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Home My WebLink About920959.tiff gOb2y4 RESOLUTION 23 RE: APPROVE ASSIGNMENT OF NURSING EMPLOYMENT AND TUITION (NEAT) LOAN AGREEMENT AND PROMISSORY NOTE AND AUTHORIZE CHAIRMAN TO SIGN 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, the Board has been presented with an Assignment of Nursing Employment and Tuition (NEAT) Loan Agreement and Promissory Note between the County of Weld and North Colorado Medical Center, Inc. , on behalf of Kristina King, with the terms and conditions being as stated in said assignment, and WHEREAS, after review, the Board deems it advisable to approve said assignment, a copy of which is attached hereto and incorporated herein by reference. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Assignment of Nursing Employment and Tuition (NEAT) Loan Agreement and Promissory Note between the County of Weld and North Colorado Medical Center, Inc. , on behalf of Kristina King, be, and hereby is, approved. BE IT FURTHER RESOLVED by the Board that the Chairman be, and hereby is, authorized to sign said assignment. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 30th day of September, A.D. , 1992. BOARD OF COUNTY COMMISSIONERS , F•" WELD COUNTY, COLORADO ATTEST: 447, ,m ,,e) 611WGn Weld County Cle?k is t+he Board G rge Ken dy, Chairman BY: (j' p EXCUSED DATE OF SIGNING (AYE) Deputy 'Cle to the Board Constance L. Harbert, Pro-Tem APPROVED AS 4e -•"- b7v /t . W Gi9r\. C !County Attorney Gord cy W. H. 4ebster B 1353 REC 02306244 10/07/92 14 : 24 $0 .00 1/007 F 2142 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO 920959 Nc C_ 1-1 ASSIGNMENT OF NURSING EMPLOYMENT AND TUITION (NEAT) LOAN AGREEMENT AND PROMISSORY NOTE THIS ASSIGNMENT is made and entered into this 04 3 day of . i{e L- , 1992, by and between the North Colorado Medical Center, Inc. , with principle offices at 1801 16th Street, Greeley, Colorado 80631, hereinafter referred to as "Assignor, " and the County of Weld, State of Colorado, by and through the Board of County Commissioners of the County of Weld, with principle offices at 915 10th Street, Greeley, Colorado 80631, hereinafter referred to as "Assignee. " WITNESSETH: WHEREAS, on April 18, 1991, Assignor entered into an Agreement with Kristina King, 24959 Weld County Road 43, Greeley, Colorado 80634, wherein Assignor agreed to provide a loan in the sum of $2,000 . 00 to Ms. King in consideration for her agreement to pursue a nursing degree and consider employment at the North Colorado Medical Center after graduation, and WHEREAS, a copy of said loan agreement is attached hereto and is referred to herein as "Exhibit A, " and WHEREAS, pursuant to said Agreement, Ms . King executed a Promissory Note with the North Colorado Medical Center, Inc. , being the Promisee (and/or Principal) , a copy of which is attached hereto and is referred to herein as "Exhibit B, " and WHEREAS, Assignee now wishes to take over the privileges of and the obligations of the Assignor as outlined in Exhibit A, and to stand in the place of and become the Promisee (and/or Principal) pursuant to Exhibit B. NOW, THEREFORE, the consideration of the sum $2,000 . 00 in hand paid by the Assignee to the Assignor as of this date, Assignor hereby assigns to the Assignee all of its rights, title, and interest in and to the Agreement entitled "Nursing Employment and Tuition (Neat) Loan Agreement" , executed May 22, 1990, a copy of which is attached hereto as Exhibit A, and all of its rights, title and interest in and to the Promissory Note executed by Kristina B 1353 REC 02306244 10/07/92 14 : 24 $0 . 00 2/007 F 2143 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO Page 1 of 2 Pages 920959 King, on May 22, 1990, a copy of which is attached hereto as Exhibit B. ASIGNED this a-2- day of Ay, �-��1(/ , 1992 . NORTH COLORADO MEDICA CENTER, INC. Assignor c i_X--?--e/_:,o14 ( / ...4eL...." 3 i _t_._,.._..---- Corporate Secretary Ric and Stenner, resident SUBSCRIBED AND SWORN TO before me this CAS' Y day of ,c en , , 1992. by thhcd t1 c- c(\o( ¶ 4021 1 . ccmv5 • ' I WITOS.S my hand and official s 1 . /- !n exptt s mar. It 1994. \4 1�Va C,'RV ',J� Nota ublic V My commission expires : The County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, Assignee, hereby excepts the above stated Assignment. THE COUNTY OF WELD, STATE OF COLORADO, BY AND THROUGH THE A/ BOARD OF COUNTY COMMISSIONERS ATTEST: al,d4617 OF WELD COUNTY, Assignee Weld County Cl rk o the Board By: --2-- BY Deputy Cler to theme Boar eorge ennedy, Chairma //`1a, agree\king.bap Page 2 of 2 Pages B 1353 REC 02306244 10/07/92 14 : 24 *0 . 00 3/007 F 2144 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO Q 9Li 09 lc AGREEMENT NORTH COLORADO MEDICAL CENTER, INC. ZIURSING EMPLOYMENT AND TUITION ("NEAT) LOAN AGREEiMICN'I' THIS AGREEMENT is made and entered into this 9 day of /Ac; ! , 19 =/ , by and between /, 4 a ., w whose residence is Z49Ss c.cca,c c./3 . Gnu, ./ _? , hereinafter referred to a≤ "STUDENT' and NORTH COLORADO MEDICAL CENTER, INC., with principal offices at 1801 16th Street, Greeley, Colorado 80631, hereinafter referred to as NCMC; WITNESSETH THAT: WHEREAS, STUDENT is a full-time student nurse currently enrolled a: an accredited school of nursing, hereinafter referred to as PROGRAM. WHEREAS, STUDENT desires to become a Registered Nurse and NCMC, subject to the terms and conditions set forth herein, is willing to financially assist STUDENT in obtaining further training. For in consideration of the foregoing and other good and viable consideration the recent of which is hereby acknowledged the parties hereby agree as follows: 1. Loan Agreernent. NCMC agrees to loan to STUDENT a sum not to exceed Al=, cOo for the payment of tuition or related educational expenses (maximum S1,000/semester) in a PROGRAM for so long as STUDENT remains enrolled in good standing in the PROGRAM and makes satisfactory progress toward a nursing degree. Advances on the loan shall be made as requested by S I UDENT on Application for Student Loan and as approved by the Educational Trust Fund Committee of NCMC. Tne loan made to STUDENT to :he terms of this paragraph shall be controlled by the terms and conditions set forth elsewhere in this Agreement and by the terms and conditions of a promissory note to be executed by the STUDENT contemporaneous with execution of Agreement. Conditions Precedent. NC' iC _hall have no obligation to advance ao.y funds to. - - on behalf of, STUDENT, unless. and until, STUDENT is accepted as a student in an accredited school of nursing and NCMC's obligation to continue making advances or loans pursuant to this Agreement shall be contingent upon the STUDENT remaining in good standing in the PROGRA_v4, and ail respects; the STUDENT makes satisfactory progress towards a nursing degree. 1Exhibit B 1353 REC 02306244 10/07/92 14 : 24 $0 . 00 4/007 F 2145 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO • 920259 Perms of Loan. 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 • continuously enrolled in the PROGRAM and is in good standing. Continuously enrolled shall be construed to mean enrolled as a part-time or full-time STUDENT during the regular academic year. All funds tdvanced pursuant to the terms of this • Agreement shall be due and payable and shall bear interest at the rate of 8.5% per annum commencing (1) thirty (30) days after the withdrawal by STU-DENT from the PROGRAM; (2) thirty (30) days after expulsion of STUDENT from the PROGRAM, or the imposition of any academic or disciplinary probation, by the accredited School of Nursing, (3) upon evidence satisfactory to NCMC that STUDENT is not making satisfactory progress towards a nursing degree; (4) thiry (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 and become licensed as a Registered Nurse in Colorado within the first six (6) months of employment by NCMC or thirty (30) days after notice of failure of the second available NCLEX-RN administered by the Colorado Board of Nursing, whichever shall first occur. In the event the amounts advanced pursuant to this Agreement become due and payable, and interest accrues, the principal amount shall be anu/rti7ed over a period of five (5) years (60 months) with payments duc on the first day of the second month following the event making the sum due and payable with interest, and payable on the first day of each month thereafter until filly paid. In no event, however, shall the monthly payment be less than Fifty dollars (550.00) 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 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 licensure by the Colorado Board of Nursing. The principal and all accrued but unpaid interest shall be forgiven in increments of One Thousand Dollars (S1,000.00) for each six (6) month period of continuous employment as a Registered Nurse by NCMC. The forgwin2 of the principal amounts advanced, the for_ii:- g of accrued but unpaid interest, and the deferral of interest may constitute ::_cable 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 empic_-nen` by NCMC if offered. B 1353 REC 02306244 10/07/92 14 : 24 $0 . 00 5/007 F 2146 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO 2 ; C Default on Loan. 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 15% per annum and in the event the holder of the note refers the matter for collection, the holder shall be entitled, in addition to principal and interest, all costs incurred in the collection of the obligation including reasonable attorney's fees. All payments made, refer.,als granted, or amounts forgiven, whether prior to or following default, shall be first credited to any costs of collections incurred, then to any accrued but unpaid interest, and last to principal. 6. Death or Disability of Student. In the event STUDENT dies or becomes permanently disabled or STUDENTs employment as a Registered Nurse at NCMC is terminated as a result of a permanent reduction in force, the obligation of STUDENT to repay shall be canceied by NCMC. 7. Notification of Change of Status. S 1 UDENT shall immediately inform NCMC of any change in STUDENTs name, address, social security number, or any change of STUDENTs enrollment status at the school of nursing. STUDENT shall in addition, inform NCMC of any changes in STUDENTs circumstances which may affect STUDENTs ability to complete the nursing degree requirement or repay the obligation evidenced by this Agreement. S. _ov_grning, Law. This Agreement and the Promissory'_ Note shall be construed and enforced in accordance with the laws of the State of Colorado. NORTH COLORADO STUDENT MEDICAL CEN LER, INC. I , Date: - ff IDate: i7 / / ; % B 1353 REC 02306244 10/07/92 14 : 24 $0 . 00 6/007 F 2147 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO 320:359 ' , NORTH ( Li DO MEDICAL, CENTER, INC NURSING EMPLOYMENT AND TUITION PROGRAM (NEAT) PROMISSORY NOTE FOR VALUE REC IA cD. = ,� . /l . do oro ce to pay ti Colorado Medical Cent Lac , of J cr. .�2 Center, ..;,, sum ( iv? ) with bate:_st thereon at the rate cf 8.5% De: =EL= ayable when in sixty (60) ecual monthly lms.ail:_,e nts of principal and interest provided, however, that monthly installment shall not be less than Fifty Dollars (550.(30). This Note is a line of cr noie Cove` pet^„dic advances madeN of'_ by Drib C or_dc Medical Center, Inc., to, or O_ behalf of, make. oo: toeXceed the face amount. This Note is sublet.t to the .��c and conditions of an Agreement bet een the pan d partitedated the "`R day of , 19 C / , and .- even _. accordance with the te.r s thereof. Said contract provides, at=om? Other thILL725,yfor the forgiveness or both p r'cipal and interest in the event maker is _n Moved by North Colorado Medical Center, lira as a Registered Nurse on a continuous basis as -Ore fully set forth in the Agreement. This Note shall become C'.le. `and ra""-_'!'-: (1) ti-Mm; "(lli days c after the '- � I ._. 2J_ a'.e. - ";i7d:2F'al d 'e maker from the ac l of N' r- OCR. A 21 tinityrt. (30) days arttar • dulsion of the maker 6-trt .__ ROO._Aw{ or position of any acade='cor dls C:D!lnarr probation of :he School 0_ Ntir_.ng; (3) noon ersoence satisfactory to ate _older that the maker is Lot . sing satis:actcr rogres_ Iowan-cis a nursing ce'are ; ( -) _ ' (30) days after grad'_don from the YRCC.L_V: (5) ','i (:0) days following erm:ma, n of employment with NCMC ,.c'Dt as ner..._are_ oro'.-_e or. (6) noon failure of the — to oualifv and become licerecl as a Registered Nurse in Colorado within the s: _'5t (6,: months of emolov-e'-: - NCVC, or :him,/ (:'7) am - after notice of __._re of the available NCLEX-RN administeredthe Colorado :..Card of Nursing, whichever all __si OCnr. Inthe event - _ default e payment of _ installments then the _ of print: and _merest shall immediately become due and payable, and shall hear interest a: the rate of 15`- an num rum and maker a_?ees that in the event that the Note is r_.erred for collection the 'noisier shall be entitled, in addition to principal and interest. -1 coatis incurred in the collection of this Note includinc, without limitation, reasonable s fees. _. Maker may a'varica idaymams _. .__.._ additional gay--..:c.c. of id:in:mai - ri._ .-.test.: -.:.Cu: penalty. Maker uivc , esen...._... ... :rte.... dema .... n'.._.... notice C: .1: ^.en,. Crdishonor and or rotest. and arty 0:1 c_„ and dean !'_ and hereby consents :not any , o from of .._ _ _ ..._. .. .. ote exte :t:e.. .v thou: nt.'s..__. :Cra detm... of .�.... .._ n " B 1353 REC 02306244 10/07/92 14 :24 $0 . 00 7/007 F 2148 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO 920359 1771 NORTH COLORADO , . MEDICAL CENTER i^. .. e71 0- , .. '?• 1+`f September 24, 1992 1801 16th Street CL E7.,; Greeley.Colorado 80631-5199 303-352-4121 rp . !H Mr. Bruce Barker 1 • _ 41t i assistant Weld County Attorney �_t _.:tr;,1 ry P 0 Box 1948 .L! ORNFY'S CFr fC E Greeley, CO 80632 Re: Assignment of Nursing Employment & Tuition (NEAT) Loan, Agreement and Promissory Note for Kristina King Dear Bruce: Enclosed is the signed assignment of the Nursing Employment and Tuition (NEAT) Loan Agreement for Kristina King. Sincerely, Kenneth Nickerson Director Personnel Services KN:jp Enc. 92O-S9 Hello