HomeMy WebLinkAbout20192334.tiffRESOLUTION
RE: APPROVE AUTHORIZING THE ISSUANCE AND SALE OF WELD COUNTY,
COLORADO, REVENUE NOTE (NORTH RANGE BEHAVIORAL HEALTH PROJECT)
SERIES 2019, IN A TOTAL PRINCIPAL AMOUNT NOT TO EXCEED $3,000,000;
MAKING DETERMINATIONS AS TO SUFFICIENCY OF REVENUES AND AS TO
OTHER MATTERS RELATED TO THE PROJECT AND APPROVING THE FORM AND
AUTHORIZING THE EXECUTION OF CERTAIN DOCUMENTS RELATING THERETO
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, Weld County, Colorado (the "County"), is authorized by the provisions of the
County and Municipality Development Revenue Bonds Act, Article 3 of Title 29, Colorado Revised
Statutes, as amended (the "Act"), to issue revenue obligations for the purpose of financing
projects to be located within Weld County, Colorado, for the purposes enumerated in the Act, to
enter into financing agreements with others for the purpose of providing revenues to pay such
obligations, and further to secure the payment of such obligations, and
WHEREAS, the Act provides that title to any project may, at all times, remain in the name
of the user of the project, and
WHEREAS, North Range Behavioral Health, a Colorado nonprofit corporation, and an
organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended
(the "Borrower"), has requested that the County issue a revenue obligation in accordance with
the Act, in one or more series or issuances as part of a plan of finance, in an aggregate maximum
stated principal amount not to exceed $3,000,000, such obligation to be designated Weld County,
Colorado, Revenue Note (North Range Behavioral Health Project) Series 2019 (the "Note"), the
proceeds of which shall be loaned to the Borrower for the purposes of providing funds to
(a) finance the construction and equipping of a new approximately 12,075 -square -foot, outpatient
mental health and substance use disorder facility and related improvements on a 4.3 -acre site
located at 5988 Iris Parkway, Frederick, Colorado 80504 (the "Project"); and (b) paying certain
costs relating to the issuance of the Note, and
WHEREAS, the Board has been informed that the Project will be owned and principally
used by the Borrower, and that all or a portion of the Note will be issued as a tax-exempt qualified
501(c)(3) bond, and
WHEREAS, a Loan Agreement (the "Agreement"), among the County, the Borrower and
Bank of Colorado (the "Bank") has been submitted to the Board of County Commissioners (the
"Board") and filed in the office of the County Clerk (the "Clerk"), and is there available for public
inspection, and
WHEREAS, the Board desires, at this time, to authorize the issuance of the Note, for the
purpose of the Project, and
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07/10/19
2019-2334
F10069
RE: ISSUANCE AND SALE OF WELD COUNTY, COLORADO, REVENUE NOTE (NORTH
RANGE BEHAVIORAL HEALTH PROJECT) SERIES 2019
PAGE 2
WHEREAS, a public hearing before the Board concerning the proposed Note and the
nature and location of the Project was scheduled to be held, and was held in accordance with the
notice of public hearing attached hereto as Exhibit A, on this June 19, 2019, and such public
hearing in accordance with Section 147(f) of the Internal Revenue Code of 1986, as amended,
(the "Code") is required as condition to the issuance and sale of the Note, and
WHEREAS, it is necessary or desirable to authorize the issuance of the Note by
Resolution and to approve the form and authorize the execution of the Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF WELD COUNTY, COLORADO:
Section 1. Approvals and Authorizations. The Board hereby approves the issuance
of the Note, in one or more series or issuances as part of a plan of finance, in an aggregate
maximum stated principal amount not to exceed $3,000,000, and the financing of the Project for
all purposes including Section 147(f) of the Code. In connection therewith, the form of the
Agreement, including the form of Note (collectively, the "County Documents") are hereby
approved. The Chair of the Board of County Commissioners or any other Commissioner and
the Clerk to the Board or a deputy are hereby authorized and directed to execute the County
Documents and to affix the seal of the County thereto, and further to execute and authenticate
such other documents, instruments or certificates as are deemed necessary or desirable by bond
counsel in order to issue and secure the Note. Such documents are to be executed in
substantially the form hereinabove approved, provided that such documents may be completed,
corrected, or revised as deemed necessary by the parties thereto in order to carry out the
purposes of this Resolution. Copies of all the documents shall be delivered, filed and recorded
as provided therein.
The proper officers of the County are hereby authorized and directed to prepare and
furnish to bond counsel certified copies of all proceedings and records of the County relating to
the Note and such other affidavits and certificates as may be required to show the facts relating
to the authorization and issuance thereof, as such facts appear from the books and records in
such officers' custody and control.
The approval hereby given to the various documents referred to above includes the
approval of such additional details therein as may be necessary and appropriate for their
completion and such modifications thereof, deletions therefrom, and additions thereto as may be
approved by bond counsel prior to the execution of the documents. The execution of any
instrument by the appropriate officers of the County herein authorized shall be conclusive
evidence of the approval by the County of such instrument in accordance with the terms hereof.
Section 2. Issuance and Sale of Note. The County shall issue its Revenue Note
(North Range Behavioral Health Project) Series 2019, to be in registered form and to be dated as
provided in the Agreement, in a total maximum stated principal amount not to exceed $3,000,000,
for the purposes, in the forms and upon the terms set forth in this Resolution and the Agreement,
including the form of the Note as set forth in the Agreement.
2019-2334
FI0069
RE: ISSUANCE AND SALE OF WELD COUNTY, COLORADO, REVENUE NOTE (NORTH
RANGE BEHAVIORAL HEALTH PROJECT) SERIES 2019
PAGE 3
The Note shall be payable in the manner and to the persons set forth in the Agreement
and the form of the Note set forth therein.
The maximum net effective interest rate authorized for the Note shall not exceed seven
percent (7%) per annum, until the date of maturity.
Section 3. Determinations. It is hereby found, determined and declared, that:
(a) the financing of the Project will promote the public health, welfare, safety,
convenience and prosperity and promote and develop trade or other economic
activity by inducing a non-profit corporation to locate, expand or remain in the
County and the State of Colorado to secure and maintain a balanced and stable
economy for the County and the State of Colorado;
(b) the maximum amounts necessary in each year to pay the principal of and interest
on the Note and the interest rate or rates to be borne by the Note are as provided
in the Agreement;
(c) the payments required in the Agreement to be made are sufficient to pay the
principal of and interest on the Note when due, and to pay all other costs required
in the Agreement to be paid, including all sums referred to in Section 3(b), (d) and
(e),
(d) the Agreement provides that the Borrower shall maintain the Project in good repair
and carry all proper insurance with respect thereto;
(e) the Agreement requires that the Borrower pay the taxes and other governmental
charges with respect to the Project, including taxes and charges which the taxing
entities specified in C.R.S. Section 29-3-120 are entitled to receive, and sufficient
revenues for such purpose are thereby provided; and
(f)
the County hereby certifies that the reasonably anticipated aggregate amount of
tax-exempt obligations which will be issued by the County and all subordinate
entities of the County during the calendar year 2019 (excluding the portion of
obligations issued to currently refund any obligation to the extent the amount of the
refunding obligation does not exceed the outstanding amount of the refunded
obligation) will not exceed $10,000,000. Accordingly, the County hereby
designates the Note for purposes of Section 265(b)(3) of the Code as a "qualified
tax-exempt obligation."
Section 4. Nature of Obligation. Under the provisions of the Act and the
Supplemental Public Securities Act, constituting Title 11, Article 57, Part 2, C.R.S. (the
"Supplemental Act") and as provided in the Agreement and the Note, the Note shall be a special,
limited obligation of the County payable solely from, and secured by a pledge of, the revenues
derived from the Agreement, and any deed of trust provided by the Borrower. The County will not
pledge any of its property or secure the payment of the Note with its property. The Note and the
interest thereon shall never constitute the debt or indebtedness or a multi -year fiscal obligation or
2019-2334
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RE: ISSUANCE AND SALE OF WELD COUNTY, COLORADO, REVENUE NOTE (NORTH
RANGE BEHAVIORAL HEALTH PROJECT) SERIES 2019
PAGE 4
the financial obligation of the State of Colorado or any political subdivision thereof, including the
County, within the meaning of any provision or limitation of the Colorado Constitution or statutes
of the State of Colorado, and shall not constitute or give rise to a pecuniary liability of the County,
its agents, employees or officers, or a charge against its general credit or taxing powers. In
entering into the County Documents, the County will not obligate itself, except with respect to the
application of the revenues derived from the Agreement and the Note proceeds. The County will
not pay out of its general fund or otherwise contribute any part of the cost of financing the Project.
No costs are to be borne by the County in connection with the issuance of the Note. The
Agreement provides that all fees and expenses of the County shall be paid by the Borrower.
Section 5. Note Printing and Related Matters. The officers of the County are hereby
authorized and directed to arrange for the printing of the Note, provided that, subject to Section
3(c) above, the Borrower shall pay for all costs in connection with the preparation and printing of
the Note and no such costs are to be borne by the County. The Note will be purchased by the
Bank in accordance with the Agreement.
Section 6. Note Resolution lrrepealable. After the Note is issued, this Resolution
shall constitute an irrevocable contract between the County and the holder(s) of the Note and
shall be and remain irrepealable until the Note, both principal and interest, shall be fully paid,
cancelled and discharged.
Section 7. Ratification. All actions heretofore taken by the County and by the officers
thereof or on their behalf not inconsistent herewith directed toward the financing of the Project
and the issuance and sale of the Note, or the conduct of a public hearing relating to the issuance
of the Note or the location and nature of the Project, are hereby ratified, approved and confirmed.
Section 8. Repealer. All acts, orders, resolutions or parts thereof, taken by the County
and in conflict with this Resolution, are hereby repealed except that this repealer shall not be
construed so as to revive any act, order, resolution or part thereof heretofore repealed.
Section 9. Other Matters. By the passage of this Resolution, the Board does not
intend to approve, nor is it approving hereby, any matters relating to licensing, subdivision zoning,
planning or landscaping of the Project. Approval of such matters must be obtained under normal
procedures of the County.
Section 10. Severability. If any paragraph, clause, section or provision of this
Resolution, except Section 4 hereof, is judicially adjudged invalid or unenforceable, such
judgment shall not affect, impair or invalidate the remaining paragraphs, clauses, sections or
provisions hereof.
Section 11. Effective Date. This Resolution shall be effective immediately.
2019-2334
F10069
RE: ISSUANCE AND SALE OF WELD COUNTY, COLORADO, REVENUE NOTE (NORTH
RANGE BEHAVIORAL HEALTH PROJECT) SERIES 2019
PAGE 5
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 19th day of June, A.D., 2019.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
ATTEST: diitifo) ,fddio;
Weld County Clerk to the Board
BY1a,
eputy Clerk to the Board
APPDA
ounty torney
Date of signature: OCo/bi-7(1
Barbara Kirkmeyer, CHair
EXCUSED
Sean P,Conway
Steve Moreno
Mike Freeman, Pro-Tem
2019-2334
F 10069
IAVIQR,Ai
Weld County Commissioners
1150 0 Street
Greeley, CO 80632
June 3, 2019
Dear Commissioners,
On behalf of North Range Behavioral Health, I respectfully request Weld county to
issue a bond for the loan North Range is obtaining to build a new outpatient facility
in Frederick, CO. This 12,000-sf facility will be used for outpatient mental health and
substance use services for Weld County residents.
Please contact me if you would like any more information about this exciting
project.
Sincerely,
Larry Po tOrff
Executive- ,rector
1300 North 17th Avenue
Greeley,. CO 8O631 4 970.347_2120 ww.
N TICE 4T.: F
(NORT
A
PU rLI' % HEARING ERNI THE ISSUANCE OF
COUNTY, COLORADO REVE ,._ E NOTE
E BEHAVIORAL HEALTH PRJECT) SERIES 2019
L
PUBLIC NOTICE IS HERE =Y GIVEN that a public hearing will be held on June 19, 2019,
commencing at the hour of 9:00 a.m., or as soon thereafter as possible, in the Chambers of the
Board of County Commissioners of Weld County, Colorado, Weld County Administration Building,
1150 0 Street, Assembly Room, Greeley, Colorado 80631, for the purpose of providing a
reasonable opportunity for interested individuals to express their views, orally or in writing, to the
Weld County Board of County Commissioners on the issuance by Weld County, Colorado (the
"County") of the above -referenced Note (the "Note") and the nature of the project described below
which will be financed through the issuance of the Note. The County has been requested by North
Range Behavioral Health, a Colorado nonprofit corporation and 501(c)(3) organization (the
"Borrower"), to issue the Note in one or more series or issuances as part of a plan of finance in
an aggregate maximum stated principal amount not to exceed $3,000,000 to fund a loan by the
County to the Borrower for the purposes of providing funds to (a) finance the construction and
equipping of a new approximately 12,075 -square -foot, outpatient mental health and substance
use disorder facility and related improvements on a 4.3 -acre site located at 5988 Iris Parkway,
Frederick, Colorado 80504 (the "Project"); and (b) paying certain costs relating to the issuance of
the Note. The Project will be owned and principally used by the Borrower. All or a portion of
the Note will be issued as a tax-exempt qualified 501(c)(3) bond.
Interested members of the public are invited to attend the public hearing. Persons desiring to
obtain additional information concerning the Note or the Project in advance of the hearing should
contact the office of the Clerk to the Board of County Commissioners, Weld County Administration
Building, 1150 O Street, Greeley, Colorado 80631.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
DATED: June 4, 2019
PUBLISHED: June 7, 2019, in the Greeley Tribune
Affidavit of Publication
NOTICE OF PUBLIC HEARING -
CONCERNING THE ISSUANCE OF WELD COUNTY,
COLORADO REVENUE NOTE (NORTH RANGE
BEHAVIORAL HEALTH PROJECT) SERIES 2019
PUBLIC NOTICE IS HEREBY GIVEN that a public. hearing will.
be held on June 19, 2019, commencing at the hour of 9:00'a.m.,
or as soon thereafter -as possible, in.the Chambers of the Board
of County Commissioners of Weld County, Colorado, Weld
County Administration Building, 1150 O Street, Assembly Room,
Greeley, Colorado 80631,.for the purpose of providing a reason-
able opportunity for interested individuals.to express their views,
orally or in writing, to. the Weld County Board of County Commis-
sioners on the issuance by Weld County, Colorado (the "Coun-
ty") of the above -referenced Note (the "Note") and the nature of
the.project described below which will be financed through the
issuance of the Note: The -County has been requested by North
Range Behavioral Health, a Colorado nonprofitcorporation and
501(c)(3) organization (the "Borrower"), to issue the Note in one
or more series or issuances as part of a plan of finance in an ag-
gregate maximum stated principal amount not to exceed
$3,000,000 to fund a loan by the County to.the Borrower for the
purposes of providing funds to (a) finance the construction and
equipping of a new approximately 12,075 -square -foot, , outpatient
mental health and substance use disorder facility and related im-
provements on a 4:3 -acre site located.at 5988 Iris Parkway,
Frederick; Colorado 80504'(the "Project"); and (b) paying certain .
costs relating to the issuance of the Note.. The Project will be
owned and principally used by the Borrower. All or a portion of
the Note will be issued as a tax-exempt qualified 501(c)(3) bond.
Interested members of the public are invited to attend the public
hearing. Persons desiring to.obtain additional information con-
cerning the Note or the Project inadvance, of the hearing should
contact the office of the Clerk to the Board of. County .Commis-
sioners, Weld County Administration Building, 1150 0 Street,
Greeley, Colorado 80631. -1
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
DATED: June 4, 2019
The Tribune
June 7, 2919
STATE OF COLORADO
County of Weld,
I Jennifer Usher
SS.
of said County of Weld, being duly sworn, say
that I am an advertising clerk of
THE GREELEY TRIBUNE,
that the same is a three days weekly plus Sunday
newspaper of general circulation and printed and
published in the City of Greeley in said county and
state; that the notice or advertisement, of which the
annexed is a true copy, has been published in said
daily newspaper for consecutive (days): that the
notice was published in the regular and entire issue
of every number of said newspaper during the
period and time of publication of said notice, and
in the newspaper proper and not in a supplement
thereof; that the first publication of said notice was
contained in the
Seventh day of June A.D. 2019 and the last
publication thereof: in the issue of said newspaper
bearing the date of the
Seventh day of June A.D. 2019 has been published
continuously and uninterruptedly during the period
of at least six months next prior to the first issue
thereof contained said notice or advertisement
above referred to; that said newspaper has been
admitted to the United States mails as second-class
matter under the provisions of the Act of March
3,1879, or any amendments thereof; and that said
newspaper is a daily newspaper duly qualified for
publishing legal notices and advertisements within
the meaning of the laws of the State of Colorado.
June 7, 2019
Total Charges: $13.79
7th day of June 2019
My Commission Expires 08/13/2022
0
Notary Public
IIICKIE G GARRETTS - NOTARY PUBLIC
STATE OF COLORADO
NOTARY ID 20144031754
�jS MY COMMISSION EXPIIRESAUGUST 13, 2022
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