HomeMy WebLinkAbout921543.tiff AR2291052
ORDINANCE NO. 171
IN THE MATTER OF AUTHORIZING AND APPROVING AN ADMINISTRATION BUILDING LEASE
PURCHASE AGREEMENT, A MORTGAGE AND INDENTURE OF TRUST, A CERTIFICATE PURCHASE
AGREEMENT AND OTHER DOCUMENTS AND ACTIONS CONCERNING THE ISSUANCE OF CERTIFICATES
OF PARTICIPATION IN THE LEASE PURCHASE AGREEMENT IN THE AGGREGATE PRINCIPAL
AMOUNT OF $2,240,000
BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF WELD, STATE
OF COLORADO:
Section I. Recitals.
A. Weld County, Colorado (the "County") , is authorized, pursuant to
Section 30-11-104. 1, CRS, as amended, to enter into lease purchase agreements in
order to provide for the financing of a courthouse, jail or other county building
used, or to be used, for governmental purposes.
B. The Board of County Commissioners of the County (the "Board") has
determined, and hereby determines, that (1) the County is in need of a certain
administration building (the "Building") , (2) it is necessary and in the best
interests of the County that the Building be acquired, constructed, and equipped
on a certain parcel of land (the "Site") to be leased, under a Ground Lease as
hereafter defined, by the Weld County Finance Corporation, a Colorado nonprofit
corporation (the "Lessor") , and (3) for purposes of financing the acquisition,
construction and equipping of the Building to be located on the Site
(collectively, the "Project") , it is in the best interests of the County that the
County and the Lessor enter into an annually renewable Administration Building
Lease Purchase Agreement, dated as of June 1, 1992 (the "Lease") and the Ground
Lease, dated as of June 1, 1992 (the "Ground Lease"), both in substantially the
form presented to this meeting of the Board.
C. Certificates of Participation (the "Certificates") will be issued and
sold pursuant to a Mortgage and Indenture of Trust, dated as of June 1, 1992 (the
"Indenture") , between the Lessor and The Bank of Cherry Creek, N.A. , as trustee
(the "Trustee") , and a Certificate Purchase Agreement, dated June 8, 1992 (the
"Certificate Purchase Agreement") , among the County, the Lessor, and Hanifen,
Imhoff, Inc. , in substantially the forms presented to this meeting of the Board.
D. The Board is desirous of authorizing, approving and directing the
execution of the agreements and instruments described above and the transactions
evidenced thereby.
Section 2. Ratification.
All action heretofore taken (not inconsistent with the provisions of this
Ordinance) by the Board or other officers of the Board or the County, directed
toward the acquisition, construction and equipping of the Building, the
acquisition of the Site by the Lessor and the leasing of the Project by the
County from the Lessor, are hereby ratified, approved and confirmed.
B 1339 REC 02291052 06/09/92 13 :08 $0 .00 1/005
F 0101 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO
ORD171
921543
ORDINANCE NO. 171 - ADMINIS'..ATION BUILDING FINANCING
PAGE 2
Section 3. Findings and Determinations.
The Board hereby finds and determines, pursuant to the Constitution and
laws of the State of Colorado and the Weld County Home Rule Charter (the
"Charter") , that (a) (i) acquiring, constructing and equipping the Project, and
(ii) leasing the Project from the Lessor under the terms and provisions set forth
in the Lease, are necessary, convenient and in furtherance of the governmental
purposes of the County and are in the best interests of the County; and (b) this
is an emergency Ordinance which shall be effective immediately upon its passage
and adoption, as provided in Section 3-14 of the Charter. Public notice of this
Ordinance shall be given forthwith. If this Ordinance were not immediately
effective, the present volatility of the financial markets might adversely affect
this financing and the County might not have money available to complete the
Project, which is necessary for governmental purposes.
Section 4. Approval of Lease and Indenture.
The Lease, in substantially the form and with substantially the content
presented to this meeting of the Board, is in all respects approved, authorized
and confirmed, and the Chairman of the Board is authorized and directed to
execute and deliver the Lease for and on behalf of the County, and the County
Clerk to the Board is authorized and directed to seal the Lease and attest
thereto, the Lease to be in substantially the form and with substantially the
same content as presented to the Board, but with such changes, modifications,
additions or deletions therein as shall to them seem necessary, desirable or
appropriate, their execution thereof to constitute conclusive evidence of their
approval of any and all changes, modifications, additions or deletions therein
from the form and content of the Lease presented to the Board. The Board hereby
approves the execution and delivery by the Lessor and the Trustee of the
Indenture in substantially the form and with substantially the same content as
presented to the Board, but with such changes, modifications, additions or
deletions therein as shall to them seem necessary, desirable or appropriate,
their execution thereof to constitute conclusive evidence of their approval of
any and all changes, modifications, additions or deletions therein from the form
and content of the Indenture presented to the Board. The Board hereby
acknowledges and consents to the assignment by the Lessor to the Trustee,
pursuant to the Indenture, of all right, title and interest of the Lessor in, to
and under the Lease (with certain exceptions as provided in the Lease and the
Indenture), and the delegation by the Lessor to the Trustee, pursuant to the
Indenture, of the duties of the Lessor under the Lease.
Section 5. Authorization of Issuance and Sale of Certificates.
The Board hereby authorizes the issuance of the Certificates pursuant to
the Indenture. The Board hereby acknowledges and approves the form, terms and
provisions of the Certificates contained in the Indenture, in substantially the
form and with substantially the same content as presented to the Board, including
any changes, modifications, additions or deletions therein as shall be necessary,
desirable or appropriate. The Board hereby authorizes, approves and directs the
sale of the Certificates to Hanifen, Imhoff, Inc. under the terms and conditions
of, and for the price set forth in, the Certificate Purchase Agreement. The
Certificate purchase Agreement together with the form of Indemnity Letter
ORD171
B 1339 REC 02291052 06/09/92 13 : 08 $0 . 00 2/005
F 0102 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO
ORDINANCE NO. 171 - ADMINISTRATION BUILDING FINANCING
PAGE 3
attached thereto (the "Indemnity Letter") , in substantially the form and with
substantially the content presented to this meeting of the Board, is in all
respects approved, authorized and confirmed, and the Chairman of the Board is
authorized and directed to execute and deliver the Certificate Purchase Agreement
for and on behalf of the County in substantially the form and with substantially
the same content as presented to the Board, but with such changes, modifications,
additions or deletions therein as shall to him seem necessary, desirable or
appropriate, his execution thereof to constitute conclusive evidence of his
approval of any and all changes, modifications, additions or deletions therein
from the form and content of the Certificate Purchase Agreement and Indemnity
letter presented to the Board.
Section 6. Lease of Project.
The Board hereby approves the leasing of the Project by the County from the
Lessor for the Base Rentals (as defined in the Lease) and Additional Rentals (as
defined in the Lease) contemplated by and under the terms and conditions of the
Lease.
Section 7. Ground Lease of Site.
The Board hereby authorizes and approves the leasing of the Site to the
Lessor under the Ground Lease in consideration for the Lessor's issuance of the
Certificates. The Board hereby approves the execution and delivery of the Ground
Lease, and the Chairman of the Board and the other appropriate officers of the
County are hereby authorized and directed to execute and deliver to the Lessor
the Ground Lease in substantially the form and with substantially the same
content as presented to the Board, but with such changes, modifications,
additions or deletions therein as shall to them seem necessary, desirable or
appropriate, their execution thereof to constitute conclusive evidence of their
approval of any and all changes, modifications, additions or deletions therein
from the form and content of the Ground Lease presented to the Board, and such
other instruments of conveyance as may be necessary and appropriate to effect a
conveyance of a leasehold in the Site by the County to the Lessor in the manner
contemplated by the Indenture.
Section 8. Other Instruments.
The Chairman of the Board and other officials of the Board or the County
are hereby authorized to execute and deliver for and on behalf of the County any
and all additional certificates, documents and other papers and to perform all
other acts that they may deem necessary or appropriate in order to implement and
carry out the transactions and other matters authorized and contemplated by this
Ordinance. The appropriate officers of the Board or the County are authorized
to execute on behalf of the County agreements concerning the deposit and
investment of funds in connections with the transactions contemplated by this
Ordinance.
B 1339 REC 02291052 06/09/92 13 :08 $0 . 00 3/005
F 0103 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO
ORD171
ORDINANCE NO. 171 - ADMINISTRATION BUILDING FINANCING
PAGE 4
Section 9. Disclaimer.
NO PROVISION OF THIS ORDINANCE, THE LEASE, THE GROUND LEASE, THE INDENTURE,
THE CERTIFICATES OR THE CERTIFICATE PURCHASE AGREEMENT SHALL BE CONSTRUED AS
CREATING OR CONSTITUTING A GENERAL OBLIGATION OR OTHER INDEBTEDNESS OF THE COUNTY
NOR A MANDATORY PAYMENT OBLIGATION OF THE COUNTY IN ANY FISCAL YEAR BEYOND THE
CURRENT FISCAL YEAR. THE COUNTY SHALL HAVE NO OBLIGATION TO MAKE ANY PAYMENT
WITH RESPECT TO THE CERTIFICATES EXCEPT IN CONNECTION WITH THE PAYMENT OF THE
BASE RENTALS AND CERTAIN OTHER PAYMENTS UNDER THE LEASE DURING THE LEASE TERM FOR
WHICH THEY WERE APPROPRIATED, WHICH PAYMENTS MAY BE TERMINATED BY THE COUNTY IN
ACCORDANCE WITH THE PROVISIONS OF THE LEASE.
Section 10. Base Rentals determined to be Reasonable.
The Board hereby determines and declares that the Base Rentals represent
the fair value of the use of the Project; and that the Purchase Option Price (as
defined in the Lease) represents the fair purchase price of the Project. The
Board hereby determines and declares that the Base Rentals do not exceed a
reasonable amount so as to place the County under an economic or practical
compulsion to renew the Lease or to exercise its option to purchase the Project
pursuant to the Lease. In making such determinations, the Board has given
consideration to the price at which the County initially acquired the Site, the
Cost of Construction (as defined in the Lease) , the uses and purposes for which
the Project will be employed by the County, the benefit to the citizens and
inhabitants of the County by reason of the acquisition, construction and
equipping of the Project and the use and occupancy of the Project pursuant to the
terms and provisions of the Lease, the option of the County to purchase the
Project, and the expected eventual vesting of title to the Project in the County.
The Board hereby determines and declares that the acquisition, construction and
equipping of the Project and the leasing of the Project pursuant to the Lease
will result in facilities of comparable quality and meeting the same requirements
and standards as would be necessary if the acquisition, construction and
equipping of the Project were performed by the County other than pursuant to the
Lease. The Board hereby determines and declares that the period during which the
County has an option to purchase the Project (i.e. , the maximum term of the
Lease, including all Renewal Terms) does not exceed the useful life of the
Project.
Section 11. Separability Provision.
If any section, paragraph, clause or provision of this Ordinance (other
than provisions as to the payment of the Base Rentals and Additional Rentals by
the County during the Lease Term and provisions for the conveyance of the Project
to the County under the conditions provided in the Lease) shall for any reason
be held to be invalid or unenforceable, the invalidity or unenforceability of
such section, paragraph, clause or provisions shall not affect any of the
remaining provisions of this Ordinance.
B 1339 REC 02291052 06/09/92 13: 08 $0 .00 4/005
F 0104 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO
ORD171
ORDINANCE NO. 171 - ADMINISTRATION BUILDING FINANCING
PAGE 5
Section 12. Repealer.
All ordinance, bylaws, orders and resolutions, or parts thereof,
inconsistent with this Ordinance or with any of the documents hereby approved,
are hereby repealed only to the extent of such inconsistency. This repealer
shall not be construed as reviving any ordinance, bylaw, order or resolution, or
part thereof.
Section 13. Ordinance Not to be Repealed.
Subsequent to the adoption of this Ordinance, this Ordinance shall not be
modified, amended or repealed so long as any Certificates are outstanding and
unpaid.
Section 14. Effective Date.
This Ordinance shall be in full force and effect upon the date of its
passage and adoption.
Section 15. Declaration of Emergency.
The Board, pursuant to Section 3-14(6) of the Charter, does hereby declare,
for the reasons given in the body of this Ordinance, this to be an emergency
ordinance under said Section of the Charter.
The above and foregoing Ordinance Number 171 was, on motion duly made
and seconded, adopted by the following vote on the 8th day of June, A.D. , 1992.
(R` �, ; -� ., .. = BOARD OF COUNTY COMMISSIONERS
ATTEST: -4,4' "�/yr'I/.3- WELD C LINTY, COLORADO
-
Weld County Clerk td 6e Board
o e K nedy, Chairman
BY: S/11,4 I /21l'.G-- ,sue i�r.i-,_., j� '7'/O-4,.:,lii
Deputy CWrk o the Board Constance L. Harbert, Pro-Tem
APPROVED AS TO F RM:
C. W. K'
Coun ,r Attorney . L
W. H. Webster
Read & Approved: June 8, 1992
Publication: June 11, 1992
Effective: June 8, 1992
B 1339 REC 02291052 06/09/92 13 : 08 $0 . 00 5/005 ORD171
F 0105 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO
County nr-rt 4C� earlwa ad dear by*e
an annually dRLeeaaseliel are Leila and Ste huaee eat the
Administration wale Mdalawe M wbaaday me
ioaae Me ad We meeeaaay we
of r�rchas uera j, tp Release, the Boaea ett am rd. but p with tla
uelt
My the emend nme t1 apL he around or deletions as s�y.
yen
him in
med thn'mur day saw die them n necessary,dsseseb
If MBoard. meeting of a aPMPpitle,then(Meese
thereof to cretitule COMICS'
C.Certgba• of Pan evpwba of their approvel of we
_ Participation and all nio
changes, ditbahens,
sop sbstes)eje he booed additions or deletions therein
and
and told pursuant
b a enemy from the form and cams of the
Indenture of
�2al dales Indenture Presented to the
of June 1, (te
,Indenture') between the L ssor rd. The Board hereby
and The Bank of aawbdgr by nd a consents to
Cherry Crest the ass stare, ur tea t to t o
N,A.,as trustee She TNSW'), the Trustee,pursuant to the
and a Certificate Purchase Indenture.01 all right,title and
Agreement,err A e a,iota Interest of the Lessor in,to and AFFIDAVIT OF PUBLICATION
(the 'Certificate Purchase Under the Lease(with certain
phoe Lomas mete Ow MC ey, exceptions r provided in the STATE OF COLORADO
Inc.,-M substantially the fame hoff, is and the by sew*seed
presentee to des the Trustee,
dye Laser M ss
sow. ^wpklg of the s,pursuant le the COUNTY OF WELD
Indenture,of the dues el lee
D. The Board Is desirous of Lessor under the lease.
authorizing, approving and �enb a. a,.rn I, KEITH HANSEN, of said County of Weld, being duly
directing
id eel,vents execution M of �' iiayapgaAoigaiadl,Com�By sworn,say that I am publisher of
described above and the The Been hereby a,uwdze d;transmutes evidenced MS Winans of the certaleeaa WINDSOR BEACON
Bet a Ralterb0, pursuanthereby the Indenture.The
eey
All action heretofore liken(net approves the form,terms a weekly newspaper having a general circulation in said
incoMbsnt sill,the p�� cont no the dC nturb County and State, published in the town of WINDSOR,
a this Ordinance)by the Board contains In the and g NiM
a of or substantially the form and gbh in said County dSeta and the , f h h
subsuntWythsameCOM the annexed is aan tru copyte; , has bateenth punoticeblishedo inw said
the Care dace burr the as presented to the Board.
acquisition,colnirualon and Including any changes, weekly for_1, successive weeks, that the notice
equIpping of the BwldNy,the modifications, additions w was published in the regular and entire issue of every
soquisitlen of the Bite by the deletions therein as shall e
Lessor and thelasieathe necessary, desirable number of the paper during the period and time of
Pfts
roles by the Co my eel the appropriate.The Board Mrs
Lessor, are hereby ratified, authorizes,approves and cIMM publication, and in the newspaper proper and not in ae
apaMandcenhnad, the sale of the Certificate$ supplement, and that the first publication of said notice
IB0l MS sad Hansar and conditions of,end Imhoff.Inc.under*.em was in said paper bearing the date of the
hone
the price set fonh are
The Board hereby finds and Certificate Purchase f( day of 7(1-0 e , A.D., 19 <'and
determines, pursuant to the The Certificate pure
Constitution and laws of the Agreement together with the last publication bearing the date of the
ear of C0MM* pnrI
wets,.e a trap(the Letter
by Lartw),.
,mrT MwAalentlatythe demand day of A.D., 19 and
magstanti Mb meeting ally that the said WINDSOR BEACON has been published
, d. 1s In all re continuously and uninterruptedly for the period of 5
"M THE elMelfrll St the at ea cued, authorized cu a1y consecutive weeks, in said County and State, prior to the
q aN W. and the authorized id
iN STRATI BUILDING • In the Board is ger date of first publication of said notice, and the same is a ADM I
LEASE PURCHASE AGREE- pews o el the county
and
directed to execute and
pews eCaasyad the Certificate PureaeyeSee newspaper within the meaning of an Act to regulate
NEWT, A MORTGAGE AND m the heat interests 01 the Agreement for and n beef printing of legal notices and a vertisements, approved ICERTIFICATE NDENTURE•OF TRUST, A County; and (b) this Is an the County in suhetantlehy the May 18, 1931,. nd all prior ac so as in force.
AGREEMENT APO PURCHASE
emergency Ordinance which form and with substantially the
MET3 AND ACTIONS shait a elleaive immediatey sae content as presented to
OFCONCERNING
ZING WE OF PAR- es t �� Sectionwee 3+d 14 cf the dumps,nealcaw� s '
TICIPATION IN THE LEASE Ordinance shaall eedbece of
hint s this or deletions
m n therein y, +M
la
PURCHASE AGREEMENT IN fortheh.N Nis Ordne car were or appropriate,his eiraata I$HER
THE AGGREGATE PRMCIPAL not Ineediately effective,the thereon to constitute 001100NM
AM0UNTOF a;Sr,lpo present vote of the financial edema of his a0pra,
markaq might adversely wee. and all change.,nrodu#i y Subscril'�[d� a`n-d sworn to before
me this lg1ti` day
BE IT ORDAINED BY THE this Mande and the County additions or deletions Wants of �.J�NI� 19 -L —
BOARD OF COUNTY COMMIS• might not hate matey available from the form and Conte.
Ifilhe
as _\ ��y
SIGNERS OF THE COUNTY OF to censers the Project,MOM i Certificate Purchase Ageewae(laaae(( SVa.Vi I .3 el A73C2 r
WELD,STATE OF COLORADO: necessary for governmental Ind nt*lae re
itie Ward.
+BIGUa keefJalerfillohpn weanNOTARY PUBLIC
n
A.Weld County,Colorado(the(thea,Approve of(rentRankRankina lame of Plain c
•County•), Is authorized, My commission expires `t-1 1 W
pumuent to Section Vie
al vial, The Lease,In substantially the leasing The n of the Project drd hereby ig be .
CRS,as amended,to enter Into form end with substantially the County from the Lassa ab e i
lease purchase agreements lit content presented to this Base Rentals(as delved iA el
- order to provide for the bwidmlg meeting of the Board,Is In a Lease)and Additional Realty.
of a courthouse,jag or other respects approved.authorized (as defined in the Leeeel
county building used,ate be and confirmed, and the contemplated and governrnsellwPrr. Chairman of the Board le terms and conditio under le
S. The Board of County authorized and directed to Lease.
S. arr of the Court tor
and deliver the Lease
behalf
(the'Board')has determined, and Couun y Clerk to the th ae'Ihn7 rtnm„ell row d IS
theand
County �tceattHn Board b embodied end directed The Board hereby authorizes
to sea the Leine and attest and kid
administration
mini trationitbuildingg((the thereto, the Lease to be In Site toot the rLeesesorruund of er the ano in the be fl') (� necessary substamleay the form and with Ground Lease In coneidersibn
County thaat the Building be substantially the same content for the Lessor's issuance of the
Count i Builds inn speeded to the Barg but Certificates.The Board hereby
acquired, o constructed,
with such changes, model•' approves the execution and
aquae
(the on a to leased, cations,add for or deletions delivery of the Ground Lease,
under a Ground Lean as therein as ism to thou seem ander Chairman of the Board
hereafter dolled,byea Was necessary, desirable or enddle ether a(propdae acorn
County Flnence .IN100ion,a appropriate, their execution or the County are hereby
Colorado nonprofit o«poralon thereof to Setae a enclose authorized and directed to
(the •doesory, and (3) Ices eMenss of thee spree et eery nevae ere deliver to the Lem
purposes of. financing the and al changes,moodifications, the Ground Lase in
and adage or g Wes sdielearss me elmen ink 114;S:47 Lei �ioonnss therein substantially the lam and with
fillilitM'Poppet ,e b M Nat base INS ayaeaaas M an fart eyegge, win(.
agalfeas,addition et letepaa use Row a NF
ylOO a eats r Meat eat awaay sat asp., GIs the Otbass
paaasN', desks. of plan tae y aewr aa seSnete . alear
asop ra te.mlMh their
execution
execution convulsioneconomic
to or practical or repeated so ef long as s say
elaM tie el mar approval of any or to exerdpt�the onto unpaid. w pptsteedmg OP-
r all damps,modaoarbna, puree the
option to unpaid.
whans!or deletions therein the Leas*. In makingn �ch Thi��do `" _
gSas ee the faro and content of the determinations,to Board has gam asp f as pore the at s
Sad•Leand m planed to
aghw co the consideration
tothe Initially gams
ape and a Pion eau elf
as tse s as
m+ n'a,nf ecessary
as acquired the She.the Cost of Saatlon 1 c .•
, t _
lift be n to and
Construction ye defined in the -+
appropriate
liniesemme d
lib ureltpd in the for whichM a Projectiil uses and lses be The Board,thesC ha to Secrete
le by to th Lessor employed by.the Cunty,the h hereby
of the fo r deed
ss
ens eeet„p contemplated by benefit to t Indare.for the reasae citizens and given in the body of Nay
Inhabitants o the County by Ordinance, this to be all
~'e'M a.Other reason of t acquisition. emergency IgatBmmtll. cmabuctim and equipping of the of the Chat.
Project and; the use and The above and foregoing
Tilis nth/Oberman
of the Board and occupancy of the Project
S e Sr.hereby the
authorize,Bond orthe
pursuant to the' terms and motion duN oar N��f was,as
Yalu are re y for are on provisions of the Lease, the ATTEST.
l Mb•tha County anyka C� the
�N of the�id the nte toexpend WeW ona - Donald Dt.bat
ella
aima aro n other
her papers and Project In the Men C_1toteM�a
atyr deem necessaryi BS
they n The
olee Erma 4 MN tO the
81tsaP
e m order to or that twee apgo uab et.suction APPROVED TOECAP:borto the
OW the Maplemem am ng, Project and Illelltir
Dar
enaction as other the leasing al the Project
matters authorised and pursuant to f pad y,BM Ataw Burma
Tetaepstslbres Ordinance in facials,of LeW ad/maul boy
The apptabal's officers of the and merit " the same m
Boar at the County are requirements gaped'landslide-a
li Be sects,on Whoa would be napas,ary If to County agreements acquisition.QUnstructlon aid
beibient of
raaamfng the deposit and quipping of the Project was
ellts�rn nth the funds in Performed by the County other
transaaions than pursuant to the Lea be
T BIMed by this Ordinance. Board hereby determines es
�wia...,,,__,_,. decura that the pence duty
`�+�I�L which the County has an tpam PROVISION OF THIS to Median the Project pa, the
E.THE LEASE,THE maximum term of the Leap,
LEASE, THE Including all Renewal Ter
me,THE CER- does rat exceed he MOW Bey
TES'OR THE CERTIFI- the Project.
i:
WR oljRCHASE AGREEMENT
M t BE CONSTRUED AS Sectimn en t hYav
TING OR CONSTITUTING fmylslgp.
A GENERAL OBLIGATION OR a any section,paragraph,date
*BIER INDEBTEDNESS OF or provision of this Ordinates
fit COUNTY NOR A (other than provlabne as to ens
BiliDATORY PAYMENT payment of the Base Rengy
OBLIGATION OF THE COUNTY and Additional Rentals by see N ANY FISCAL YEAR BEYOND County during the Lease Term
W*CURRENT FISCAL YEAR. and provisions for
114E COMITY SHALL HAVE NO conveyance of the Project top.
LK3A}ION TO MAKE ANY County under the conditions
THE CERTIFICATES iCx Gib TOEPT provided in the Lease)shallot
M CONNECTION WITH THE' any
uurwr�a heal to be b�
PAYMENT OF THE BASE uneforce elyq�
moils
NTAIS AND CERTAIN Paragraph,clause or prcvi
ils
AYMENTS UNDER shall not affect any of ale,
THE SE DURING THE remaining provisions of Nis.
LEABE TERM FOR WHICH Ordinance. •
1LI�'�g E APPROPRIATED. Bactirm 12 Rpylat
Mb3 PAYMENTS MAY BE AR.oupaanpa Wave.oedema*
PA TED BY THE resolutions,or parts thereof,
IN ACCORDANCE inconsistent with this Ordinance
NE 7•E ma.
OF or with any of the documents
hereby approved,are hereby
f1l aaBaa-ter R p__ repealed only to the extent of
such Inanefstancy. This
- shall d be construe,
as be lsans,berabttdsssrmines order or rasp einar, or part
aa4 lamas that the Base thereat
or part
dry Nth the fair value Sadlon to Ord'
Project:and that --'i` a .ILLOfl
ion Price(as
bin la Be LVie Mediae�mytat-rgwsaya.
the fair ptaelth a re et we
Pd The `erap ..
might not have money available 'approves the leasing of the pursuant to the Lease will result Subsequent to the adoption of
ORDINANCE NO.175 to complete the Project.which is a to the Lessor under the in facilities of comparable quality his Ordinance,this Ordinance
necessary for governmental -round Lease in consideration and meeting the same ll not be modified,amended
IN THE MATTER OF AUTHO- Purposes. the Lessor's issuance of the requirements and standards as repealed so long as any
RIZING AND APPROVING AN _.enilicates.The Board hereby would be necessary If the x;arinicales are outstanding and
ADMINISTRATION BUILDING Tet'llnn 4 Annrnval of I ease and. approves the execution and acquisition,construction and unpaid.
LEASE PURCHASE AGREE. iadonYfa. delivery of the Ground Lease, equipping of the Project were Section 19 Fgemroe Dale
MENT,A MORTGAGE AND 'and the Chapman a the Board performed by the County other INDENTURE OF TRUST,A The Lease,in substantially the•gad the other appropriate oneeoe than pursuant to the Lease.The This Ordinance shall to in full
CERTIFICATE PURCHASE form and with substantially the al the County are hereby Board hereby determines and force and effect upon the date of
AGREEMENT AND OTHER content presented to this authorized and directed to declares that the period during Is passage and adoption.
DOCUMENTS AND ACTIONS meeting of the Board,is In all main and deliver to the Lessor which the County has an option Section 15. Declaration of
CONCERNWG THE ISSUANCE respects approved.authorized 150 Ground Lease in to purchase the Project(p.e.,the Fnctonncv
OF CERTIFICATES OF PAR. and confirmed. and the esbstantlally the form and with maximum term of the Lease,
TICIPATION IN THE LEASE Chairman o1 the Board is ;substantially the same content including all Renewal Terms) The Board,pursuant to Section
PURCHASE AGREEMENT IN authorized and directed to a$presented to the Board.but does not exceed the useful life of 3-10161 of the Charter.does
THE AGGREGATE PRINCIPAL execute and deliver the Lease tdth such changes, modi- the Project. hereby declare,for the reasons
AMOUNT OF 52.240,000 for and on behalf of the County.; given in the body of this
and the County Clerk to the "factions,additions or deletions Section on 11 Separability Ordinance, this to be an
BE IT ORDAINED BY THE Board C authorized and directed therein as shall to them seem Provision, emergency ordinance under said
BOARD OF COUNTY COMMIS- to seal the Lease and attest`;necessary, desirable or Ii any section,paragraph,dauso Section of the Chanor.
SIONERS OF THE COUNTY OF thereto,the Lease to be in .appropriate.their execution or provision 01 this Ordinance The above and foregoing
WELD.STATE OF COLORADO: substantially the form and with 'Hereof to constitute conclusive (other than provisions as to the Ordinance Number 171 was,on
substantially the same content esyence of their approval of any payment of the Base Rentals motion duly made and seconded,
Searion I.Recaale as presented to the Board,but and all changes,modifications, and Additional Rentals by the ATTEST:
with such changes,modltl- additions or deletions therein County during the Lease Term Donald D.Warden
A.Weld County,Colorado(the cations.additions or deletions loon the foam and content of the and provisions for the Weld County Clerk lathe Board
'County'), Is authorized, therein as shall to them seem eNeund Lease presented to the conveyance of the Project to the Shelly Miter
pursuant to Section 30.11.104.1, necessary, desirable or Moro, and such other county under the conditions fenny Clerk to the Board
CRS,as amended.to enter Into appropriate,their execution'fnaruments of conveyance as provided in the Lease)shall for APPROVED TO FORM:
lease purchase agreements in thereof to constitute eencluslve i`Bey be nec and any reason be held to be Invalid Thom O.David
order to provide for the financing evidence of their approval of any•appropriate to effect a or unemorceable.the invalidity or County Attorney
of a courthouse,jail or other and all changes.modeications, marveyanoe of a leacahold in the unenlorceability of such section, Published In the Windsor Beacon
county building used,or to be addition*or deletions therein 5Nb by the County to the Lessor paragraph,clause or provisions on June 11,1,1992.
used,lot governmental purposes. from the form and content of the Mtn manner contemplated by shall not affect any of iha-
Leaea presented to the Board. 1150 Indenture remaining provisions of this
B. The d al County the The Board hereby approves the, Ordinance.
Commissioners of County s Section 12 Repealer
c ion B.aner ms,mmems.
(the'Board')has determined, execution and delivery by the All ordinance,bylaws,orders and
and hereby determines,that(1) Lessor and the Trustee of the A.Chairman of the Board anda sglvtlons,or parts thereof,
the County is in need ofd certain Indenture in substantially the Ober officials of the Board or the inconsistent with this Ordinance
uni
administration building(the form and with substantially the fby are hereby aphorized to or with any of the documents
'Building'),(2)I is necessary seine content es presented to 'aaecule and deliver for and on hereby approved,are hereby'
and in the beet interests of the the Board, but with such Wban of t e County any a id all repealed only a the extent of
County that the Building be changes,nedOpcalnns,additions additional ceruncates, itch itsto the a This
acquired, constructed,and or deletions therein as shall to r n he papers and repealer shall not be construed
equipped one certain parcel of them seem necessary,desirable ........"a""'—.....,,,—..7.,.,'pa"aran a s that,heY ving any ordinance.bylaw,
land(the'See')to be leased, or appropriate,their execution may deem necessary or order)or des oiulian,or Part
under a Ground Lease as thereof to constitute conclusive 1•Pllae M aneris implement loaded.
hereafter defined,by the Weld evidence of their approval of any and the transactions and other Section 19 Ordinance Not,o be
County Finance Ct corporation
atlu,a and all changes, therein
a50Bsra authorized and Roonaled '
Colorado nonprofit corporation additions or deletions therein edleemplated by this Ordinance.
(the'Lessor),and(3)1lr from the form and content of the Th."'Weed'.oCcers et the - -
Purposes of financing the Indenture presented to the Board or the County are
acquisition,construction and Board. The Board hereby 'aethomied to execute on Mohan AFFIDAVIT ON PUBLICATION
equipping of the (eelg to be acknowledges and consents to al the county agreements
located on the Site tholle the assignment by the Lessor to concerning the deposit and
the'Project.),it is in the best the Trustee,pursuant to the a'esiment 01 funds in
Indenture,of all right,title and imethedlons with the transactions STATE OF COLORADO ) _
Interests of the County that the interest of the Lessor in,to and aeetatnenplated by this Ordinance. SS -- .,
County and the Lessor enter iMo under the Lease(with certain
an annually renewable ee.ugons as provided in the Sslbn 9.Disclaimer COUNTY OF WELD
--
administration Building Lease Lease and Inc Indenture),one NO PROVISION OF THIS
Purchase Agreement,dated as Inc tlelepetbn by me Lessor Io ORDINANCE,THE LEASE,THE
of June 1,1992(the'Lem-) the Trustee,pursuant to the GROUND LEASE, THE I,KEITH HA.NSEN,of said County of Weld,being duly
and me Ground Lease.dales as Indenture,of'Phu:713%of the INDENTURE, THE CER• sworn,say that I am publisher of
of June 1,1992(the'Ground TIFICATES OR THE CERTIFI-
Lease').both q substantially the I-BeBpr uMer the Les..
form presented to this meeting of STEL BE CONSTD AGREEMENT
Section 5 Authorization of SHALL BE CONSTRUED AS WINDSOR BEACON
the Board. deuance arld Set•of Cartaloas CREATING OR CONSTITUTING
A GENERAL OBLIGATION OR
C.Certificates of Participation
Pile Certaaals')will be'seued The Board hereby authorizes the OTHER INDEBTEDNESS OF a weeklynewspaper a 'eneral circulation in said
and see pursuant lea Mortgage issuance of the certificates THE COUNTY NOR Ahaving6
and ademure oft to a dared es Pursuant to the Indenture.The MANDATORY PAYMENT County and State,published in the town of WINDSOR,
of June 1, 1992 (tile Beard nereW•'*"m"ledg•s and OBLIGATION OF THE COUNTY in said County and State;and that the notice,of which
•Indenture'I between the Lessor THE
the form,terms and W ANY FISCAL YEAR BEYOND
and The Bank of Chewy Creek, contained of the Candlemas
THE CURRENT FISCAL YEAR. the annexed is a true copy,has been published in said
N.A.,as trustee Ihe'TrusteeD. contained In the Indenture,in THE COUNTY SHALL HAVE NO week` for successive Weeks,that the notice
( substantially the form and with OBLIGATION TO MAKE ANY y
and a Certificate Purchase sueslamleuymecamecomem PAYMENT WRH RESPECT TO Was published in the regular and entire issue of every
Agreement,eared June e.1992 as presented to the Board, THE CERTIFICATES EXCEPT
(the 'Certificate Purchase including any changes, IN CONNECTION WITH THE number of the paper during the period and time of
Agreement`.among the County' includ rnodifiC81iona, additions o PAYMENT OF THE BASE publication,and in the newspaper proper and not in a
the Lessor.and Hannan,Imhoff, deletions therein as shall be RENTALS AND CERTAIN supplement,and that the first publication of said notice
Inc..in substa memo the formsmb sset', desirable or OTHER PAYMENTS UNDER pp
Pneserned to the eting of the appropriate.The Board hereby THE LEASE DURING THE was in said paper bearing the date of the
Boa". authorizes,approves and directs ;EASE TERM FOR WHICH
D.The Board is desirous of the sale of the Certificates la THEY WERE APPROPRIATED. ,A.D.,19 and
authorizing, approving and terms
Imhoff,
Inc.under the TERMINATED PAYMENTS MA THE day of
BE
directing the execution of the rm s a" the last publication bearing the date o£the
instruments the price set forth in,the COUNTY IN ACCORDANCE
agreements and
WITH THE PROVISIONS OF
described above and the
Certificate Purchase Agreement.
transactions evidenced thereby. The Certificate purchase THE LEASE. day of A.D., 19 and
Agreement together with the
eenionz Ratdloetba form of Indemnity Letter mached Sdction 10 Reese Rentals that the said WINDSOR BEACON has been published
thereto(the Indemnity Loden, d anriysedtolw Reesesable. continuously and uninterruptedly for the period of 5
All anion heretofore taken(not substantially the form and with
Inconsistent with the provisions in
the content The Board hereby determines consecutive weeks,in said County and State,prior tot e
of me Inconsistent
Ordi with
by the Board presented to this meeting or the and declares that the Base date of first publication of said notice,and the same is a
r other ollbets of the Board en Bound, is all respects Rentals represent the lair value
thecounry,alredeatowarolne approved, in
and MtneuseallnProject,andthat newspaper within the meaning of an Act to regulate
confirmed,and the Chairman of the Purchase Option Price las printing of legal notices and adver isements,approved
acquisition,on,construction and the Board is authorized and defined b the Lease)represents
equipping of the Building,the directed m execue and deliver the fair purchase price of the May 1g,1931,and all prior acts oar i force-
acquisition of the Site by the the Certificate Purchase Protect. The Bound Hereby iv, �.
Lessor and Inc leasing of the Agreement for and on behalf a determines and declares that the -.
Project by the County from the .County in substantially me
Lessor,are hereby ratified, form and with substantial) the `Buse Ran"-no not exceed a ,�� �, �
warmed and cardinred. y resonable amount so as to y- ��vccc
B same content as presented to n P LISHER
Section 3 Flndinos and the Board, but with such place the County under a
' changes,modsicatiorw,additions economic or practical
or deletions therein as shall to oprpulspon Io fen'w the Lease
Tile Boars hereby ands and him ceem necessary.desirable
or to exercise is piton m Subscribed and sworn to before lme this A day
determines,pursuant to the purchase the Project pursuant to L5_y t 2.- 19 (�I•;,
Conor appropriate.hie execution the Lease.In making such of
Sf01 el Cabtion and laws of the 9
Slate of Colorado and the Weld thereof,a constitute o,of., determinations,the Board has ^
County Horne Rule Chants the dente of his approval of any BN( changes.m en consideration la the once EA'T-LA \1,---'
'Charier,that ion and all modifications,therein
y m'.is y —�t'1 nL,P L b
> (a)p)acqu e• additions or deletions merem a coned h count tit I4 TARY PUBLIC
P10(001, and equipping the Iron the form and content d the acquired the Site,the Cost of
Project,and(ii)leasing the Construction(s defined in the
Project from the Lessor under and
Purchase Agreement
d Indemnity letter presented to levee),the uses one purposes
the terms and provisions set the mare. for which the Project will be My commission expires -.>�5 C1.2,forth In the Lease, employed by the County,the
necessary,convenient and in enrol Protect
benefit to the citizens and
furtherance of the governmental 'Inhabitants of the County by
purposes 04 the County and are The Board hereby approves the 'reason of the acquisition,
in the bell interests of Inc leasing of the Project by the construction and equipping of the
County;and(b)this is an County from the Lessor for the
emergency Ordinance which Project and the use and
Bse Rentals(as defined a the Occupancy of the Project
shall be effective Immediately Lease)and Additional Rentals Wee."to the terms and
ueen Os provided a'acdnod 3.14 0' (as defined in the Lease) ''provisions o1 the Lase,the
as
wntempfaled by and under the I P of u otion the Cnty as
to purche
the Charter.Public notice of this terms and conditions of the the Project,and the expected
Ordinance shall be given Lease 'eventual vesting of title,o the
forthwith.N this Ordinance were project in the County.The Board
not immediately elective,the ectlon 7 Ground Lease of Ste. hereby detenni...nd declares
'present volatility of the financial S - the,the aaquisnion,vonslrudlon
malk•Is might adversely anedl The Board hereby authorizes and equpping of rho Project and
this financing and the County the leasing of the Project
FACTORS AFFECTING THE INTEREST RATE OF
WELD COUNTY COPS
The interest rate applicable and the demand for the securities issued to fund construction
of the administration building is affected by many factors beyond control of County
officials. The following brief discussion is being provided to acquaint County officials
with our efforts to market the securities at the most cost effective price for the County.
The following factors significantly affected the marketing of the issue:
1. Financial condition of the County: The financial condition of Weld County is
perceived by rating agencies and the investment community to be strong. The
County is viewed to be well managed with a positive economic base. The high
concentration of agriculture and oil and gas is viewed as a source of strength for
the County, however, some view this asset as creating a lack of economic diversity
for the County. The overall financial condition of the County was the single most
positive factor in selling the bonds.
2. Certificates of Participation in general: The lease purchase form of financing
has received an increasing amount of market resistance in the recent past as a result
of some highly publicized problems with lease purchase transactions throughout the
country. The Ellicott School District in El Paso County, Colorado defaulted on a
lease purchase transaction on Monday, June 1, 1992. Problems with the Ellicott
transaction have been well publicized for the past few months, so the actual timing
of the default was not critical since the market already knew about the problem.
Brevard County, Florida and Richmond School District, California are two other
transactions that have received a lot of publicity and effected a negative reaction
from the market. Institutions are become generally adverse to purchasing COPs,
unless the certificates are additionally secured by insurance. The relative short
term of your transaction (10 years) was a plus. As of Friday, June 5, 1992, the
Certificates in the first 6 years have all been sold, with a balance of over
$1,000,000 remaining - the Certificates maturing in 1999-2002. This fact
demonstrates a concern for the long term security of any Certificates of
Participation transaction.
3. Douglas Bruce Amendment: The proposed tax limitation amendment is viewed
by rating agencies, bond insurance companies and the investment community with
a great deal of concern since it is viewed, generally, as an attack on a
government's ability to provide for operation and maintenance of government
activities. Since COPs are paid from operating funds, the tax limitation
amendment is perceived to have a greater effect on COPs versus revenue bonds or
general obligation bonds. The proposal of tax limitation has a definite adverse
effect on COPs in Colorado.
.4. Municipal bond insurance: The most cost effective marketing of the Weld
County COP issue could have been achieved if secured by municipal bond
_ insurance. We presented your issue to the four major municipal bond insurers:
MBIA, FGIC, AMBAC and Capital Guaranty. We were turned down immediately
by FGIC and MBIA because they do not want any more COP exposure in
Colorado, unless it is on a credit that they have already insured. AMBAC and
Capital Guaranty eventually declined in part as a result of the Richmond, California
situation and a concern over the Douglas Bruce Amendment. Municipal bond
insurers are very reluctant to secure any COP in consideration of events that have
recently occurred in the market.
5. Comparable transactions: There have been no other Baal Certificate of
Participation transactions sold in Colorado in the past few months. Certificate
transactions that have been completed in Colorado in the recent past have been
additionally secured by municipal bond insurance.
6. Highlights of the Weld County COP transaction:
A. Net interest cost 6.46969%
B. Average coupon 6.29148%
COMPARABLES
WELD MASS. AURORA JEFFERSON CO.
COUNTY COPs MUNI POWER REVS 6/3/92 SCHOOLS COPs 4/29/92 COPs 4/1/92
Baal Baal Aaa Aaa
Year Rate Yield Rate Yield Rate Yield Rate Yield
1993 4.25 4.25 - - 4.35 4.50 4.15 4.15
1994 5.20 5.20 5.00 5.00 4.80 5.00 4.80 4.80
1995 5.50 5.50 5.50 5.50 5.20 5.20 5.20 5.20
1996 5.625 5.75 5.80 5.80 5.40 5.40 5.45 5.55
1997 5.90 6.00 6.00 6.00 5.50 5.50 5.65 5.75
1998 6.10 6.20 6.00 6.10 5.50 5.70 5.85 5.95
1999 6.30 6.40 6.10 6.20 5.70 5.85 6.00 6.10
2000 6.40 6.50 6.20 6.30 5.85 6.00 6.15 6.25
2001 6.50 6.60 6.30 6.40 6.00 6.10 6.20 6.35
2002 6.60 6.70 6.40 6.50 6.00 6.20 6.30 6.40
Hello