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Home My WebLink About640175.tiffSTATE OF COLORADO ) COUNTIES OF WELD, LARIMER AND BOULDER ) SS. LITTLE THOMPSON VALLEY WATER DISTRICT ) The Board of Directors of the Little Thompson Valley Water District, in the Counties of Weld, Larimer and regularly Boulder and State of Colorado, met in adiourned session at 345 Mountain Avenue , Berthoud Colorado, being the regular meeting place of said Board within said District, on Monday , the 27th day of April , 1964, at7:30 o'clock P .m. There were present at said meeting the following directors, consisting of a quorum: Present: Chairman: Louis F. Bein Other Directors: Paul Davis George Walker Albert Jeffers Vernon French Absent: none constituting all the members thereof. There were also present: Frank E. Starkey, Attorney Lovilo H. Fagan, Secretary -Manager Thereupon, Director Davis introduced and moved the adoption of the following resolution, which was thereupon read in full and is as follows: WELD CO. COMMISSIONERS GREELEY, COLO. -1- RECEIVED MAY- 6 1964 A.M. P:M. VIII,110111.0ill;l;141416 LI;1D1ST y s 00673 RESOLUTION WHEREAS, the Little Thompson Valley Water District (hereinafter sometimes referred to as the "District"), in the Counties of Weld, Larimer and Boulder and State of Colorado, is a public corporation duly organized and existing under the Constitution and laws of the State of Colorado and was duly organized in the year 1961, pursuant to the provisions of Article 5, Chapter 89, Colorado Revised Statutes, 1953, and the District as originally incorporated, has never been reorganized nor wholly or partially annexed to or consolidated with any other public corporation; and WHEREAS, among the outstanding bonds of the Dis- trict are the hereinafter described, duly issued, valid, negotiable, coupon, general obligation bonds, in the aggre- gate principal amount of $2,073,000.00 (herein sometimes designated as the "outstanding bonds"), namely: 1. The District Bonds authorized by a reso- lution duly adopted on the 30th day of December, 1961, in the original principal amount of $2,000,000.00, dated January 1, 1962 (herein sometimes designated as the "1962 bonds"), consisting of 2,000 bonds in the denomination of $1,000.00 each, numbered 1 to 2000, inclusive, payable in lawful money of the United States of America, bearing interest as evidenced by interest coupons designated "A," attached to said bonds, payable semiannually on the 1st day of January and the 1st day of July each year, as evidenced by coupons thereto attached, and being numbered and maturing on January 1, as follows: -2- and Interest Rate Bond Numbers (Per Annum) (All Inclusive) By "A" Coupons 1 - 25 4% 26 - 60 4% 61 - 105 4% 106 - 160 4% 161 - 225 4% 226 - 300 4% 301 - 380 4% 381 - 465 4% 466 - 560 4-1/4% 561 - 665 4-1/4% 666 - 780 4-1/4% 781 - 905 4-1/4% 906 - 1040 4-1/4% 1041 - 1185 4-1/4% 1186 - 1335 4-1/4% 1336 - 1490 4-1/4% 1491 - 1650 4-1/4% 1651 - 2000 4-1/490 Amounts Years Maturing Maturing $25,000.00 35,000.00 45,000.00 55,000.00 65,000.00 75,000.00 80,000.00 85,000.00 95,000.00 105,000.00 115,000.00 125,000.00 135,000,00 145,000.00 150,000.00 155,000.00 160,000.00 350,000.00 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 In addition to the "A" coupon interest hereinabove specified, all bonds bear additional interest evidenced by interest coupons designated "B," at the rate of 1.03% per annum, for the period from January 1, 1963, to July 1, 1965, inclusive, said interest to be payable July 1, 1963, and semiannually thereafter on the 1st day of January and the 1st day of July each year. Bonds maturing in the years 1973 and thereafter are redeemable, in inverse numerical order, at the option of the District, on January 1, 1972, and on any interest payment date thereafter at par, accrued interest and a premium of 3% of principal, principal and interest being payable at the Berthoud National Bank, or, at the option of the holder, at the Colorado National Bank, Denver, Colorado, of which issue there are now outstanding and unpaid bonds in the principal amount of $2,000,000.00, consisting of bonds numbered 1 to 2000, both inclusive, maturing serially on the first day of April in each of the years 1965 to 1982, both inclusive; 2. The negotiable, coupon bonds authorized in the original principal amount of $75,000.00, issued in the original principal amount of $73,000.00, each designated -3- "Little Thompson Valley Water District Bond" (herein sometimes designated as the "1963 bonds"), authorized by a resolution duly adopted on the 16th day of April, 1963, dated July 1, 1963, consisting of 73 bonds in the denomination of $1,000.00 each, numbered 3 to 75, inclusive, payable in lawful money of the United States, bearing interest at the rates hereinafter set forth payable July 1, 1964, and semiannually thereafter on the first day of January and the first day of July each year, evidenced by interest coupons attached to said bonds, and being numbered, bearing interest and maturing on January 1, as follows: Bond Numbers (All Inclusive) 3 - 5 6 - 10 11 - 15 16 -. 20 21 - 25 26 - 30 31 - 35 36-40 41-45 46-50 51-55 56 - 60 61 - 65 66 - 70 71-75 Interest Rate (Per Annum) 3-3/4% 3-3/4% 3-3/4% 3-3/4% 3-3/4% 4% 4% 4% 4% 4% 4-1/4% 4-1/4% 4-1/47, 4-1/4% 4-1/4% Amounts Maturing $3,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 Years Matur nA 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 bonds maturing in the years 1974 and thereafter being redeemable at the option of the District on July 1, 1973, and on interest payment dates thereafter prior to their respective maturities in inverse numerical order, upon payment of par, accrued interest and a premium of 3% of principal, the principal of and inter- est on said bonds being payable at the Berthoud National Bank, Berthoud, Colorado, or, at the option of the holder, at the Colorado National Bank, Denver, Colorado, of which issue there are now outstanding and unpaid bonds in the principal amount of $73,000.00, consisting of bonds numbered 3 to 75, both inclusive, and maturing serially on the first day of February in each of the years 1965 to 1979, both inclusive; and WHEREAS, the District is not delinquent in the payment of any principal of or interest on any of its bonds; and WHEREAS, it appears that by the refunding of the outstanding 1962 bonds and 1963 bonds as herein provided and under the provisions of Article 5, Chapter 89, Colorado Revised Statutes, 1953, as amended and supplemented by Chapter 194, Session Laws of Colorado, 1963 (hereinafter sometimes referred to as "Article 5"), (a) said outstanding bonds may be paid in a manner which will result in a substan- tial reduction in interest costs over the life of the indebt- edness thereby effecting a savings to the taxpayers of the District after all costs of refunding are taken into account, and (b) there will be effected a simplification of the annual principal and semiannual interest payment dates on the said outstanding bonds which will assure the more prompt and economical use of tax moneys as collected, and (c) there will be eliminated certain restrictive contractual limitations appertaining to the District's water system; and WHEREAS, in addition to other advantages to be secured from consolidation of the District's indebtedness, it has also been determined by the Board of Directors of the District (hereinafter sometimes referred to as the "Board") that a greater interest savings will be realized through the refunding of both of the said outstanding 1962 bonds and 1963 bonds than if one of said issues were omitted from the refunding; and WHEREAS, for such reasons the Board deems it necessary, expedient, and in the best interests of the District and all of its taxpayers, that the refunding bonds hereinafter described be issued; and WHEREAS, each of the District's outstanding bonds to be refunded either matures or is callable for redemption -5- prior to its maturity under its terms, within less than ten years from the date of the issuance of the refunding bonds, and provisions are herein made for paying, redeeming, and discharging all of said outstanding bonds within less than ten years from said date; and WHEREAS, no maturity of any bond being refunded is being extended over fifteen years, nor is any interest thereon being increased to any rate exceeding six per centum per annum; and WHEREAS, the principal amount of the refunding bonds exceeds the principal amount of the outstanding bonds being refunded; and WHEREAS, the aggregate principal and interest costs of the refunding bonds do not exceed such unaccrued costs of the bonds to be refunded; and WHEREAS, due, adequate and sufficient provision will be made for the payment, redemption and retirement of the outstanding bonds and for the payment of the interest accruing thereon, in accordance with said Article 5, by the immediate placement of the proceeds derived from the issuance of the refunding bonds in escrow, together with other moneys legally available for said purpose, to be applied to the pay- ment of the outstanding bonds upon their presentation there- for, as more particularly hereinafter provided; and WHEREAS, the taxable property upon which tax levies are being made for payment of each outstanding issue of bonds (namely, each of the following issues: the 1962 bonds and the 1963 bonds) to be refunded by the refunding bonds herein authorized is identical to the taxable property on which such levies are being made for the payment of each other outstanding bond issue (parenthetically designated above in this preamble) proposed to be refunded; and WHEREAS, The Colorado National Bank of Denver (hereinafter sometimes called the "Escrow Bank"), Denver, Colorado, is a national bank within the State of Colorado which is a member of the Federal Deposit Insurance Corporation; and WHEREAS, the Board does hereby determine that all limitations imposed by said Article 5 upon the issuance of refunding bonds have been met; and WHEREAS, the net effective interest cost and net effective interest rate on the outstanding bonds to be refunded have been computed, as if all of the bonds to be refunded had originally been combined as a single issue, and the results of this computation have been compared with the net interest cost and net effective interest rate on the refunding issue; and WHEREAS, the net effective interest rate of those outstanding bonds to be refunded is 4,344 % and the net effective interest rate of the refunding bonds herein authorized is 3,75 %; and WHEREAS, the net interest cost of those outstand- ing bonds to be refunded is $ 1,061,975.00 , and the net interest cost of the refunding bonds herein authorized is $ 923, 750.00 ; and WHEREAS, the District has accepted the proposal of Stern Brothers & Co., Denver, Colorado (herein sometimes designated as the "Purchaser"), for the sale of the refund- ing bonds herein authorized, for the principal amount thereof, no premium and bearing interest from the date thereof until maturity at the respective rates hereinafter set forth. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF LITTLE THOMPSON VALLEY WATER DISTRICT, IN THE COUNTIES OF WELD, LARIMER AND BOULDER AND STATE OF COLORADO: Section 1. Ratification. That all action hereto- fore taken (not inconsistent with the provisions of this resolution) by the Board and the officers of the District directed: A. Toward refunding, paying and discharging the outstanding bonds to be refunded, and B. Toward the issuance of its refunding bonds in the aggregate principal amount of $2,150,000.00 for that purpose be, and the same hereby is ratified, approved and confirmed, including, without limiting the generality of the foregoing, the acceptance of the proposal for the purchase of said refunding bonds submitted by the Purchaser. Section 2. Bond Details. That to provide funds to be used for the purpose of refunding, paying and discharg- ing the District's outstanding 1962 bonds and 1963 bonds, pursuant to the powers vested in the Board by Article 5, the Board, on behalf of the District and upon the credit thereof, shall issue the negotiable, coupon, general obliga- tion bonds of the District, designated as "Little Thompson Valley Water District, Colorado, General Obligation Water Refunding Bonds, Series May 1, 1964," (herein sometimes designated as the "refunding bonds" or merely as the "bonds"), in the aggregate principal amount of $2,150,000.00, consisting of 430 bonds, numbered consecutively from 1 to 430, both inclusive, in the denomination of $5,000.00 each, dated the first day of May, 1964, payable to bearer, bearing interest from the date thereof until their respective maturities at the rate of three and three -fourths per centum (3-3/4%) per annum, evidenced by only one set of interest coupons payable to bearer and attached to the bonds, said interest being payable on the first day of January, 1965, and semiannually thereafter on the first days of January and July in each year, and the bonds being numbered and maturing serially, in regular numerical order, on the first day of January in each of the designated amounts and years, as follows: Bond Numbers (ALL Inclusive) 1 6 7 13 14 22 23 33 34 47 48 - 65 66 - 84 85 - 104 105 130 131 - 158 159 - 188 189 - 219 220 251 252 284 285 319 320 355 356 392 393 430 Amounts Maturing $ 30,000.00 35,000.00 45,000.00 55,000.00 70,000.00 90,000.00 95,000.00 100,000.00 130,000.00 140,000.00 150,000.00 155,000.00 160,000.00 165,000.00 175,000.00 180,000.00 185,000.00 190,000.00 Years Maturin 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 both the principal of and the interest on the bonds being payable in lawful money of the United States of America, without deduction for exchange or collection charges, at The Colorado National Bank of Denver, Denver, Colorado, upon presentation and surrender of the bonds and of the annexed coupons as they severally become due. If any bond shall not be paid upon presentation at its maturity, interest thereon shall continue at the rate of six per centum (6%) per annum until the principal thereof is paid in full. Section 3. Prior Redemption. That bonds numbered 1 to 104, both inclusive, maturing on and before the first day of January, 1972, shall not be subject to redemption prior to their respective maturities. Bonds numbered 105 to 430, both inclusive, maturing on and after the first day 9 of January, 1973, shall be subject to redemption prior to their respective maturities, in inverse numerical order, at the option of the District on the first day of January, 1972, or on any interest payment date thereafter, at a price equal to the principal amount of each bond so re- deemed, accrued interest thereon to the redemption date and a premium of two per centum (2%) of the principal amount of each bond so redeemed. Section 4. Method of Prior Redemption. Notice of redemption of the bonds herein authorized shall be given by the Treasurer of the District in its name by publication of such notice at least once, not less than thirty days prior to the redemption date, in a newspaper of general circulation in the District, and a copy of such notice shall be sent by first-class, registered mail, postage prepaid, at least thirty days prior to the redemption date, to: Stern Brothers & Co. Denver, Colorado i.e., the designated purchaser of the bonds, and to: The Colorado National Bank of Denver Denver, Colorado i.e., the named paying agent bank. Such notice shall specify the number or numbers of the bonds to be so redeemed (if less than all are to be redeemed) and the date fixed for redemption, and shall further state that on such redemption date there will become and be due and payable upon each bond so to be redeemed at The Colorado National Bank of Denver, Denver, Colorado, the principal amount thereof, accrued interest to the redemption date and the designated premium, and that from and after such date interest will cease to accrue. Notice having been given in the manner hereinbefore provided, the bond or bonds so called for redemption shall become due and payable on the redemption date so designated; -10- and upon presentation thereof at The Colorado National Bank of Denver, Denver, Colorado, together with all appurtenant coupons maturing subsequent to the redemption date, the District will pay the bond or bonds so called for redemption. Section 5. Execution. That pursuant to Sections 89-5-23 and 125-7-1, Colorado Revised Statutes, 1953, as amended, said refunding bonds shall be executed in the name of and on behalf of the District and shall bear the fac- simile signature of the Chairman of the Board, with a fac- simile of the seal of the District affixed thereto, attested by the manual signature of the Secretary of the Board. Each bond shall have attached thereto an appropriate number of coupons securing the payment of interest accruing thereon as it falls due. The coupons attached to said bonds shall bear the facsimile signature of the Chairman of the Board. Said bonds and coupons bearing the manual or facsimile signatures of the officers in office at the time of the signing thereof shall be the valid and binding obligations of the District, notwithstanding that before the delivery thereof and payment therefor any or all of the persons whose manual or facsimile signatures appear thereon shall have ceased to fill their respective offices. The Secretary of the District, at the time of the execution of the bonds and each of said officers, at the time of the execution of the signature certificate, may adopt as and for his own facsimile or manual signature the facsimile or manual signature of his predecessor in office in the event that such facsimile or manual signature appears upon any of the bonds or coupons appertaining to the bonds herein authorized to be issued. Section 6. Negotiability. That the bonds hereby authorized shall be fully negotiable and shall have all the qualities of negotiable paper, and the holder or holders thereof shall possess all rights enjoyed by the holders of negotiable instruments under the provisions of the Negotiable -11- Instruments Law. The bonds shall constitute the general obligations of the District, and the full faith and credit of the District shall be, and hereby is, pledged for the payment thereof. Section 7. Form of Bonds and Coupons. That said bonds and the coupons thereto attached, shall be in substan- tially the following form: -12- (Form of Bond) UNITED STATES OF AMERICA STATE OF COLORADO COUNTIES OF WELD, LARIMER AND BOULDER LITTLE THOMPSON VALLEY WATER DISTRICT GENERAL OBLIGATION WATER REFUNDING BOND SERIES MAY 1, 1964 No. $5,000.00 The Little Thompson Valley Water District (herein sometimes designated as the "District"), in the Counties of Weld, Larimer and Boulder and State of Colorado, acknowledges itself indebted and hereby promises to pay to the bearer here- of, upon presentation and surrender of this bond, the sum of FIVE THOUSAND DOLLARS on the first day of January, 19_, with interest hereon from date until maturity at the rate of three and three -fourths per centum (3-3/4%) per annum, evidenced until maturity by one set of coupons appertaining hereto, payable on the first day of January, 1965, and semiannually thereafter on the first days of January and July in each year, both principal and interest being pay- able in lawful money of the United States of America, without deduction for exchange or collection charges, at The Colorado National Bank of Denver, Denver, Colorado, upon presentation and surrender of this bond and of the annexed coupons as they severally become due. If, upon presentation at matu- rity, payment of this bond is not made as herein -13- provided, interest hereon shall continue at the rate of six per centum (6%) per annum until the principal hereof is paid in full. *(This bond is one of a series subject to prior redemption in inverse numerical order at the option of the District on the first day of January, 1972, or on any inter- est payment date thereafter, at a price equal to the princi- pal thereof, accrued interest thereon to the redemption date and a premium of two per centum (2%) of the principal thereof. Redemption shall be made upon not less than thirty days' prior published and mailed notice in the manner and upon the con- ditions provided in the resolution authorizing the issuance of this bond.) This bond is issued by the Board of Directors of the Little Thompson Valley Water District, upon its behalf and upon the credit thereof, for the purpose of refunding, paying and discharging valid outstanding bonds of said District under the authority of and in full conformity with the Constitution and statutes of the State of Colorado, and, in particular, the provisions of Article 5, Chapter 89, Colorado Revised Statutes 1953, as amended and supplemented, and pursuant to a resolution of said Board of Directors duly adopted prior to the issuance of this bond. It is hereby certified, recited and warranted that all of the requirements of law have been fully complied with by the proper officers of the District in the issuance of this bond; that the total indebtedness of the District, including that of this bond, does not exceed any limit of indebtedness or other limitation prescribed by the Constitu- tion or laws of the State of Colorado; and that provision has been made for the levy and collection of annual taxes sufficient to pay the interest on and the principal of this bond when the same become due. The full faith and credit of the Little Thompson Valley Water District are hereby pledged for the punctual -14- payment of the principal of and the interest on this bond. IN WITNESS WHEREOF, the Board of Directors of the Little Thompson Valley Water District has caused this bond to be executed in the name of and on behalf of the District with the facsimile signature of the Chairman of the Board of Directors and to bear the facsimile seal of the District, attested by the manual signature of the Secretary thereof, and has caused the annexed interest coupons to be executed with the facsimile signature of the Chairman of the Board of Directors, all as of the first day of May, 1964. LITTLE THOMPSON VALLEY WATER DISTRICT By (Facsimile Signature) Chairman Board of Directors (FACSIMILE SEAL) Attest: (For Manual Signature) Secretary *(Insert in bonds numbered 105 to 430, both inclusive, maturing on and after January 1, 1973.) (End of Form of Bond) -15- (Form of Coupon) Coupon No. On the first day of Juluary, 19, *(unless the bond to which this coupon is attached has been called for prior redemption), the Little Thompson Valley Water District, in the Counties of Weld, Larimer and Boulder and State of Colorado, will pay to bearer the amount herein stated, in lawful money of the United States of America, without deduc- tion for exchange or collection charges, at The Colorado National Bank of Denver, Denver, Colorado, such amount being sil�tss' interest on its Little Thompson Valley Water District, Colorado, General Obligation Water Refunding Bond, Series May 1, 1964, and bearing Bond No. (Facsimile Signature) Chairman *(Insert in all coupons maturing on or after July 1, 1972 attached to bonds numbered 105 to 430, both inclusive, maturing on or after January 1, 1973.) **(Insert in all coupons numbered one maturing on January 1, 1965.) (End of Form of Coupon) -16- Section 8. Delivery of Bonds. That the refunding bonds, when executed as above provided, shall be delivered to the Purchaser in accordance with the contract of purchase, and the proceeds derived therefrom shall be used exclusively for the purpose recited in said bonds; but any purchaser of any refunding bond shall in no manner be responsible for the application of the proceeds thereof by the District or by any of its officers, agents, or employees. Section 9. Disposition of Bond Proceeds. That the proceeds, except accrued interest, derived from the issuance of the refunding bonds, together with any other moneys of the District which may be required and which are legally available therefor, shall immediately be placed in escrow and in trust with the Escrow Bank, as escrow agent, to be applied to the payment of the outstanding bonds to be refunded, both principal and interest, and for no other pur- pose or purposes whatsoever until the bonds so refunded have been paid in full and discharged, and all accrued interest thereon has been paid in full, upon which occurrences the escrow shall terminate, and any funds remaining therein shall be held by the Escrow Bank subject to the instructions of the District and may be used as then permitted by law except that there shall be retained by Escrow Bank money sufficient to pay any bonds or coupons not theretofore presented for payment by the holders thereof until such date as the right to demand payment thereof by such holders shall have been barred by the pertinent statute of limitations then existing. Escrow Bank shall invest and if necessary reinvest such escrowed proceeds in direct obligations of the United States of America maturing at such times as to insure the prompt payment of the refunded bonds and the interest accruing thereon in the manner and upon the condi- tions provided in the Escrow Agreement hereinafter provided for. Such escrowed proceeds and investments shall be in an amount which at all times shall be at least sufficient to pay the refunded bonds either (1) as they become due at their respective maturities on and prior to the hereinafter -17- designated prior redemption dates, or (2) upon redemption prior to their respective maturities on their respective prior redemption dates, to -wit: (1) The prior redemption date of the 1962 bonds shall be the first day of January, 1972. (2) The prior redemption date of the 1963 bonds shall be the first day of January, 1974. The initial computations made in determining the sufficiency of the escrowed proceeds and investments shall be verified by a certified public accountant prior to delivery of the refunding bonds. All moneys received as accrued interest at the time of delivery of the refunding bonds shall be deposited in the Bond Fund hereinafter created and applied toward the payment of interest next due on such issue. Section 10. Escrow Agreement. That the Chairman of the Board and the Secretary of the District shall execute in the name of and on behalf of the District and sign, seal and attest an escrow agreement with the Escrow Bank, which shall be substantially in the form hereto attached as Exhibit A. Section 11. Levy of Taxes. That the interest and principal falling due on the refunding bonds on the first day of January, 1965, shall be paid out of the general fund of the District or from any other funds legally available for that purpose, and for the purpose of reimbursing said account or accounts, fund or funds and of providing the necessary funds to meet the interest accruing on the refund- ing bonds as the same becomes due, and of providing for the payment of said refunding bonds as they serially mature, there shall be levied on all the taxable property in the Little Thompson Valley Water District, in addition to all other taxes, direct annual taxes sufficient in amount to pay said principal and interest promptly as the same respectively become due. The taxes, levied for such purpose, when collec- ted, shall be deposited into a special fund known as the -18- "Little Thompson Valley Water District, Colorado, General Obligation Water Refunding Bond Fund, Series May 1, 1964" (herein sometimes designated as the "Bond Fund"), and said Bond Fund shall be applied solely for the purpose of the payment of the interest on and the principal of the refund- ing bonds, and for no other purpose whatever until the indebtedness so contracted under this resolution, both principal and interest, shall have been fully paid, satis- fied and discharged; but nothing herein contained shall be so construed as to prevent the District from applying any other funds that may be in the Treasury and available for that purpose, derived from charges imposed for the use of the water system, or otherwise, to the payment of said interest or principal, and upon such payments being made, the levy or levies herein provided may thereupon to that extent be diminished. The sums hereinabove provided to meet the interest on the refunding bonds and to discharge the principal thereof, when due, are hereby applied for that purpose and said amount for each year shall be included in the annual budget to be adopted and passed by the Board of Directors of said District in each year respectively. The foregoing provisions of this resolution are hereby declared to be the certificate of the Board of Directors of the District to the Boards of County Commissioners of Weld, Larimer and Boulder Counties, Colorado, showing the aggregate amount of taxes to be levied for the purposes aforesaid by the Board of County Commissioners from time to time, as required by law, for the purpose of paying the principal of the refunding bonds and the interest thereon as the same shall hereafter become due. Section 12. Duty to Levy Taxes. That it shall be the duty of the Board of Directors of the District annually at the time and in the manner provided by law for levying other taxes, if such action shall be necessary to effectuate the provisions of this resolution, to ratify and carry out the provisions hereof with reference to the levy and collec- tion of taxes. -19- Section 13. Establishment of Rates. That if for any reason the amount derived from the levy of general (ad valorem) taxes is insufficient to pay the reasonable costs of operation and maintenance of the water system, and the principal of and the interest on the refunding bonds promptly as the same become due, the Board of Directors of the District will forthwith fix and establish charges for ser- vices or facilities furnished by the District sufficient in amount to insure the payment of the expenses of operation and maintenance of the water system and the principal of and interest on the bonds herein authorized to be issued, and any other obligations which might constitute a prior lien on the proceeds of such charges. Until paid, all such charges shall constitute a perpetual lien on and against the property served and any such lien may be foreclosed in the same manner as provided by the laws of the State of Colorado for the fore- closure of mechanics' liens. The Board of Directors will shut off or discontinue, or cause to be shut off or discon- tinued, water services for delinquencies in the payment of such water charges, and will prescribe and enforce rules and regulations for the connection with and the disconnection from properties of the facilities of the District. Section 14. Early Prior Redemption of Outstanding Bonds. That the Board has elected, and does hereby declare its election, to exercise its option to redeem on the respec- tive call dates hereinabove set forth in Section 9 of this resolution, all of the then outstanding and thereafter matur- ing bonds of the outstanding series respectively set forth in said section. The Treasurer of the District is hereby authorized and directed to give forthwith, not later than the delivery date of the refunding bonds, notice of prior redemption of all of such outstanding bonds which are to be so redeemed prior to maturity, in strict compliance with the resolutions authorizing their issuance. The notice of prior redemption hereinabove required to be given forthwith shall be given by the Treasurer of the District: -20- A. By publication at least once in each of the following: (1) Berthoud Bulletin , a newspaper of general circulation in the District; (2) The Bond Buyer, a financial newspaper of general circulation published in the City of New York, New York; and B. By mailing by registered, first-class mail, postage prepaid, and deposited in the mails of the United States of America, addressed to: (1) Peters, Writer & Christensen, Inc. 724 Seventeenth Street Denver, Colorado 80202 (2) Francis I. duPont & Company 724 Seventeenth Street Denver, Colorado 80202 (3) Stern Brothers & Co. American National Bank Building Denver, Colorado 80202 (4) The Berthoud National Bank Berthoud, Colorado 80513 (5) Colorado National Bank of Denver Seventeenth and Champa Streets Denver, Colorado 80202 (6) Each holder of each 1962 bond and 1963 bond to be so redeemed prior to maturity (such bonds being designated in a resolution of the Board of Directors of the District adopted and approved the 27th day of April' , 1964) . Section 15. Form of Notice of Prior Redemption. That said notice of prior redemption shall be in substan- tially the following form: -21- (Form of Notice of Prior Redemption) . NOTICE OF PRIOR REDEMPTION OF BONDS OF LITTLE THOMPSON VALLEY WATER DISTRICT WELD, LARIMER AND BOULDER COUNTIES, COLORADO Redemption Dates: January 1, 1972, and January 1, 1974 NOTICE IS HEREBY GIVEN that Little Thompson Valley Water District in Weld, Larimer and Boulder Counties, Colo- rado, has exercised its option to redeem the outstanding general obligation bonds hereinafter specified of the fol- lowing issues, to -wit: (1) District Bonds issued in the original principal amount of $2,000,000.00, and dated January 1, 1962; (2) Negotiable coupon bonds, issued in the original principal amount of $73,000.00, each designated "Little Thompson Valley Water District Bond" and dated July 1, 1963. Such redemption shall be on the respective redemption dates as follows: Bond Amount Numbers Date Redeemed Redeemed 1/1/62 $1,535,000.00 466 - 2000 7/1/63 $ 25,000.00 51 - 75 Redemption Date January 1, 1972 January 1, 1974 On the respective prior redemption dates hereinabove desig- nated, there will become and be due and payable for each of the designated bonds so to be redeemed, at The Berthoud National Bank, Berthoud, Colorado, or, at the option of the holder, at the Colorado National Bank (also known as The Colorado National Bank of Denver), Denver, Colorado, the -22- principal amount thereof, accrued interest thereon to the designated redemption date and a premium of 37. of principal; and from and after said redemption date interest will cease to accrue. Each of said bonds maturing after its respective redemption date will be redeemed at said paying agent on or after such respective redemption date upon its presentation and surrender, accompanied by all of its coupons for interest maturing after said date, by the payment of said principal. Coupons of each of said bonds for interest payable on or before the designated redemption date may be attached to the bond to which the coupons appertain for the payment of ac- crued interest to said redemption date with the payment of said principal; or such coupons, if detached from any bond by its holder, may be presented separately for payment in the usual course. DATED this 27th day of April , 1964. LITTLE THOMPSON VALLEY WATER DISTRICT (SEAL) By c 0 ti- Distr et Tr surer Lovilo H. Fa an Berthoud , COLorado (End of Form of Notice of Prior Redemption) -23- Section 16. Prior Redemption. That the Treasurer of the District be, and he hereby is, authorized and directed to give again notice of prior redemption of said bonds in the amount of $1,560,000.00, hereinabove described in Section 15 hereof and in conservative compliance with all of the resolutions authorizing said bonds and with the statutes and decisions in force at the time of their issuance: A. By publication of such notice at least once not more than sixty nor less than thirty days prior to each of the two redemption dates designated in said notice in at least each of the following newspapers: (1) a newspaper of general circulation in the District; (2) a financial newspaper of general circula- tion published in the City of New York, New York; and B. By mailing a copy of such notice by registered first-class United States mail, not less than thirty nor more than sixty days prior to the respective redemption date, as follows: (1) For the 1962 bonds, to at least each person or firm designated in subparagraphs (1), (2), (4) and (5) of paragraph B of Section 14 hereof; (2) For the 1963 bonds, to at least each person or firm designated in subparagraphs (3) to (5), both inclusive, of paragraph B of Sec- tion 14 hereof; (3) For the 1962 bonds and the 1963 bonds, to each holder of each outstanding bond which is to be so redeemed prior to maturity on such respec- tive prior redemption date (the list of names and addresses of such holders to be compiled by the Escrow Bank as provided in the Escrow Agreement). -24- Section 17. Prior Redemption Authorization. That the Treasurer and the other District officials are hereby authorized and directed to take all action necessary or proper to effect the prior redemption of said designated bonds in the amount of $1,560,000.00. Section 18. General Authorization to Officers. That the officers of the District be, and they hereby are, authorized and directed to take all other action necessary or appropriate to effectuate the provisions of this resolu- tion, including, without limiting the generality of the foregoing, (A) the execution of the escrow agreement with the Escrow Bank, (B) the printing of the bonds, including thereon a certified true copy of bond counsel's approving opinion, and (C) the execution of such certificates as may reasonably be required by the purchasers thereof, including, without limitation, certification relating to the signing of the bonds, the tenure and identity of the District offi- cials, the assessed valuation and outstanding indebtedness of the District, the receipt of the bond purchase price, and, if in accordance with the facts, the absence of litiga- tion affecting the validity thereof. Section 19. Irrepealability. That after the bonds herein authorized have been issued, this resolution shall constitute a contract between the District and the holder or holders of said bonds, and shall be and remain irrepealable and unalterable until said bonds and the inter- est accruing thereon shall have been fully paid, satisfied and discharged. Section 20. Repealer. That all orders, by-laws and resolutions, or parts thereof, in conflict with this resolution, are hereby repealed. Section 21. Severability. That if any section, paragraph, clause or provision of this resolution shall for, any reason, be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this resolution. -25- Section 22. Emergency and Effective Date. That this resolution will promote the health safety, prosperity, security, and general welfare of the inhabitants of the District, that an emergency is hereby declared to exist, and that this resolution shall become effective and be in force immediately upon its adoption. ADOPTED AND APPROVED this 27th day of April 1964. if L (SEAL) Attest: ecret y -26- Chairman Board of Directors EXHIBIT A ATTACH FORM OF ESCROW AGREEMENT REFERRED TO IN SECTION 10 -27- Whereupon it was moved by Director Davis and seconded by Director Jeffers that all rules of the Board of Directors of the District which might prevent, unless suspended, the final passage and adoption of said resolution at this meeting be, and the same hereby are, suspended for the purpose of permitting the final passage and adoption of said resolution at this meeting. The motion was put to a vote and unanimously carried, all members voting aye on the adoption of said motion, the vote being as follows: Those Voting Aye: T.nnis F Rein Paul Mavis (:enrge Walker Albert Teffers Varnnn French Those Voting Nay: None Those Absent: Nn The motion to adopt the foregoing resolution was then duly seconded by Director Jeffers , was put to a vote, and was unanimously carried, all members voting aye on the adoption of said resolution, the vote being as follows: Those Voting Aye: Louis F. Bein Paul Davis George Walker Albert Jeffers Vernon French Those Voting Nay: None Those Absent: None Thereupon, the Chairman declared said motion carried and said resolution duly adopted. -28- Thereupon other business unrelated to the reso- lution and to the agreement therein designated was considered. Thereafter there being no further business, on motion duly made, seconded, and unanimously adopted, the meeting was adjourned. A (SEAL) Attest: ecre ary -29- Chairman STATE OF COLORADO COUNTIES OF WELD, LARIMER AND BOULDER LITTLE THOMPSON VALLEY WATER DISTRICT SS. I, Lovilo H. Pagan , the duly elected, quali- fied, and acting Secretary of the Board of Directors of the Little Thompson Valley Water District (herein sometimes designated as the "Board" and as the "District," respectively), in the Counties of Weld, Larimer and Boulder and State of Colorado, do hereby certify: 1. That the foregoing pages numbered from 1 to 29, both inclusive, are a true, perfect and complete copy of the record of 'proceedings of the Board had and taken at reguiar y a lawful, open, adjourned meeting of the Board held at 343 Mountain Avenue , Berthoud , Colorado, within the District, on Monday , the 27th day of April , 1964, commencing at the hour of 7:30 o'clock p .m., as recorded in the official record book of the pro- ceedings of the District kept in my office. 2. That said proceedings were duly had and taken as therein shown, that the meeting therein shown was duly held, and that the persons therein named were present at said meeting as therein shown. 3. That all members of the Board were duly notified of said meeting. 4. That notice of the time and place designated for all regular meetings of the Board was posted on Thursday, the 2nd day of January , 1964, in at least three (3) public places within the limits of the District as follows: (1)Offices of Little Thompson Valley Water District Berthoud, Colorado (2) Town Hall in Johnstown, Colorado (3) Public Building in Mead, Colorado -30- and additionally (4) On the bulletin board at the County Courthouse of Weld County, in ' Greeley, Colorado; (5) On the bulletin board at the County Courthouse of Larimer County, in Ft. Collins, Colorado; and (6) On the bulletin board at the County Courthouse of Boulder County, in Boulder, Colorado. 5. That such notices remain so posted to the best of my knowledge and belief and that the time and place of regular meetings have remained unchanged since such posting. 6. That a certified true copy of the resolution adopted at said meeting authorizing the issuance of the District's negotiable, coupon, Little Thompson Valley Water District, Colorado, General Obligation Water Refunding Bonds, Series May 1, 1964, in the principal amount of $2, 150,000.00, was filed: (1) With the County Clerk of the County of Weld, Colorado, for the Board of County Commissioners`of said County of Weld on the 5th day of May , 1964, and with the County Assessor for said County of Weld, on the 5th day of May , 1964; (2) With the County Clerk of the County of Larimer, Colorado, for the Board of County Commissioners of said County of Larimer on the 5th day of May 1964, and with the County Assessor tor said County of Larimer, on the 5th day of May , 1964; and (3) With the County Clerk of the County of Boulder, Colorado, for the Board of County Commissioners of said County of i Boulder on the 5th day of May 1964, and with the County Assessor tor said County of Boulder, on the 5th day of May , 1964. IN WITNESS WHEREOF, I have hereunto set my hand -31- and affixed the seal of the District this 5th day of May (SEAL) , 1964. -32- 1 Secretar a21 I Hello