HomeMy WebLinkAbout991015.tiff ORDINANCE NO. 206
IN THE MATTER OF AN EMERGENCY ORDINANCE AUTHORIZING THE ISSUANCE AND
SALE OF A $388,000 WELD COUNTY, COLORADO, INDUSTRIAL DEVELOPMENT
t-fft REVENUE BOND (CENTENNIAL AREA HEALTH EDUCATION CENTER PROJECT) SERIES
1999; RATIFYING CERTAIN ACTIONS HERETOFORE TAKEN; AUTHORIZING THE
EXECUTION AND DELIVERY BY THE COUNTY OF A FINANCING AGREEMENT, CLOSING
DOCUMENTS AND SUCH BOND IN CONNECTION THEREWITH; APPROVING THE FORM
OF CERTAIN ANCILLARY DOCUMENTS; REPEALING ANY ACTION HERETOFORE TAKEN
IN CONFLICT HEREWITH; AND DECLARING AN EMERGENCY
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; and
WHEREAS, Weld County, Colorado (the "County") is authorized by the County and
Municipality Development Revenue Bond Act, Article 3, Title 29 of Colorado Revised Statutes,
as amended (the "Act"), to finance land, buildings or other improvements and properties
suitable or used for or in connection with health-care facilities (including facilities for the training
of healthcare personnel), and to refinance obligations previously incurred to finance such
properties, all to the end that the County may be able to promote economic activity by inducing
nonprofit corporations to locate, expand or remain in this state for the benefit of the inhabitants
of this State for the promotion of their health, safety, welfare, convenience and prosperity; and
WHEREAS, the Act further authorizes the County to issue revenue bonds for the
purposes described above, including all incidental expenses incurred in issuing such bonds, to
secure the payment of such bonds as provided in the Act, and to enter into financing
agreements with others for the purpose of providing revenue to pay such bonds upon such
terms and conditions as the Board of Commissioners of the County may deem advisable; and
WHEREAS, Centennial Area Health Education Center (the "Center") has presented to
the County a proposal whereby the County will, pursuant to the Act, issue a revenue bond
hereinafter described and loan the proceeds therefrom to the Center to finance the acquisition,
construction and equipping of a classroom and administrative facility for the Center (the
"Project"), which Project will be owned by the Center and located within the boundaries of Weld
County, Colorado; and
WHEREAS, a $388,000 Weld County, Colorado, Industrial Development Revenue Bond
(Centennial Area Health Education Center Project) Series 1999 (the "Bond") will be issued, sold
and delivered by the County to Nonvest Bank Colorado, National Association (the "Bank"), to
provide funds to finance the Project; and
WHEREAS, the County has held a public hearing on the Bond and the financing of the
Project on the date hereof, after publication of reasonable public notice of such hearing; and
WHEREAS, there has been presented to the Board of County Commissioners of the
County the proposed form of the Financing Agreement, dated as of May 12, 1999 (the
"Financing Agreement"), among the County, the Center and the Bank.
991015
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NOW, THEREFORE, BE IT ORDAINED by the Board of County Commissioners of the
County of Weld, State of Colorado:
Section 1. All action not inconsistent with the provisions of this Ordinance heretofore
taken by any of the County's officials and the efforts of the County directed toward the financing
and refinancing of the Project, the issuance and sale of the Bond therefor, and loaning the
proceeds thereof to the Center therefor be, and the same hereby are, ratified, approved and
confirmed.
Section 2. The County shall finance and refinance the Project by depositing the
proceeds of the Bond in accordance with the provisions and conditions of the Agreement.
Section 3. To defray the cost of financing the Project, there is hereby authorized and
created a revenue bond designated as "Weld County, Colorado, Industrial Development
Revenue Bond (Centennial Area Health Education Center Project) Series 1999" in the principal
amount of $388,000 to be dated the date of its issuance and delivery and bearing interest from
its date at the rate of 6.75% per annum through, but not including May 12, 2004, and thereafter
shall be adjusted on May 12, 2004 and again on May 12, 2009 to bear interest on the unpaid
principal balance at a rate equal to the five-year composite maturity treasury index published by
the Federal Reserve Board on such May 12, plus one and one half percent (1.50%); provided,
however, that if the five-year composite maturity treasury index is no longer published, the Bond
shall bear interest at a rate equal to the interest rate on the five-year treasury securities
auctioned at the auction immediately preceding such May 12, plus one and one half percent
(1.50%); provided further, that if an Event of Taxability shall have occurred, the Bond shall bear
interest at a rate equal to the Bank's prime rate, adjusted daily, beginning on the date which is
six months from the date the Registered Owner gives notice of the Event of Taxability to the
Center.
The Bond will mature on May 12, 2014. The principal of and interest on the Bond shall
be payable on the 10th day of each month, commencing June 10, 1999, as provided in the
Agreement. The Bond will be issuable as a fully registered bond in accordance with the
provisions of the Agreement.
The Bond shall be subject to redemption prior to maturity and shall be in substantially
the form provided in the Agreement. The Bond shall be sold to the Bank in a negotiated, private
sale at a purchase price of$388,000.
Section 4. The following determinations and findings, based upon information supplied
and representations made by the Center are hereby made in accordance with the Act:
(a) The terms of the Agreement pursuant to which the County will loan the proceeds
of the Bond to the Center provide that the Center shall cause the Project being financed to be
maintained in good repair and shall carry all proper insurance with respect thereto.
(b) The revenues payable under the Agreement are sufficient to pay all other
requirements of the Agreement and this Ordinance.
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Section 5. The form, terms and provisions of the Agreement be and they hereby are
approved, and the County shall enter into the Agreement substantially in the form of the
Agreement presented to this meeting, but with such changes therein as the officers of the
County executing the Agreement shall approve, their execution thereof being deemed
conclusive of their approval of any such changes, and the Chair or Vice Chair of the Board is
hereby authorized and directed to execute and deliver the Agreement and the Clerk to the
Board or any Deputy Clerk to the Board is hereby authorized and directed to affix the seal of the
County to, and to attest the Agreement in substantially the form of the Agreement attached
hereto.
Section 6. The form, terms and provisions of the Bond, in substantially the form
contained in the Agreement, be and they hereby are approved; and the Chair or Vice Chair of
the Board is hereby authorized and directed to execute the Bond, the Clerk to the Board or any
Deputy Clerk to the Board is hereby authorized and directed to attest the Bond and each is
authorized to deliver the Bond in the form contained in the Agreement but with such changes
therein as the officer of the County executing the Bond shall approve, his execution thereof
being deemed conclusive of his approval of any such changes. The seal of the County is
hereby authorized and directed to be affixed to or imprinted on the Bond. The signature of the
Chair or Vice Chair of the Board or the signature of the Clerk to the Board or any Deputy Clerk
to the Board on the Bond may be a facsimile.
Section 7. The officers of the County shall take all action which they deem necessary
or reasonably required in conformity with the Act to finance the Project which is hereby
authorized, and for carrying out, giving effect to and consummating the transactions
contemplated by this Ordinance and the Agreement, including without limitation the execution
and delivery of any closing documents to be delivered in connection with the sale and delivery
of the Bond.
Section 8. The cost of financing and refinancing the Project will be paid out of the
proceeds of the Bond. THE BOND AND THE INTEREST HEREON SHALL NEVER
CONSTITUTE THE DEBT OR INDEBTEDNESS OF THE COUNTY WITHIN THE MEANING
OF ANY PROVISION OR LIMITATION OF THE CONSTITUTION OR STATUTES OF THE
STATE OF COLORADO, AND SHALL NEVER CONSTITUTE OR GIVE RISE TO A
PECUNIARY LIABILITY OF THE COUNTY OR A CHARGE AGAINST ITS GENERAL CREDIT
OR TAXING POWERS.
Section 9. Pursuant to Section 147(f) of the Internal Revenue Code of 1986, as
amended, the Board of County Commissioners hereby approves the issuance of the Bond.
Section 10. The County, including any entities acting on behalf of or subordinate to the
County, does not anticipate issuing more than $10,000,000 of tax-exempt obligations during the
calendar year 1999, which is the calendar year in which the Bond is issued. No proceeds of the
Bond will be used in a manner which would cause the Bonds to be private activity bonds (other
than "qualified 501(c)(3) bonds"). Accordingly, the County hereby designates the Bond as a
"qualified tax-exempt obligation" pursuant to Section 265(b)(3)(b)(I) of the Internal Revenue
Code of 1986, as amended.
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Section 11. After the Bond is issued, this Ordinance shall be and remain irrepealable
until the Bond and interest thereon shall have been fully paid, canceled and discharged.
Section 12. If any section, subsection, paragraph, sentence, clause, or phrase of this
Ordinance is for any reason held or decided to be unconstitutional, such decision shall not
affect the validity of the remaining portions hereof. The Board of County Commissioners
hereby declares that it would have enacted this Ordinance in each and every section,
subsection, paragraph, sentence, clause, and phrase thereof irrespective of the fact that any
one or more sections, subsections, paragraphs, sentences, clauses, or phrases might be
declared to be unconstitutional or invalid.
Section 13. All bylaws, orders, resolutions and ordinances, or parts thereof,
inconsistent herewith or with the documents hereby approved are hereby repealed to the extent
only of such inconsistency. This repealer shall not be construed as reviving any bylaw, order,
resolution or ordinance, or part thereof.
Section 14. Due to fluctuations in municipal bond prices and currently favorable
interest rates, the Board of County Commissioners does hereby declare that an emergency
exists and, therefore, this Ordinance shall be in full force and effect upon its passage, pursuant
to Section 3-14 of the Weld County Home Rule Charter.
The above and foregoing Ordinance Number 206 was, on motion duly made and
seconded, adopted by the following vote on the 10th, day of May, A. D., 1999.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COL R
MU% Daly K. Hall, Chair ,
ggty to the Board //CAEI arb ra J. Kirkmeyer, Pro-Te
to the Board 4- >
'Geor'ge E. xter
RO TO FORM:
M. J.(Geile r)
Co ty Attorney CZ 'C
Glenn Vea.act
First Reading: May 10, 1999
Publication: May 15, 1999, in the Fort Lupton Press
Effective Date: May 10, 1999
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