HomeMy WebLinkAbout931627.tiff M(23577'44
ORDINANCE NO. 176
IN THE MATTER OF PROVIDING FOR THE ISSUANCE AND SALE OF HEALTH CARE REFUNDING
REVENUE BONDS PURSUANT TO COLORADO REVISED STATUTES 1973, TITLE 29, ARTICLE 3,
AS AMENDED, TO PROVIDE FUNDS TO BE LOANED TO THE EVANGELICAL LUTHERAN GOOD
SAMARITAN SOCIETY FOR REFUNDING OF THE SERIES 1979 REVENUE BONDS, AND MATTERS
RELATING THERETO
BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF WELD, STATE
OF COLORADO:
WHEREAS, the Board of County Commissioners of the County of Weld, State of
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.
NOW, THEREFORE, BE IT ORDAINED, by the Board of County Commissioners of the
County of Weld, State of Colorado;
Section 1. Authority. The County is, by the Co[:stitution and laws of the
State of Colorado, including Colorado Revised Statutes 1973, Title 29, Article
3, as amended (the "Act") , authorized to issue and sell its health care facility
refunding revenue bonds for the purpose of undertaking authorized projects and
to refund bonds issued to finance such projects and to enter into contracts
necessary or convenient in the exercise of the powers granted by the Act and to
otherwise secure such bonds.
Section 2. Authorization of Bond. The Board of County Commissioners
hereby determines that it is desirable and expedient to authorize, and the Board
does hereby authorize, and the Board of County Commissioners does hereby
authorize, the issuance of a health care facility refunding revenue bond of the
County pursuant to the Act to provide funds to be loaned to The Evangelical
Lutheran Good Samaritan Society, a North Dakota nonprofit corporation (the
"Borrower") , to enable the Borrower to refund the Series 1979, County of Weld,
Revenue Bonds (The Evangelical Lutheran Good Samaritan Society Project) , dated
December 1, 1979 (the "1979 Bonds") , the proceeds of which were used to liquidate
certain obligations previously incurred by the Society to finance certain costs
of acquiring, constructing and improving a portion of its nursing home and health
care facility (as more fully described in the Loan Agreement mentioned below as
the "Project") . (The refunding of the 1979 Bonds and the costs of issuance
associated therewith are defined herein as the "Refunding". )
Section 3. Documents Presented. Forms of the following documents relating
to the Project, the Refunding and the financing thereof have been submitted to
and examined by the Board of County Commissioners and are now on file in the
Office of the Clerk to the Board:
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CC.:
RE: ORDINANCE #176
PAGE 2
a. Loan and Purchase Agreement (the "Loan Agreement") , dated as of
October 29, 1993, between and among the County, the Borrower and Norwest
Investment Services, Inc. (the "Lender") , whereby, among other things, the
County agrees to issue and sell to the Lender, and the Lender agrees to
purchase from the County, the County's Health Care Facility Refunding
Revenue Bond (The Evangelical Lutheran Good Samaritan Society Project)
Series 1993, in the authorized principal amount of $775, 000 (the "Bond") ,
the County agrees to make a loan to the Borrower of the proceeds of the
sale of the Bond, and the Borrower covenants to pay amounts sufficient to
provide for the full and prompt payment when due of the principal of,
premium, if any, and interest on the Bond; and
b. Loan Agreement Assignment (the "Loan Agreement Assignment")
dated as of October 29, 1993, from the County to the Lender, whereby the
County assigns to the Lender all of its interest in the Loan Agreement and
Loan Repayments of the Borrower thereunder (except its rights under
Sections 5.02, 7.01, and 8.04, thereof relating to indemnity and expenses
of the County) , for the purpose of securing the full and prompt payment of
the Bond.
Section 4. Findings. It is hereby found, determined and declared that:
a. The Project, as described in paragraph 2 hereof and in the
Loan Agreement, constitutes a project authorized by and described in
the Act.
b. The purpose and the effect of the Project was to promote
the public welfare by assisting in the provision and enhancement of
necessary and desirable health care facilities and services in the
community.
c. The issuance and sale of the Bond, the execution and
delivery of the Loan Agreement and the Loan Agreement Assignment,
and the performance of all covenants and agreements of the County
contained in the Bond, the Loan Agreement and the Loan Agreement
Assignment and of all other acts and things required under the
Constitution and laws of the State of Colorado to make the Bond, the
Loan Agreement and the Loan Agreement Assignment valid and binding
obligations of the County in accordance with their terms, are
authorized by the Act.
d. There is no litigation pending or, to the best of its
knowledge threatened, against the County relating to the Project,
the Refunding, the Bond, the Loan Agreement and the Loan Agreement
Assignment or questioning the organization of the County or its
power or authority to issue the Bond or execute and deliver the Loan
Agreement and the Loan Agreement Assignment.
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RE: ORDINANCE 11176
PAGE 3
e. The execution, delivery and performance of the County's
obligations under the Bond, the Loan Agreement and the Loan
Assignment Agreement have been fully authorized by all requisite
action and do not and will not violate any charter provision or any
order of any court or other agency of government, or any indenture,
agreement or other instrument to which the County is a party or by
which it or any of its property is bound, and will not be in
conflict with, result in a breach of, or constitute (with due notice
or lapse of time or both) a default under the Weld County Home Rule
Charter or any such indenture, agreement or other instrument.
f. The Loan Agreement provides for payments by the Borrower
to the Lender for the account of the County of such amounts as will
be sufficient to pay the principal of, premium, if any, and interest
on the Bond when due, which amounts are set forth in the Bond. No
reserve funds have been deemed necessary to secure the Bond. The
Loan Agreement obligates the Borrower to provide for the operation
and maintenance of the Project facilities in order to keep it in
good repair, and to provide for proper insurance for the Project.
In addition, the revenues of the Project are sufficient to pay any
taxes or amounts, if any, in lieu of taxes required of the Borrower
by Section 29-3-120, CRS 1973, as amended.
g. Under the provisions of the Act, the Bond is not to be
payable from, nor charged upon, any funds other than amounts payable
by the Borrower pursuant to the Loan Agreement, which amounts are
pledged to the payment thereof; the County is not subject to any
liability thereon; the Series 1993 Bond shall never constitute an
indebtedness of the County within the meaning of any provision or
limitation of the Colorado Constitution or statutes or the Weld
County Home Rule Charter, and shall not constitute or give rise to
a pecuniary liability of the County or a charge against its general
credit or taxing powers. The Series 1993 Bond is not a general
obligation, but is a special, limited obligation of the County,
payable solely out of the revenues derived under the Loan Agreement
and pledged and assigned for its payment in accordance with the Loan
Agreement Assignment.
h. No member of the Board of County Commissioners (i) has a
direct or indirect interest in the Project, the Refunding, the Loan
Agreement, the Loan Agreement Assignment or the Bond, (ii) owns any
capital stock of, or other interest in, the Project or the Borrower,
(iii) is an officer or director of the Borrower, or (iv) will be
involved in supervising the completion of the Project, or (v) will
receive any commission, bonus or other remuneration for, or in
respect of, the Project, the Loan Agreement, the Loan Agreement
Assignment or the Bond.
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i. For the purposes of Section 147(f) of the Internal Revenue
Code of 1986, as amended, the County hereby approves of the Bond,
the Project, and the Refunding.
Section 5. Approval and Execution of Documents. The forms of Loan
Agreement and the Loan Agreement Assignment referred to in paragraph 3 hereof are
approved. The Loan Agreement and Loan Agreement Assignment shall be executed in
the name, and on behalf, of the County by the Chairman of the Board of County
Commissioners and the Clerk to the Board, or other officers of the County, in
substantially the form on file, but with all such changes therein, not
inconsistent with the Act or other laws, may be approved by the officers
executing the same, which approval shall be conclusively evidenced by the
execution thereof.
Section 6. Approval of Terms and the Sale of Bond. The County shall
proceed forthwith to issue its County of Weld, Health Care Facility Refunding
Revenue Bond (The Evangelical Lutheran Good Samaritan Society Project) , Series
1993, in the authorized principal amount of $775, 000, consisting of a single,
fully registered bond in the form attached hereto as Exhibit 1, substantially in
the form, maturing on or before December 1, 1999, bearing interest (not to exceed
6.00%) , and otherwise containing the provisions set forth in the form of Bond
attached hereto as Exhibit 1, which terms and provisions are hereby approved and
incorporated in this Ordinance and made a part hereof. The maximum net effective
interest rate payable on the Bond shall not exceed 7.00%.
The Director of Finance and Administration is hereby authorized and
directed to determine, subject to the foregoing limitations and subject to the
approval of the Lender, the aggregate principal amount of the Bond, the date of
the Bond, the interest rate, maturity date, and the purchase price of the Bond
and to make such changes, insertions and completions in the Bond as are necessary
to reflect such determinations.
A single fully registered Bond, substantially in the form of Exhibit 1 to
this Ordinance, shall be issued and delivered to the Lender in the principal
amount of $775,000, as authorized by the Act. Principal of, and interest on, the
Bond shall be payable at the office of the registered owner thereof as it appears
on the registration records maintained by the Lender in lawful money of the
United States. The proposal of the Lender to purchase the Bond at a price of
100% of the principal amount thereof is hereby found and determined to be
reasonable and is hereby accepted, subject to the conditions set forth in the
Loan Agreement.
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RE: ORDINANCE #176
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Section 7. Execution, Delivery and Endorsement of Bond. The Bond may be
in typewritten or printed form and shall be executed by the manual signatures of
the Chairman of the Board of County Commissioners and the County Clerk to the
Board, and the official seal of the County shall be affixed thereto. When so
prepared and executed, the Bond shall be delivered to the Lender upon payment of
the purchase price thereof, and upon receipt of the signed legal opinion of Kutak
Rock, of Denver, Colorado, bond counsel, pursuant to the Loan Agreement. The
Bond shall contain a recital that the Bond is issued pursuant to the Act, and
such recital shall be conclusive evidence of the validity and regularity of the
issuance thereof.
Section 8. Registration Records. The Lender shall serve as Bond
Registrar, and shall keep registration records which shall set forth the name and
registered address of the registered owner of the Bond from time to time.
Transfer of ownership of the Bond shall be reflected in such registration
records, as provided in Section 10 below.
Section 9. Mutilated, Lost, Stolen or Destroyed Bond. If the Bond is
mutilated, lost, stolen or destroyed, the County may execute and deliver to the
Holder a new Bond of like amount, date, number and tenor as that mutilated, lost,
stolen or destroyed; provided that, in the case of mutilation, the mutilated Bond
shall first be surrendered to the County, and in the case of a lost, stolen or
destroyed Bond, there shall be first furnished to the County and the Borrower
evidence of such loss, theft or destruction satisfactory to them. The County and
Borrower may charge the Holder with their reasonable fees and expenses in
replacing any mutilated, lost, stolen or destroyed bond.
Section 10. Transfer of Bond; Person Treated as Holder. The Bond shall
be transferable by the Holder only on the registration records for the Bond, upon
presentation of the Bond for notation of such transfer thereon at the principal
office of the Lender, as Bond registrar, accompanied by a written instrument of
transfer in form satisfactory to the Lender and the Borrower duly executed by the
Holder or its attorney duly authorized in writing. The Bond shall continue to
be subject to successive transfers in such manner at the option of the Holder of
the Bond. No service charge shall be made for any such transfer, but the Lender
may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith, which the Borrower shall pay under the
Loan Agreement. The person in whose name the Bond shall be issued or, if
transferred, shall be registered from time to time shall be deemed and regarded
as the absolute Holder thereof for all purposes, and payment of, or on account
of, the principal of and interest on the Bond shall be made only to, or upon the
order of, the Holder thereof, or its attorney duly authorized in writing, and
neither the County, the Borrower, nor the Lender shall be affected by any notice
to the contrary. All such payments shall be valid and effectual to satisfy and
discharge the liability upon the Bond to the extent of the sum or sums so paid.
The Bond shall be initially registered in the name of the Lender.
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Section 11. Amendments, Changes and Modifications to Documents and Bond
Resolution. Except pursuant to Section 9.09 of the Loan Agreement, the County
shall not enter into or make any change, modification, alteration or termination
of the Loan Agreement, the Loan Agreement Assignment or this Bond Ordinance.
Section 12. Pledge to Honor. Pursuant to the Loan Agreement Assignment,
the County shall pledge and assign to the Lender and its successor Holders of the
Bond all interest of the County in the Loan Repayments to be made by the Borrower
under the Loan Agreement. All collections of moneys by the County in any
proceeding for enforcement of the obligations of the Borrower under the Loan
Agreement be received, held and applied for the benefit of the Holder of the
Bond.
Section 13. Covenants with Holders; Enforceability. All provisions of the
Bond and of this Ordinance and all representation and undertakings by the County
in the Loan Agreement and the Loan Agreement Assignment are hereby declared to
be covenants between the County and the Lender and its successor Holders of the
Bond and shall be enforceable by the Lender or any Holder in a proceeding brought
for that purpose.
Section 14. Definitions and Interpretation. Terms not otherwise defined
in this Ordinance but defined in the Loan Agreement shall have the same meanings
in this Ordinance and shall be interpreted herein as provided therein. Notices
may be given as provided in Section 9.01 of the Loan Agreement. In case any
provision of this Ordinance is for any reason illegal or invalid or inoperable,
such legality or invalidity or inoperability shall not affect the remaining
provisions of this Ordinance, which shall be construed or enforced as if such
illegal or invalid or inoperable provision were not contained herein.
Section 15. Certifications. The Chairman of the Board of County
Commissioners, County Clerk to the Board, Director of Finance and Administration
and other officers of the County are authorized and directed to prepare and
furnish to Kutak Rock, bond counsel, to the Borrower, to the Lender and to
counsel for the Borrower and counsel for the Lender, certified copies of all
proceedings and records of the County relating to the Project and the Bond, an
such other affidavits and certificates as may be required to show the facts
appearing from the books and records in the officers' custody and control or as
otherwise known to them; and all such certified copies, certificates and
affidavits, including any heretofore furnished, shall constitute representations
of the County as to the truth of all statements contained therein.
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RE: ORDINANCE #176
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Section 16. Bank-Qualified Bond. The Bond is hereby designated as a
"qualified tax-exempt obligation" within the meaning of Section 265(b) (3) of the
Internal Revenue Code of 1986, as amended. The Bond is to be issued on behalf
of an organization described in Section 501(c) (3) of the Code and is to be issued
as a "qualified 501(c) (3) bond" under Section 145 of the Code. The County,
together with all subordinate entities thereof, does not reasonably expect to
issue tax-exempt obligations, including the Bond (other than private activity
bonds not constituting "qualified 501(c) (3) bonds") , which, when added together
with all such obligations heretofore issued by the County, or such subordinate
entities, in calendar year 1993, will be in an aggregate amount exceeding
$10, 000,000 in calendar year 1993.
Section 17. Finding and Declaration of Emergency. The Board of County
Commissioners does hereby determine that this is an emergency Ordinance which
shall be effective immediately upon its passage and adoption, as provided in
Section 3-14(6) of the Weld County Home Rule Charter. Public notice of this
Ordinance shall be given forthwith. Due to the volatile fluctuations in
municipal bond prices and interest rates and in the bond markets generally and
due to currently favorable interest rate, and without such a procedure, the
requisite time period for the final approval of the refunding of the Series 1979
Bonds would not allow taking advantage of current low rates and the refunding of
the Series 1979 Bonds might not be financially feasible and would be jeopardized.
Section 18. Severability. If any provision of this Ordinance shall be
held invalid, the invalidity of such provision will not affect any other
provisions of this Ordinance.
Section 19. Inconsistent Prior Actions. All provisions of any prior
Ordinance, or parts thereof, or any prior actions of the County with respect to
the Project and the Refunding, in conflict with the provisions of this Ordinance
are to the extent of such conflicts, hereby repealed.
0RD176
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RE: ORDINANCE #176
PAGE 8
The abgwe and foregoing Ordinance Number 176 was, on motion duly made and
seconded„adgpte4 by the following vote on the 25th day of October, A.D. , 1993.
pp BOARD OF COUNTY COMMISSIONERS
ATTEST: / WE COUNTY, COLORADO
Weld Couiitq C1ery-td Se/ Board i61•121CY-r.GI✓ (..f�li{/.
rI Constance L.. Ha ert, Chairman
BY: S\l� I4' / / K T iikL� -
Deputy erk to the Board W. Webster, Pro-Tem
APPROVED AS TO FORM: r A - T
G-• •:�E. B• to';; :--Co my Attorne -Da4e K. Hall
ii.),P-LGcl.1 a J cidAC /«,lam
Barbara J. Kirkm yer J
Read & Approved: October 25, 1993
Publication: October 28, 1993, in the Windsor Beacon
Effective: October 25, 1993
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EXHIBIT 1
TO
BOND ORDINANCE
(Form of Bond)
THE SALE OF THIS BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "ACT"), OR QUALIFIED UNDER THE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION ("BLUE SKY"
LAWS). THE BOND MAY NOT BE SOLD, ASSIGNED OR OTHERWISE
TRANSFERRED UNLESS SUCH TRANSFER IS SO REGISTERED AND QUALIFIED OR
UNLESS AN EXEMPTION FROM SUCH REGISTRATION AND QUALIFICATION IS
AVAILABLE. PURCHASER(S) OR TRANSFEREE(S) OF THE BOND SHALL BE
DEEMED TO HAVE REPRESENTED AND WARRANTED: (I) THAT IT OR THEY ARE
NOT RELYING ON ANY OFFICIAL STATEMENT, PROSPECTUS, PRIVATE
PLACEMENT MEMORANDUM OR OTHER COMPREHENSIVE OFFERING
STATEMENT, (II) THAT IT OR THEY HAVE REVIEWED ALL OF THE FINANCING
DOCUMENTS RELATING TO THE BONDS, AND (III) THAT IT OR THEY ARE AN
"ACCREDITED INVESTOR," AS DEFINED IN RULE 501(a)(1), (2) or (3) UNDER
REGULATION D OF THE ACT.
UNITED STATES OF AMERICA
STATE OF COLORADO
COUNTY OF WELD
HEALTH CARE FACILITY REFUNDING REVENUE BOND
(THE EVANGELICAL LUTHERAN GOOD SAMARITAN SOCIETY PROJECT)
SERIES 1993
No. R-1 $775,000
The County of Weld, a political subdivision of the State of Colorado (the "County"), for value
received, hereby promises to pay, but solely from the sources and in the manner hereinafter
provided, to Norwest Investment Services, Inc., a Minnesota corporation having its principal
offices in Minneapolis, Minnesota (the "Lender"), or registered assigns the principal sum of
Seven Hundred Seventy-Five Thousand Dollars ($775,000), on December 1, 1999, and to
make payments of said principal sum in semiannual installments as hereinafter provided, and
to pay to the registered owner hereof from such sources interest on the outstanding and unpaid
balance of the outstanding principal sum in semiannual installments as hereinafter provided,
and to pay to the owner hereof from such sources interest on the outstanding and unpaid
balance of the outstanding principal amount hereof from the date hereof until said principal
sum is paid, at a rate equal to 4.80% per annum. Interest hereon shall be paid on June 1,
1994, and on the first day of each December and June thereafter until and including the final
maturity hereof. The principal amount of and the interest on this Bond shall be repaid in 12
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semiannual installments to be made on the dates interest is payable as provided above, in
twelve semiannual payments of$75,095.80 of principal and interest.
All semiannual payments on this Bond shall be applied first to interest and then to
principal. Principal and interest shall be paid to the registered owner hereof in lawful money
of the United States at its address as it appears on the registration records maintained by the
County Administrator or at such other place as the registered owner hereof may designate in
writing.
This Bond is issued pursuant to the Colorado Revised Statutes 1973, Title 29,
Article 3, as amended (the "Act"), and in conformity with the provisions, restrictions and
limitations thereof. This Bond and the interest hereon are not payable from nor charged upon
any funds other than amounts payable by the Borrower, hereinafter mentioned, pursuant to the
Loan Agreement, hereinafter mentioned, which are pledged to the payment hereof. THE
SERIES 1993 BOND SHALL NEVER CONSTITUTE AN INDEBTEDNESS OF THE
COUNTY WITHIN THE MEANING OF ANY PROVISION OR LIMITATION OF THE
COLORADO CONSTITUTION OR STATUTES OR THE COUNTY'S HOME RULE
CHARTER, AND SHALL NOT CONSTITUTE OR GIVE RISE TO A PECUNIARY
LIABILITY OF THE COUNTY OR A CHARGE AGAINST ITS GENERAL CREDIT OR
TAXING POWERS. THE SERIES 1993 BOND IS NOT A GENERAL OBLIGATION, BUT
IS A SPECIAL, LIMITED OBLIGATION OF THE COUNTY, PAYABLE SOLELY OUT
OF THE REVENUES DERIVED UNDER THE LOAN AGREEMENT AND PLEDGED
AND ASSIGNED FOR ITS PAYMENT IN ACCORDANCE WITH THE LOAN
AGREEMENT ASSIGNMENT.
This Bond is a special, limited obligation in the principal amount of $775,000,
which has been authorized by law to be issued and has been issued for the purpose of funding
a loan from the County to The Evangelical Lutheran Good Samaritan Society, a North Dakota
nonprofit corporation (the "Borrower"), to enable the Borrower to refund the Series 1979,
County of Weld, Revenue Bonds (The Evangelical Lutheran Good Samaritan Society Project),
dated December 1, 1979, with respect to its existing facilities in the County, as further
described in the Loan Agreement and as authorized by the Act (the "Project"). This Bond is
issued pursuant to a Bond Ordinance of the County duly adopted on October 25, 1993, and a
Loan and Purchase Agreement (the "Loan Agreement") dated as of October 29, 1993, by and
between the County, the Borrower and the Lender. This Bond is secured by the Bond
Ordinance, the Loan Agreement and a Loan Agreement Assignment (the "Loan Agreement
Assignment") dated as of October 29, 1993, from the County to the Lender, to which Bond
Ordinance, Loan Agreement and Loan Agreement Assignment and amendments thereof
reference is hereby made for a description and limitation of the revenues and funds pledged
and appropriated to the payment of this Bond, the nature and extent of the security thereby
created, the rights of the Holder of this Bond, the rights, duties and immunities of the Lender,
and the rights, immunities and obligations of the County thereunder. Certified copies of the
Bond Ordinance and executed counterparts of the Loan Agreement and Loan Agreement
Assignment are on file at the office of the Lender.
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This Bond shall be subject to prepayment and redemption, in whole, but not in part,
at the option and direction of the Borrower, on any semiannual payment date, as provided in
Sections 5.04 and 6.07 of the Loan Agreement, upon 30 days' notice thereof in writing from
the Borrower to the Lender.
This Bond shall be subject to mandatory prior redemption in the event of a
Determination of Taxability, as provided in Section 5.05 of the Loan Agreement, upon the
terms and conditions, and at the redemption price, set forth therein.
Notice of any such prepayment or redemption shall be given to the original
registered owner or registered assigns of this Bond by certified or registered mail, addressed to
it at its registered address, not less than thirty (30) days prior to the date fixed for prepayment
or redemption, and shall be published, if required by law, in a financial journal circulated in
the English language in the City of Minneapolis or St. Paul, Minnesota, at least once, not less
than thirty (30) days before the date so fixed for prepayment or redemption. At the date fixed
for prepayment or redemption, funds shall be paid to the registered owner hereof at its
registered address in the amount or amounts provided for in Section 5.04 of the Loan
Agreement. Upon the happening of the above conditions, the principal amount of this Bond
thus redeemed shall not bear interest after the date specified for prepayment or redemption.
THE SALE OF THE BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "ACT"), OR QUALIFIED UNDER THE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION ("BLUE SKY"
LAWS). THE BOND MAY NOT BE SOLD, ASSIGNED OR OTHERWISE
TRANSFERRED UNLESS SUCH TRANSFER IS SO REGISTERED AND QUALIFIED OR
UNLESS AN EXEMPTION FROM SUCH REGISTRATION AND QUALIFICATION IS
AVAILABLE. PURCHASER(S) OR TRANSFEREE(S) OF THE BOND SHALL BE
DEEMED TO HAVE REPRESENTED AND WARRANTED: (I) THAT IT OR THEY ARE
NOT RELYING ON ANY OFFICIAL STATEMENT, PROSPECTUS, PRIVATE
PLACEMENT MEMORANDUM OR OTHER COMPREHENSIVE OFFERING
STATEMENT, (II) THAT IT OR THEY HAVE REVIEWED ALL OF THE FINANCING
DOCUMENTS RELATING TO THE BONDS, AND (III) THAT IT OR THEY ARE AN
"ACCREDITED INVESTOR," AS DEFINED IN RULE 501(a)(1), (2) or (3) UNDER
REGULATION D OF THE ACT.
This Bond is transferable, as provided in the Bond Ordinance, only upon the
registration records kept by the Lender, as Bond registrar, by the registered owner hereof in
person or by his duly authorized attorney, as provided in the Bond Ordinance.
In case an Event of Default, as defined in the Loan Agreement, occurs, this Bond
and the Loan Repayments thereafter to become due under the LoanAgreement may become
immediately due and payable, in the manner and with the effect and subject to the conditions
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provided in the Loan Agreement. The Holder of this Bond shall have the right to enforce the
provisions of the Bond Ordinance, Loan Agreement and Loan Agreement Assignment.
The terms and provisions of the Bond Ordinance, Loan Agreement and Loan
Agreement Assignment or of any instrument supplemental thereto, may be modified or altered
only pursuant to Section 9.09 of the Loan Agreement and paragraph 11 of the Bond
Ordinance.
Any term used but not defined herein shall have the meaning set forth in the Loan
Agreement, unless the context clearly requires otherwise.
It is hereby certified and recited that all acts, conditions and things required to be
done precedent to and in the issuance of this Bond have been properly done, have happened
and have been performed in regular and due time, form and manner as required by law.
IN WITNESS WHEREOF, the County of Weld, by its Board of County
Commissioners, has caused this Bond to be signed in its behalf by the manual signatures of its
County Board Chairperson and attested to by the Clerk to the Board with the corporate seal of
the County, all as of the 29th day of October, 1993.
COUNTY OF WELD, COLORADO
.(6
BY�4� iii Cep C>f r eCi
Chairman of the Board of County
r Commissioners
ATTF�ST 4S4 /V l
ClerBY k_Theb_
�.Ae Board of County Commissioners
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(Form of Transfer Endorsement)
For value received, the undersigned owner does hereby assign and transfer the foregoing
Bond to the named Assignee, and the undersigned officer of the Lender, as Bond registrar, hereby
certifies that the foregoing Bond has been transferred and registered on the Bond register in the name
of such Assignee.
Signature of Date of Transfer on
Name of Assignee Signature of Owner Lender Bond Register
B 1409 REC 02357744 11/02/93 15 :09 $0 .00 13/013
F 2123 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO
Dilalliallaal
TIER OF
sr
mat
MID SIALE
M BarASreettont
op -191 too Ilene**AlterBarM son M tea ° AFFIDAVIT OF PUBLICATION
REF BErwaB/fB t
eel riser r M tlalt s 29,
COLORADO REViSafD Bile from the County to STATE OF COLORADO
STATUTES tg73,TORE BMMY,a North Linder.whereby,the
29, ARTICLE 3, AS roll trawercomrade_ ss
AMENDED, 10 'Borrows r .�MhMfY esaliael1111hr
PROVIDE FUNDS 10 to Bo an of 9pYUM COUNTY OF WELD
Ow Series - Loan VMS
BE LOANED TO, of
`V ANC N L IG q Ltha fle a I, ITITI-I HANSEN, of said County of Weld, being duly
nue Bonds _ brier( IM- sworn, say that I am publisher of
=RAN
afloat Lii under
NISIt(FUNDIN .SamariumOt,
THE IBRIES ti cl), tn{+or rel te WINDSOR BEACON
B *ref t,1t7B
ABEL MAT 9B�S Bonds").,. County) a weekly newspaper having a general circulation in said
RELAYING THERETO se to )date Mat
of County and State, published in the town of WINDSOR,
se to liquidate pre a
BE IT ORDAINED By gated bs pravNPl M I o,I��a. «, in said County and State; and that the notice, of which.
THE BOARD OF It Min a certain
StMilla
C O U. N T Y M Mince eertaiadltlM the annexed is a true copy, has been published in said
acquirfF . air 4. Fire* t weekly for_ successive weeks, that the notice
THE O OF of ucting Qfi! le 'hereby t tithed; •
THE COUNTY 'Of IMtalr Memtlnea and tYMated was published in the regular and entire issue of every
WELD. STATE OF laMM��� Pet number of the paper during the period and time of
i10lCtilaDO. en laclllty (as publication, and in the newspaper proper and not in a
WHEREAS me Bowe a NS described IS S. Tie Inroleir i2 supplement, and that the first publication of said notice
Cottle GmmlasiWMH Lela beloAgraw
ith teaSellttea In Is Ml
ef'ato county of Weld, eter1lMted beaw+M Hanel and In Sw Gan was in said paper bearing the date of the
State et Colorado, 'Pr'Nacti. flit Apeeaant,doraYM a �a
pendant to Colonial* sa(Iaeing of the ten il1aPeet authoriehil by �1!""- day of r AD., 19"/ and
steeple and the Weld SOO and the co*. eyylesvlbed In MIAaL
Home ROM )aytalace aeso the last publication bearing the date of the
Ccasts,lo vested well Peanut are des b.The purpose Mille
the authority of MOM - as slra of to Pfcfea rasa day of A.D., 19_ and
etntrlaMerg the shines •lybehemg".) M remote the tha' l te In
of Wen Count!.. Ir by assail that the said WINDSOR BEACON has been published
Winn S. DocugnaN SeM1e to provision and continuously and uninterruptedly for the period of 5
Celui e. Preeealed. Forms we etaiaaeement of consecutive weeks, in said County and State,prior to the
NOW,THEREFORE,by BE MORN 1 the meal. koalac r end desirable
MORN to the PrylO[ Mott care facilities and date of first publication of said notice, and the same is a
IT ORDAINED, b unto - Refundin and Prep.*.
Mrelees in the newspaper within the meaning of an Act to regulate
Board to County the 4
_Gaayaof mo s of et IBBtili'i SS WOO
ooeetanlry. printing of legal notices an advertisements, approved
Wile *CWrly ef'AW.etta 'If". ttfie ono ofle Issuance and sale May 18, 1931,and all prior cts ar as in force.
r fits. Bond, lie
SHWA I. Argnatd• - Mllnt�n ad depveli w J/ Q /,/
��'
N tale Agreement Mha 'e
TM ma niIs,m is w Bolo :000 in Agreement "f
comma sn61aS�r of ty,flea. M fAa rant and the ' P LISHER
the State Of Gehl ei, and: )nee-of M -
IneliMinp Colorado leysagnts tutl
Revised Statutes »TS, �, ta�h end PedYga ants of• t0 Subscribed at�dsworn to before me this _day
Title 2e, Article 3, es Areaaent(the i r+ contaned Ines of (r%-s oa 19
amended (the 'ACC), ty.dempo itt
473
saint m Issue Me �stlhaen 2g, t the LIIM the Lin ��� / 7�/f�jx7.,-
f.
stilts Matt care fade end am nt Assign
nketi orevenue bUS the Barr Ent
other mall NOTARY PUBLIC
her the purpose of t m t s required u
underWNp aumodtM Inc. IM Constitution and / 7q
prows and to refuM j, wM yip.el the state of My commission expires / / f"
lands$5d to 1121M eln nee two t ' -'- o to make tae
tutR WkSeta a sot the LIS
enter IS eon[rs¢fy to the I • Almlieent and the GSM , ... ht, aeon and
n-. fl Sr corn"rtialt YID 'Lender nt AsslgnaW yy,, aptNonanc of the
In the a cise of dab M use fro y�, and bindles e, Thu. '�"N, rM:l��waesla MM ti ceder
passes 'anted by/se at::Co s o}The Co MOW__ such In t aawaii little
soot sow,
Act end m otherWp � camp see aaltlsat'1de*paper
secure such bonds. ng R era ore authorize* ,s mane or IIYWMace for the
e Eva r the Bon • nIafaddition,the
t
Mien I. Authorization n Agreement Loan Apr , as Nllaelent m Pao any
W Soto. The Board of an s w mere is no litgsSIn L , I. es for pay
County Cernmissionsle series I pnhtBlsor,rota beWM A�,eement yhs Borrowers a$ *meet moans,g My,
Wei ytrminea thou Me rizetl M q knowledge bMJ au[horiz d Mimeo for the ad M�1 j,�, ^• by"'
Is meltable end f ens, a aclloh YM '1n 29.3-
expedient to authoMll, the M.aMla^edl against the ^ I 0.M as of LISA a 2menS ,CRg
reteting to the rhar$ha will not nts as ay
and the Board WS make a . the Refunding, WIT�ha^ar prm'I lent to Pay N
Hereby outhoriza,tine ale grower d₹ ether
We open In due ao M
CsmteNsbners dodo the hd, and 1M ent AealgnmeM Baadrnment, o '^ of lea Act,me Befm
telleu Venn ISs ,i. when due,dlaMt as M se gad
'na
I the itaszeal* LlgrrotMr eovU*wi
en ~ ilf w at
oning lure,erg ` ,, a are set loth M
ation of r Instrum A, M. No reline pse titgad ups^,any
an nay norm rm hot by what sI , la 'Me Ythan
an 1011 NtMmMI�Ke tor z le ORof its nopanrt,li theafdr,r • wpubllln amo
don et eAmosmnt emend ea LMn aalUct with.tea ____as amounts ere
ta the
NW Aetosmera breech of,or constitute NNyde. far the to memo
lwlth duetatce or lapse
APPROVED AS TO IN MUSS
SSW T.NNW. LIBIEREOP,919 DOR
Ere Mmt+w pte re3ldMed tin County, iii Catrade.a M ,; an Erie a Saaar�d,t W Iuawaed
FROM Gore Pe 'y 4 MMdwer 010 di! net lobo TS S te,ae�r.ati we Dona ry boa.*DVS Into'
WARD IONER•3 ha
1. RubtM1n0 .� l seamed lbw Se id fixes bean Nap
lent tot
COUNTY, Srt NM E� ' 'aeauaa by the Bend fixed for prepayment or ES ^9"'^^'^` hey,.
Nmaran 141!•Bond Is Tee d Re tion, r1Waipeon.Attie date occurs,cols Bons _mettesor
Seadaritan t o the ant was for Pre. ,. or lni, Corn Repay MaN Chakpasah el*
e ter to b arm with the
Constanee L. Harbert, ghat) •, , Sapid Shute ant A • mielimton,N o ,,,., tier the esryrate see)stifle
I'H►,aft Articl M can A bead to the ell as of the
ChYrrrsrh ly
WA.Wel slrr,Pro-Tam 9th&i .+• a dad (the inn twiner her ately tied W
Wwyende' $05,coo ` and In conform s fie Ceu or '`-- ,in the err
SxtK:MM'N dons rov• �,. to Wtl t podded for I >a Be effesl
RindIlleilm l-KYpprovdeneeere :The County of Weld,a Lone thereat Tat deallttion, k' - S.M of t t the co COUIOY OF WELD
political aubdiv�eh d ment - mint In the Or
Reed A Approved: �n . Bereand the leered ASran e -71w MMBM It.. _{county Salad
the State of C9 ertl0 err are ar ern IISAIMIaent a Mpperone of nd sire ppe aessen
(M resolved,
"County-I,for an ben nor charged pen ant ame elrt�tlone the to entree Mans
E1ti9se:-October ffi, rrerived, hinny . kinds other then tharsef refer need Is tot this- i,v, ns of the dead
Premises to Pay, butad Is a etr .
HIS nwogs payable Si.M hull Ion. Lees Ms Canny Administer
from the n endphhlf den rarest attar ,
eo1NiY tlrrrswer, hereMraha IdeeMVae ^dh
.≥'o;YLl YMe in the mantle rsget ,of tee revengts OW gNeed for a rat andAasgaMil4
hahimetta provded,le pores t ,lards pied gid tort artMernptlon I SEW
St Newest Inventor,' far Lea Agre •
ement rlatetl w Ate '`
a Inc„ tF aeAtereisaft peed l ppgdtent of this.Sated, THE SALE • - terms end (Form of Transfer
`'`+ Endereemend
Minnesota corporal.
fatal°Mond) psp�arn hereoL pd.n l Irantre aril ff d BOND HAS NO one of tie d
having Ores Its pr dal Mtlent of dekuit. f Ste securlb: yWGISTERED utlon, L For hfaue raceNed,the
inne in Mlnnepi +, clef the THE SECUR S.. ment ant•LSSPt
THE SALE OF THE Minnesota ask WMIMIs da the
_ _wad
of this OF 1933.AS - rat Maygg9nt urhdaflpned ovrrhur deer
n* cu NOT BEEN Mwerauub theassign end
REGISTERED UNDER 4antierl,or Ma" N 4111 aumedt tie
flgelt, duties Intl ITME ACT ln„ N rF any InsVYrnsrt ntal Went r the ttrgaMg
THE SECUMTIES ACT reigns the Pr Ream hereon; M Immunities of she OMAL1FEO t , modified or Sort to the named
OF 1933,ASALIENGZ goieshe,rat Seven H d die meioses. Lender,and Me It S. Te! ,. only te MSIMhee, and tin
(THE •fit." Deluis ($775,OOw;M ref [M rlge��tt le i edlell VW 144.98 Of .e of A 9.09 of/rat yo Assi fined County
OWILIFF UNDER December 1, 1993,ant; N Ru meow w e antler. • I " �Jtgaeeraent NQ Aud9w�r Bond �
THE SECURITIESSTATE b.Aeke payments to
power
°SM9te of tee ,. rap7h`l tsTtae WW,
#afN r.
LAWS Of ANY STATE —*prMMlI it Mt' Cagey to pay this eon, MSt'n andell is ssaadon. hereby rag o Met the
*K OTHER. ae114AM r"MI sr ate Interest foc harts,, eehaiulNene otter •- tereSoing Bond has
.AIRMDIOTION(7LLRl tenet w enforce pose (arm herein MANN been and
SKY' LAWS). THE ee _ aeraN against any ASYMmant and HER '€ r shall been registered transferred ne ad
SOND MAY NOT en � paspedy of the Came; Apueawnt AaayaaYaN- 3l*N S F B r the m s Mt ngtwr in the none le of
S OLD.AYI3NED oft/ - MMM afire eRtp 9L 58 - . UNM
- ter dips Bond ehe9 tpa ...Lawn
M Crtlll SFER in the eurllAsdgnee.
TRANSFERRED(T N E R W 13 E' easom•once,ki,Res mint,unb ridle
ESS t9 a nnlbrarhee,Iogl a AdMBdMetr. ISTER dearly moires h *ariar
UNLESS SUCH otsee of igle esStible, upon any FED OR
TRANSFER IS SO eidelanding semiannual
primped peeps,/of the Coney; This Bond shell the MI.EXE ,,,,,,,
REOISTERED AND site In semiannual art Bond doosRu eider..to prepdylMM �yMptl REG ,y. r????shirr?
OR InlMalmenta N oededtute M and ndemPtloa. M ia*IID DUAL 4 hereby dM'r3ed °erre,recrOrrr
UNLESS - AN hereinafter provided, doses of the ste.but not in pro a A .ached din tae
EXEMPTION FROM and a eaT ro the°seer within Ile the opeen end U,—. pIwICHA Board is ad:
SLICK moarRATION hereof hem such gof ant Borrower,ate M' SFERE : erolNl...eh
AND OUALIMATIEN error interest on the Canal, s semiannual P BOND
IS AVAILABLE. boo race hg and "WSJ by limitation. dew, to prey E'r ED TO. tint Me'
TR• RCHASER(S) OR potence of me gager 5.04 and ESENT (as Met
Wm
TRAIst#IIEE(8I OF outstanding principal a lend Is a apes. }��M t AQr,- red In 3l*lei THE BDWW SHALL SE arrant he frog M lard obligation In..Shp urn days AIR THEY A men') t le ten
memoTO HAVE date hereof untlf said presipal amount d Ithetsef M writhe Sean PING D Minna tatl the )foes of Transfer eO.
REPRESENTED AND Peldla wm le pay,a 5fll,p 00;which has the Borrower M me alt"P F 1 C Ions of re Act'
'�y� a Hie equal to serestIOW j thorlzed by leer Lender. S t A T E M it, ns Issuer a ct;
f Af mil' per annum. mama
as lb bat Issued and hnt Mara
P ILO S is R C '«• end the
RELYENO ON ANY paean snail be peM98 beet Issued for the Tide Send stir M P WATE PtA� taking si. the
O f f 1 C I A. L 'flat 1984'el* sash a of funding a aided to ma MEMORAND 'MINI t el* me
first day of aria mare t l Published In too
S TATEMENT , WS tom the Coundl N Met redemption a PO 0 T N • '
PROSPECTUS, thsrsSber and As Evangel*, event ale DetemM9 - CON PREHE lc w1on 'and amber Beaten M
thereafter until wig- " oafthe elf are d OMMbar
O o▪ MOUM OR ,duing the Ana titan Society, n Sector, 5.05 dPre HMIEMEIR• '
maturity hereof. TM Dakota non Lien A9 eemen4 4es. IT OR T Y, •'that de*Nan
O T H E R I amount d 9191 Mar e,* Refuediry�y has
COY PRE NENSIYE phM1M4anation re the terms eed REMIXED § error* aced
Ilene Mall be roped in dlrwer'),to err xndlticne,and M-1l* F I N A N D 11'1ne dnient SI e
O f F E R I N G 19 saml'atteWl rrower to valued - C U M
;TA7EYENT,OS THAT Ins genre( ntleaptlon prior.sal .: Economic
R OR THEY HAVE Sit Matewa intermit
to met' see:Sties 1979.Cots Math Swain. TING t gnomic
Tilt• Re ALL Of r,—hits Iprod_d ii d,Nursing Hai. woos,AND he
DOCUMENTS ft1ANCRKi arm, Ina thertwelve Rwanue Bonds (TM mom of any sum OR C R E A9Y me
Evsttpelical Lutheran prepayment r of
RELATING TO THE es,teeexht peynhe,M d Oees�Samaamth Sort nNeapttan shindy,! 8TOR. :dsM sU.lhctof
11-lllf et• eMhdangina DEFINED IN- MNi
'ACCREDITED
A C C THEY
ARE AN Ps9Mcte d gLhre, to the VOL (N, I I& 'bran
IT OR TREY ARE AN semiannual Derinber 1, 1979,fin gSttered owner re R REGIA,ATION to Hain
ACCRED 1 T E D sera to Its axis** regtsared assign d tint t br
INVESTOR; AS sim pelstste on this B9,L MS Used M certlJlN er S THE ACT',
5C1(DEFINED IN RULE applied an M 55 t511 ire
t and thee to rsdrsssseedd tog it a 1l* TRth Ben Ml* ,hags
:grits
usiv , (N) or l31 - aft beppg dot �M ;,f *Er1 +' add e�t 9MIi'erapt,°all''- - h wIN `anrd
tiwlP ULATION the a mall ed t ant thirty- dirt w rte Bahl R>wi re
UNITED
ACT• the realst retl
in tide end
je peae3l*date fixed ter only upon �S • lime, forth end
URWW STATES OF oast Ines lawful ..at 1e R ado
Prpayaent or reglcounstatityn r 9l*9l* a es regl d 3y
a M Wnited Statte atthe County i
trebpunty duly ado redenrytleh,and end W and that itlotlad
AMERICAt'adWNs as It i�t��N5''", I peaNa ,if Ypnd( gut Sr>M nd t con e
Mtn OF COLORADO ism w/ swampy
- Its.M e, Co
rear" MAIM by pun the° is *alai an tae il Nng any
6elllbtphe lam M M •in ate rilirelonal,
COUNTY OF WELD ....Mew 99 de ol October St.Se. lenneormin t.Paul; efev wIge r
19M.by art beteseen Fissekille irWYtn.71??7 4
NOTICE OF PUBLIC HEARING
ON REFUNDING REVENUE BONDS
FOR HEALTH CARE FACILITIES PROJECT
ON BEHALF OF
THE EVANGELICAL LUTHERAN GOOD SAMARITAN SOCIETY,
A NON-PROFIT CORPORATION,
AND ISSUANCE OF HEALTH CARE FACILITIES
REFUNDING REVENUE BONDS BY THE COUNTY OF WELD
Docket #93-81
NOTICE IS HEREBY GIVEN that a public hearing shall be conducted by the County of
Weld, State of Colorado, on the refunding of revenue bonds issued for the
refinancing of the costs of a health care facilities project. The issuance of
the refunding bonds would be pursuant to the Colorado Revised Statutes, 1973,
Title 29, Article 3, as amended, by the County on behalf of The Evangelical
Lutheran Good Samaritan Society, a non-profit corporation (the "Society") . The
hearing will be held in the First Floor Hearing Room, Weld County Centennial
Center, 915 10th Street, Greeley, Colorado, on Monday, October 25, 1993, at 9:00
a.m. The refunding revenue bonds will be used to refund the $870, 000 remaining
outstanding of the $1, 600,000, Weld County, Colorado, Revenue Bonds, (The
Evangelical Lutheran Good Samaritan Society Project) , Series 1979 which were in
turn issued to liquidate certain obligations previously incurred by the Society
to finance certain costs of acquiring, constructing and improving a portion of
its nursing home and health care facility. The facility is currently known as
the Bonell Good Samaritan Center and consists of several buildings encompassing
two city blocks with an address of 708 22nd Street in the City of Greeley, Weld
County, Colorado 80631. Under the proposal, up to approximately $870,000 in
principal amount of Health Care Facilities Refunding Revenue Bonds of the County
of Weld will be issued to finance the Project. At said time and place the Board
of County Commissioners shall give all parties who appear an opportunity to
express their views with respect to the proposal to refund the 1979 bonds.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
BY: DONALD D. WARDEN
CLERK TO THE BOARD
BY: Carol A. Harding
Deputy Clerk to the Board
DATED: October 4, 1993
PUBLISHED: October 7, 1993, in the Windsor Beacon
ones OF PUBLIC
NUMB
ON REFUNDING
REVENUE sots
FOR HEALTH CARE
FACILITIES PROJECT.
ON BEHALF OF THE AFFIDAVIT OF PUBLICATION
EVMIGEUCAL LUTHERAN
GOOD SAMARITAN
O STATE OF COLORADO
A NON-PROFIT ISSUANCE CORPORATION„ 55
OF HEALTH COUNTY OF WELD
CARE FACILITIES
REFUNDING REVENUE
SOMA BY THE COUNTY I, KEITH HANSEN, of said County of Weld, being duly
OF WELD sworn,say that I am publisher of
Docket 993-al
NOTICE IS HERESY WINDSOR BEACON
GIVEN that a public hewing
County
be conduct,Sattin a weekly newspaper shall of Sec,Mau ahaving a general circulation in said
Colorado,on the refunding County and State, published in the town of WINDSOR,
d revenue bonds Sued lee in said Count
y romancing oftSml. and State; and that the notice, of which
of a health care facilities the annexed is a true copy, has been published in said
waled.
nding bonndsswould w weekly for / _successive weeks, that the notice
pursuant to the Colorado was published in the regular and entire issue of every
Revised29
Si Title Article 3, as number of the paper during the period and time of
amended,by the Carryon publication, and in the newspaper proper and not in a
behalf of The Evangelical
Lutheran Good Samaritan supplement, and that the first publication of said notice
Society, a non-profit was in said paper bearing the date of the
corporation(the"Society).
The hearing will be held in /��
the first Floor Hearing / day of (2 , A.D., 19a and
Room. Weld County
Centennial Center,915 Iran the last publication bearing the date of the
Street,Greeley.Colorado,
on Monday, October 25,
•
1993, at 9:00 a.m. The day of A.D., 19_ and
refunding revenue bonds wit that the said WINDSOR BEACON has been published
be used to refund the continuously uninterruptedly pe
riod do remaining fund and uninterru tedl for the of 5
outstanding of the consecutive weeks,in said County and State, prior to the
$1,900,000,Weld County,
Ce erto,Revenue Bonds, date of first publication of said notice, and the same is a
(TM Evangelical Lutheran newspaper within'the meaning of an Act to regulate
Geed Samaritan Society
ProMa9.Series 1979 MOM printing of legal notices an advertisements, approved
wore In turn sand to May 18, 1931,and all prior cts ar as in force.
p veleta cy rtainincurs
os byit e •
Society
yeto innate 7 er ain
cots to finance wringn
cwt/ of am tevkig
oeANl oiling and iinv home
agorae.orate nursing home P LISHER
an Minh care facet'. The
taepN currently non ae �7,
d"Genet G°w Swnmftr' Subscrib d and to before me this 6 `sworn day
Center and consists of
Moral buildings a �;
e.Mmpassing two city Ls;
biotin with an address of ,/
709 aww Street In the City
�r h.UaLYv—>rJ
of Gtwter,Weld County. NOTARY PUBLIC
Catnnee 80931. Under the
propeeei, up to
aelettldMOM �unea'� My commission expires r 9 96
Ore Futilities Refunding
Renee* Bonds of the
Candy of Weld will be
loved to finance the '
• Prone. At said time and
plea tee Board of County
OonnNYbners shall gme all
nettles who appear an
elper-_-l_to express their
Wan will respect to the
plAweq b refund the 1979
berth
WARD OF COUNTY
COMYNIONERS,WELD
COUNTY,COLORADO
BY:DONALD D.WARDEN,
CLERK TO THE BOARD
BY: Carol A. Harding,
Depidy Gelk to the Board
Pease M the Winer
Same ee October 7,
e9ea,
HEARING CERTIFICATION
DOCKET NO. 93-81
RE: PUBLIC HEARING ON REFUNDING REVENUE BONDS FOR HEALTH CARE FACILITIES
PROJECT ON BEHALF OF THE EVANGELICAL LUTHERAN GOOD SAMARITAN SOCIETY,
A NON-PROFIT CORPORATION, AND ISSUANCE OF HEALTH CARE FACILITIES
REFUNDING REVENUE BONDS BY THE COUNTY OF WELD - ORDINANCE NO. 176
A public hearing was conducted on October 25, 1993, at 9:00 A.M. , with the
following present:
Commissioner Constance L. Harbert, Chairman
Commissioner W. H. Webster, Pro-Tem
Commissioner George E. Baxter
Commissioner Dale K. Hall
Commissioner Barbara J. Kirkmeyer
Also present:
Acting Clerk to the Board, Shelly Miller
Finance and Administration Director, Donald D. Warden
The following business was transacted:
I hereby certify that pursuant to a notice dated October 4, 1993, and duly
published October 7, 1993, in the Windsor Beacon, a public hearing was
conducted on the refunding of revenue bonds issued for the refinancing of
the costs of a health care facilities project. Donald D. Warden, Finance
and Administration Director, made this a matter of record. He indicated
the noticed amount was $870, 000; however, the final amount is $775,000.
Mr. Warden said the bonds were issued December 1, 1979, to finance Bonell
Good Samaritan Center located at 708 22nd Street in Greeley, Colorado.
The reissuance of the bonds will lower the interest cost, which
correspondingly will lessen the user cost. Mr. Warden recommended
approval and indicated Ordinance No. 176 has previously been read into the
record. He also recommended the Chairman be authorized to sign any and
all necessary documents. No public testimony was offered concerning this
matter. Commissioner Baxter moved to approve Emergency Ordinance No. 176
and Commissioner Webster seconded the motion. Mr. Warden indicated the
need for emergency approval is to facilitate closing on October 27, 1993,
and expedite banking needs. The motion carried unanimously.
This Certification was approved on the 27th day of October, 1993.
J�ty[//ff// ? APPROVED:
ATTEST: /� L' aster? BOARD OF COUNTY COMMISSIONERS
WE COUNTY, COLORADO
Weld County Clerk to the Board
By: 'JftA.Ler.y /t i Constance L. arbert, Chairman
Deputy Jerk to the Board
117(
W. &. Webs er, Pro-Te
TAPE 1193-37
/e E. Baxter 7
DOCKET #93-81
Dale K. Hall
ORD176
EXCUSED DATE OF APPROVAL
Barbara J. Kirkmeyer
0RD176
; ‘ OFFICE OF COUNTY ATTORNEY
fcti" \� PHONE(303)3564000 EXT. 4391
P.O. BOX 1948
GREELEY, COLORADO 80632
C. October 29, 1993
COLORADO
Board of County Commissioners Kutak Rock
of Weld County, Colorado Suite 2900
915 Tenth Street 717 17th Street
Greeley, CO 80631 Denver, CO 80202-3329
Norwest Investment Services, Inc. The Evangelical Lutheran Good
Norwest Center Samaritan Society
6th & Marquette 100 W. Ave. N.
Minneapolis, MN 55479-0146 Sioux Falls, SD 57104
$775,000
County of Weld, Colorado
Health Care Facility Refunding Revenue Bond
(The Evangelical Lutheran Good Samaritan Society Project)
Series 1993
Ladies and Gentlemen:
I have acted as counsel for the County of Weld, Colorado (the
"County" ) , in connection with the issuance by the County of
$775, 000 aggregate principal amount of its Health Care Facility
Refunding Revenue Bond (The Evangelical Lutheran Good Samaritan
Society Project) Series 1993 (the "Bond" ) issued pursuant to an
Emergency Ordinance adopted by the County on October 25, 1993 (the
"Ordinance" ) and a Loan and Purchase Agreement (the "Loan
Agreement" ) dated as of October 29 , 1993 between and among the
County, the Evangelical Lutheran Good Samaritan Society (the
"Borrower" ) , and Norwest Investment Services, Inc. (the "Lender" ) .
In that capacity, I have examined Colorado Revised Statutes, 1973,
Title 29, Article 3, as amended (the "Act" ) , and I have reviewed
the following:
(a) A certified copy of the Emergency Ordinance in connection
with the issuance by the County of the Bond, pursuant to
and under the provisions of the Act;
(b) An executed counterpart of the Loan Agreement;
(c) An executed Loan Agreement Assignment (the "Assignment" ) ,
dated as of October 29 , 1993 from the County to the
Lender; and
Board of County Commissioners of Weld County, Colorado
Norwest Investment Services, Inc.
Kutak Rock
The Evangelical Lutheran Good Samaritan Society
Page 2
October 29, 1993
(d) Such other public records, documents, and proceedings as
I have deemed relevant and necessary in rendering this
opinion.
Based on the foregoing, I am of the opinion that:
1 . The County is a county and political subdivision validly
organized and existing under the Constitution and laws of
the State of Colorado.
2 . Based upon my review of the above documents, the Act, and
Bond Counsel ' s Opinion, that the issuance, execution, and
delivery of the Bond by the County and the execution and
delivery of the Loan Agreement and the Assignment and the
performance by the County of its obligations and with
respect thereto, do not contravene any provision of
Colorado law or any applicable judgment, order, decree,
or regulation of any court or any public or governmental
agency or authority of the State of Colorado, to which
the County is a direct party, and do not conflict with,
result in any breach of, or constitute a default under
any agreement or instrument to which the County is a
party or by which the County is bound.
3 . The County has the authority to adopt the Ordinance, and
the Ordinance has been adopted by the County and is in
full force and effect in the form in which adopted.
4 . To the best of my knowledge, there is no action, suit,
proceeding, inquiry, or investigation at law or in equity
or before or by any court, public board, or body pending
or threatened against or affecting the County, in which
the County is a party and of which the County has been
notified, wherein an unfavorable decision, ruling, or
finding would adversely affect either the transactions
contemplated by the Loan Agreement or the Assignment, or
any other agreement or instrument to which the County is
a party which is contemplated by the Loan Agreement or
the Assignment.
5 . The Loan Agreement and the Assignment, assuming due
amortization, execution, and delivery by the other party
or parties thereto, have been duly and validly
authorized, executed, and delivered by the County and
Board of County Commissioners of Weld County, Colorado
Norwest Investment Services, Inc.
Kutak Rock
The Evangelical Lutheran Good Samaritan Society
Page 3
October 29, 1993
represent the respective valid and legally binding
agreements of the County enforceable in accordance with
their respective terms .
The obligations and responsibilities of the County with respect to
the documents described above may be subject to bankruptcy,
insolvency, reorganization, moratorium, and other similar laws
relating to or affecting creditors ' rights heretofore or hereafter
enacted to the extent constitutionally applicable. Certain of the
obligations, and the enforcement thereof, contained in the Loan
Agreement and the Assignment may also be subject to and limited by
general equity principles and the exercise of judicial discretion
in appropriate cases, but which do not affect the validity of such
documents .
Very truly yours,
Blkc;le T. Barker # 13690
Weld County Attorney
915 Tenth Street
Greeley, CO 80631
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