal and Interest. The principal advanced pursuant to this
Agreement shall not become due and payable and shall not bear interest during the
4" period STUDENT is employed on a continuous basis as a Registered Nurse by
NCMC. The principal shall not be due and payable but shall bear interest during
the period,if any,STUDENT is employed by NCMC as a Graduate Nurse prior to 1.
(no licensure by the Colorado Board of Nursing. The principal and all accrued but
unpaid interest shall be forgiven in increments of One Thousand Dollars($1,000.00)
w k' for each six (6) month period of continuous employment as a Registered Nurse by
NCMC- The forgiving of the principal amounts advanced, the forgiving of accrued
but unpaid interest, and the deferral of interest may constitute taxable income to
STUDENT. Nothing in this Agreement shall be construed as requiring NCMC to
offer employment to STUDENT upon licensure as a Registered Nurse,and nothing
herein shall be construed as requiring STUDENT to accept employment by NCMC
if offered.
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. Default on tau. In the event STUDENT fails to pay the principal and interest _
when due and payable pursuant to the terms of this Agreement then,in that event,
the entire outstanding balance, including accrued but unpaid interest, shall bear
interest at a defaulting rate of 159'6 per annum, and in the event the holder of the
ra g note refers the matter for collection, the holder shall be entitled, in addition to
o principal and interest, all costs incurred in the collection of the obligation including
reasonable attorney's fees. All payments made, referrals granted, or amounts I
forgiven,whether prior to or following default,shall be first credited to any costs of
0
et collections incurred,then to any accrued but unpaid interest,and last to principal. -
re
e W6. Death or Disability of Student. In the event STUDENT dies or becomes
re permanently disabled or STUDENTs employment as a Registered Nurse at NCMC
oI is terminated as a result of a permanent reduction in force, the obligation of 16.
STUDENT to repay shall be canceled by NCMC. r'
',o ._
#ro 4 7. Notification of Change of Status. STUDENT shall immediately inform NCMC of
I .a 1N any change in STUDENTS name,address,social security number,or any change of
m STUDENTs enrollment status at the school of nursing. STUDENT shall in addition, T.
a d inform NCMC of any changes in STUDENT's circumstances which may affect
N to STUDENTs ability to complete the nursing degree requirement or repay the
�e~j obligation evidenced by this Agreement.
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S. Siovetnia¢1.aw. This Agreement and the Promissory Note shall be construed and
?�in D enforced In accordance with the laws of the Slate (if Colorado.
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t N NORTH COLORADO STUDENT
1 I i MEDICAL CENTER, INC. •
ri ra .
go cs, Br An, tat.„, •
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Date: f-- /0-lb Date: / 24..4 .2.2 /99O
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NORTH _OI.ORADO MEDICAL CENTER,i...:.
NURSING EMPLOYMENT AND TUITION PROGRAM (NEAT)
PROMISSORY NOTF.
FOR VALUE RECEIVED, I eh-ery/ ln/-a;nmP.:cMr do promise to pay North
• Colorado Medical Center,Inc., the sum of ,a`/Aoo.on p.. cent...rfe.r
`VC e.
c 3 ( )with interest thereon at the rate of 8.5%per annum payable when due
"� � in sixty (60) equal monthly installments of principal and interest provided, however, that
ri n 3 monthly installment shall not be less than Fifty Dollars ($50.00).
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O This Note is a line of credit note to cover periodic advances made by North Colorado
$` o Medical Center,Inc., to,or on behalf of,maker not to exceed the face amount.
' M ga Ibis Note is subject to the terms and conditions of an Agreement between the parties dated
''+ O the ,Q 2. day of • Mini— , 19_2Q,and is given in accordance with the terms
H thereof. Said contract provides,among other things„for the forgiveness of both principal
a
• o and interest in the event maker is employed by North.Colorado Medical Center, Inc. as a
,, .o; Registered Nurse on a continuous basis as more fully set forth in the Agreement.
w U• This Note shall become due and payable: (1) thirty (30) days after the withdrawal of the
maker from the accredited School of Nursing(PROGRAM); (2) thirty(30) days after the
u"`',' re z expulsion of the maker from the PROGRAM or the imposition of any academic or
mdisciplinary probation of the School of Nursing;(3)upon evidence satisfactory to the holder
o El
% that the maker is not making satisfactory progress towards a nursing degree;(4)thirty(30)
days after graduation from the PROGRAM; (5) thirty (30) days following termination of
4:} ,`°„Pla employment with NCMC,except as hereinafter provided;or,(6)upon failure of the maker
' .',v to qualifyand become licensed as a Registered Nurse.in Colorado within the first six (6)
r t%R months of employment by NCMC, or thirty (30)days after notice of failure of the second
`` 7 16 available NCLEX-RN administered by the Colorado Board of Nursing,whichever shall first
5 , occur.
ts
..o, In the event that the Note becomes due and payable default in the payment of any of the
elm installments then.the whole sum of principal and interest shall immediately become due and
payable,and shall bear interest at the rate of 15%per annum and maker agrees that in the
0 w event that the Note is referred for collection the bolder shall be entitled, in addition to
principal and interest, all costs incurred in the collection of this Note including, without
limitation, reasonable attorney's fees.
. Maker may advance payments or make additional payments of principal and interest without .
penalty.
Maker waives presentment for payment,demand,protest,notice of nonpayment,or dishonor
and or protest, and any and all notices and demands whatsoever, and hereby consents that
at any time, or from time to time, payment of any sum payable under this Note may be
extended/ without notice, whether for a definite or indefinite time.
By: / /nfa.J/1idi;Y n.I.J ,/n' Date: ..9,12.4, 27/ 1092
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Exhibit "B"
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la y COiMfr $off R f, y.
1992 SEP 14 PN 2 00 ,•
.,. :4 K qtr:
'14,11; AssimilEITP or NURSING BNP._
i''.14,_o 0 (NEAT) LOAN AGREEMEN An : ISSORY 1 BOARD
i,! � td
•r •_ THIS ASSIGNMENT is made `and entered into thisday of
(B t 1992, by and-between the North Colorado Medical Center, ^' a
r, $ , , 1,404, ith principle offices at 1801 16th Street, Greeley, Colorado
=,;. o a 80631, hereinafter referred to as "Assignor,". and the County of h
.tsn Weld:,' State of Colorado, by anl - through the Board of County ".
f at'' 'Commissioners of the County of Weld, with.principle offices at 915
•
.10th Street,- Greeley,: Colorado 80631;` hereinafter referred to as a
1:4;;',„, t ltmsignee.a, AY
O
4,e a WITNESSETN s
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, on..Hey�-22, 1990, Assignor entered into an.Agreement
witq C Wsimiiatpr, 5401 Ute Circle, Greeley,,Colorado 80634,
wherein Assignor agreed to provide ei loan. in the sus of $3,000.00
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" N$ tolls. Weigeeister;in consideration for her agreement to pursue a
� ^,� s an Consider employment .at the North Colorado
w •
i "nur ing degree
21 Nedica1 Center after graduation, and—
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ti' ?" WHEREAS, a copy of said loan agreement is attached.hereto and .
it n fa
"is referred to herein as "Exhibit A;,""sand
;" In
; WHEREAS, pursuant to said Agreement, Ms. Weinmoister executed
+^-ob.' -a-,promissory Note with 'the,North 'Co 'olrado. Medical Center, Inc.,
being:the 'Promisee (and/or principal; .a copy of which is attached
hereto and is referred to herein as Exhibit 8," and
",n e` "WHEREAS, Assignee now wishes"to take over the privileges of
N • es a �� 'S
eAd,the obligations of-the Assignor outlined in Exhibit A, and
f < , to stend in the place of and become-1.it Promisee (and/or Principal) "D`
'iii" , pursuant,t0'Exhibit B.
t,tk NOW, THEREFORE, the consideration of the sum $3,000.00 in hand
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`" paid by the Assignee to the AseigJlg0,.:.as of this.'date, Assignor
�"" hereby ,assigns to, the. Assignee, a)'.1 f its, rights, title, and s
interest in and to the Agreement entitled "Nursing Employment and
1:4- - Tuition (Neat) Loan Agreement", 'executed.:Nay 22, ;1990, a copy (of - ` '
• , which.is attached hereto as.Exhibit A,, and'all of its rights, title ,�,.
and interest in and to the Promitisory Note executed by Cheryl
It Page 1 of 2 Pages :i.
11 PP'
i N. 920063
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Weinmeister on May 22,-1990, a copy of which is attached hereto as
tte 8. . Exhibit B.
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i1..•8,; SIGNED this 003 day of v , 1992.
NDB79[ COLORADO WED CAL CENTER,
w /Assignor
N
"a ecr �-�R c • rd S£enner, President
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y
'' SUBSCRIBED AND; SWORN TO efl7re' me this
is.q+ day of
��: k � . 1992, by �'C�C� fit. �a2t\�nRr � iCae_I , 0.ills.
N r O tit'1'N$Q mY hand and official se l:
: 4,f,4...a1
g' .°'.�` -4,; t t,, ,2,-., No lic
Forties : ' M ilia law
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Can .
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•;; -my commission expires:
5 The County of Weld, State of Colorado, by and through the
3:14R1 Board of County Commissioners of Weld County, Assignee, hereby ;
il,;.,,,, excepts the above stated Assignment
s, en a, THE COUNTY OF WELD, STATE OF ,
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el COLORADO, BY AND. THROUGH THE
W , e 9 ° I3OARD' OF COUNTY COMMISSIONERS •
ATTEST: l OF WELD COUNTY, Assignee
y'
4, . Weld Co t Cierk'•tp the Board „
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Deputy Clr o t e Board orge R nnedy, Cha rma //9a
'yid.
P : agres\veinmsis.bap
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