HomeMy WebLinkAbout981725.tiff RESOLUTION
RE: APPROVE AMENDMENT TO FINANCING AGREEMENT FOR GREELEY CENTER
FOR INDEPENDENCE AND AUTHORIZE CHAIR TO SIGN - NORWEST BANK
COLORADO, N.A.
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, the Board has been presented with an Amendment to the Financing
Agreement for the Greeley Center for Independence among the County of Weld, State of
Colorado, by and through the Board of County Commissioners of Weld County; Norwest Bank
Colorado, N.A.; and Greeley Center for Independence, Inc., with terms and conditions being as
stated in said amendment, and
WHEREAS, after review, the Board deems it advisable to approve said amendment, a
copy of which is attached hereto and incorporated herein by reference.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that the Amendment to the Financing Agreement for the Greeley Center for
Independence among the County of Weld, State of Colorado, by and through the Board of
County Commissioners of Weld County; Norwest Bank Colorado, N.A.; and Greeley Center for
Independence, Inc., be, and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized
to sign said amendment.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 16th day of September, A.D., 1998.
BOARD OF COUNTY COMMISSIONERS
7COUNTY, COLORADO
ATTEST: ?/ �,f���\ LYE
► fir/ �:- \ Constance L. Harrrbb rt, Chair /�I
Weld County Clerk t• � �f /` P kb/CN�l
1� d
BY:
j �ti a I;; ;'; W. H. W bster, ro-Te
Deputy Clerk to th=,.�. �'\. et-
orge . Baxter
A" 'OV e AS T• ORM:
Dais K. Hall
wit✓��r �/ � ' • {
unty to •_ i�'J� G �r� '2c,L
/ Barbara J. Kirkmeyer t
981725
F/; CA; N0,-eot BC0026
====; Norwest Bank Colorado, N.A.
NORWEST BANKS Greeley
NESSE 1025 9th Avenue
NNNEN IN Post Office Box 1058
Greeley, Colorado 80632-1058
970/356-1000
August 27, 1998
Hope Cassidy,Executive Director
Greeley Center for Independence
2780 28th Avenue
Greeley, CO 80631-7803
RE: Modification of Original Financing Agreement among Weld County, Colorado and Greeley Center
for Independence,Inc. and Norwest Bank Colorado,National Association,Dated as of August 27, 1996
relating to$1,350,000 Weld County, Colorado Industrial Development Revenue Bond(Greeley Center for
Independence,Inc. Project) Series 1996.
First Amendment to Financing Agreement
This First Amendment to Financing Agreement is made between NORWEST BANK
COLORADO,NATIONAL ASSOCIATION,a national banking association(the"Bank")and GREELEY
CENTER FOR INDEPENDENCE,INC., (the Borrowers")and agreed to by WELD COUNTY,
COLORADO(the"County"). This First Amendment is dated effective as of the first day of August, 1998.
1. Recitals. The Bank and the Borrower entered into a Financing Agreement dated August 27,
1996 relating to$1,350,000 Weld County, Colorado Industrial Revenue Bond(Greeley Center For
Independence,Inc.Project) Series 1996 (the"Financing Agreement"). The Bank and the Borrower have
agreed to amend the Financing Agreement with respect to covenants between Borrower and Bank only,as
set forth below.
2. Amendment.
Section 17. Covenants of Center and Bank.
(d). Financial Statements. Within 60 days after the end of each quarter of the Center's
fiscal year,the Center shall furnish the Registered Owner with the Center's
unaudited quarterly financial statements. Within 120 days after the end of each
fiscal year of the Center,the Center shall furnish the Registered Owner with
financial statements of the Center, Camelot I Apartments and Camelot II
Apartments,for such fiscal year,audited by an independent certified public
accountant, or a firm thereof. In addition,for each fiscal year beginning with 1997,
the Center shall furnish to the Registered Owner a CPA compiled consolidated
financial statement for the Center, Camelot I Apartments and Camelot II
Apartments within 120 days after the end of each fiscal year.
(I) The Center shall by 9/30/98,and ever year thereafter, maintain a debt service
coverage ratio of at least 2.0:1. The debt service coverage ratio shall be calculated
by dividing traditional cash flow (revenues less expenses,plus depreciation and
interest expense)by debt service requirements(interest, plus current maturities of
long term debt)all as determined in accordance with Generally Accepted
Accounting Principles.
O13 I76qS
Financing Agreement Amendment
Greeley Center for Independence,Inc.
Page#2 -August 27,1998
3. Defined terms. All terms used in this First Amendment as defined terms will have the
meanings given to them in the Financing Agreement.
4. Continued Effectiveness. The Financing Agreement,as amended by this First Amendment,
remains in full force and effect.
IN WITNESS WHEREOF,the County the Center and the Bank have caused this Amendment to
the Financing Agreement to be executed in their respective names by themselves or by their duly
authorized officers or partners and have caused their respective corporate seals,if applicable, to be
hereunto affixed,all as of the date first above written.
GREELEY CENTER FOR INDEPENDENCE,INC. SEAL
By:
Hope Cassidy,Executive Direct
NORW BANK C ORADO,NA ON IL ASSOCIATION SEAL
•
Raymond till , e res dent
WELD COUNT OLORADOBy:
Chaff; C. st .= L /H (09 6/y•' ) -''\
By: ,%//.%,%// f!/- S/ L rcct Uf:
C er to the Boa
II►II
IIIs'
NORW.sr
1O1 NORWEST BANK COLORADO, N.A.
INTEROFFICE MEMO
To: Mr. Donald Warden
From: Ray Ulibarri
Date: September 8, 1998
Subject: Modifications between Greeley Center for Independence and Norwest Bank
Colorado, N.A. to Financing Agreement dated 8/27/96 relating to
$1,350,000.00 Weld County, Colorado Industrial Revenue Bond Series 1996.
Please find enclosed an amendment agreement regarding financial reporting
requirements and debt service coverage compliance from the original Financing
Agreement. Changes proposed are considered minor, however we wanted to
formally amend the agreement to acknowledge the Bank's and Greeley Center for
Independence's approval. Please sign the enclosed original letter and return it to
me in the postage paid envelope. I have indicated Barbara Kirkmeyer as Chair for
the County, as she signed on the original documents. Please call me at (970) 395-
7055 if you have any questions or concerns. Thank you for your assistance.
•
t -
AA, 1:2i2�a- ,4 y. �W?��S. 1n�,
cut) 2a zL. (1 L, CC -
NcA Ba- _ (" 'ia 14 .Ai
* —
fat �U
Hello