HomeMy WebLinkAbout20161124.tiff 4 TALKING POINTS ON WHY VARIOUS DOCUMENTS WERE AMENDED AND
RESTATED
INTRODUCTION--HISTORICAL
• All of the basic financing documents were originally written back in 1985
• Because of the ownership structure in place then, a fairly complicated financing
mechanism was developed
• The owner of the facilities is the County, and the original operator of the facilities was a
county related entity, the Board of Trustees for North Colorado Medical Center
• But the issuer of the bonds was and is another entity, Colorado Health Facilities
Authority
• So the structure involved a Ground Lease from the County to the Colorado Health
Facilities Authority ; the Authority issues the Bonds and uses the proceeds for the
Hospital and this was done through a financing Lease ; NCMC , Inc . came along and they
took over functions for the Board of Trustees, so an Operating Sublease was entered into
whereby NCMC agreed to take over the responsibilities of the Board of Trustees
• Over the years, as more bonds were issued, all of these documents were amended time
and again, and it became almost impossible to follow the nuances of all the changes
• So in 2012 , Bond Counsel took all the amendments and supplements, and melded them
into restated documents, in particular a Restated Trust Indenture, a Restated Lease and a
Restated Operating Sublease
• So the purpose back then was really to make the documents more readable and user
friendly .
WHEN ADDITIONAL BONDS ARE ISSUED , THESE DOCUMENTS NEED TO BE
AMENDED TO REFLECT THE NEW BONDS , BUT IF AN AMENDMENT IS NEEDED WE
DO THIS VIA RESTATING THE DOCUMENTS AGAIN SO ALL PROVISIONS WITH
RESPECT TO ANY DOCUMENT ARE IN ONE PLACE .
2016- 1124
4820-0047-4159. 1
SECOND RESTATED TRUST INDENTURE
• NCMC is not a party to the Trust Indenture which is between the Colorado Health
Facilities Authority and Wells Fargo Bank, National Association, as trustee
• The Second Restated Trust Indenture is restated primarily to provide the details with
respect to the new, Series 2016 Bonds, including principal amounts, interest rates ,
redemptions, use of bond proceeds
• Since the 2003 Bonds are being refunded, we also deleted almost all of the provisions
dealing with the 2003 Bonds
• So the Restated Indenture now contains the details on the outstanding 2012 and 2013
Bonds, plus the new 2016 Bonds
• We created funds and accounts in the Indenture for the 2016 Bonds which parallel the
funds and accounts for the 2012 Bonds and the 2013 Bonds, including a 2016 Cost of
Issuance Fund, a 2016 Project Fund (which is where amounts reimbursing NCMC Inc .
will be deposited and then disbursed from) , a 2016 Rebate Fund, etc .
• We also deleted details with respect to Assured Guaranty being the bond insurer, since
the 2003 Bonds they insured will have been refunded
• We left in the concept of a "Bond Insurer" which is given certain rights in case we
happen to have one in the future, though that is probably unlikely; and the provisions
have no applicability when there is no Bond Insurer, as will be the case immediately after
we issue the 2016 Bonds
SECOND RESTATED LEASE AGREEMENT
• This is a document between Colorado Health Facilities Authority and the Board of
Trustees for North Colorado Medical Center
• It was restated to acknowledge that the 2003 Bonds were going away, and that we have
new 2016 Bonds
• In Article III, we added provisions relative to the use of 2016 Bond proceeds
• It added a "tax covenant" for the new 2016 Bonds, which states the Board of Trustees
will not do anything to adversely affect the tax-exemption of the Bonds
• References to Assured Guaranty as a bond insurer were deleted or genericized to just
refer to possible future bond insurers
4820-0047-4159. 1
FIRST RESTATED OPERATING SUBLEASE
• This is between the Board of Trustees and NCMC, Inc . and obligated NCMC, Inc. to pay
to the Bond Trustee amounts sufficient to pay the Bonds
• It has always contained various financial covenants, and these have not been changed
• This was NOT restated in 2013 when the 2013 Bonds were issued, because it used a
generic term throughout of "Bonds" to cover all past and future Bonds, so it was not
necessary to amend it or restate it
• However, this time, amendments were made to simplify some things for the benefit of
NCMC, Inc .
• There was an old requirement to maintain with Wells Fargo, the Trustee, a Depreciation
Fund into which certain fairly small amounts had to be deposited and then could be used
by NCMC . This was required by investors in some of the early bonds and by Assured
Guaranty, the insurer of the 2003 Bonds . It has been eliminated in the Restated Sublease.
• Also eliminated in Section 5 .25 were details required by Assured Guaranty, as both a
bond insurer and at one time it also insured a swap ; both of these points are no longer
relevant
• Section 5 .26 dealt with "Financial Products Agreements" which were essentially interest
rate swaps that were and are specifically used to hedge a series of bonds . While NCMC
still has some swaps on its books really as investments, those "investments" don' t hedge
bonds . The only one that hedges bonds is a swap done in 2013 with the parent of
Compass Bank. We have fixed Section 5 .26 to make it clear that the only swap subject to
the "Financial Products Agreement" provisions is the 2013 swap relative to those bonds .
Future swaps are allowed under the same existing conditions .
FIRST RESTATED GROUND LEASE
• This is the Ground Lease from the County to Colorado Health Facilities Authority
• This is being amended because the TERM needed to be extended. The existing bonds go
out only through about 2030, and the new bonds may go out to as far as 2034
• So this will extend the Ground Lease to whatever the ultimate terms of the 2016 Bonds
turns out to be (but not beyond May 15 , 2034)
• It also cleaned up some errant notice addresses from the prior version
• It is a "First" Restated Ground Lease because in 2013 it was not necessary to extend the
term
4820-0047-4159. 1
_
SECOND RESTATED GUARANTY AGREEMENT
• NCMC, Inc. has always been required to "guarantee" payment of the Bonds under a
Guaranty Agreement
• NCMC is already committed under the Sublease to make payments equal to the debt
service on the Bonds
• However, in the remote chance of a bankruptcy, a "lease" such as the First Restated
Operating Sublease can potentially be rejected as not being indebtedness by a bankruptcy
court
• Since the Sublease is really intended as a debt instrument, the "guaranty" is a backstop
which again, in the unlikely event of a bankruptcy, would probably not be rejected by a
bankruptcy court and would be treated as debt
• The First Restated Guaranty Agreement already covered all Bonds outstanding, past or
future
• With that background, the only thing that changes in this Second Restated Guaranty
Agreement is changing a cross reference from the First Restated Lease to the Second
Restated Lease between the Board of Trustees and the Colorado Health Facilities
Authority
• It also deleted certain rights of and references to the Bond Insurer
4820-0047-4159. 1
Esther Gesick
From : Schultz, Ken < Ken . Schultz@bannerhealth . com >
Sent : Friday, March 18 , 2016 11 : 44 AM
To : Ellen E . Stewart; Steve Clark ; will . douglas@wellsfargo . com ; Al Dominguez
(amdda@comcast. net) ; Bob Murphy ( bmurphy@floodpeterson . com ) ; Brandon Houtchens
( brandonbh4@gmail . com ) ; Dr. Susan Carter; Jeffrey Carlson (jscarlson@turningpnt. org ) ; Kay
Kosmicki ; Mark Lawley; Mike Simone ; Tom Grant (tgrant@greeleyattorneys . com ) ; Vicki
Wilson (vicki . wilson@unco . edu ) ; Brian Underwood ; Catherine Davis Ph . D .
(catherine . davis1225@gmail . com ) ; Esther Gesick; Jason Yeater; Larry Cozad
( Iarry. cozad@automation-x. com ) ; Sean Conway
Cc : Bruce Barker; Don Warden ; Esther Gesick; Gibson , Patricia ; Ashford , Anna L
Subject: NCMC Series 2016 A& B Bond Issue - Rationale
Attachments : NCMC SERIES 2016 A& B BOND ISSUE - Rationale . docx
Attached is a memo that will hopefully give everyone a better understanding of why NCMC , Inc . is moving
forward with a bond issue to "advance refund" (i . e . refinance) the Series 2003 A&B Bonds and raise an
additional $40 million of new money . I realize that within this explanation there are some rather esoteric
concepts and that I may not have covered every base, so you may not feel comfortable with all the nuances .
Since the only objective here is to provide you with greater clarity, if this doesn ' t quite get it done, please don ' t
hesitate to contact me in advance of the upcoming meetings for further clarification. Best regards , Ken .
1
SERIES 2016 BOND ISSUE
Rationale
March 18, 2016
Arguments supporting the issuance of $ 110,000,000 in Series 2016 A& B Bonds include :
1 . NEED : In 2015, $40 million was transferred from INC' s investment accounts to fund capital
outlays related to the MCP Infrastructure Project . The drawdown came at a time when the stock
market was experiencing a correction . As a result of these two factors, days cash on- hand , a key
liquidity metric, decreased 52 days from 299 to 247 on a year-over-year basis . Thus, INC needs
to replenish its cash position . In anticipation of this need , on 4/28/15, the INC Board adopted a
" " reimbursement resolution" reserving the right to reimburse itself for $ 35 million of capital
expenditures by issuing that amount of future debt .
2 . MARKET CONDITIONS : Current market conditions - in particular, significant inflows of cash to
municipal bond funds and the willingness of muni buyers to pay healthy premiums for new bond
issues to replace retiring bond issues — have made it possible to advance refund INC' s
outstanding $ 78 . 9 million Series 2003 A& B Bonds . These bonds mature at various dates
between 2020 and 2030, carry an average fixed rate of 5 . 65 %, and are callable in 2019 .
Normally, it would be inadvisable to "advance refund " three years prior to the call date on a
bond because it would be too expensive . However, at this juncture, due to a market tailwind
and the recent increase in Treasury rates, the refunding cost can be mitigated and INC could
potentially realize gross cash flow savings of $ 9 . 9 million ($ 8 . 2 million on a net present value
basis ) on future 2003A& B P& I payments, although these estimates are dependent on market
conditions the day the issue is priced . Given these factors, it appears to be a good time to
proceed with refunding the 2003A& B Bonds and rebuilding INC' s liquidity position by borrowing
an additional $40 million at the same time .
3 . LOWER COST OF CAPITAL & OTHER OBJECTIVES : INC' s current cost of capital is approximately
3 . 9 %; one of the key objectives of the proposed offering is to lower it to approximately 2 . 9% .
Other goals include : 1 ) maintaining the company' s A+ credit rating; 2 ) increasing days-cash on -
hand ; and 3 ) maintaining maximum annual debt service ( MADS ) at or below $ 19 million annually
( so the debt coverage ratio is not negatively impacted by the new debt) . This last objective will
require the maturity dates on the new issue to extend beyond the expiration of the Banner
operating agreement in December 2027 and beyond the final maturities on the Series 2003
Bonds ( 2030 ) . The intent is to limit this extension on the final maturities on the new issue to no
more than four years ( 2034 ) .
4 . DISADVANTAGES/RISKS : The most obvious disadvantage of issuing $40 million in new debt is
that it will increase INC' s leverage; debt-to-total capitalization will increase from 38% to 44% .
However, based on S & P' s new credit analysis system, the increase of INC' s debt burden is more
than offset by the replenished liquidity from the reimbursement of the $40 million . Another
disadvantage of refinancing the Series 2003 A& B Bonds is that it will require INC to write-off in
2016 approximately $ 3 million in unamortized deferred financing costs ( primarily prepaid
insurance premiums) related to that issue , although this will be recorded as a " non-cash"
expense .
Ken Schultz, Board Executive, NCMC, Inc .
Esther Gesick
Subject: FW: Series 2016 Bond - Estimated Issuance Costs
Attachments : Series 2016 Cost of Issuance Estimate . xlsx
From : Schultz, Ken [ mailto : Ken . Schultz@bannerhealth . com ]
Sent : Tuesday, March 15, 2016 11 : 39 AM
To : Al Dominguez ( amdda@comcast . net ) <amdda@comcast . net>; Bob Murphy ( bmurphy@floodpeterson . com )
< bmurphy@floodpeterson . com >; Brandon Houtchens ( brandonbh4@gmail . com ) < brandonbh4@gmail . com >; Dr. Susan
Carter <sdcarter7@att . net>; Jeffrey Carlson (jscarlson@turningpnt . org ) <jscarlson@turningpnt . org>; Kay Kosmicki
<4kaykoz@comcast . net>; Mark Lawley < mlawleyl@msn . com >; Mike Simone < mike . simone@yahoo . com >; Tom Grant
(tgrant@greeleyattorneys . com ) <tgrant@greeleyattorneys . com >; Vicki Wilson (vicki . wilson@unco . edu )
<vicki . wilson@unco . edu >; Brian Underwood < briansunderwood@comcast . net>; Catherine Davis Ph . D .
( catherine . davis1225@gmail . com ) <catherine . davis1225@gmail . com >; Esther Gesick <egesick@co . weld . co . us>; Jason
Yeater <Jason .yeater@touchstonehomehealth . com >; Larry Cozad ( larry . cozad@automation-x . com )
< Iarry . cozad@automation-x . com >; Sean Conway <sconway@co . weld . co . us>
Cc : Ellen E . Stewart < EStewart@bw- Iegal . com >; Stephen B . Clark <steve@sbclarkinc . com >; Bruce Barker
< bbarker@co . weld . co . us>; Don Warden <dwarden@co . weld . co . us>; Esther Gesick <egesick@co . weld . co . us>
Subject: Series 2016 Bond - Estimated Issuance Costs
I just wanted to give all of you some advanced warning on the estimated cost (attached) of doing the proposed $ 110
million bond issue for NCMC , Inc . Although at first glance most of these fees appear to be high, I am assured that they
are actually pretty standard fare . Wells Fargo originally quoted $ 5 . 33/$ 1 , 000 ($ 586,300), but with the help of Steve Clark
we negotiated down to $ 5 . 05/$ 1 , 000 ($ 555 , 500) . By comparison, the underwriter' s discount (or "spread") on the fixed
portion of Banner' s most recent issue was $4 . 85/$ 1 , 000 . Kutak Rock initially quoted $ 151 , 000 all in and, again thanks to
Steve Clark, came down to $ 130, 000 . So we negotiated a total savings of $ 51 , 800 ; nothing sensational, but we ' re
probably paying less than top dollar at sub- 1 % of the total issuance .
In and of themselves, these costs will not impact INC ' s bottom line as they will be added to the debt and amortized over
the life of the bonds . However, we will need to write-off the unamortized issuance costs, premiums and discounts
generated by the Series 2003 Bond issue . As of 2/29/ 16, that write-off would have resulted in a non-cash expense of $3 . 6
million . [These costs are still so high because they include the unamortized insurance premium paid to FSA/Assured
Guaranty on the date the bonds were issued . ] Since non-cash expenses are added back for the purpose of calculating the
coverage ratios on INC ' s outstanding debt, the only detrimental impact the $3 . 6 million write-off will have is to decrease
net equity by a like amount. Any negative perception that the adjustment may have caused will be completely swamped
by the addition of $ 110 million in debt to the balance sheet.
Please contact me if you have any questions regarding this matter. I will try to give you some on-going insight into the
genesis of the bond issue as we approach the upcoming meeting dates so everything isn ' t dumped on you in one fell
swoop . Right now, we have a work session scheduled with the County Commissioners on March 21St ( 11 : 00 AM) in
anticipation of their resolution on March 28th (9 : 00 AM); the Board of Trustees will take action at their regularly
scheduled meeting on March 28th (noon) ; and the INC Board will hold a Finance Committee meeting on March 29th
( 11 : 30 AM) followed directly thereafter by a special Board of Directors meeting ( 1 : 00 PM) to approve the issue as well as
the 12/31 / 15 audited financial information to be included in the Official Statement. Meetings with the ratings agencies are
scheduled for April 14th (Fitch) and April 15th ( S&P) . The bonds should be priced shortly thereafter and close
approximately two weeks later (early May?) .
Best regards,
Ken Schultz
1
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Esther Gesick
From : Schultz, Ken < Ken . Schultz@bannerhealth . com >
Sent: Thursday, March 17 , 2016 2 : 14 PM
To : Al Dominguez (amdda@comcast. net) ; Bob Murphy ( bmurphy@floodpeterson . com ) ; Brandon
Houtchens ( brandonbh4@gmail . com ) ; Dr. Susan Carter; Jeffrey Carlson
(jscarlson@turningpnt. org ) ; Kay Kosmicki ; Mark Lawley; Mike Simone ; Tom Grant
(tgrant@greeleyattorneys . com ) ; Vicki Wilson (vicki . wilson@unco . edu ) ; Brian Underwood ;
Catherine Davis Ph . D . (catherine . davis1225@gmail . com ) ; Esther Gesick ; Jason Yeater; Larry
Cozad ( larry. cozad@automation-x . com ) ; Sean Conway
Cc : Ashford , Anna L ; Esther Gesick ; Bruce Barker; Don Warden
Subject : Revised Timetable & Distribution List
4 Attachments : NCMC - Timetable 03- 17- 16 . pdf; NCMC - Distribution List 03- 17- 16 . pdf
4 Attached are the revised timetable and distribution list for the Series 2016 A&B Bond issue . Hopefully, these
documents will give you better insight into the scope of the process and how it is proceeding. At this juncture,
things are going according to plan, especially since we received this afternoon a draft of Banner ' s audited
financial statements from Ernst & Young . Now Eide Bailly can begin preparation of the Recombined Entity
audit . Completing the audit in a timely fashion is still one of the more crucial elements in the plan, but my hope
is that it will not be by this time next week .
1
NCMC, Inc .
Tentative Timetable
As of March 17, 2016
Colorado Health Facilities Authority
NCMC, Inc. Project
Hospital Revenue Bonds, Series 2016
February 2016 March 2016 April 2016 May 2016
S M T W T F S S M T W T F S S M T W T F S S M T W T F S
1 2 3 4 5 6 1 2 3 4 5 1 2 1 2 3 4 5 6 7
7 8 9 10 11 12 13 6 7 8 9 10 11 2 3 4 5 6 7 8 9 8 9 10 11 2 13 14
14 15 16 17 18 19 20 13 14 15 16 17 18 19 10 11 12 13 14 15 16 15 16 17 18 19 20 21
21 22 23 24 25 26 27 20 21 22 23 24 25 26 17 18 19 20 21 22 23 22 23 24 25 26 27 28
28 29 27 28 29 30 31 24 25 26 27 28 29 30 29 30 31
. - Holidays
Week Of Date Activit
February 22 2/23 6anization call (9 : 30 AM MST) All
Circulate Distribution List•
U
Begin document preparation BC, DC
February 29 3/4 Banner Health audit complete H
n Circulate Appendix A first draft and due diligence checklist
Nfl DC
n4'rk 7 3/1 1 f? amit chncklis *
March 14 3/15 First draft of bond documents circulated BC
3/17 Begin Weekly Group Call ( 10 : 30 AM MDT) All
NCMC, Inc . and Medical Center Audit drafts circulated A
First draft of Rating Presentation circulated U
March 21 3/21 Working Session with County Commissioners H
3/22 Second draft of Appendix A circulated DC
3/24 Weekly Group Call ( 10 : 30 AM MDT) All
March 28 3/28 County Commissioners meeting to approve parameters resolution H , FA
3/29 NCMC, Inc . and Medical Center Board Meetings H
3/31 Provide comments on Appendix A and bond documents to counsel ( s) All
3/31 Weekly Group Call ( 10 : 30 AM MDT) All
Second draft of Rating Presentation circulated U, FA
April 4 4/4 TEFRA Hearing BC, I
4/5 Finalize & submit Rating Agency Presentations U, FA
4/7 Weekly Group Call ( 10 : 30 AM MDT) All
April 11 4/12 Colorado Health Facilities Authority Board Meeting — Approvals
4/13 Second draft of all bond and disclosure documents circulated BC, DC
4/14 Fitch Rating Call ( 11 : 00 AM MDT) H , U, FA, RA
4/15 S& P Rating Call ( 10 :00 AM MDT) H , U , FA, RA
Weekly Group Call (TBD) All
April 18 4/19 Finalize Preliminary Official Statement DC, H, U , FA
4/20 Receive Ratings RA, H, U, FA
4/20 Post Preliminary Official Statement DC, U
4/21 Weekly Group Call ( 10 : 30 AM MDT) All
April 25 4/25 Investor Call H , U, FA
4/27 Pricing H , I , U , FA
May 9 5/11 Pre-Closing at Kutak Rock ( 2 :00 PM MDT) All
5/12 Closing at Kutak Rock (9 :00 AM MDT) All
s
1
Responsible Parties
H : Borrower NCMC, Inc .
BC: Bond Counsel Kutak Rock
DC: Disclosure Counsel Kutak Rock
I : Issuer Colorado Health Facilities Authority
IC : Issuer's Counsel Ballard Spahr
FA: Financial Advisor to COHFA Ponder & Co .
HC : Hospital Counsel Berenbaum Weinshienk PC
U : Underwriter Wells Fargo Securities
UC: Underwriter's Counsel Dorsey & Whitney
T: Trustee Wells Fargo
RA: Rating Agencies Standard & Poor' s, Fitch
FA: Financial Advisor to NCMC, Inc. S . B . Clark
A: Auditor Eide Bailly
I
ra:k1 $ 110, 000, 000
NCMC, Inc .
Colorado Health Facilities Authority
NCMC, Inc . Project
Hospital Revenue Bonds, Series 2016
Distribution List
As of March 17, 2016
ISSUER: Anna Ashford, Admin Assistant
Colorado Health Facilities Authority Phone : 970 . 810 . 1574
3033 East First Avenue, Suite 301 Email : anna . ashford@bannerhealth . com
Denver, CO 80206
BORROWER'S COUNSEL:
Corinne M . Johnson
Phone : 303 . 321 . 2112 Berenbaum Weinshienk PC
Email : c . @cohfa . org 4800 Republic Plaza
370 Seventeenth Street
ISSUER'S COUNSEL: Denver, CO 80202
Ballard Spahr LIP Ellen Stewart, Esq .
q
1225 17th St . #2300 Phone : 303 . 592 . 8310
Denver, CO 80202 Email : estewart@bw-legal . com
Anastasia G . Khokhryakova, Esq .
Phone : 303 . 299 . 7310 BORROWER'S AUDITOR:
Email : KhokhryakovaA@ballardspahr. com Eide Bailly
4310 17th Ave . S .
Brittany Barrient Fargo, ND 58103
Phone : 303 . 299 . 7394
Email : barrientb@ballardspahr. com Bradley W DeJong
Phone : 701 . 239 .8630
ISSUER'S FINANCIAL ADVISOR: Email : bde 'ong@eidebailly. com
Ponder & Co.
141 Guilford Road 5601 Green Vally Dr. , Suite 700
Valparaiso, IN 46385 Minneapolis, MN 55437
Mike Tym Tyler Bernier
Phone : 219 . 531 . 2369 Phone : 952 . 918 . 3568
Email : mtym@ponderco . com Email : tbernier@eidebailly. com
BORROWER:
BORROWER'S FINANCIAL ADVISOR:
NCMC, Inc.
S. B . Clark Companies
1801 Sixteenth Street 18th
Greeley, CO 80631-5199 999 18 Street, Suite 1440-S
Denver, CO 80202
Ken Schultz, Board Executive
Steve Clark
Phone : 970 . 350 . 6052
Phone : 303 . 794 . 3956
Email : ken . schultz@bannerhealth . com
Email : steve@sbclarkinc. com
1
COUNSEL TO BOARD OF TRUSTEES AND
BOARD OF COUNTY COMMISSIONERS: Brenda Schaefer
Weld County, Colorado Phone : 602 . 747 . 2274
915 10th Street Email : brenda . schaefer@bannerhealth . com
P . O . Box 758
Greeley, CO 80632 OPERATING SUBLESSEE'S AUDITOR:
Ernst & Young
Bruce Barker, Weld County Attorney 2 North Central
Phone : 970 . 336 . 7235 Phoenix, AZ 85004
Email : bbarker@co .weld . co . us
Laurie Taylor
BOND COUNSEL: Phone : 602 . 322 . 3983
Kutak Rock Email : laurie .taylor@ey. com
1801 California Street, Suite 3100
Denver, CO 80202 -3329 UNDERWRITER:
Wells Fargo Securities
Robert Irvin, Esq . 1700 Lincoln, 21th Floor
Phone : 303 . 292 . 7811 MAC C7300-215
Email : robert . irvin @kutakrock . com Denver, CO 80203 -4500
Kristin Caid, Esq . Will Douglas
Phone : 303 . 292 . 7858 Director
Email : kristin . caid@kutakrock . com Phone : 303 . 863 . 6339
Email : will douglas@wellsfargo . com
Kamille J . Curylo, Esq .
Phone : 312 . 602 .4129 Sheldon Pope
Email : kamille . curylo@kutakrock. com Phone : 303 . 863 .4752
Email : sheldon . pope@wellsfargo . com
UNDERWRITER'S COUNSEL: 333 Market St, 15th Floor
Dorsey & Whitney LLP MAC A0109454
125 Bank St, Suite 600 San Francisco, CA 94105-2102
Missoula , MT 59802 -4407
Francis Adarkwa
Erin McCrady Phone : 415 . 537 . 7389
Phone : 406 . 329 . 5585 Email : francis . adarkwa @wellsfargo . com
Email : mccrady. erin@dorsey. com
TRUSTEE:
OPERATING SUBLESSEE: Wells Fargo Bank N .A
Banner Health 1740 Broadway, MAC C7300- 107
Northern Colorado Medical Center Denver, CO 80274
1801 Sixteenth Street
Greeley, CO 80631 -5199 Ms. Ethel M . Vick
Phone : 303 . 863 .4884
Patricia Gibson, CFO Email : ethel . m .vick@wellsfargo . com
Phone : 970 . 810 . 6024
Email : Patricia .gibson@bannerhealth . com Marybeth Jones
Phone : 303 . 863 . 6450
Banner Health Email : marybeth . . ones2@wellsfargo . com
2901 N . Central Ave, Suite 160
Phoenix, AZ 85012
David Bixby, Senior VP & General President
Phone : 602 . 495 . 4130
Email : david . bixby@bannerhealth . com
2
EMAIL ADDRESSES:
cj@cohfa . org; KhokhryakovaA@ballardspahr. com ;
barrientb@ballardspahr. com ;
mtym@ponderco . com ;
ken . schultz@bannerhealth . com ;
anna . ashford@bannerhealth . com ;
estewart@bw-Iegal . com ;
bdejong@eidebailly. com; tbernier@eidebailly. com ;
steve@sbclarkinc . com ; bbarker@co . weld . co . us;
robert . irvin@kutakrock . com ;
kristin . caid@kutakrock . com ;
kamille . curylo@kutakrock . com ;
mccrady. erin@dorsey. com;
patricia .gibson@bannerhealth . com ;
david . bixby@bannerhealth . com ;
brenda .schaefer@bannerhealth . com ;
Iaurie .taylor@ey. com;
will . douglas@wellsfargo . com ;
sheldon . pope@wellsfargo . com ;
francis . adarkwa@wellsfargo . com ;
ethel . m .vick@welIsfargo . com ;
marybethjones2@wellsfargo . com
3
Hello