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�tr-:j THE BOARD OF COUNTY COMMISSIONERS
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,"��:� OE' PITKIN COUL3TY, COLQRADO --
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Y`� ' AIRPORT REVENUE ANTICIPATIQAI WARRANTS
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��� IN THE PRINCIPAL AMOUNT OF $125,000
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��;� DATED OCTOBER 1, 1977
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NOTICE OF AIEETING , :
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TO: TIiE BOARD OF COUNTY COMMISSIONERS G'�,, `
OF PITRIN COUNTY, COLORADO: �-��
_ � . �;��'.
NOTICE is hereby given that a regular meeting of ��`��:
the Board of County Commissioners of Pitkin County, Colorado, �"�,'�r.
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t.'a_n s.
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will be held at the Pitkin County Courthouse, in Aspen, �;�
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Colorado, on Monday, the 26th day of September, 1977, at the ��`
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hour of 9:10 o'clock A.M., at which meeting the Board will F��.
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consider and act upon matters relating to the issuance of �r:
. ��:
the County's Airport Revenue Anticipation Warrants dated i�°�
��
October 1, 1977, and take up any other business to come before ��2
it. ��,
.;�;� GIVEN under my hand and the seal of said County �!:�_
` as of the 23rd day of September, 1977. "���'-�
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- �.�
� t �, �� �fr�d;�rf �M:
; r - :�� �-� -'��� XQi��7�C�f�K E. G. Stewart x�:
"� ���` Deputy County Clerk 1��.
� -'' � Pitkin County, Colorado �'"�
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{�� ) ''`'-y ACKNOWLEDGEMENT OF NOTICE �
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AND CONSENT TO MEETING '�'"-
1 � ��:'
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',j We, the undersigned members of the Board of County ��
'� Commissioners of Pitkin County, Colorado, do hereby acknowledge �°
recei t of the fore oin Notice of Meein ���h`
;� p g q g, and we hereby waive E;1
��; any and all irregularities, if any, in such Notice and in the ���
'' = time and manner of service thereof upon us, and consent and `
�
;� agree to the holding of such meeting at the time and place ��;'
;;� specified in said Notice, and to the transaction of any and '�°�5{
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�� all business which may come before s�c mee 'n . ��,
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STATE OF COLORADO ) (�.�,
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COUNTY OF PITRIN ) K����'-,
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"`"z The Board of County Commissioners of Pitkin ,, i"`
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County, State of Colorado, met in reqular session, at (,:,�'4:
x': the Pitkin County Courthouse, in Aspen, Colorado, . '
�, being the regular meeting place of the Board, at the ``
�_'
� hour of 9:10 o'clock A .M., on Monday, the 26th day t
' of September, 1977. •
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� Present:
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x�; Chairman: Michael Kinsley
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Y:�� . - . .' � .. � .. � .
�*- Commissioners: Joseph E. Edwards, Jr.
y_ Robert Child
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'�. Absento None • ' '
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�� There were also present: �
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1-k. � . . . � � � - -
''�i: Deputy County Glerk: E. G. Stewart
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r,�,�`� County A�torney: Sandra M. Stuller � �'
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� Thereupon, Commissioner Child introduced
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�„��;, and there was read in full the following Resolution:
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RESOLUTION No. 77-I10
- :
WHEREAS, the County of Pitkin, State of Colorado � � "`'
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(the "County"), owns and operates a public airport and related
facilities; and ;s �?
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WHEREAS, the Count,y by Resolution No. 77-67 adopted ��''
�<''�```
on May 9, 1977, as amended by Resolution No. 77-68 adopted �`? �'
CTh t..
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on May 23, 1977, (herein collectively referred to as the "1977 F°;r,'
� �'c�+.
Refunding Resolution"), has authorized its Airport Refunding '�; '
, principal amount of ��VF�
Revenue Bonds Series 1977A in the « .
�:.W�
$1,200,000, dated May 9, 1977, its Airport Refunding Revenue �� ��"
��a:
Bonds, Series 1977B, in the principal amount of $1,210,000, ��'
� ���:
dated May 15, 1977, and its.Airport Special Obligation Re- �,;M=
- �::�
funding Revenue Bonds, Series 1977C, in the principal amount ��'�t�'
�•y :
of $741,000, dated May 15, 1977, of which issues only the ��,�
1977 Series B Bonds are payabZe from the net revenues of the �n''�•�
ty
airport and related facilities; and �'��
�w,� ;:
WHEREAS, the Board of County Commissioners of the 5r�
e 4:
S1ly
County (herein "BOard") deems it necessary and desirable to �tiz-
��'
construct and equip a hangar for private aircraft at the Count 4�'�'
,u;: Y ��
" � � a�r."
,�„'• Airport (herein the "Project") and to pay the costs thereof by f�,
: �4..:
il the issuance of Airport Revenue Anticipation Warrants in the ,s�r,
k �'�r:
�: principal amount of $125,000 pursuant to the provisions o£ r=�
�;' �?
�,: Section 30-20-301, et. seq., Colorado Revised Statutes 1973, K�`�'
,� as amended, said Warrants to be payable from and having a 4=�
'i r�
lien on the net revenues of the airport and re2ated facilities e���'`
�,� ��..
s; on a parity with the lien on such revenues enjoyed by the ��s=
�; � ;
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� 1977 Series B Bonds; and oY:
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�? WHEREAS, the 1977 Refunding Resolution, in Section 14 �:�=
r" �.,.�.
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' thereof, provides that additional obligations may be issued by
c^
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;��:� the Board on a parity with the 1977 Series B Bonds, provided a���'-
� � �, ,:
�".. certain earnings tests are complied with; and t"=�--
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WfiEREAS, the Board has determined that the earnings �
test, as set forth in Section 14(b) of said 1977 ReEunding �''
Resolution, may be met in every respect with the result that . SF :
' the Warrants authorized herein may be issued on a parit "'
Y ��
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with the 1977 Series B Bonds.
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NOW THEREFORE BE IT RESOLVED BY THE BOARD OF `�` '-
. � �
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COMMISSIONERS OF THE COTJNTY OF PITKIN, STATE OF COLORADO: 4�;-
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Section 1. Revenue Anticipation SVarrant DetaiZs. ��;
s;:,�;;;.
That for the purpose of paying the costs of constructing and ���
. ,�`�,.:
equipping the Project and paying expenses incidental thereto, ;��;
; �t.
the County shall issue its negotiable coupons warrants, � �;
b
payable to bearer, designated "Airport Revenue Anticipation �'�'
Warrants", dated October 1, 1977, in the aggre ate ��
g princinal �,
amount of $125,000, consisting of 25 Warrants in the denomi- ��4�'�; �
���:
nation of $5,000 each, numbered 1 to 25, inclusive, payable g �
�`�..
=, in lawful money of the United States of America. Said Warrants "
, �.�
° shall bear interest from their date until payment at the rate ���
; ���.
of seVen: (78)� percentum per annum, as evi8enced by one set of �z�`
�..
'` interest coupons payable to bearer attached to the Warrants, �'��`�;'
said interest coupons payable April 1, 1978, and semiannual2y ��'
' ���
',� • thereafter on the lst day of October a.nd the lst day of April ��'
�,'
': of each year. Said Warrants sha11 be numbered and shall mature ��•'
1��; ��,
$:; in regular numerical order on the lst day of October, except
�
`•' ��.�-
`�:; for the Warrants maturing in the year 1996, which will mature �'�'
�.. , i.�c
,ti:,'. on April 1 of said year, as follows: +
4 .:
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4r:� Bond Numbers Amounts Years ��'
(All Inclusive) Maturing Maturing F�e�
�' 1 $ 5,000 10/1/79 ��.:
� • 2 5,000 ZO/Z/80 '
;5 3 5,000 10/1/81 '
�� 4 5,000 10/1/82 ss-
'°^' S 5,000 10/1/83 .�S.
��
=`�` 6 5,000 10/1/84
�s
�� � 7 5,000 10/1/85 �F.
�5 8 5,000 10/1/86 �
� 9 5,000 10/1/87
�?; 10 5,000 10/1/88 �'
�� �
.<-+'. (schedule continued) �`�'
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Bond Numbers Amounts Years
{All Inclusive) Maturing Maturing
11 $ 5,000 10/1/89 ' `�
12 � 5,000 10/1/90 ,fr
� 13 5,000 10/1/91
14 5,000 10/1/92
15 5,000 10/1/93 �,,, '.;
16 5,000 10/1/94 �,,. �',
, � 17 5,OU0 10/1/95 �,
18 - 25 90,000 4/1/96 �s.
- . ���.h
I£ any of the Warrants shall not be paid upon its pre- ���;
��'
sentation at maturity, interest thereon shall continue at - �F.
� the designated coupon rate until the principal thereof is ���,�`,
��
paid at Eull. ��.�;
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Y'+af-
The Warrants maturing in the years 1988 and thereafter ��,
G �
shall be callable for redemption at the option of the County, ��g
�»�"
in whole or in part, in inverse numerical order, on October 1, �".�"„
1987, and on any interest payment date thereafter upon at ;�$
�t5�,
least thirty (30) days prior notice, at the principal amount x`�`
���.
�x�.
. �.
thereof, plus accrued interest to the date of redemption and ��'z�'
�, �"s
'� � a premium for each Warrant of two (28) percentum of principal. �`'
' Notice of redemption shall be given by the County Clerk �;.
�:
by publication at least once, not more than sixty (60) nor less � �7�;
than thirty (30) days prior to the redemption date, and copies ��+`
.; ��
`; of such notice shall be sent by certified mail, postage prepaid, �
�
�. to the purchaser and the paying agent, or any successors thereof. �'�,
�'"
', Such notice shall specify the number or numbers of the Warrants ���
�` to be so redeemed and the date £ixed for redemption, and shall
,s,.: �i '
y�,; �i
y=; further state that on such redemption date there will become ���
'��� and be due and payable upon each Warrant so to be redeemed at �
,�x�;
"' the paying agent, the principal amount thereof and accrued �:
'�;" F
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interest to the redemption date, and any premiums payable on
� 4�
�'� prior redemption, and that from and after such date, interest ���;
:�.,,
��� will cease to accrue.
'�;
The principal of and interest on said Warrants shall be '��;
� ���'
� payable at United Bank of Denver, National Association, in �
��, Denver, Colorado. . ��'
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The net e£fective interest rate specified for the
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Warrants is 7.00&. ,.,,�.
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�: Section 2. Form and Execution of Warrants an8 ,� :
�.�:
Coupons. The Warrants shall be signed with the facsimile ;,',.a,;°
E,.K�-•
signature of the Chairman of the Board of County Commissioners, ����;
�,.
��;
attested with the facsimile signature of the County Clerk, 5�
i ' ��.
with a facsimile of the seal oE the County affixed thereto, ��+
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and countersigned wi,th the manual signature oP the County � . ��.
��:
Treasurer. The interest accruing on said Warrants shall be �
_e._ �;'
evidenced by interest coupons thereto attached, bearing the •
facsimile signature of said Chairman of the Board, and when �}'
c�
so executed, such coupons shaZl be the binding obligations of
I�
��"; the County, according to their import. Should any officer
::t �€t`
�:;;'; whose manual or facsimile signature appears on said Warrants,
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�.�� or the interest coupons attached thereto, cease to be such - '` `
�Y.
YMj �
,,;,: . officer before delivery thereof to the purchaser, such manual x
1,'
�-' or facsimile signature shall nevertheless be valid and suffi-
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�r cient for all purposes.
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a•r The Warrants and interest coupons to be attached thereto
���:
�;�;,'".; shall be, in substantially the following form:
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(Form of Bond)
UNITED STATES OF AMERICA
STATE OF COLORADO COUNTY OF PITKIN
, i �
- AIRPORT REVENUE ANTICTPATION WARRANT �,,,
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No. $5,000 � ����.'
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The County •of Pitkin, State of Co2orado, for value fu}�;'
received, hereby promises to pay to the .bearer hereof out of �;��
. . . . . �Y'�-.
. ..,��r�. �
the special funds hereinafter designated, but not otherwise, r�s,
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the sum of t�
��
FIVE THOUSAND DOLLARS
�,
in lawful money of the United States of America, on the 2st day �y�-:
April, ��
_ of October, 19_, with interest thereon from date to maturity, ��:
et�
as evidenced b interest cou ons hereto attached at the rate of `��"
1' P ��<`;
seven percentum (T.00�) per annum, payable on April 1, 1978, � ;.
`�k�.
and semiannually thereafter on the lst day of October and the �'--
1st day of April each year, both pri.ncipal and interest being. � t; �,..
��.
payable at United Bank of Denver, National Association, Denver, !���:
'� • &�{�
Colorado, upon presentation and surrender of said coupons and �;`�
'1 �'�
this Warrant as they severally become due. i�;�,,�
3
�_'�� ���`M.�
f Warrants of this issue maturing on or before October 1, {�s`�. .
s��� � �
�' 1987, are not redeemable prior to their respective maturities. €;��
i'' c�
�;' Warrants maturing on and after October 1, 19B8, are redeemable �-�
�'��:
`'t' at the option of the County, in who].e or in part, and i£ in [��+sj'
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t{'j . . ���r'..
w,�'t part, in inverse numerical order, on October I, 19B7, and on ��.'
�;a� {s�,� .
�*:, any interest payment date thereatter prior to maturity, upon E,�}
�.�: ��.
payment of par and accrued interest, plus a premium of 2$ of
�� �§,,.
� principal. Notice of such redemption prior to maturity shall ��
,f ��
�� specify the date of redemption, shall describe the Warrants ;�
� ��;
�: to be so redeemed by designation and reference to details �,�.�
"��:. �a„�:
"a5 thereof, and shall be iven b ublication at least one time, ��'`"
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in a newspaper of general circulation in the. County, not less
than thirty (30) days prior to the date set for redemption. .�
;;s
't. Warrants of the issue of which this is one are ?%�`.'"
' issued by the Board of Commissioners of Pitkin County, Colorado ��
�:�;
i;;;��::;
(herein the "Board"), for the purpose of constructing and �
-''`,y;
equipping a hangar for private aircraft at the County Airport "R'�;
��=m
�•.,:
by virtue of and in full conformity with the provisions of the -�
Constitution and laws of the State of Colorado, more particularly �;t;
,;::,
i:=.F3:.. -
Section 30-20-301, et. seq., Colorado Revised Statutes 1973, ;;�;;z.
��,:
as amended, and .pursuant.to a Resolution�duly adopted and ;°o�:
��f;
approved prior to the issuance of this Warrant. ��
�::;�;.
fi3;
Both the principal of this Warrant and the iriterest t-,x-
�z�:
hereon, to ether with the rinci al of and interest on Air ort �`r
4 P P P �gr
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Refunding Revenue Bonds, Series 1977B (herein the "1977 Series B ���`%'
�};
Bonds"), authorized by the Board by Resolution No. 77-67, on ��'�-
. �:��
May 9, 1977, as amended by Resolution No. 77-68, adopted on kN
��
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May 23, 1977, are payable solely from and as security therefor 4��;
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there are pledged, all of the Net Revenue derived and to be �"��.
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derived by the County from the ownership and operation of ��'
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the County's Airport and related Airport Facilities, and a ;�h,;<
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special fund created in full conformity with law and designated �r�:
��
"County of Pitkin, Airport Refunding Revenue Bond Sinking Fund" ��
� ��.
of said County, into which Fund the County covenants to pay �t3:;
from the revenues, other than tax revenues, derived and to be tr��+
��:;>.
derived from the ownership and operation of the Airport and �'s�
sx.'c:
related Airport Facilities, after deduction only of the costs i-i?
ip.�S
S :
-�: and operation, maintenance and ordinary repairs and a necessary •
i.,
� i :
;� reserve for said costs, sufficient monies for payment of the <<
L ,
principal of and interest on the 1977 Series B Bonds and Warrants �#`
�� of the issue of which this is one and for a reasonable and � °
-'fl 5
�' necessary reserve for said principal and interest, all as more r�;='s
!_:�,,,
�
� specifically set forth in the Resolution authorizing this Warrant. : ;-
, t.
The lien on the Net Revenues of the County's Airport and related f
�:`'-r.;,
. . i:'i??'.
iii_y�.
_$- ��'�r.
s:
i
_ .
_ ,.. i - - __
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;,
� ¢:'
.;.
;. ,;;
Airport Facilities and the Sinking Fund established in connec-
tion with the 1977 Series B Bonds enjoyed by the Warrants of
the issue of which this is one shall be in all respect equal
;:,_
� to and on a parity with the lien of the 1977 Series B Bonds.
_.;z,
It is hereby recited, certified and warranted that �'`''
for the payment�of this Warrant and the interest thereon the �'�:'
-�:�:�.
County has created and wiil maintain said revenues and Fund
and as an irrevpcable charge thereon, will pay this Warrant `
,;:
and the interest thereon, in the manner provided by the Resolu- r
tion. For a description of said Fund and the nature and extent �;;:"�=.
of the security afforded thereby for the payment of this ��•
Warrant, reference is made to that Resolution. F'�`
f�'`
This Warrant does not constitute a debt or indebted- �s.,:'
ness of the County of Pitkin nor the State of Colorado within f ..
the meaning of any constitutional or statutory limitation or a "
provision. , _
i:>'i;
- It is hereby certified and recited that aIl acts and
,.,'
things required to be done and conditions and things required ` '
to exist precedent to and in the issuance of this Warrant to
render the same lawful and valid, have happened, been properly
done and performed, and did exist in regular and due time, �
�•`
form and manner as required by law. ;
For the payment of this Warrant and the i.nterest
; •
thereon, the.County of Pitkin pledges the exercise oP all its � `
- lawful co orate � `
rp powers.
E.::�:;:.
ti;,,;,,
IN WITNESS WHEREOF, the Board of Commissioners of � '
; the County of Pitkin, State of Colorado, has caused this Warrant � •
..'�� . _ . $ ,' .
to be signed with the facsimile signature of its Chairman, � •
�
�.
3 attested with the facsimile signature of its County Clerk, k �
�:
sealed with a facsimile of its corporate seal, and countersigned •
ii by the manual signature of its County Treasurer, and has � ,
ca�sed the interest coupons attached hereto to be executed � ,.
u'>:::
� ,.
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with the facsi.mi2e szgnature of its Chairman, as of the `�
�,•�:
�.:°�'
' lst day of October, 1977. ��-;��;
' �»5.�;
a COUNTY OF PITI{IN� STATE OF COLORADO �'
F �'��'.
. BY _� (Facsimile Si nature) ���^�`
. Chairman �:
- Board of County Commissioners
(FACSIMILE SEAL) .
ATTEST:
_ (Facsimile Signaturey
. . ; County Clerk
`� ' COUNTERSIGNED:
(Mannal Si nature)
County Treasurer
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(Form of Interest Coupon) , ,��=,
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. �,�;
• . �'�i
" No. $
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�' April, ,;
Y On the lst day of October, 19 , unless the
k;;, �
01 Warrant to which this coupon is attached has been called . '
�i _
,;�`�� for prior redemption, the County of Pitkin, State of Colorado,
��� wi11 pay to bearer the amount shown hereon in lawful money
of.the United States of America, at IInited Bank oE Denver,
y;?� ... � . .. - i...� .
r;
'�.� National Association, benver, Colorado, from and out of the
`�
�;� funds specified in the Warrant to which this coupon appertains,
�,.:•,
�^:.
~"'- but not otherwise, being interest then due on its Airport
,L,;,
,�s Revenue Anticipation Warrant, dated October 1, 1977, bearing
.�
�f
��:
�,:-.
s,.v
�t. No.
��
-��+ (Facsimile Signature)
Chairntan
_��� Board of Count Commissionezs
�; y '.
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'�. ._
Section 3. Payment of Principal and Interest on
Warrants. The principal of and interest on said Warrants,
together with the principal of and interest on the 1977 �;;.
� Series B Bonds, except as hereinafter specifically provided , ��-
otherwise, shall be payable solely from and out of the revenues r'F•:
derived and to be derived by the County from the ownership G �;
; and operation of its Pitkin County Airport, as specified in ' .ujl.
Y}':�.
this Resolution, but the term "Airport" as herein used, shall ���-
���,
' ��n:.
.� include not only the facilities and properties currently �:
� �Y,i:i-.�
comprising the County Airport Facility and all related airport �'t�;:.
t;.:
facilities, but also all additions and betterments thereto `�3',
F ,.;:
G�'
and improvements and extensions of the Pitkin County Airport �::
' and facilities .hereafter constructed or acquired by the County. ��
� �'�
i Section 4. Covenant to Establish and Maintain �`'
' �
j Rate Amounts. The Board of Commissioners of the County ��
��
� hereby covenants that it will continue to establish, maintain ��:
� �
f and enforce rates and charges for use of the Airport and any .�,�
� �a �_
? portion thereof sufficient to insure payment of the costs of �
";'.:...i . � ;:;�,_.-
`Y the efficient and economical operation and maintenance of � �
� • Y�,
; , said Airport, and the payments of principal of and interest on �pj�
� • �A
J all Warrants herein authorized and the 1977 Series B Bonds,
� �,�
promptly as the same become due. In addition, said rates
,:;:� :i�*= .
1� and charges shall always be maintained at a level at least �a
�=� sufficient, after deduction of amounts necessary to pay }�`
j 4�..
�;� operation and maintenance expenses, and the reserve provided �-.�s;.
.� �a�:�
a: ,
for such purposes, to produce not less than 125$ of the annual ��
s ��
-`�°� principal and interest requirements of the Warrants herein �`��`
� . �=�.
Yr� 3 � .
�-�� authorized and the 1977 Series B Bonds. '��
�' . �.
- It shall be the duty of the County to establish, �3;;
l;; •
� maintain, and enforce such rates continuously until all of ��
��.r i,. �.
�,� said Warrants and the 1977 Series B Bonds and the interest ' '�
��
�: thereon have been fully paid and �dischraged. In the event it ���
�`
becomes necessary to increase such rates and charges pursuant �'�'�
� �, .
��%
=�'r;F i�,�':�.
. ..;'�Y" _ . . u-.
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._.
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�
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to this covenant, the charges shall be developed by the � ,
: �
County in conjunction with the Financial Advisor, or other � r'
„ �-�;
r .
, t nationally recognized municipal financial consultant. i�
,s �
-� Section 5. Gross Income Fund - Sinki� Fund. ��.
•i ° . . . . �
. ;��.
Except as hereinafter specified, all of the income and revenue �,r,
�
;`, - - �s,, �.
of whatever kind or character, without deduction tor any pur- {�M;�
� t.�r..
::} ��:'
: pose or purposes, derived, from whatever source, including " y,r
-;i ��,4.
j all revenues presentLy existing and deposzts within said later �.iq`' �
; ��,
;I . designated fund, by the County by reason of the acquisition, ���
�� construction, ownership or existence of or from the operation �``
.,, �;
,'; of the Pitkin County Airport (the "Gross Revenue") shall be ���;
,;,:i �;;
,,.'
deposited or maintained in a special fund, to be held on
�' deposit at and disbursed by and from a bank or trust company
::;;
�.:-,� to be designated by resolution of the Board, which fund, and ��"
,'� the accounts therein, was created and established by Resolu- �:
��.
`�`', tion 76-120 and known as the "County of Pitkin, County Airport .
��j
j Gross Income Fund", (herein called the "1975 Gross Income
y ;=1
' Fund") kept separate and apart from a17. other £unds and F ,
;�
` revenues of the County. The total of all such income and c:
1 �� :
revenue shall be known as and termed the "Gross Revenue" of o-r
�
.� the Airport and such Gross Revenue and Fund are hereby
?
� irrevocably pledged for only the following purposes and
� shall be credited, used or disbursed only in the following ��'
'�a
j manner and order: �,
, (a) Operating Expense Account. The Operating ��,
r��
:� Expense Account of the 1976 Gross Income Fund is a�,
r� •
;;,- hereby rati£ied and reaffi±�med and shall be credited ���'',
s� ``�
`,�`'�`; at least monthly with such amounts as wi1Z be re- �'�'�
:��: �"<�`�:
• :=s.
quired to maintain to the credit of said account ,43'. o
;�
''1" a minimum balance equal to two (2) months' cost x`-
,w�� �' ":
s��
af. of operating and maintaining and ordinary current �A�
,�� �
" repair of the Airport, or the portion thereof then y�.
�r. ��_
,
� -13- �,°,�,
'� E'n'1'�..�.
��.
S�j 1?h
':'3.� . _ Er/;.._.
� �:i,
:+.t� ' � �.�< .
;j I:
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, t
�.
;_
in operation, plus an additional amount equal to the �
cost of operation, maintenance and ordinary repairs of � � �
�.s�rX�
the Airport for the current month, to be applied to � � "�
. x-'
- payment o£ said costs, said monthly costs to be based �?,
r�
in each case upon one-twelfth (1/12) of the operating i%�:';
r>`.,'
costs set forth in the annual budget of the Airport for =�z?'
��;'
the current £iscal year. ��(
(b) Airport Refunding Revenue Bond Sinking Fund. s�
�Y,t.
From the amounts remaining in the 1976 Gross Income ��;
;� t
Fund there shall be withdrawn and deposited at least �'.
;� monthly into a separate special fund, which fund has �;
�.� been heretofore created and established, known as ��
�.
�,
� the °County of PiY.lcin, Airport Refunding Revenue �
��±
�� Bond Sinking Fund" (herein called the "1977B Sinking . ��'
i �
�� Fund"? and which Fund shall be held on deposit at �`
� �:,
. i and disbursed by a bank or trust comgany to be
� � :
^''l designated by resolution of the Board, such amounts
��
as are necessary to meet the requirements set forth
i 4 :.
herein as items (b) (i) and {b) {ii). Moneys deposited . � �
� into said 1977B Sinking Fund shall be used solely c `'
..�,:�
� for the purpose of paying the principal of and interest �,�
: ��i
� . on the Warrants herein authorized and the 1977 Series
s:'�
'; B Bonds as the same sha11 mature or accrue, respectively,
,,,� �
�j oz for the reserve for such purposes herein provided,
k'�
a
and to that end said Warrants and the Series 1977 B
F4;� Bonds and the interst thereon shall be and constitute e.�'
a ,�
t � a first and prior lien upon said 1977B Sinking Fund.
�;; ��
��'=`} A11 Gross Revenue of the Airport less only the amounts
�:
�
required to be credited, from time to time to the
e��
�z� Operating Expense Account pursuant to item (a} above, ,��
"�� -
�'�
shall be known as and termed the "Net Revenue" of
the Airport.
`� .
�_
-14-
. �,�.
�:•• . �m�:
��:
��Y.
� [(pt
:5''_`'p. � fY�_�:,� .
�� �
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, ;
��
�
-': '. ,a: . .,..:-..;_..;. .... . � ... . , . . . .
, ^ ... n.. . ,....... "�;. •.
(i) Principal and Tnterest Account. There '
shall be withdrawn from the 1976 Gross Income �' �-
5;`.;^-�
Fund at least monthly and deposited into the !� �
` . • `�,�';':
� � 1977B Sinking Fund, for czedit to the Principal ��- '
�'�`
and Interest Account of said 19778 Sinking �,;��:
y .::
Fund not less than one-sixth (1/6) o£ the y�"
��`�.
��'.:-
interest becoming due on all Parity Bonds (as µ�;
. F4�'
hereina£ter de�ined) on the next semiannual �.'�'
�T.
interest payment date for each issue of said
'r.:� . . .. . ; � .��.
;;i Parity Bonds, plus not less than one-twel£th �_
�;".� (1/12) of the amount required to pay the
�� � � � � � � �
� principal amount of all Outstanding Bonds
:`�
maturing within the twelve (12) months following
,-;
„�:'„
,_,�,' each such deposit. In the event that an initial
t;;j deposit or initial deposits occur less than six
�`� (6) months prior to a sesniannualy interest oayment , .
`? e� .
�'� date or dates, or Iess than twelve• (12) months
�� �
�"°' prior to an annual principal payment date or �,
>��
�� dates, such deposit or deposits shall be propor-
�.;� �:
tionally increased.
'`�3 (ii) Principal and Interest Reserve Account.
. � �
�;� There ;shall be withdrawn from the Gross Income
i�;� Fund at least monthly and deposited in the
,�r,;j 19778 Sinking Fund for credit to the Reserve '�
s�� Account, the amount of $1,000. Said deposits
�v� shall continue until the sum of $120,000 (the �
F.� �',
:�t,_ "Minimum Reserve") is on deposit to the credit
.,s'_ . �.. . .
��,; of said Reserve Account. In the event that �
� the amount on deposit in said Reserve Account
`� shall thereafter fall below the Minimum Reserve,
?�' monthly deposits in at least the amount of �
$1,000 shall resume and continue until the
Minimum Reserve is therein on deposit. Moneys �
`�& ' f;��,;
���
�' -15- • ��,.
} �-
J' F�.
� ��}� � . � . .` .
t.
.__i� ....
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�Y
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. �RI:
':' . . .r,�.. v .... ....: .:. .v.+.:,. _. . .....«, , . _... - ..,.. ... . r .... . ..... ,... ... . ..- .. . .
� ,...�. . .:: :.._ .,,. . . .........
.. ... ... . .. .. .. :,
� .r.....� . . . . �.... .: . .'. .
.- . .•.-...:...... .... . ..� . ... . . �..'..
on deposit in said Reserve Account may be T
used £or the payment of principal of and/or
L •..
interest on Parity Obligations only, and !,tx,..
shall be so used only in the event that the�'e t '
�
are insufficient moneys in the Principal and e '
q�n;;...
Interest Account to meet such principal and `�
�a
� � �514�.:.
interest payments promptly when due. Moneys ��
in the Reserve Fund may be invested in properl t�
::; y i�`
< '1 ";�;:.
' • insured certificates of deposit, or in direct Q,��
; :3 �,<:
' 1 obligations of the United States Government or �
i �
,;;� in obligations or securities of any agency or ' ��;
� instrumentality thereof, and the interest fYOm �,
�
':� any such investments shall be considered as �:
�.
;� � income and revenue of the Airport and handled �
�';:� accordingly. ��:.
_ :� ��,
� Upon the issuance of any Proposed Bonds, as herein provided, ��
�
� a all payments to the 1977B Sinking Fund, and the Accounts ��:
;,,,� �,,
; j thereof, will be increased in such amounts as may be �'���
r .1 €'�'
; necessary to assure the prompt payment when due of all �;�
' ; �..
� :� Parity Bonds and the Proposed Bonds, an8, in the case of ��;:
�
', ;' the Reserve Account, the Minimum Reserve shall be increased ��.�,.
� :
; �� to an amount equal to the aggregate average annual principal ��.
,� ��
''�3:.3 and interest requirements for the then outstanding Parity t�''��:-'
: j '��
`: ,1 Bonds and the Proposec� Bonds, an immediate additional ���;
i �
',,�� • deposit of not less than fifty percent (50$) of the �,�,
_5 a ' �,�f'
��;;� average annual orincipal and interest requirements on the ���-'^�`'�;,
; ; [�r
-' Proposed Bonds shalZ be made to the Reserve Account, and ��'
`s''�.� . �y�::
_,Y,'�
�� additional monthly deposits to the Reserve Account shall ��;
�, M��. '
be made in such amounts as will assure accumulation in ��
-:�. F,.
� said Account of the increased Minimum Reserve within �:
- five (5) years from the date of issuance of the Proposed ���
�
�
� Bonds. ��
�� ���
'��'� (c) Renewal and Replacement Account. From the �
� �
�� �.
; ��
� t F
.��J . ��.6� l�,��.
:<. .1:,�;:
?1 r,i
4:,�
'i - 1
I
,G,:..�. . .
_._
�:�>,
,,.
.
- :.
amounts remaining in the 1976 Gross Income Fund,
the Renewal and Replacement Account of said 1976
Gross Income Fund shall be credited at least 1
�"� monthly with the amount of $2,000; provided, �-°�-
�
� however, that at any time when, and so long as, t
the amount held to the credit of said Account � �
�{i.
equals or exceeds $240,000, no further credits �`�,
,',,� (�sv�
j need to be made to such Account. In the event the ��`
;`
:
� f amount held to the credit of said Account shall ����"
;.�i � . . a:�'� -
:::t - . - . :�Y.'.3
���
; thereafter fall below $240,000, such monthly deposits ��,
�' shall resume and continue until said amount is therein �''�
,� ���•
�
held. ��
I In the event that moneys in the 19778 Sinking .
� Fund are at any time.insufficient to make the re- `` .
, `�
• quired payments of principal o£ and interest on all �
J
� then outstandin Parit Bonds ��,
� g y , promptly when due,
; sufficient moneys shall be transferred from the �
t ' .
�y Renewal and Replacement Fund to cure such deficiency.
"; (d) Remaining Gross Income Fund Balances.
s
'; ' Any balance remaining in the 1976 Gross Income Fund � . F, ��.
3 �:
� . after providing for the aforementioned deposits and
,:,� . .
yi credits may be accumulated to pay or used to pay , �"':
I
��� `costs of additional acquisitions or capital construc-.
4; •
:, tion of the remaining uncompleted portions of the
j Airport or, if the Airport is complete and no extensions ^ '
� ;,
j or improvements thereto are then needed, as determined '�""
��� -
,�' by the Board, then said balance may be transferred �
��
"��
�"3;' to the 1977B Sinking Fund and used for any one or �,�
:.�
more of the purposes therein provided, or may be used
j�; for any other lawful pur ose.
P �
�
,, The amount necessary to accomplish the purposes � ��
;� hereinabove designated are hereby apnropriated from the specified �
���1;
::
funds and revenues for those purposes, and said amount £or each
; ,
jr� -17- ��.
� �,
�� . ��j;.
' �j �s�!
1
t;, :;��„ _
, ' :j.
; �.,
:,,'. ..
�;
year shall also be included in the annual budget and appropriation
resolutions to be passed and adoptecl by the Board of Comm9.ssioners � �
j .
� of the County in each year. _ � �
�• • • Section 6. Additional ParitY Lien Bonds. In addition �r
� . t' �
�' to the Warrants herein authorized and the 1977 Series B Bonds • �
::`. _
��:;;
and any bonds hereaftez issued pursuant to the provisions of �,t,.
���;.
• this Resolution having a lien on a parity therewith (which are ,�
:"` �'
�� herein referred �o in aggreqate as the "Parity Bonds"), the �7�t,,
'1 f,_•_
2:;:
County may issue additional bonds with a lien on a parity �;�.
: ,�a.
,;j therewith (hereinafter referred to as the "Proposed Bonds") to ��
. �Vrf.'
::� pay for constructinq or acquiring additioY►s, extensions and �•
amprovements to the Airport. Such Proposed Bonds may be issued � ���
`:� ��'
� � o, nly after meeting the following requirements: -�'
i ;
�
(a) A Certified Public Accountant, licensed
.; , to practice and practicing in the State of Colorado, �;
F�
`� � shall have certified that Net Revenues of the Airnort �.
`;a �
during the twelve (12) complete calendar months ��:
y� immediately preceding the date of issuance of the
. �:
'Y''� Proposed Bonds shall have been not less than 125$ of
' �'
,;�;,:� the total amount which would be required to be deposited f�,
Princi al and Interest Account in any succeeding �
: � in the p
- , ��;
''; fiscal year to pay principal of and interest on the � .:
,;`_� then outstanding Parity Bonds and the principal of and '� �
�� interest on the Proposed Sonds, if issued as proposed, �� .
;',� plus 1008 of the maximum amount which would be required ���
to be de osited in the Reserve Account in any succeeding ''�;
;`.�. p �
�,�,>
��.� . fiscal year; or � �:
-��a.e ~ �'.a
- � (b) The Financial Advisor, or other nationally t_ �°
recognized municipal financial consultant, shall have '" `
`+.
certified that the average annual net revenues reasonably
;�� estimated to be derived from the new facilities to be �
constructed or acquired with the proceeds of the Proposed
�-
F-�
.� -18- ry4.�,
'� [-�.
��r.
�k;'
_�, i.:,�,
r
+� (;:.^
� � - . . .. .. . ._.... ... ..�. 'il.� . .
+R +' '
/
�:I .
..�.i't''y . . .
, � . . . . . .. . , �_.. ' . �'-�.: ' .� . ';�. 'Si'. 1�. .._ . y._
l�
,' , . .. ... . ... .. . . .. ... . �
1
`; Bonds, if issued, during the sixty (60) months
' ri .,
'! immediately succeeding the month in which all or
i� 4��
1 any part of said new facilities are estimated to {z '
; . ��
� be placed in operation, plus the net revenues e�f`,
�. :
F �
!j reasonably estimated to be derived from the then �- "
�'s
r
? existing Airport during the twelve (12) complete . ��,:
��<�,,
� . C..F..�_
�! calendar months immediately succeeding the month a:�;.
in which the Proposed Bonds are to be delivered to �?'.
� �a
' the purchaser thereof, will be not less than 1258 `��-
� of the maximum amounts which would be required to �,.
be deposited in the Principal and Interest Account �'
in any succeeding fiscal year to pay the principal � �
�
Fa.
's�;; and interest on the then outstanding Parity Bonds & :�
� and on the Proposed Bonds, if issued as proposed;
� or �,� .
i
; (c) In the event the Proposed Bonds are to �'
,�
� be used to acquire all or part of an existing,
;�� .
`� operating and revenue producing Airport facility, �
b� �..'
� such Certified Public Accountant shall have
� certified that the net revenues derived from the y
� Airport during the twelve (12) complete calendar
':a ��'
� months immediately preceding the date of delivery .,
.'�� of the Proposed Bonds, plus the net revenues �
�� reasonably estimated, on a pro forma projection of '�F
;�z� revenues based on revenues earned by such new �
��
i:� #�
�i . facilities being acquired, during the twelve (12) � -
��� . . ' .��'� .
�; complete calendar months immediately succeedinq v:�:
� ��
r"' the month in which Proposed Bonds are delivered i,�,
r...
,t.�;
, will be not less than 150$ of the maximum amounts 'a _
`�� ' -
required to be deposited in the Principal and !�:�.
Interest Account in any succeeding fiscal year to � �
� pay principal of and interest on the outstandinq
� . .
Parity Bonds and on the Proposed Honds. �; ?:
k'
.,�s�- ' ���r.
� -19- �X�.
�u, , ��
. . . . . .h.,.
.�;�- . ��..
�-.�. . - .. .,.
�i" . ....... ........_:� ,.
� . . ., . ... . .... ,
ii .. . . � . . . ' - � . .. . . . . . . .
��.w:ii,.s.-.
� v
���''.
Yi.
�{
)�'- ....,� ,.:._.-�... ... . � .. . .�....lF._ .A. . . -
f
In the event that the Board shall adopt and place into
' effect a new schedule of rates and charges £or the Airport, in `� '
i ��:
• the instances of such Certified Public Accountant certificate � '' -
€;:;<'7
under (b) or (c), above, it shall be assuined that such new '
t
schedule was in effect during the period used for required ` �;�:
�ra;.
computations except that estimated net revenues shall be +; :
di p
adjusted to reflect not more than 125� of the previous rates � "� '�
E N�
p.ir;
and charges. r,�l.;
F�.'
Nothing herein contained shall preclude the issuance of � �
additional bonds ��Y`
_ payable from the Net Revenue of the Airport, �
���!.
but having a lien and claim subordinate and inferior to tlie R""�`
�C`�
lien and claim of the then outstanding Parity Bonds, so long €�u-.
as the County is current in all payments and in compliance ��
��,
� Y'�+
with all covenants relating to the then outstanding Parity Bonds. ,w�
; ��;
' Section 7. Additional General Covenants and Agreements. ��
i' . E�;
The County hereby further irrevocably covenants and agrees with �
��'
j each and ever holder of the Warrants issued under the provisions ���:
1 `;s
± of this Resolution and the holders of the 1977 Series B Bonds, ��
�� .
�-
that so long as any of said Warrants or Bonds remain outstanding: ��.;
�:�'
� (a) It will continue to operate, maintain and manage �
, � the Airport in an efficient and economical manner. �
��.r
� ��a:
t ;� (b) That proper books of record and account will be ��
� �a�;.
? kept by the County, separate and apart from all other records
i f�
,;,� and account, showing complete and correct entries of all ��
:� ��;
trarisactior_s relating to the Airport, which books and accounts 4�:
,� �;
�� shall be available at all reasonable times to the holders of '��'
+ t�••
,,;.� ,,�,
:��. "�;
.�., any of the Warrants or Bonds or any authorized agents of the `;�4�
�
'�. r��.,
�'� Warrant or Bond holders. �''n'
�:?'�`, G��::
(c) That it will, within ninety (90) days following �^'�'`�'
� i
�, �.
the close of each fiscal year, have an audit made of the books '
�� ti,_
��' and accounts_by an independent firm of Certified Public Accoun- i�::
�``�
� �t�-
ta�nts. Each such audit shall include a detailed statement of (
l..:
the income and expenditures of the Airport, a balance sheet, an �-�`
::�
t.�,
�� ��� •
i' -20- E�'
;�
�` k`z
A.,
`<.
I �
t.{:.. '.(... . . .
ir,::�;.:w�:.,
_ .. ._. ..._...i._ . +w .
Y:
:-�����i��
analysis of all funds created in this Resolution setting out
,�
deposits and disbursements and fiscal year-end balances, and r :; `,
the Accountants' comments regarding the manner in which the 4 ;
a. . . � r^" .�-.
� County has carried out the requirements of this Resolution and ; . r
.� y:
'� other information. ��y=;
«•;:
(d) It will, through appropriate action of the �x�;:
_ . . F,s::�,.::;
,L; Board, establish, maintain and enforce the schedule of rates ._ ��
a�,,'e<�
' and charges for use of said Airport to insure the efficient �;:'
rn:��...
;,.
and economical operation and maintenance thereof, the payments �4�_..:
���
of the principal of and interest on all then outstanding 3`�,=;_•
. � Vi�4`,..
Parity Bonds promptly as the same become due, and the reserves, p�,;
��-`
accumulations and maintenance of the funds provided herein. In �;
rt;r:
� S
the event that such Airport revenues at any time should not be �fx
�:
< � sufficient to meet such payments, the County shall increase its �.�;;
��:
rates and charges to such an extent as to insure the payments �_
, ' �
; and accumulations required by the provisions of this Resolution. �
, ' (e) It will not sell or alienate any of the property �
i �..
11
, constituting any part or all of said Airport in any manner or to ��
,. #�
; any extent which might reduce the security provided for the z�.
: �•:
� � payment of the Warrants herein authorized and the 1977 Series B ��-
�.�
�'�� Bonds, but the County may sell any portion of such property ��;
-a ' i�r:
�e-
��5.
which shall have been replaced by other similar property of at t.��,
� ^�.
;� least equal value, or which shall cease to be necessary for the �
` '' efficient operation of said Airport, provided, however, that in r��:
�' the event of any sale or sales where the aggregate consideration t�'�'
� �i`
c� exceeds the sum of $1,000.00, such consideration shall be paid 'r�•
tvt.;
��3 into the Sinking Fund and shall be used and disbursed for the ��T
,
:; �'
�:, purposes of said Fund. "�,��;
s•- � rs,t•-.
3�3,'k'.
(f) It will provide no service or use of the Airport ,i��:
��' ���
;��, except by contract, will promptly render bills for all services
�• ��
�2,..
i?r*�`
or uses furnished and use all legal means to assure prompt �r;,•:
;'^.` payment thereof. �
(g) At least once each year it will furnish the t�`:
:� . ,:���
�� ��
� ��n
{.�:
� -zi- ,`,:
..�.. 't.�.fi'
.,� �:!����
.A�... . h�kC� .
E'��
• ' , :
;i. . . � .. .... . .. . . . . ....:�.... _._..�.
��:��..
__.______ _ _.,
: . : , : ..;
�'
original Purchaser of the Warrants a copy of the audit, and
related documents herein required, for the fiscal year of said
;_:
Airport immediately preceding each statement. < '
i:� -
r::
(h) It will carry workmens' compensation, public �' ,
. �, _
liability and such other forms of insurance on insurable Airport i;� �
':; . � . � '�r<,..
t
property as would ordinarily be carried by entities having similar
property of equal value, such insurance being in such amounts as �.; .
; will protect said Airport and its operation. ?
+ ��
(i) That it will not permit free use or service of � ` '
� , .,. . . �Fi �_:
the Airport to be supplied by the County or any department �.
�:
�t::.
thereof to any person, firm or corporation, public or private, p:�`
�<,,,
or to an ublic a enc ��'
y p g y, including the County. rY
; I.::
; Section S. Events of Default. Each of the following �;
f 4:
events is hereby declared an "EVent of Default", that is to say H��`,^.
[?`�,:
kA'�.t
i when: ,.<::
;;,:i . . . s:t,:;..
Y
'� A. Nonpayment of Principal. Payment of the principal ��;
'! �j.
�1 of any Warrants, or any prior redemption premium due thereon, ��-
� „
� �
� or both, is not made when the same becomes due and payable, either 4'
-;,{ . � r:r..� .
at maturity, or by proceedings for prior redemption, or otherwise. E ,
� t .,
. ���
B. Nonpayment of Interest. Payment of any installment F �
� —
3 or interest on the Warrants is not made when the same becomes due >
�t:
7 and payable, or within thirty (30) days thereafter. � �f�'
' i `5
i C. Incapable of Performance. The County shall for ���.
l F:.
f5.�.
any reason by rendered incapable of fulfilling its obligations "•,
- +'.-;i;�.
`' hereunder. r
� rr�:
,�
r3'
,`;� D. Appoints[tent of Receiver. An order or decree is �`�
h;
r<� entered by a court of competent jurisdiction with the consent or �.,>,
; :�;
acquiescence of the County appointing a receiver or receivers �
,�,; ,,.�;;
'��" for the Facilities or for the Net Revenues and any other moneys L;�s`
�� subject to the lien to secure the payment of the Warrants, or ',
�� ''.
�� both such Facilities and such moneys, or if any order or decree i;�:
is entered without the consent or acquiescence of the County and i`�';;
�, is then subsequently vacated or discharged or stayed on appeal � f
�; ;;;.
4;V: -
_ (�::.i
`r�-; . -22- 4�1t'
.�� '7.'�_':'.
��.
�'�� . ... . . '
i�?�`;l:. .
.iiifi':� '
-- __--...�,�.�
- - ,. ,
�
';
'; within sixty (b0} days after entry.
:;�
E. Default of A� Provision. The County shall make
t
default in the due and punctual performance of its covenants or ;;, , ,
; �, t .
' conditions, agreements and provisions containec3 in the Warrants E�
.";� or in this Resolution on its part to be performed, and if such �`
- Fi:':::;;
default shall aontinue for sixty (60) days after written notice {�
F�
specifying such default and requiring the same to be remedied I'"
,_
Y''•5 .
shall have been given to the County by either the Purchaser or
the holders of twent five ercentum (25$) in �'
y- p principal amount E' �
9.�.
�t'
of the Warrants then outstanding. K;;�.;
tr
Section 9. Remedies for Defaults. Upon the happening �'`�
�'<=��'`
and continuance of any of the Events of Default as provided in 6":k`
�:
Section 8 hereof, then in every case the ho].der or holders of '�'�'
. C�;
�,.
not less.than twenty-five percentum (25$) in principal amount �5,�;
�.:;
��:
of the Warrants then outstanding, including but not limited �'�:
rn+�
��;
to a trustee or trustees therefor, may proceed against the ��•;
: �
�! County to protect and enforce the rights of any holder of any k�:
��
� Warrant or coupon authorized hereunder by mandamus or other �;
suit, action or special proaeedings in equity or at law, in any . ��4`
4 t�.
,,,:
court of competent jurisdiction, either for the appointment of �"�'
E�':
a receiver, or for the specific performance of any covenant or f'��
;7 ���
agreement contained herein, or to enjoin any act or thing �,�
; � �:?�:
which may be unlawful or in violation of any right of any holder
� ��:
^,; of Warrants, or to require the County to act as i£ it were `r'4
�,j the trustee of an expressed trust, or any combination of such ��s'
; �::�.
,;� remedies, or for any other legal or equitable remedy as such =�
.Y"-� holder or holders may deem most effectual to protect and en£orce �,;?.
9 ;
the rights aforesaid. All such proceedings at law or in �`""
�y� ��;.
{., �,::
equity shall be instituted, had and maintained for the equal ��:`
:�:_�i,
- �::ry':;
�_ benefit of all holders of the Warrants and coupons then out- .;:
,�u ;_
:;� standing and any outstanding additional bonds and additional ��==�'
4��y;
Pn, ,�
� securities payable from the net revenues on a parity with the ��'
,���� Warrants. Any receiver appointed in any proceeding to protect +`�
��?;;
� �:`,,:..
'�
-23- �;�;:;
��
�;. ,���
�
� .. : __ _
„
" k..
4F>'
_... _ ._.--..-�.�»w....r.� -- -..�__
�
: N�'
}':
the rights of such holders of Warrants hereunder, the consent
to any such appointment being hereby expressly granted, may
, enter and take possession of the Facilities, may operate and � ' �
i
maintain the same, may prescribe fees, rates and other charges, �
; ;s
. �.
and may collect, receive and apply all gross revenues arising E'
;� !
'i after the appointment of such receiver and appertaining to the �: `.
Airport Facilities in the same manner as the County itselE 'i"
�
r;, :
i `�?,
might do; provided that such receiver may not se1Z, convey, ��
t:
transfer or encumber the Airport Facilities. The failure o£ any , t
�>
}, :
such holder to proceed in any manner herein provided shall not �;.�.
4�r
relieve the County or any of the officers, agents or esnployees
�'�::
of the County of any liability for failure to perform any duty, ��.,
Y:.F
� ���':
' obligation or dther commitsnent. Each right or privilege of �;
�=;
any holder of Warrants (or trustee therefor) is in addition ;�-
r�.�.,•.�
and cumulative to any other right or privilege, and the exercise r��
� �
of any right or privilege by or on behalf of any holder of �
'1 ��
°i Warrants shall not be deemec� a waiver of any other right or ��,',�,�.:
��
privilege thereo£. ��
�}'
Section 10. Duties Upon Default. Upon the happening �:•'*.`
_ �.
of any of the Events of Default as provided in Section 8 hereof, �
�.,�s�
the County, in addition, will do and perform all proper acts on �; :
beha].f of an@ for the holders of Warrants and coupons authorized �`�:
: F�
`<'s herein to protect and preserve the security created for the E��:.
I:r..
^ ¢�.;
�;:�
'_ payr.ient of the Warrants and coupons and to insure the payment �.k
s�:s �•'
� o£ the principal of and interest on the Warrants promptly as �''a.
l�;
p the same become due. All proceeds derived therefrom, so ��,
y�1 �
�;�; long as any Warrants, either as to principal or interest, are "�'
�i' .:.r,^ �..r
';�;,� outstanding and unpaid, shall be distributed for the eqssal `:.�=:
F"'`; ' ti��
}�`�
� benefit of all holders of the Warrants and coupons then out- ��
�:
�.
standing, as well as for the equal benefit of all outstanding �
: - ��: .
� additional bonds and refunding bonds or securities of the ���;
`r� Count ��rt
y payabZe from the net revenues on a parity with the ��_
Warrants. In the event the County fails or refuses to proceed ��-
k'. V�ev^e:
�!.
4�::
�" -24- 1�Y,
�i F?�;".
��� �;�,:
;
;
_ ,
.:�, a.,^4..Y..,
Ctii.9inti.`:.F•.
___ __ �..�_
__- __ ;
, _ ,
; .. -, ., _. . . ,.
� . . . � �91�.
. �- ynr.�-,
as provided in this Section, the holder or holders of not less
`+. than twenty-five percentum {25�) in principal amount of Warrants ,:._�°`
i
,; the outstanding, after demand in writing, may proceed to protect �
� and enforce the rights of tYte holders of Warrants as herefnabove
;� .
provided. Nothing in Sections 8, 9 and 10 shall affect or impair �
' the right of any holder of any Warrant to enforce the payment of �
. [
the principal of and interest due on his Warrant or the obligation �
of the County to pay the principal of and interest on each ��,a_�:
� £�
Warrant to the holder thereof at the time and the place expressed (.Y`, .
i
in the Warrar�t and in the coupons. Nothing in Sections 8, 9 and ;;.:;,`
l F
10 shall re uire.the Count to t� '.
" 4 y proceed as provided therein if it t.,
� ��,4
��,':
determines in good faith and without any abuse of its discretion r:;�;:'
�_�,
that if the Count so roceeds it is more likel than not to `"�`
Y P Y �'�'.
� ��"�
incur a net loss rather than a net gain or such action is other-
'� ��
� wise likely to affect materially and prejudicially the holders
. �Y;.
'•3 �;�: .
of the outstanding Warxants and any other outstanding additional ��=
?is:j �s�'.
E�,Ge=
"! bonds or securities of the County payable from the net revenues �""
%;1 Si;�
r.,.
��; on a parity with the Warrants. ��-
, �•
Section 21. Defeasance. When alI of the �
.:i principal of, ,;
��
s;; .�';s
the interest on and any prior redemption premiums due on the �*K
; �
j Warrants have been duly paid, the pledge and lien on the gross ��t�=
� �;..
.; revenues and the net revenues and all duties and obligations ���
;� F�.
created hereby shall thereby be discharged insofar as the same t=�
� ��
t..i
; :4 relate to the Warrants authorized herein. There shall be ��7
5;..
i{ . deemed to be such due payment when the County has placed in ��
r� s:
;; escrow or in trust with an Insured Bank having trust powers ��,
.�;
..'y`-1.i • �`'�K:
��- located within or without the State, moneys or Federal Securities .��;u
w��
�`
�, in an amoutn sufficient {including the known minimum yield '��
y-,� ,..
;',:i:� ;i.;�n:
availab].e for such purpose from the Federal Securities) to meet ``�
�e s
�, all of the payment requiremen£s of the principal of, the interest �"�:
' ��
�'. on and any prior redemption premiums due on the then outstanding ;y;�`
4 �.
etif:i
�� Warrants, as the same become due to the final maturities of �s-c,r
-„-
�< ,
r�,
the Warrants or upon any prior redemption date as of which the �::
:�F� f;�:?
�'A;,.; '�. -
�'�: '4.
`�' �Z S" �i F��:'�
4F��� ' . � . ,:;.;.
4;
�' .
..,�1 1 C,_:��
�
,f _ _— _ _ ,_ _
.,,��.:h:,?;�"'.�5�. .
'a�:C.:� .:t
v.__-_ -- -- �....�..
�
� J�`.,
�
� � ;�.�
;
� , . .. . .. . , w
..: .. . .. ... ... . . . .. ...,.
.. . :.. ..._. . :, _ . ._ .,�.. . . . ...
` � ... ._ _ , ._ . ...� -
!
� County shall have exercised or shall have obligated itself to
i
i exercise its prior redemption option by a call of Warrants for
t
'.i payment at such prior redemption date. The Federal Securities �
;.�
� r .
so placed in escrow or trust shall become due grior to thQ
r �
_ � respective times on which the proceeds thereof shall be needed, �
�� in accordance taith a schedule established and a reed u on i�etween ; ��
-::.� g P x,. _
the County and such Bank at the time of the creation of the escraw �`
y
. -� �EVt�����
or trust, or the Federal Securities shall be subject to redemption �,� �
�
at the option of the holders thereo£ to assure such availability � �
of moneys as so needed to meet such schedule. . ��3�,
S �`.
Section 12. Amendment of Resolution. This Resolution ��
ma be amended or su lemented b resolutions ado ted b the �� �'�
Y PP Y P Y �.r�,
�
County in accordance with the laws of the State of Colorado, ��"
k�:
without receipt by the County of any additional consideration, P�,�-
��;'
but with the written consent of the holders of three-fourths (3/4) �
� �
�; of the Warrants authorized by this Resolution and outstanding at
�;
jthe time of the adoption of such amendatory or supplemental ��
�c
;) resolution; provided, however, that no such resolution shall �:
;si have the effect of permitting: . �
';;�
; A. Changing Payment of Principal. A change in the
�--' _ �— �`k;:
ai� maturit or in the terms of redem tion of the �'� '
; Y p principal o£ any ���,
M1� - . . . t-F.
,=r outstandinq warrant or any installment of interest thereon; or ��,
::� B. Reducing Return. A reduction in the principal ��:.*:'
e" ?�;
' amount of any Warrant, or the rate of interest thereon, without ��:
`� ��i.
:� the consent oE the holder o£ the Warrant; or ��:
��
��f
?� C. Prior Lien. The creation of a lien upon or a �
��; p].edge of net revenues ranking pr3or to the lien or to the �?y'
6�
�� pledge thereo£ created by this Resolution; or ��,�
x��� "a:�-.
D. Modifying Amendment Terms. A reduction of the ��;
��, ��
principal amounts or percentages of Warrants which is required ��;',
;�� ..s':�`
;�r�,� for consent to any such amendatory or supplemental resolution; or "••`=��
_ E'=':
�,� E. Priorities Between Warrants. The estabZishment of `�`
�'�`
,� priorities as between Warrants issued and outstanding under the �`�'
�. ��„� �.�_
�+ -26- 4;,�,.
: �.�;:
,�; ;
. {��
' E�:
� c
. •.
_. :_
., . . _. _..
, __._:. _..�.,
� ; ;. , - _ -_
,;�..`„.:c:;�_
�.W. i __ .
�
�:;
.
):. . ,�. .,..., ,_.... . .. _......: . :.. , , __ _._. .
.. _ .
..,
;� . ,. ,. . .... ...,:.::. .
;�
� provisions of this Resolution; or
r;i
,_.�
; F. Partial Modification. The modification of the -
rights of the holders of less than all of the Warrants then
;�
�� outstanding.
� Section 13. Arbitraqe Covenant. The County �ovenants
3 '.Y5 .
� with the holders of the Warrants that it will make no use of the �`
`� <<-
F; t
,•j proceeds o£ such Warrants at any time during the term thereo£ `;
�1 '.. F.....
f�` .
;i which, if such use had been reasonable expected on the date� the _ g`
N`1. '
°� Warrants are issued, would have caused such Warrants to be ';
; arbitrage warrants within the meaning of Section 103(c) of the �F .
� Internal Revenue Code of 1954, as amended, unless, under any �; .;
� provision of law hereafter enacted, the interest paid on the �`��'T'
4�
�� , r
f ,4.
y Warrants (a) shall be excludable from the gross income of i�"
t�
! i';t`„�?'
" • a recipient thereof for federal income tax purposes without �'
� �`�:
. �.+
` regard to whether or not such Warrants are arbitrage warrants, ��=:'
'+ r sr.
,� or (b) shall be exempt from all income taxation. f;��
.:� �r
Section 14. Prior Actions Ratified. All actions �a
�:
� heretofore taken and approved by the County relating to the � ,.
�;:� � contract for the purchase and sale o£ the Warrants and relating �`�'
; to the construction and equipping of the Airport Facilities are ��
��?
`� hereby ratified and confirmed. �4;
?� Section 15. Delegated Powers. The officers of the �s"4•
F;:
i ,.
County are hereby authorized and directed to enter into such �::`
;� �i
y �
�� agreements and take all action necessary or appropriate to �,,:
r-��� � .� f':
effectuate the provisions of this Resolution adn to comply with �
� �-,;:
�;� the requirements of law, including: �':;
1� A. The printing of the Warrants herein authorized; �''';
- €,;�,
}'� B. The execution of such certificates as may be :%`
�;;:
�� reasonably required by the Purchaser of the Warrants relating `�
r'_
to the signing of the Warrants, the tenure and identity of the
A'
�; County officials, the delivery of the Warrants and the receipt ,::;
�- of the Warrant purchase price, and, if in accordance witl� the s;;
�:' '
' facts, the absence of litigation, pending or threatened, affecting �'�,
#;
� �
�:
��. `
:� -27- ,._
}:: .
. _ . _ _
� �.
'1
�+.!�jc;t.�iP
�:
:�:
! i .
;
.;� the validity of the Warrants;
',i C. The making of various statements, recitals,
'�� certifications and warranties provided in the Form of Warrant r4 :
,� set forth in this Resolution. y .
;; . � . .
� �.
. �.':j Section 16. Statute of Liiaitations. No action or suzt
-r�
:;:_� based upon any Warrant, coupon or other security of the County
:..� shall be commenced after it is barred bX any statute of limitations �
,y � v
-;� pertaining thereto. Any trust or fiduciary relationship between � 't, '
[� �
;;� the County and the holder of any Warrant, coupon or other security,
. ,
�
i,,� or other obligee, regarding any such security shaZl be conclusively
�5
' presamed to have been repudiated on the maturity date or other due � .��µ .
, ;T
date thereof unless the S+larrant, coupon or other security is pre- �¢.,._.
; � �� _
sented for payment, or unless demand for payment of any such ��
` :a �°,�.?
other obligation is otherwise made, before the expiration of the �'�
T J ���
'? applicable limitation period. Any moneys from whatever source ��
';.a �:��';
�z.
`= derived remaining in any fund which is reserved, pledged or ather- �,^�
� ��
wise held for the payment of any security, where the collecti.on �.��
; �,,.
of such security has been barred, shall revert to the 19778 i7�
_�
� .;:
.`,:� Sinking Fund, unless the County shall otherwise provide. IvTothing, y�°
,.`; herein prevents the payment of any such security after any action �
- 1 . ��'.
,�� or suit for its collection has been barred if the County deems ���
it in the best interests of the publia so to do and orders such �
�£;
!� payment to be made. r�<
�;
;u's� Section 17. Prior Inconsistent Actions Repealed. All ���:
r4 t`.
fl�:;
;3; resolutions, acts, orders, or parts thereof, taken by the County �:==,
�;a s�
" ��
;a' and in conflict with this Resolution are hereby repealed to the �}
;�; extent of such inconsistency. Said repealer shall not be deemed �;�`.'
r�
_ ��� to revive any resolution, act, order, oz part thereof, heretofore "'^';i
i,`,;.
.::^y, , ','r,,.
�� repealed. ������
f;>ir
Section 18. Irrevocable and Irrepealable Contract. ��,
�
..:ny � ��'�=^:;
� After the Warrants hereby authorized are issued, sold and are �•.z��_
r
. � .. r."c»..
Y'#�
�3 outstanding, this Resolution shall canstitute an irrevocable �y!�-�`
� ��e;
� contract between the County and the hoZder or holders of said ��}-
...R� �.�,...
�::
�?�_
£�
��,
�•ji,.
� -28-
y` r.k�:.
�_ �; :
.,r" y';.
: ' (;',�:.
. .� i'rl:',•�-.
1
i �
•=;lQ'.�{,F
��wr+fti:
_ �. . � _ v a_. _
j
��'.
. _
. . .., :.._. .<._� . �. �,_ ,.
f , . ... ..
-:� Warrants; and this Resolution shall be and remain irrepealable
�:
until said Warrants and the interest accruing thereon shall have ;' �
�j been £ully paid, satisfied and discharged. {:, '.
:�
1;:
� Section 19. Payments by Officers. The proper officers -
-a s
� of the County are hereby authorized and directed to pay or cause ''-� '
� to be paid the interest on the Warrants herein authorized as the � '`�r�
� > :
; same shall accrue, and the principal of said Warrants at maturity, ,,�� :`
� � �_ �
�A without further warrant or order. i'°^�
t�"
� Section 20. Severability. If any paragraph, clause ��',��
f or provision of this Resolution is judicially adjudged invalid ��
� ���
,� pr unenforceable, such judgment shall not affect, impair or kr�
`� invalidate the remaining paragraphs, clauses or provisions ��f
;� hereof, the intention being that the various paragraphs, clauses '�
� or provisions hereof are severable. �'�
�� s`:.?
fi =•
`� Section 21. Immediate Effect. This Resolution shall �"�
� take effect immediately upon its passage, and shall be recorded P�'
� ��s,
�=
in the official records of the County kept for that purpose, �x�;:
,e �*x
' authenticated by the signatures of the Chairman of the Board of ��;
�' De ut
�
t` County Commissioners of Pitkin County, Colorado, and the,P/COUnty �s°
,=;i. s?�;:
Clerk thereof. ��-'
�i
�
' INTRODUCED, READ, ADOPTED AND APPROVED this 26th day �j_
of Se tember 1977. �'R
P . 4��°1
� �
` BOARD OF COUNTY COMMISSIONERS �""
`'� PITKIN COUNTY, COLORADO fr"
;��, �';;:
,'1 y• ^IJ.I Fw�,�,. .
r' `� afi��' � :'• f t
` �..- (S���aL) .� BY ( �/i1 �s^
` r-. ,C airman �,,
�: F� � T � .�c.,. ��..
�:'. ' `_ AT��ST Y ';:.�. ;}`;.
.,. :'r �" '`�"..'...CC - - �. �.�r,xi.
' :� r�. .� P 3':
; �� : '`,. ti.:,
� ' rj/ ....�'`"���.(l�S'� . �Y5.
;� De�uty,COUnty;Clerk �'
�� Pitkin.•County,'Colorado £,-;.:
y.
..L . ' . �:.T..
. , ��- � ' T'^.�'.
� "' . . . . ��,.
��':.
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�
,�� The said motion to adopt the foregoing REsolution ���
1t
;� was duly seconded by Commissioner Kinsley , put to ��°�,�,�!
� � �
`u`i a vote and unanimously carried, the members of said Board of �"r�`'°`
� ���
,,�;, County Commissioners voting as follows:
�� , � .. .
Those Voting AYE: Michael Kinsley '�
�'r� • Joseph E. Edwards, Jr. �'�,
� •
� N �
�,, Robert Child
,:� Y,`
,� . }..,
�: �.. :
r.� a �'
u� Those Voting NAY: None �f
n
� u
a si
'` Those Absent: None
�'�;�
3:! . . . � . � .
�� The presiding officer thereupon declared that a
�� majority of the Commissioners elected having votec� in favor r
,r.. �;
h� thereof, the said motion was carried and the said Resolution
<��� i
�';� duly passed and adopted.
�r� Thereupon, after considering matters not concerning
- ;,.:
�� the foregoing Resolution, the meeting was adjourned.
�;
�� i� , .
}�-, ,a . �
�.Y ,,
"" '-=� 1�� c��. Cha'rman
�,� - � ,.....
,f '.� ,.• �''�.., ;• Boa d of County Commiss'oners
�`�� ', �;�(Sa�.,�,;x,)'•..� Pi kzn County, Colorado
w: .� �
��` ��z •.� 43 "� .(�,. S�c :
� � � •. ATTEST �r 5 .
;µ' . : ". �� "'K �; r . . . ._ . .
..�,� ' ` +_r. aw ."'�"\' . , . . . . � � ..
��' f' ' ��.`��falvarf
� Deputy.�otYnty'CTerk
� , Pitki.� >County, Colorado
..��.��:F , � . � � � � �
-30-
; ;
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. .;..._._ ... _ .... ..
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��.i . . . . . . _. ... ._.. .. - f
-�
� i�
j STATE OF COLORADO ) � �
j ) ss. f
: COUNTY OF PITXIN ) �'�'�� .
:� P�ad�. .
� . �y `
� �
�
o E. G. Stewart, Deputy� �.��,�
� I, ,���Xkt�i�i�X County Clerk and Recorder and ex- t`�
a, �
� . . -. .��a��� ,�..
i officio Clerk of the Board of County Commissioners of Pitkin. ,� ���
k.:
�'� County, Colorado, do hereby certify that the foregoing pages �� :`
�� � �
numbered 1 to 30, inclusive, constitute a full and correct z"��
�'7 .� � . . - . . . � . r .
r . . . +kL ���
� copy of the record of proceedings taken by the Soard of County
�u
Commissioners of Pitkin County, Colorado, at a special meeting ' ,� ;
� held an September 26, 1977, insoEar as said minutes relate to
���;
i!
,;� a Resolution reqarding the issuance of its Airport Revenue ='
��� Anticipation Warrants in the principal amount of $125,000, .
-_.;;
;,�;
-;]�. : dated October 1, 1977, as recorded in the official records ; � '
�} ' of the Board; that the proceedings were duly had and taken, �
;�1
:i
"�� the meeting was duly hel.d and the persons therein named were
�� i
i:� � I
�, present as shown therein. i
.� �
,��',
�% IN WITNESS WHEREOF, I have hereunto set my hand !
�t�.
i
;�5 and affixed the seal of said County at Aspen, Colorado, i `
��� this 28th day of September, 1977. � ,:
^�'' ;;` �
;; .. ..
rs� � ~�.�, �r��� .. . �� �'f- � . . �
' � Deputy County Clerc an Recorder
� = �'• "•��< Pitkin County, Colorado
����r � � n�"a .._�... . � .
rv:;. `� (S�� �Z�I�:Z
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. . . .. . � � r✓�'
`' • C E R T I F I E A R E C O R D �-
�'° � ,
FY
�. :
.„� , � . . .. .. . . . . . . �, .
�°,Ui . . � ' � . . .. . . � S r�;,
�� of proceedings of ��4'
.. - - i'f;�:.
.. . . .. .. . � . . -y7�.,
.. � . . �_ � . . . k`.�:.
� . .. . -... : � . . . . . ���.�.
y,_.
� THE BOARD OF COI7NTY COMMISSTONERS
�
� f . ` OF PITKIN' COUNTY, COLORADO �
� I
...
. _ .�
' relating to the issuance of its �
l :
; . .
�
! _ AIRPORT REVENUE ANTICIPATION WARRANTS
i
; IN THE PRINCIPAL AMOUNT OF $125,000
' ' DATED OCTOBER 1, 1977
j ,
:5.
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, �:.
f .
'. . . . . ... . . . _ - . . . � - . . � . . hx�.�.
... � _. . ... _ . �_ - , . . � ��?.
bt
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. � . . , . . . .. . . . . . .. . _ , '�.
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. .. . . . . . . . . . . .� . . . � . l��1��
� . . . . � .. . � . . � as.-.
. . . � . . . . . - . .. . ..- � . � . ���I
. . . . . . . . wr.
. . .. . . . . . . . . . . �:.
. . . .. . . . .,�.:
. ' '. . : . � ' . . � ��.�.
�. .. ' .. . .. .. , . .. . � . . ����.
.. � . . � . - � � . - .F>'`.
� ' . � - �. � . . . . . . � . . . . , . _ �:•'
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. .. . . . . . . . . ' . . . . S��,..
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� .. . . . . . . . ���
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..... . .. . ... .... .... _.. .. .
NOTZCE OF DIEETING
1-..
�`
TO: THE BOARD OF COUNTY COMMISSTONEI2S � .,._.
OF PITKIN COUNTY, COLORADO: f �?::
� �
�� NOTICE is hereby given that a regular meeting oE � �, ;
the Board of County Commissioners of Pitkin County, Colorado, ���
�,�,..;.,
will be held at the Pitkin County Courthouse, in Aspen, r
Colorado, on Monday, the 26th day of September, 1977, at the ; �', ..
hour of 9:10 o'cZock A .M., at which meeting the Board will � '�;`
consider and act upon matters relating to the issuance of �"
� � � �F.,:
F. i ''
the County's Airport Revenue Anticipation Warrants dated �� :_
���i;
October 1, 1977, and take up any o�her business to come before �_ :
� �
it. ��u r
��
GIVEN under mp hand and the seal of said County �,`
�ylS'�.
as:•.o,f the 23rd dap of September, 1977. �
��
.,_4 , ..�d,�..
. .. � . . �,��.
�.\`, ,* , /�� �,"
� � rCLQ�1��7 €:
Kh"
� ' A �� X��C E. G. Stewart ���,,
� ' ���`� Deputy County Clerk ,.,�:.
; �� ') ;_{ .v �. Pitkin County, Colorado `_
\. a+ . �• � � , �:X
. . . J�'�'/1..M1 " �� . . �*':
� - . . k�
.'�.�. , . . �}.,.
� � ;
.. . �....\ +.'.�. _ . . ' , p5r.
ACKNOWLEDGEMENT OF NOTICE �"
' ' AND CONSENT TO MEETING �A
. i:.:
We, the undersigned members of the Board of County ��t�
Commissioners of Pitkin County, Col.orado, do hereby acknowledge �j;
receipt of the foregoing Notice of Meeing, and we kereby waive
any and all irregularities,"if any, in such Notice and in the
time and manner of service thereof upon us, and consent and E;;�<c:
agree to the hol.ding of such meetinq at tlie time and place
specified i.n said Notice, and to the transaction of any and s^�
all business which may come before s c m ting t
. �`'
i�,
.. ///�� �
� , � ,;`;
�<,
' ' ,�' P�� � �::>
. �. �'�_.
( ,� \Co ssioners
; ���J
Y.\
_l_
;# +
�
-• - - - �
._ _ _ _
--' pr.
i t �
`;:i
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, :.,
,l, �ir, r+�. �.�, :��:! �. .'..
� :�. ..: . .- .. :.� . .
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:�:�. .. . . . . . .. __ . . . ..._ . 4 !. ,
.. .. ..� ._._..... . . . . .. ._. ... . . :.
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a � Es,.,f.,,•',':
��
STATE OF COLORADO ) �"�is
ra't�� .
� � SS. c�.� � �
� � COUNTY OF PITKIN ) ���
�'���,
�f t � �r
Y_�'� . .. ' � , .
��S . . . . ' tx �.
,�� The Board o£ County Commissioners of Pitkin �
�r<
��•i � �a�_..
'��+ County, State of Colorado, met in regular session, a
�a � . � � 7�� ,
�; .
,;! in Aspen, Colorado, �
�� the Pitkin County Courthouse,
��k',;
�'> lace of the Board, at the �
,1. being the regular meeting P x�y: '
,� . .
i�?
hour of 9:10 d clock A .M., on Monday, the 26th day _ '
of September, 1977. • ��-
.-�,`
Present: �"''`.
Chairman: Mi.chael Kinsley ��:
�:-
�Commissioners: Joseph E. Edwards, Sr. �
�.�.'.
Robert Child ,�:`
yR";
�r:.
Absent: None � �z
C.
_ ' ; - s��
resent: �
` There were also p �!
e,s,
Deputy County Clerk: E. G. Stewart
.
County Attorney: Sandra M. Stuller
: R�;
��;:
�
��
�+-?'
�}
Thereupon, Commissioner Child
introduced �'x;
� ,
; and there was read in full the following Resolution: �,�
�(�:
{ • E^k
I � : �,::
�i �'•�:
� . � ��;-
r
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4�.... � - ..�1.
�;�:•.
;;
,�
RESOLUTION No. 77-110
� . r
� t 7:;
'.J � ;. :
' WHEREAS, the County of Pitkin, State of Colorado � '•
� (the "County"j , t3wns and operates a public airport at►d related , �.«:,.,"'
�: t ;
�:' facilities; and � f '
r��,
; _
WIIEREAS, the County by Resolu�ion No. 77-67 adopted r
�:, i:
on May 9, 1977, as amended by Resolution No. 77-68 adopted � ��:�
�4�,
on May 23, 1977, (herein collectiveZy referred to as the "1977 r'�',
��_��:
Refunding Resolution") , has authorized its Airport Re£unding t�� ;
�r_:
Revenue Bonds, Series 1977A in the principal amount oE "
�4 �.,
.. .. . r�yx_.�, .
, $I,200,000, dated May 9, 1977, its Airport Refunding Revenne k `
tr .:
Sonds, Series 1977B, in the principal amount of $1,210,000, �"�;-
' �,�
� dated May 15, 1977, and its Airport Special Obligation Re-- ��.,;!
funding Revenue Hond�, Series 1977C, in the principal amount + '
of $741,000, dated May 15, 1977, o£ which issues oIIly the ' t*;,'
• ���.`
�_�_';
. 1977 Series B Bonds are payabZe from the net revenues of the , i;':=;
airport and related facilities; and t=ry" :
M:t
WHEREAS, the Board of County Commissioners of the
A�.aS
x.:,:
' County (herein "Board") deems it necessary and desirable to ,`�
construct and equip a hangar for private aircraft at the Count }��
Y c�;,
i`:;.
Airport (herein the "Project"? and to pay the costs thereof by �;t:
t,y
the issuance of Airport Revenue Anticipation Warrants in the `'<�`
principal amount of $125,000 puzsuant to the pzovisions of f�"�{`r`
,,yi'
Section 30-20-301, et. seq., Colorado Revised Statutes 1973, ':
;�r:
as amended, said Warrants to be payable from and having a -
f;;?,
lien on the net revenues of the airport and related facilities `-'-
on a parity with the lien on such revenues enjoyed by the r�"�
1977 Series B Bonds; and
WHEREAS, the 1977 Refunding Resolution, in Section 14 � �
thereo£, provides that additional obligations may be issued by �-;`
}I
the Board on a parity with the 1977 Series B Bonds, provided
certain earnings tests are complied with; and i:':.`
!.:�•:
-3-
;..:.
i� '""
• _ . . ... . . . ..,_ .: ._. :. . .. . _ . - . .�._:.-._....�r .�.
� �W
:�;.;�
J
�
, , „ . ,
_. , _ ..::. ,,;... . :,
, t
. _. .... .. . -
' . . . . _.
:
WHEREAS, the Board has determined that the earnings
test, as set forth in Section 14(b) of said 1977 Refunding '
Fr .i � ,
1 Resolution, may be met in every respect with the result that � F '
n�4 � z
f
°� � the Warrants authorized herein may be issued on a parity t£, ;
,r � �r
with the 1977 Series B Bonds. ;
�
. �r.K:..�:;.::
'.�� : . �K�
,k,9 . . . _
�- '� NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF t
�=`! COMMISSIONERS OF THE COUNTY OF PITKIN, STATE OF COLQRADO: �5 �
Y� y-'
��t,
Section 1. Revenue Anticipation T4arrant Details. t�cr,.
��
That £or the purpose of paying the costs of constructing and �-
equipping the Project and paying expenses incidental thereto, � �
. ,. . . . �u�r ....
the County shall issue its negotiable coupons warrants, �? ,
�;�z :
payable to bearer, designated "Airport Revenue Anticipation [,"`y '
�� ;
Warrants", dated October 1, 1977, in the aggregate princinal � �t� ,
��3 ,
amount of $125,000, consisting of 25 Warrants in the denomi- r�}
€,.,
f;.`;�<s'.
nation of $5,000 each, numbexed 1 to 25, inclusive, payable i�?:;''
� in law£ul money o£ the United States of America. Said Warrants �'z'
. ��
shall bear interest from their date until payment at the rate
e;.v I
of seven=(78) percentum per annum, as evidenced by one set of ;��;
F;�
interest coupons payable to bearer attached to the Warrants, p�;°a
�.�
said interest coupons payable April 1, 1978, and semiannually r<�`
6"z:
thereafter on the lst day of October and the Zst day of ApriZ i�'
F�:
r'`
of each year. Said warrants shall be nnmbered and shall mature :'
't�;
i:::t;.
in regular numerical order on the lst day of October, except �_�
;;;:
L�:
for the Warrants maturing in the year 1996, which will mature ,�.;
�.`v.
on April 1 of said year, as follows: �';';'.
�:;::
;;;;.
Bond Numbers Amounts Years
(All Inclusive) Maturing Maturing
1 $ 5,000 10/1/79
2 5,000 10/1/80
3 5,000 10/1/81
9 5,000 10/1/82
5 5,Q00 10/1/83 '�'
6 5,000 10/1/84 �``
7 5,000 10/1/85
8 5,000 10/1/86 �`�
9 5,000 10/1/87 `
! 10 5,000 IO/1/88 1 �-
(schedule continued)
-r1-
i'::
,
i �
,- _ .. . ._.. _ : _. _. _ _::._,.._
......_.... .:." _' ... �...:..,.-�J ..
'Y�:
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ii
'
� . � . � . � .. �. � . _ . � . .. '
1
: ,
_ ::�
'-:;
�, _
� � Bond Numbers Amounts Years ;
(Al1 Inclusi.ve) Maturing Maturing
�
' 1 11 $ 5,000 IO/1/89 "
;f ] 12 5,000 10/1/90 � ,
� • 23 5,000 10/1/91
'" �, � - . 14 5,000 10/1/92 �
.1 15 5,000 1Q/1/93 '
`� 16 5,000 10/1/94 '
17 5,000 10/1/95 �
�:, � 18 - 25 40,000 4/1/96
= {
_ If any of �the Warrants shall not be paid upon its pre- ;
- sentation at maturity, interest thereon shall continue at ��. :,'-
' s
i �<
j the designated coupon rate until the principal thereof is �
�
j ` paid at full. r
The Warrants maturing in the years 1988 and thereafter t
' :
shall be callabZe for redemption at the option of the County, �� �
F
in whole or in part, in inverse munerical order, on October 1,
� F �'.
1987, and on any interest payment date thereafter upon at
Z%-'::>=
].east thirty (3Q) days prior notice, at the principal amount ,>:''�;
thereof, plus accrued interest to the date of re8emption and
k
a premitvn for each Warrant of two (28) percentum of principal. �:�-"
��:.'s
,.:;.,
Notice of redemption shall be given by the Connty Clerk . � �'
� ,:
+>;;:,
F._,_
by publication at least once, not more than sixty (60) nor less
than thirty (30) days prior to the redemption date, and copies �r:
;t,.
of such notice shall be sent by certifie@ mail, postage prepaid,
to the purchaser and the paying agent, or any successors thereof. ;:'"
t:
t��
Such notice shall specify the number or numbers of the Warrants
� �;'<:
to be so redeemed and the date fixed for redemption, and shall �'`'
i:,,
further state that on such redemption date there will become
ii::
and be due and payable upon each Warrant s� to be redeemed at
the paying agent, the principal amount thereof and accrued
_. Pt'
interest to the redemption date, and any premiums payable .on
prior redemption, and that from and after such date, interest �
,.'
wi11 cease to accrue.
The principal of and interest on said Warrants shall be
payable at United Bank of Denver, Nationa2 Association, in
Denver, Colorado.
c::
-S-
,�
� _ _ __
, ._:... _.,..: _..-- -.
_ _. , _._ : _. ::: (.._..,,a:
...r �.�.` .
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11
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.. .. .r �
,
1�
The net effective interest rate specified for the
� Warrants is 7,00$. � , ;
�:� ,
;�n;c Section 2. Form and Execution of Wazrants and � ;;
>; � . Coupons. The Warrants shall be signed with the facsimile � ��
s �:
� ;: � :
signature of the Chairman of the Board of County Commiss3oners, ..;_
_ �
" :� attested with the Eacsimile signature of the County Clerk, � � ,
. n�,� !o-�s ."
' �;a with a £acsi.mile of the seaZ of the County affixed thereto, �K�°�
� ? ar_d countersi ned with the manual si nature of the Count ���� ,
g g y ,
Y>a � : :
� Treasurer. The interest accruing on said Warrants shall be �F�, .
Y _evidenced by interest conpons thereto attached, bearing the �sf;; '.
; ��f.. ;:
facsimile signature of said Chairman of the Board, and when " �.,� sf
* Eat�:,.
• { so executed, such coupons shall be the binding obligations of �r';
�? y;
_ the County, according to their import. Should anp officer F`��-;_
� ��'';°
whose manual or facsimile signature appears on said Warrants, ���
� ;::
or the interest coupons attached thereto, cease to be such
���
��� ,
. officer befoie delivery thereof to the purchaser, such manual �n';
. . . . . ���fi;:.�
�'�
or facsimile signature shall nevertheless be valid and suffi- ��,,<
cient for all purposes. �,�;�'
�?�:.;
The Warrants and interest coupons to be attached thereto i�f=
r
shall be in substantially the following Eorm: �,;:
�:�
f:r%
. � . � � . . . . R`.'�'
. '. � . . ' �'�;`'
. ' . . . � . . � �:,;:
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4,
. . . � . - � . � � . . . . . . 1..3:.�
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4a
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. . . . � � . . . . - - . . . . I;._.
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':.i _ ...._.. ,. _. . ... .... . .
i (Form oE Bond)
-��� UNITED STATES OF AMERICA
1
'j �
°,
;;, j STATE OF COLORADO COUNTY OF PITKIN � ;
�, `� � ' � L�` .��.
: � AIRPQRT REVENUE ANTICIPATION WARI21►NT �ri�
• x , '.
y � _
. y'J � �
�:` .
�:i � No. �S�O O O ' ��54;' `'
. . � '
°f The County of Pitkin, State of Col.orado, for va],ue �,,;
:� ' . . '. . . . ��1�� .
' reaeivecl, hereby promises to pay to the bearer hereof out of �
. � . . .. . , . . �j .� ,
the special funds hereinafter designated, but not otherwise, ���r.
�: the sum of ���:
. ':I . . �. . . � 4yNs
: ti
'j FIVE THOUSAND DOLLARS .;,t�,`
- �� }
� L -
in lawful money of the United States of America, on the lst day �, �
�'� -
April, ��;`':',??
o£. October, 19�, with interest thereon from date to maturity, ��
�y�'r�s':`.
as evidenced by interest coupons hezeto attached at the rate of �5�''�
� ..
seven percentum (7.00�1 per annum, payable on Apri.2 1, 1978, r�r:
�t,
and semiannuallp thereafter on the lst day of October and the C'�"'
:�?;:
�;:�;.
lst day of April each year, both principal and interest being �`<r:;
F::�;::
payable at United Bank o£ Denver, National. Association, Denver, �
�n�
Colorado, upon presentation and surrender of said coupons and t,';:'
x,�i
n';i
this Warrant as they severalZy become due. ��
�,;�
�>:;
Warrants of this issue maturing on or before october 1, �;
e„r<
�..,
1987, are not redeemable prior to their respective maturities. 4�`�'.
�t,
Warrants maturing on and after October Z, 1988, are redeemable �==
i�
��;.
at the option of the County, in whole or in part, and if in r;=>
��:
part, in inverse numerical order, on Octolaer 1, 1987, and on K;-
any interest payment date thereafter prior to maturity, upon 1��
�;;
f�:�
payment of par and accrued interest, plus a premium of 28 of , ;
�A;
,,:;
prinaipal. Notice oE such zedemption prioz to maturity shall
specify the date of redemption, shall describe the Warrants
to be so redeemed b desi nation and re£erence to details �``
Y 9 4,
� ,:::,
thereof, and shall be qiven by pubZication at least one ti.me, ':`
. �.�;;.
�:::;
�7-
_... ....._ . .- -- _ ..
t -... , . .:_ :_::. � .�... .�.,,:i'
.:°�::,;�;p�.<
I_._ ._ .�_.__.�.� _.__
i _ .
. . .. .. .. _. .... . . .. .. . 7::;
. . . ....._._ . .. ,... ._. . ..
, . . . ..�.._ .. . ..
_ . . .. .....:. _. ... ..:,., :.,
i
in a newspaper of general circulation in the County, not less
than thirty (30) days prior to the date set for redemption.
`i
' Warrants of the issue of which this is one are
!;
,� issued by the Board of Commissioners of Pitkin County, Colorado '
�j (herein the "Board") , for the purpose of constructing and `
equipping a hangar for private aircraft at the County Airport '"
�
- by virtue of and in full conformity with the provisions of the `
Constitution and laws of the State o£ Colorado, more particularly �`
.
.
Section 30-20-301, et. seq., Colorado Revised Statutes 1973,
as amended, and .pursuant to a Resolution duly adopted and tF �
t�
approved prior to the issuance of this Warrant. y
' Both the principal of this Warrant and the interest ��Fj,,
� �
hereon, together with the principal of and interest on Airport �k„
Refunding Revenue Bonds, Series 1977B (herein the "1977 Series S � '
��
Bonds"), authorized by the Board by Resolu�tion No. 77-67, on E°
"t�.�, a
May 9, 1977, as amended by Resolution No. 77-68, adopted on {
� :,.
May 23, 1977, are payable solely from and as security therefor
��
there are pledged, all of the Net Revenue derived and to be �+.;��
t-.::,
�:�;.
derived by the County from the ownership and operation of y
�`'.
the County's �Airport and related Airport Facilities, and a ?��?'
��:
- special fund created in full conformity with law and designated �!:
i;�`'.
"County of Pitkin, Airport Refunding Revenue Bond Sinking Fund" ��r.r
of said County, into which Fund the County covenants to pay =;:�:
tt�
from the revenues, other than tax revenues, derived and to be r�•
r.:
derived from the ownership and operation of the Airport and `w`'
h�.
related Airport Facilities, after deduction only of the costs i'�
. . � � r.;���
and operation, maintenance and ordinary repairs and a necessary I'==,
��_i
•- , reserve for said costs, sufficient monies for payment of the '`�
[.,<;
r;>�:
principal of and interest on the 1977 Series B Bonds and Warrants -
F�''
of the issue of which this is one and for a reasonable and ;:r�:
necessary reserve £or said principal and interest, all as more �`'�
�,:
�_.?,
specifically set forth in the Resolution authorizing this Warrant. �;;
The lien on the Net Revenues of the County's Airport and related �'�
�::;`:
-8-
�`�
i5l
.::,.�.�?'.��.
._ � -----
.. ; 1::
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f
__..
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_
.: . -.� _.-._ . .
, _ _ . .... .. ... ,
... . . .. . _ _ _. . ._ , �:
, ....�.. _
;
�� Airport Facilities and the Sinking Fund established in connec- �'
j
i
} tion with the 1977 Series B Bonds enjoyed by the Warrants of t
i y
the issue of which this is one shall be in aI1 respect equal
:4 3
� to and on a parity with the lien of the 1977 Series B Bonds.
� t
� ; It is hereby recited, certified and warranted that ;
,.;_�
" for the payment o� this Warrant and the interest thereon the
':i
� :� County has created and will maintain said revenues and Fund
:;,'
` `f and as an irrevocable charge thereon, will pay this Warrant
a
>7 and the interest thereon, in the manner pxovided by the Resolu-
=; tion. For a description of said Fund and the nafure and extent �
of the security afforded thereby for the payment of this - �
Warrant, reference is made to that Resolution. r
' }f `
� This Warrant does not constitute a debt or indebted- �sF
. . . . ' . � �r ..
ness of the County of Pitkin nor the State of Colorado within �� "
the meaning of any constitutional or statutory limitatioa or f �
� ' . . . r':.-
provision.
It is hereby certified and recited that all acts and
things required to be done and conditions and things required �'
to exist precedent to and in the issuance of this Warrant to
render the same law£ul and valid, have happened, been properly
done and per£ormed, and did exist in zegular and due time,
i:__
form and manner as required by law.
For the payment of this Warrant and the interest
thereon, the County of pitkin pledges the exercise of all its
lawful corporate powers.
IN WITNESS WHEREOF, the Board of Gommissioners of
the County of Pitkin, State of Colorado, has caused this Warrant
to be signed with the facsimile signature of its Chairman,
attested with the facsi.mile signature of its Caunty Clerk,
sealed with a facsimile of its aorporate seal, and countersigned
by the manual signature of its County Treasurer, and has
caused the interest coupons attached hereto to be executed ,'::;"
_9_
__
..- .�: -- -,.
_ _ __.__ -;._ -
, :, � .:
. - . ,
. . , . ,.. .
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,
. . . �,` } •
.� ,
�-
f'` �" f�
with the facsimile signature of its Chairman, as of the �`�`�
ta C
�v )
j S�' ZS't day of october, 1977. �;�'�;:;
� ����k COUNTY OF PITKIN, STATE OF COLORADO ���{$�.
r � '�'-�"r�n
� . �
t 1� � . . . - �5� .
"�� . - By (Facsimile Signature) 4�`
; ,1'v Chairman y�'
a'`' Board of County Commissioners �,,.;
r-�,�a (FACSIMILE SEAL) �"
.,�.t �t;
i 3�� ATTEST d �
�i,' °�''
„
7}� �''
, _ ,
,=.4 (Facsimile Signature) ��
`'���'. County Clerk �.'
y� ��:
�.,
�`•� , `COUNTERSIGNED: :,
�°'tj�` �. .. . . . . . ,. . � � .. . . . � 4:..
��� . . . .__ . , .
�` . �� �. � � �x1 .�.
- (Manual Signature) �`
��
County Treasurer
� �
.`,�� �'��,
,3
n
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;� �
��� (Form of Interest Coupon) ��,
�x��a:.
a
' r
�a
rv `
��i No. $ q�
��s�� :
}� � . ���� '.
April, �',��. '
�"F: � On the lst day of October, 19`, nn].ess the ��y�,�,
�N � '
, Warrant.to which this coupon is attached has been called _ . ��; :;
t�x" �y t .
'x�; for prior redemption, the County of Pitkin, State of Colorado, ' . *�
� :
5� . . ��� �'. - " ��' ::
, r� will�.pay to bearer the amount shown hereon in lawful money �� _
, �, ,. � �
; " , .:of. the United States of America, at United Bank of Denver, • �,�v
:` ,,:
r�,�', . , .;
}�+,�- National Association, Denver, Colorado, from and out of the "�r'��s
x�<:. :
��: f��s:
'��Jh�:. ' �funds specified in the Warrant to which this coupon appertains, ��:
r� .. , - �� _ � � . i
.rt,"'. .. � - � .. - ��`�'.;���.
� but.not otherwise, being intezest then due on its Axrport �,�:
��;� � � •.
�
��� Reyenue Anti.cipation Warrant, dated October 1, 1977, bearing ��
r� s��s
��
'�: _ ��,�`�..
kd: •
�N; No, ��
.'�} � ' � .. . � . � s7 .'
,.�. (Facsimile Signature) �.�
Chairman �
;�': Board of County Commissioners �
_ �,
. . ��-.;
_ _ �?`',
� �,-`,
, ..,
, t.F
y;;:
T�`
� �`
, �,
: . _ �ry
. 4�.
, �r�
: �
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_ KS
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$�
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_ ___i- . .,+......�.��
i;
c.'
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. . . .. ,.. ... ,.,,... ._,_. � ._... . , .,..
. _ _ _ _ . , _ ,. . ..;,:. . _.. .
r
Section 3. Payment of Principal and Interest on
Warrants. The principal of and interest on said Warrants, �- -,
b
�::.:='„.
together with the principal of and interest on the 1977
�� �
Series B Bonds, except as hereinafter specifically provided y
; � otherwise, shall be payable solely from and out o£ the revenues " r
�s derived and to be derived by the County from f:he ownership
f:l '
j and operation of its Pitkin County Airport, as specified in 3
r} this Resolution, but the term "Airport" as herein used, shall F�
`:i incZude not on2y the facilities and properties current2y �
i t
i comprising E.he County Airport Facility and all related airport }
� �
facilities, but also all additions and betterments thereto {' �
-� �
�.;{ and improvements and extensions of the Pitkin County Airport s�r, '
<::� r�
;f and facilities .hereafter constructed or acquired by the County. � � r+��,.
`" Section 4. Covenant to Establish and Maintain �
; � �
+ Rate Amounts. The Board of Commissioners o£ the County
a��� � � � ``, ;
;! hereby covenants that it will continue to establish, maintain �
and enforce rates and charges for use of the Airport and any � 1
,- � r,.
portion thereof" sufficient to insure payment of the costs of �,�
`` the efficient and economical operation and maintenance of ��
�ts:
said Airport, and the payments of principal of and interest on
�f;
all Warrants herein authorized and the 1977 Series B Bonds, d;
�'=
promptly as the same become due. In addition, said rates �;'�?
and charges shall always be maintained at a level at least �`"
��y-
�y.
sufficient, after deduction of amounts necessary to pay '��
�F•
operation and maintenance expenses, and the reserve provided �
for such purposes, to produce not less than 125$ of the annual �'^
principal and interest requirements of the Warrants herein `:�''
I'i:;
;?l
authorized and the 1977 Series B Bonds. "
;�'
It shall be the duty of the County to establish, '
maintain, and enforce such rates continuously until all of �
said Warrants and the 1977 Series B Bonds and the interest ;;r=
thereon have been fully paid an8 dischraged. In the event it �.j�'
e��
becomes necessary to inerease such rates and charges pursuant ,';f
i:��V:
� ;,
-12- � i.:?'
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. .._:..., ._..... ...----- ---- -- .; __ . _ --
_ ;.. , �;�.::a
k�'..�;;lF....'p�Y�. .
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:i
, `
- -
• : b=
�. . _ ._ _ ;
_ .._ ..,, , .
,..,,.: .� �
I,
i
� to this covenant, the charges shall be developed by the
,
1
`j . County in conjunction with the Financial Advisor, or other
�' :� nationally recognized municipal £inancial consultant.
; � Section 5, Gross Income_Fund - Sinking Fund. �
j
�.� Except as hereiaafter specified, all of the 3ncome and revenue F
;` ;,k of whatever kind or charaater, without decluction for any pur- ,? .;
. ;gt pose ox purposes, derived, £ram whatever source, including �� •'
1 7 ' "
; �� � all revenues present2y existing and deposits within said Zater . Y
�
; :� designated fund, by the County by reason of the acquisition, . �
; construction, ownership or existence of or from the operation ' r ` '
>.a
"3 of the Pitkin County Airport (the "Gross Revenue"} shall be ;` :`
�
�;! deposited or maintained in a special fund, to be held on t � ''
; . i
+ deposit at and disbursed by and from a bank or trust company "� �';
. � � -,
r to be designated by resolution of the Board, which fund, and r �'
(
f' �KS Y", �'
the accounts therein, was created and established by Resolu- �� '
�:,,,:,f.'
'�' tion 76-120 and known as the "Caunty of Pitkin, County Airport ��„` '
r
Gross Income Fund", (herein called the "1976 Gross Income �
� Fnnd") kept separate and apart from a11 other funds and '
revenues of the County. The total of al.l such income and �t�
i � .
revenue sha11 be known as and termed the "Gross Revenue" o.� '
, 4.:.-::....,��
_ . 5.:;�:..,.
the Air ort and such Gross Revenue and Fund are hereb '`'
P Y i;•;:
irrevocabSy pledged for only the following purposes and �':�'
4i_'
�::,`
shall be credited, used or disbursed only in the following ;:�'�
manner and order: �°�?
i.-;:
�.
(a} Ogerating Expense Accaunt. The Operating rl,
Expense Account oE the 1976 Gross Income Fund is `�`
. �'':
hereby ratified and reaffirmed and shall be credited =
at least monthly wifh such amounts as will be re-
quired to maintain to the credit of said account
i:�i
a minimum balance equaZ to two (2) months' cost ;"
of operating and maintaining and, ordinary current
• 2;'
repair of the Airport, or the portion thereof then . ;�`':
�;'�
t-;_
r�=:
,,r
-13-
ii:':
r. - -...._ , __.
_. _
_ .- ,... __ _;:
,'. . . .:
_ :.:
_.�...��d.
i , ,, ,: ,, :... >..: .
.��;,•��.,
,:;
_ . __.. 'S
,
- in operation, plus an additional amount equal to the
; cost of opezation, maintenance and ordinary repairs of �
� the Airport for the current month, to be applied to v�"- `
` t;
,;,� payment of said costs, said monthly costs to be based
" '� in each case upon one-twelfth (1/12) of the aperating `-' '
1 j costs set forth in the annual budqet of the Airport for �:�^�'`
�; .
� the current Eiscal year. �, ;,
'� (b) Airport Refunding Revenue Bond Sinkinc�Fund. ' `
'� y
From the amounts remaining in the 1976 Gross Incoiae '.
fi;
Fund �here shall be withdrawn and deposited at least ��
�',- '
monthly into a separate special fun8, whiah fund has ''"
k�` ;
been heretofore created and established, known as "� "
� w .
the "County of Pitkin, Airport Refunding Revenue �°
�;,
Bond Sinking Fund" (herein called the "19778 Sinking �,;t ::
���: ..
Fund") and which Fund shall be held on deposit at ��;
S��c
and disburse@ by a bank or trust company to be �ry,
�t.
flesignated by resolution of the Board, such amounts f �!s.;
�:;;.
� :�z�.x
as are necessary to meet the requirements set forth t�"`�'?`:'
k��,;_.
herein as items (b) (i) and (b) (zi). Moneys deposited r �=
_s..::
' Fii`.'i'.
into said 1977B Sinking Fund shall be used solely twrra;:
Iy
for the purpose of paying the principal of and interest �`:i�,
on the Warrants herein authorized and the 1977 Series ;?,�;'
B Bonds as the same shall mature or accrue, respectively,
or for the reserve for such purposes herein provided, 3�':r:
and to that end said Warrants and the Series 1977 B
Bonds and the interst thereon shall be and constitute -
a first and prior lien upon said 19775 Sinkinq �und. ;:
All Gross Revenue of the Airport less only the amounts
requi.red to be credited, from time to time to the
4:;
Operating Expense Account pursuant to item (a) above,
. i:;.
shall be known as and termed the "Net Revenue" of
the Airport. f''
G:
-14-
. _._. �_ . --- =- - -- -
, , _. -- --_:. ,. _
•d . . .. . ... .. . . . . � . . . . .. •,�°
-^:�,fi:';4.�"'.Ei.'.. . .
�k:a
;
;'
� '(
,
, , , . _ �
�
�
; (i) Principal and Interest Account. There �.,,
� shall be withdrawn from the 1976 Gross Income 4
w�4 �.
�� �
Fund at least monthly and deposited into the � � ;
1977B Sinking Fund, for credit to the Principal �� ,:,
•� ��-�t ;;
y� and Interest Account of said 19778 Sinking � �E� :
.y . . ' . fJfx .
.i Fund not less than one-sixth (1/6) of the �n,.,,�:
r
; interest becoming due on all Parity Bonds (as �'�
;� ' . �� ;
;� hereinafter defined) on the next semiannual . � �'��' ;
�� z
.;� interest payment date for each issue of said � ���
4�Y y�,
� Parity Bonds, plus not less than one-twel.fth ���� `'
^;i �, ; :
�� (1/12) of the amount required to pay the r��� �
�5.' '
_:;w principal amount of all Outstanding Bonds �� �r
.s;� _ ��:; ,
maturing within the twelve (12) months following
:�� �;-
� � eaah such deposit. In the event that an. initial • F
,. !'
._t.�� . . . � .
;_, . deposit or initial deposits occur less than six x�
�` ;
- ' (6) months prior to a semiannualy interest payment
��•'"
date or dates, or less than twelve (12) months �v;_;
� prior to an annual principal payment date or k�.�
;
dates, such deposit or deposits shall be propor- �'
tionally increased.
(iij Principal and Interest Reserve Account. �
<�.
There�;shall be withdrawn from the Gross Income '�'
,�;.:
Fund at least monthly and deposited in the �
i
1977B Sinking Fund for credit to the Reserve �
Account, the amount of $1,000. Said deposits �
��
shaZl continue until the sum o£ $120,000 (the �:
^Minimum Reserve") is on deposit to the credit �
of said Reserve Account. In the event that
�.
the amount on deposit in said Reserve Account
�
-x
shall thereafter £all below the Minimum Reserve, ��'-,`�;
monthly deposits in at least the amount of �:
���
$1,000 shall resume and continue until the ��
Minimum Rese=ve is therein an deposit. Moneys �<
• ��
. �"u:.
-15- y3�:.
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;:.,
�-�:
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i . . . .. . .. . "
,�� on deposit in said Reserve Account may be
f
i used for the payment oE principal o£ and/or �
�i'._.
interest on Parity ObZigations only, and
� sha11 be so used only in the event that there �
s are insufficient moneys in the Principal and . , ;"=fi� '
� � Interest Account to meet such principal and �kr
�.s c
� F
interest payments promptl.y when due. Moneys � {
`� in the Reserve Fund may be invested in properly ��
q �
;� insured certificates of depasit, or in direct � l �; :
���
�a obligations of the United States Government or ��'
j �� ,
� in obligations or securities of any agency or �°�^��
�. '
�' instrumentality thereof, and the interest from '��" �
�� � .
<;j any such investinents shall be considered as �zx�',!
';� ��r� �:
�„y income and revenue of the Airport and handZed �;�,�`
:�'-� � � � ' 4
���-
accordingly. ���yZ ,
�
Upon the issuance of any Proposed Bonds, as herein provided, r`.;�,��
all payments to the 1977B Sinking Fund, and the Accounts .e-s�� :
" ���,
�'' thereof, will be increased in such amounts as may be � .
` ��rt .
necessaxy to assure the prompt payment when due of all �ur
���.
� �•
Parity Bbnds and the Proposed Bonds, and, in the case of M4s '
the Reserve Account, the Minimum Reserve shall be increased r��;,'
to an amount equal to the aggregate average annual principal ��^�
�.�'
and interest requirements for the then outstanding Parity `=,
l�;:
s-s,
Bonds and the Proposed Bonds, an immediate additional �„'
i:::
deposit of not less than fifty percent (50$) of the ��
Ce
average annual principal and interest requirements on the z;s
t:t:
Proposed Bonds shall be made to the Reserve Account, and
additional monthly deposits to the Reserve Account shall �a
" be made in such amounts as will assure accumulation in �1
�;�
sy:
said Account of the increased Minimum Reserve within
. ;�,
five (5) years from the date of issuance of the Proposed
Bonds. ��'
(c) Renewal and Replacement Account. From the �`�
i::+
�,�:
_16_
-� :.�: ;:._ —
- , . •"J
;.,...;����`..
�.ti::.»
�
_. _ � _
-------
�..__�____
i . -
: � . . � ' ��i.
!' i
� amounts remaining in the 1976 Gross Income rund,
the Renewal and Replacement Account o£ said I976 `
'� Gross Income Fund sha11 be credi.ted at least �,
: -
':� monthly with the amount of $2,000; provided, ',. �; `::
� �r
� however, that at any time when, and so long as, ���.Yx
� � '�.
3 the amount held to tYte credit of �sa'id Account . ' �{�"� `
��+ �
f
? equals or exceeds $240,000, no further credits . . �a�r
1 � � � ��� x _
s need to be made to such Account. In the event the ��;,�
s �`5�r '.
..4 amount held to the credit of said Account shall �`�'`� '
� thereafter fall bel.ow $240,000, such monthly deposits ��'`�}` �
1 . . . . - ' �� 7 '.;.
' shall resume and continue until said amount is therein . ���`:
a
e�'lk
�i held. r,k''<
�� ��',�.�
�
In the event that moneys in �the I977B Sinking ��;
� �'�'� ;
c� � Fund aie at any time insuEficient to make the re- �, �`,,`'
.� �" '
f �' ;
quired payments of principal of and interest on all
'� � ��
� then outstanding Parity Bonds, promptly when due, ��t,�
h
,;;� sufficient moneys shall be transferred from the .,`,', ,
'� Renewal and Replacement Fund to cure such deficiency. `�
�� (d) Remaining Gross Income P'und Balances. �
t
�;� Any balance remaininq in the 1976 Gross Income Fund
after providing for the aforementioned deposits and �„g,,,. .
:'M1;
+ credits may be accumulated to pay or used to pay
;:� costs of additional acquisitions or capital construc- ��
;:,�
's� tion of the remaining uncompleted portions of the
:; �:
`i;'� . Airport or, if the Airport is complete and no extensions
'�:
or improvements thereto are then needed, as determined
��' by the Board, then said balance may be transferred
'" to the 1977R Sinking Fund and used for any one or �_
� more of the purposes therein provided, or may be used �'
f �.
� for any other lawful purpose.
�;
r: The amount necessary to accomplish the purposes
' hereinabove designated are hereby appropriated from the specified �
fnnds and revenues for those purposes, and said amount for each . �
-17- �
: �.
{�
. : L�.
_ • . ���
�k
_Y„__.- _...._ . _-�.- . :.
. , .,.,.., _.,>,.. -_ -
. . . .. .. ''""�:
�;x:
t4....
_..,_.�. �.
I
,
year shall also be included in the annual budget and appropriation � '
� resolutions to be passed and adopted by the Board o£ Commissioners �
" of the Cvunt in each ear. h `
Y Y �:�,;�x;"
�'z ti��
Section 6. Additional Parit�Lien Bonds. In addition �fr=
tt��s�
. to the Warrants herein authorized and the 1977 Series B Bonds � �;�v�'
. ����i
Ek�
•' and any bonds hereafter issued pursuant to the provisions af ''r�{
r{ �
� G�
this Resolution having a lien on a parity tY►erewith (which are �;��,, J4
herein referred to in agqregate as the "Parity Bonds") , the z.�,-��y��, ,
; County may issue additional bonds with a lien on a parity �w, ''�'
�,�,�rs�F
therewith (hereinafter referred to as the "Proposed Bonds") to ���?� '
��. t
` pay for constructing or acquiring additions, extensions and ���". .
� . ���� .
; improvements to the Airport. Such Proposed Bonds may be issued �
'� onl after meeting the following requirements: ��
-���3 � � - � � . � ..
; (a) A Certified Public Accountant, licensed '"
=� to practice and practicing in the State o£ Colorado, ` i
� shall have certified that Net Revenues of the Airnort
:� during the twelve (12) complete calendar months �:
a: 't
•� immediately pseceding the date of issuance of the
,:�
': PropoSed Bonds shall have been not less than 125$ of
�> the total amount which would be required to be deposited �'
:
"-j in the Principal and Interest Account in any succeeding
a fiscal year to pay principal of and interest on the
'"�`���� then outstanding Parity Bonds and the principal of and
,.,
-; interest on the Proposed Bonds, if issued as proposed,
,.� _
,i �
;� plus J.008 of the maximum amount which would be required
,] � ;
� to be deposited in the Reserve Account in any succeeding
�
� fiscal year; or
�! (b) The Financial Advisor, or other nationally Y�
t� f
recognized municipal financial consultant, shall have �
certified that the average annual net revenues reasonably -
� -
�.' � • estimated to be derived from the new facilities to be
Sa.
w constructed or acquired with the proceeds of the Proposed
,,,
it
�
_lg_
� �,�
F� �'
� . , �.
'
��'- . ... - _� °�
� .. � . . ... . . . , . , . . . �.
{'!�'.,..::4.p� -
�.�..::1�c�
;i
�
�F::,.. >. ,. .. ; ,
. . . . .., �... , _ :,�,� :.:.;, ;:,,,:
f
' Bonds, if issued, during the sixty (60) months
r'-� �
?�± immediate].y succeeding the month in which a1Z or � '
`.� any part of said new facilities are esti.mated to t
�.�
� be placed in operation, plus the net revenues . �
��
reasonably estimated to be derived from the then �
,� existing Airport during the twelve (Z2) complete .
r
F� . calendar months immediately succeeding the month �'
�i4
;;� in which the Proposed Bonds are to be delivered to �� '
�' the purchaser thereof, will be not less than 125� ' f
?i of the maximum amounts which would be required to �r
�
'='1 be deposited in the PrincipaZ and Interest Account �`��
� • �},�x� ,
`�' in any succeeding fiscal year to pay the pzincipal f�`
;-� ��� ,
_� and interest on the then outstanding Parity Bonds ��`-s '
�ds '
'�� and on the Proposed Bonds, if issued as proposed; ��t
�` �� .
�,�
. or �,�
(c) In the event the Proposed Bonds are to �y'
��, be used to acquire all or part of an existing, �^�-
a>
�` operating and revenue producing Airport facility, ry��',�
. . . E'�h.,..
" such Certified Public Accountant shall have k�y;
. �,
certified that the net zevenues derived from the
��'`
Airport during the twelve {12) complete calendar �'='
F.�`.
months immediately preceding the date of delivery
�;
of the Proposed Bonds, pZus the net revenues r,�!
seasonably estimated, on a pro forma projection of ir.
;r
revenues based on revenues earned by such new �;�
:�
facilities being acquired, during the twelve (12) �`
�,.
�:.
complete calendar months immediately succeeding '
�
the month in which Proposed Bonds are delivered ��:
r;�
9':�,:
will be not 7.ess than 150� of the maximum amoun�s
�'
required to be deposited in the Principal and y�':
��
Interest Account in an succeedin fiscal ear to �~�'
Y g Y �;�;
�y,
pay principal of and interest on the outstanding ti::'i;
�;,
i,:s:
Parity Bonds and on the Proposed Bonds. F�
;k.
F;'
-19-
.___._ _. .._ _._ •- - -
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. . ..:
�.�
. ...:. . -�
�:.�:::r�
.�:u_.
_ .
_. _- -. � � ----
;
,
'�
� In the event that the Board shall adopt and place into
� ���' e .���.
•'. effect a new schedule of rates and charges Eor the Airport, in � `
=`;� the instances of such Certified Public Accountant certificate `
� i r := `
; ;� under (b) or (c), above, it shall be assumed that such new ° �?
l.� . . .
schedule was in effect during the period used for required � �,
r
;'� computations except that estimated net revenues shall be E'�`��
. -
.:y.� . ' .. ��.,��...�
� adjusted to reflect not more than 125� of the previous rates ��;< '
� ;�.:_
' and charges. K5
, j
� • Nothin herein contained shall
;� 9 preclude the issuance of �
' additional bonds payable from the Net Revenue of the Airport, F�r; .
` ij but having a lien and claim subordinate and inferior to the �>�<"
ay ;,,
lien and claim o£ the then outstanding Parity Bonds, so long � �'�.��
t A.,
� as the County is current in a12 payments and in compliance �f"-`'
��:;.:
with all covenants relating to the then outstanding Parity Bonds. �'
k
��
` 1 ' Section 7. Additional General Covenants and Agreements. `��'
�
. �x; .:.
The County hereby further irrevocably covenants and agrees with ,, `
. �'��,Y ,':�
each and ever holder of the Warrants issued under the provisions �.i5 ;.
` � of this Resolution and the holders of the 1977 Series B Bonds, ��':
' •:�a`:", .
that so long as any of said Warrants or Bonds remain outstanding: �_^:
. . :+�Y"'._
(a) It will continue to operate, maintain and manage ���'�"
�::.'
�.
the Airport in an efficient and economical manner. '�:
;g�,
(b) That proper books of record and account will be �''
ke t b the Count r�`
p y y, separate and apart from all other records �
�`::,:;
;�
and account, showing complete and correct entries of all r;
transaction_s zelating to the Airport, which books and accounts ' ;v�
�:
shall be available at all reasonable times to the ho2ders of �,
(k
any of the Warrants or Bonds or any authori2ed agents of the ��
:if
Warrant or Bond holders.
(c) That it will, within ninety (90) days following �
�i
tu
the close of each fiscal year, have an audit made of the books �
��,.
and accounts by an independent fi.rm of Certified Public Accoun- �`¢
"N'
tants, Each such audit shall include a detailed statement of `��
i;r
t�'
the income and expenditures of the Airport, a balance sheet, an
��:
r,F�'
,:
-20- ['.:',
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_
,:,- ..,___.�. _
.,, �:.. _ _ . ._. •_ _ -
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.
„ .... ,.., � ,,, s;
�.:..:1
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� , _ . ; ,;
,� �r:. _n�
;.:,:,.,. ,.s
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. . :>. . .. .....:.....
. . .. . _,:.,.. . ;.
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... � . . . :.. ..:� . ... ..:
.�. . ._...�. :..;.. ..,.. ,�...�. . - . ...... �'
-- '✓S
j
tl', I ,
� analysis of all funds created in this Resolution setting out
a
'; deposits and disbursements and fiscal year-end balances, and ,�
,:i
i t, :
-' � :� the Accountants' comments regarding the manner in which the -
.-��r
County has carrieii out the requirements o£ this Resolution and
� . , . ; :
other information.
� .
�:� (d) It wilZ, through appropriate action of the F 5
4
i Board, establish, maintain and enforce the schedule of rates �F
,,�
'i and charges for use of said Aixport to insure the efficient �
� and economical operation and maintenance thereof, the payments � {
�
of the principal of and interest on all then outstanding �� '
�ti: :
Pari.ty Bonds promptly as the same become due, and the reserves, =
�;i A
` � accumulations and mai,ntenance of the funds provided herein. In �E<
, �V� ;
" � the event that such Airport revenues at any time should not be �; •�
. . F,�;�..�.
sufficient to meet such payments, the County shall increase its ��;;�;' `
� ��z r
rates and charges to such an extent as to insure the payments �.;s�'
?�. _ �A��':.
3 and accumulations required by the provisions of this Resolution. s�F`,'•�,'>
�s„z;.;.;
(e) it wi11 not seZl or alienate any of the property ��' �
� vd.
�>E��'%
� constituting any part or all of said Airport in any manner or to ���.� ,;.
a ����-
any extent which might reduce the security provided for the �-r �
td�'''
�'°,t;,
payment o£ the Warrants herein authorized and the 1977 Series B ���.`
�:u':;
Bonds, but the County may sell any portion of such property `
which shall have been re laced b other similar �cY
p y property of at � ;
�
least equal value, or which shall cease to be necessaxy for the �._
efficient operation of said Airport, provided, however, that in ;;:,
,�
the event of any sale or sales where the aggregate consideration ��:
:?',r
exceeds the sum of $1,OOQ.00, such consideration shall be paid ;?.
into the Sinking Fund and shall be used and disbursed for the ;i!
;`;
purposes of said Fun3. vw
i9
(f) It will provide no service or use of the Airport �,
except by contract, will promptly render bi11s for all servzces ��
�
�;,
or uses furnished and use all legal means to assure prompt ;�
��.::
payment thereof. �-
. p:�
(g) At least once each year it will furnish the a=
• �y+
�;;.
-21-
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t.:
t'.�:
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. ,_�.ti . .: -- � - --
,1 . . . ... � . . . .. . .. . �� .. ... � . . ... . . . .. ...� `'�' ��.
Ai.... . � ..
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�^.«Ji'.i � . .
_ . _ . _ _ . _ �u _
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.,.
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� ,� � , ,. . .. x:
i #§.
. ..,... . . . .,�: . .. .. � : .. ., r�: ,. ,..:. ,�.,�..�.; ��. ._. .'.:. .........�. '
.._ ..-:' . :.�.�-':: . ..., :
' �
j
original Purchaser of the Warrants a copy o£ the audit, and �
� related documents herein required, for the fiscal year of said
:>'i
Airport immediately preceding each statement.
1-i
(h) It will carry workmens' compensation, public
� � liability and such other forms of insurance on insurable Airport
� �
� property as would ordinarily be carried by entities having similar
� �
' � property of equal value, such insurance being in such amounts as
�� will protect said Airport and its operation.
?`� �,
� (i) That it will not permit free use or service of ��
`;
''�, the Airport to be supplied by the County or any department 5
�'�h' � - . . . � . � . . ( .
� thereof to any person, firm or corporation, public or private,
, 4�� �
S�Y
s or to any public agency, including the County.
43
'j . - . ,. . . � _
i Section 8. Events of Default. Each of the following } r�
', �,
1 events is hereby declared an "Event of Default", that is to say �,
:� �
�, when: � ��d
'-:i - . . . . 9
4
A. Nonpayment of Principal. Payment of the principal �.�'
�� of any Warrants, or any prior redemption premium due thereon, ��
F
or both, is not made when the same becomes due and payable, either i' ,
� at maturity, or by proceedings for prior redemption, or otherwise. �`
f+
^., .
B. Nonpayment of Interest. Payment of any installment �;:4
_ �:.:
or interest on the Warrants is not made when the same becomes due 5;: .
y._ti"
and payable, or within thirty (30) days thereafter. �`�
C. Incapable of Performance. The County shall for ' �
— ��.
' any reason by rendered incapable of fulfilling its obligations '
hereunder. ��[
�
D. Appointment of Receiver. An order or 'decree is �
entered by a court of competent jurisdiction with the consent or �,'
�+
acquiescence of the County appointing a receiver or receivers f�
�;'<
for the Facilities or for the Net Revenues and any other moneys ;
. �x:
subject to the lien to secure the payment of the Warrants, or ��
�:>
both such Facilities and such moneys, or if any order or decree `
�;>
is entered without the consent or acquiescence of the County and
is then subsequently vacated or discharged or stayed on appeal
k;�
-22-
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. -. . .. .'. , ; .
. � "�
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. ... .. . .... �. •'- .^wA.
.�:��..f� ' � .
i '
"; within sixty (60) days a£ter entry. � �
's j _
;j E, Default of A� Provision. The County shall make
� default .in the due and punctual performance of its covenants vr
s
,;,,,a;; conditions, agreements.and provisions contained in the Warrants � -
'� r :
i
.;j or in this Resolution on,. its part to be performed, and if such � i
�' default shall continue for sixty (60) days after written notice � �
;;� `,,;
i i � •
j specifying such default and requiring the same to be remedied ; ,..
� shall have been iven to the Count b either the Purchaser or �"
;a 9 Y Y � :
;j the holders of twenty-five percentum (25$) in pzincipal amount s
3 F
of the.Warrants then outstanding. � ;_
": H
' Section 9. RemeBies for Defaults. Upon the happening r � ::
;;;. .� .'
� and continuance of any of the Events of Default as provi8ed in �y�> `
i 4 .
Section 8 hereof, then in every case the holder or holders of ;,'
�`� -
not less than twenty-five percentum (25$) in principal amount e,
� ,.
of the Warrants then outstanding, including but not limited �''�t�-
- . . t?��'�.
w' to a trustee or trustees therefor, may proceed against the �� >
z`J o"
County to protect and enforce the rights of any holder of any �
�Y.
Warrant or coupon authorize@ hereunder by mandamus or other �F1�:
. �s
<'` suit, action or special proceedings in equity or at law, in any �'� .
E,�a,..
�..
court of competent jurisdiction, either for the appointment of c% ,.
a receiver, or for the specific performance of any covenant or �'�"
�.
aqreement contained herein, or to enjoin any act or thing �
�.
which ma be unlawful or in violation of any right oE any holder �
Y �::;
F�c
,„
of Warrants, or to require the County to act as if it were !'�
��'
the trustee of an expressed trust, or any combination of such �=;�
. T,.
remedies, or for any other legal or equitable remedy as such `y`
;
holder or holders may deem most effectual to protect and enforce
the rights aforesaid. All such proceedings at law or in ��
��.
equity shall be instituted, had and maa.ntained for the equal "-
benefit of all holders of the Warrants and coupons then out-
standing and any outstanding additional bonds and additional
securities payable from the net revenues on a parity with the �'
-.�
Warrants. Any receiver appointed in any proceeding to protect �
� �
f:,
-23- �:
tl�:
` ;
�:�'
- ---- �_� _�_ _ -
. .. _ :
, . . „.,:
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�
<:r��.. ��
�_a__�. _
_� F-- - v.����:���-
�+fT �
,F�'��i d��'�'-+� ��f 7�.V-Y .ti,i r� .-y r _ I.
.. ' . d �;P z r yFj�y .
Y
, ._ . . .... ..., . . ,_..,.-..
...�::.:f ..
the rights of such holders oP Warrants hereunder, the consent
to any such appointment being hereby expressly granted, may
� ,
enter and take possession of the Facilities, may operate and �
��;j maintain the same, may prescribe fees, rates and other charges,
;�> and may collect, receive and apply all gross revenues arising • ,-
>� � ,; .
�f a£ter the appointment o� such receiver and appertaininq to the � �'
�� Airport Facilities in the same manner as the Coun�y itself . � '
.� . � might do; provided that such receiver may not sell, convey, �
a transfer or encumber the Airport Facilities. The failure of any , �
`' F
such hoZder to proceed in any manner herein provided stzall not '
.�� �
relieve the County or any of the officers, agents or employees �
� ,
i of the County of any liability for failure to perform any duty, ���f ,`
_i .. . ' . . fyS
�r? •obligation or other coimnitment. Each right or privilege of �hf
,`� [����
any holder oE Warrants (or trustee therefor? is in addition ��5�, ';
;,� and cumulative to any other xight or privileqe, and the exercise fx`"" -:
��� `
of any right or privilege by or on behalf of any holder of �;� .`
' �,!,;
: ; Warrants shall not be deemed a waiver of any other right or �,�Y;�.
;;'i ��.r ,;
� i, privilege thereof. � f
>,_ x,�
� Section 10, Duties IIpon Default. Upon the happening �,
��.
of any o£ the Events of Default as provided in Section 8 hereof, r °
the County, in addition, will do and perform all proper acts on i,'
- � ' - � ;,y'.i .
behalf of and for the holders of Warrants and coupons authorized
herein to protect and preserve the security created for the �;;'.`;
�,.
payr.ient of the Warrants and coupons and to insure the payment `u
of the principal of and interest on the Warrants promptly as � �
;s.
the same become due. All proceeds derived therefrom, so ;s
E€,
i::
long as any Warrants, either as to principal or interest, are
�;'
Ii
outstaliding and unpaid, sha11 be distributed for the equal �.;
benefit of all hoZders of the Warrants an@ coupons then out- �f
�
standing, as well as for the equal benefit of alI outstanding �:
. �s
additional bonds and refunding bonds or securities of the `}
�
a
County payable from the net revenues on a parity with the f
Warrants. In the event the County fails or refuses to proceed �'
�
�
<�
. �y
rr..
-24-
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_- . ._.. _ - , �. . - , , — _,,;!`
�':..,:;P+-�:'..h.�' � .
- ..t..
.i."�S16AS S�Ye �y f ,Y > 5
, . r. q.[ 4t t��rj';.Y+av�1q.'rv�..
i
�:�� as provided in this Section, the holder or holders of not less
� than twenty-five percentum (258) in principal amount of Warrants
f the outstanding, after demand in writin �
.-,,i g, may proceed to protect �� .
I
and enforce the rights of the holders of Warrants as hereinabove
� provided. Nothing in Sections 8, 9 and 10 shal.l affect or impair
:� the right of any holder of any Warrant to enforce the payment of
� the principal of �nd interest due on his Warrant or the obligation
.t
� of the County to pay the principal of and interest on each
{ . Warrant to the holder thereof at the time and the place expressed
,
� in the Warrant and in the coupons. Nothing in Sections 8, 9 and
- ,r;'� , � . .
' �� 10 shall require the County to proceed as provided therein if it
� ;�
,.I
� determines in good faith and without any abuse of its discretion '
q that if the County so proceeds it is more likely than not to r
,1 � r
`3� incur a net 2oss rather than a net gain or such action is other-
�j wise likel to affect materiall and *
t� Y y prejudicial.ly the holders
of the outstanding Warrants and any other outstanding additional
�
bonds or securities o� the County payable from the net revenues f '
;
:;� on a parity with the Warrants. ,
r -
Section 11. Defeasance. When all of the principal of, � `
'�".
- the interest on and any prior redemption premiums due on the �, �
Warrants have been duly paid, the ple@ge and lien on the gross
G -
revenues and the net revenues and all duties and obli ations �'
4 E�:;;
6�-:
created hereby shall thereby be discharged insofar as the same ,
relate to the Warrants authorized herein. There shall be �;"
rv_:z.
r':':="
deemed to be such due payment when the County has placed in F'�:
escrow or in trust with an Insured Bank having trust powers �;:
Zocated within or without the State, moneys or Federal Secuzities E�`
ia
�.
in an amoutn sufficient (including the known minimum yield jr
available for such purpose from the Federal Securities) to meet �;
all of the payment requirements of the principal of, the interest
�'
on and any prior redemption premiums due on the then outstanding �'�
Warrants, as the same become due to the final maturities of
the Warrants or upon any prior redemption date as of which the ��
�r.
��.
��,
-25- ";:
,*„_
�.��
'-;,.
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:_
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�, . ;-:, _ :_.. ___:_� ._� .
. :..._ ;.. .:.., �.� .,. ,..� . .. . ..: . . � � :���� _... . , . '.r'..
, ,... __ , .. . ,
. . . ,.,. l
;
_.ct.., ..ya`^ .
_.._� _
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., ,��.
� ,:,
.., ,.... .. .. .,. ,..,
_ , _... : , - ,_. .. _ _ ,, 4
I,:-.?
i';
�.:...
,., County shall have exercised or shall have obligated itself to �
� exercise its prior redemption option by a call of Warrants for t '
�.`� payment at such prior redemption date. The Federal 5ecurities �
c',
j, so placed in escrow or trust shall become due prior to the
';:;� �. ..
respective times on which the proceeds thereof shall be needed,
�!
; in accordance with a schedule established and agreed. upon between
+'`: the County ah3 such Bank at the time o£ the creation of the escrow `
1.I `
� or trust, or the Federal Securities shall be subject to redemption
?:j
i;i
�'; at the option of the holders thereof to assure such availability
of moneys as so needed to meet such schedule.
: ��
'�
Section 12. Amendment of Resolution. This Resolution
�'�`1 may be amended or supplemented by resolutions adopted by the �
. .. _ k
.:�,� County in accordance with the laws of the 5tate of Colorado,
� .
°;;�� without receipt by the County of any additional consideration, k
,4�`l but with the written consent of the holders of three-fourths (3/4) !j -
., '� 1;.
of the Warrants authorized by this Resolution and outstanding at r
; 'n
' =z the time of the adoption of such amendatory or sugplemental �r,.`
� A
resolution; provided, however, that no such resolution shall � `
h,;:
have the effect of permitting:
A. Changing Payment of Principal. A change in the tic�
_ i,
�:
�_
maturity or in the terms of redemption of the principal of any '^
' outstanding warrant or any installment of interest thereon; or �:
1
B. Reducing Return. A reduction in the principal ��
amount of any Warrant, or the rate of interest thereon, without �i1
�'. the consent of the holder of the Warrant; or �
fi ,';
C. Prior Lien. The creation of a lien upon or a �:
r$
pledge of net revenues ranking prior to the lien or to the �
�F:
pledge thereof created by this Resolution; or _
x D. Modi£ying Amendment Terms. A reduction o£ the . f;:
� principal amounts or percentages of Warrants which is required `'_-
�..:;
,;.
� for consent to any such amendatory or supplemental resolution; or f^
� s;,
; E. Priorities Between Warrants. The establishment of �f'
," priorities as between Warrants issued and outstanding under the is;i
S ��;,�
t f,�f
F ' E•�:�
-26-
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_. _ . .__.. .
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,{ _
_. � .
..':i..:"5'ti..r.
. . . . ..P ....�...,.__.�.�._...�..I _". .. .
....� . . .. . . .. . .. . �..... . . � . :
f . ... �' . . � . � ' � . . . � . . �
i .. � . .. . � .. � . � � � � �3i
a-:
;�
` ....:..:... . . _
,.' . ..:��... ,..,.,.r�,.. ._�:.....r •....:.. ._ �. .—�:,,e..,.�,� .-_. . . . — _ _... ,. ..
,' . . . . .� : .. . .. .
? nrovisions of this Resolution; or
;,
- i
`� F. Partial Modification. The modification of the
i
�� rights of the holders of less than all of the Warrants then �-�
i
�;� outstanding.
" Section 13. Arbitrage Covenant. The County covenants
j` �
� with the holders of the Warrants that it will make no use of the
; ,
-�
� proceeds of such Warrants at any ti.me during the term thereof .
'� which, if such use had been reasonable expected on the date the `��
` Warrants are issued, would have caused such Warrants to be f,
arbitrage warrants within the meaning of Section 103(c) of the f;"
Internal Revenue Code of 1954, as amended, unless, under any f�� .
. . �,:
provision of law hereafter enacted, the interest paid on the �; '
�:; '.
Warrants (a) shall be excludable from the gross income of i;:.,_ :
(„'�
a recipient thereof for federal income tax purposes without r"�
k•�,",
��
', regard to whether or not such Warrants are arbitrage warrants, ��;
�; �K�
a�..
;: or (b) shall be exempt from all income taxation. yq+i;.
4�j. .
�1 Section 14. Prior Actions Ratified. All actions �"�
4 �''
; heretofore taken and appro��ed by the County relating to the t��;
.., . v°?.. .
i contract for the purchase and sale of the Warrants and relating �`'G
z
to the construction and equippinq of the Airport Facilities are &`
, ��
• -- hereby ratified and confirmed. $
i
� Section 15. Delegated Powers. The officers of the �
't County are hereby authorized. and directed to enter into such �
ti
� agreements and take all action necessary or appropriate to v
effectuate the provisions of this Resolution adn to comply with ;#
s E::
� the requirements of law, includinq: �
«-
; A. The printing of the Warrants herein authorized; �
� B. The execution of such certificates as may be �
� reasonably required by the Purchaser of the Warrants relating �
��
ia:
to the signing of the Warrants, the tenure and identity of the ;,
•4;
�'
� County officials, the delivery of the Warrants and the receipt ��
�:
s; ;;
of the Warrant purchase price, and, if in accordance with the j�
`S•. �,,
��.
�� facts, the absence of litigation, pending or threatened, affecting r
�'. �ti.
f� "�
,�. � �"
-27- �:E
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i� �i:>
i i �:,f
Fi;:.
�
. .,:-._. .. _ ._. " .. '.:.�. '".:':. . .
... �..... .... ... '
� "' ..�:. ,...__. ...._. ._.._ . . ....._.. . . ...... . . �"' _
. ,
. .. .
.... .. . _..._�__.J
..�. . � . �.;..... . . ... . ... .. .. . .
, .... .._ . . . .. . .
;, .. . .. . . . . . . . . ,
��i ..
�+r�1� '
� _ _
�.�.�...a. _
�;E� . �� . . .. . . .. � . � .. � . � . . . .. . .
� � . � . .. � . .. . . . ,. . ..Y�. .
... . '!::;�. . .-�...;_;. n :.:.:. ..... ....::. ..::.�.. .::. .. ._�.:.�.�� ,�:;:
,.. � .,.....:. .. . . .
. - ....y.:,. . ,-.-: ,. .:..,_ , .. _ , .
.' . .... ... ...... .:�:. ... ._.....
_1 _ _
�
the validity of the Warrants; r
..i
;
C. The making of various statements, recitals. � '
, � '
'�� certifications and warranties provided in the Form of Warrant j
set forth in this Resolution. �
3 �
'�, Section 16. Statute of Limitations. No action or suit e, , ;
' based upon any Warrant, coupon or other security of the County �
�'i
�+ shall be commenced after it is barred by any statute of limitations
� s.,..,.,:. .
'� pertaining thereto. Any trust or fiduciary relationship between �'
; � the County and the holder of any Warrant, coupon or other security, F
or other obligee, regarding any such security shall be conclusively �
�+
presumed to have been repudiated on the maturity date or other due
�
date thereof unless the Warrant, coupon or other security is pre- r{�`
sented for payment, or unless demand for payment of any such �x.,
other obligation is otherwise made, before the expiration of the ,�if `
applicable limitation period. Any moneys from whatever source ?' °
!4:
s derived remaining in any fund which is reserved, pledged or other- iy:r
, � ;:
wise held £or the payment of any security, where the collection
G..
t
of such security has been barred, shall revert to the 1977B
��
he Count shall otherwise rovide. Nothinq }:�`
Sinking Fund, unless t y P
t�'
herein prevents the payment of any such security after any action ���'
i�:
or suit for its collection has been barred if the County deems �x
�_.
,;
L'
tc
it in the best interests of the public so to do and orders such E_
c;:
�;
payment to be made. �r
Section 17. Prior Inconsistent Actions Repealed. All -
resolutions, acts, orders, or parts thereof, taken by the County }i_
and in conflict with this Resolution are hereby repealed to the� �.; �
extent of such inconsistency. Said repealer shall not be deemed �r;.
F.,
to revive any resolution, act, order, or part thereof, heretofore jr
repealed. • �`
;�;;
Section 18. Irrevocable and Irrepealable Contract. '
�.;:
After the Warrants hereby authorized are issued, sold and are �t�
���
outstanding, this Resolution shall constitute an irrevocable t:,�;
;�;:
contract between the County and the holder or holders of said r�
i;:
k'�.
�ZB�
,,, - ..,..:.,. _.. . ._. .... _..;�. :..�. .,.... . _ r .
.� . _.. .:.. ......:... ._ . ,�. . . . .. . . ._
.::: . ...� _.:.::,•
., .,..: .. ..... .... : .:� . . ..... . : ... .:..- .-.. ..
:� ... . . .. . . . . � � . . . ...
._'�yyr
___ �_��_. _ ____ i
�� ,
. :.�
. . . . ... . . . . . . . ' . •f
� .. . ,.�.-�. .-.:�... n.�. �.e...�� .. '- r.... ..� �k+u.•i��t.��.1
.....:. . i.. ..v'.v.. . . ':.e:�. «�-:..� ..i.. ,�-.. , �
:�
3� 'W}.,
i
; �.� . ,...�..:..�
.� ......._... . - �
'�
�:....�. . ......� - �
. . � . .......... .. ... . .��4. .
... ....... �. -,.�...�.�
,'__`.. .:. .-..,,....: : .
. . .:. � � ...�..,..: . ,. .,. .g �;;,� .
.' . . . . .... �.......... .. . ... . . . c� .
' �f
'' Warrants; and this Resolution shall be and remain irrepealable A
4 t+�
� until said Warrants and the interest accruing thereon shall have c�„
�j,a been fully paid, satisfied and discharged. ,,� '
� , �
' ,� �"� Section 19. Payments by Of£icers. The proper officers � ,
' k
�� ' of the County are hereby authorized and directed to pay or cause
��
r;� to be paid the interest on the Warrants herein authorized as the �"'�
� � i�«
� same shall accrue, and the principal of said Warrants at maturity, �
�� without further warrant or order. � ; �
� � s .
;� Section 20. Severability. I£ any paragraph, clause ��,�F
E . . ' . .�r A
+ . or provision of this Resolution is judicially adjudged invalid �? ,� -
e�� ' s,��
r 'j or unenforceable, such judgment shall not affect, impair or �-�",r
��s
� invalidate the remaining paragraphs, clauses or provisions ��
_,,. . . . . � �Yxh
j hereof, the intention being that the various paragraphs, clauses
.i h �
�� or provisions hereof are severable.
a�
a Section 21. Immediate Effect. This Resolution shall .�,,
A� -
�;; take effect immediately upon its passage, and shall be recorded �;�, ;
�;; �
� in the official records o£ the County kept for that purpose, �°
3d
f;� authentiaated by the signatures of the Chairman of the Board of r�`•
� Deputy
'�'! County Commissioners of Pitkin County, Colora8o, and the/County
.:;.
��
,�,
. ��,j Clerk thereaf.
�
��
s_� INTRODIICED, READ, ADOPTED AND APPROVED this 26th day
i� ;of.��eptember, 1977.
S . . .
s �`' r ,� BOARD OF COUNTY COMMISSIONERS
� � - PITKIN COUNTY, COLORADO
� j � �` •�.� 1� `�1'.. . . � . // � . . � .
� � � �!/'` ����`""[/i�i.
� ,'��''• �S EaA I.):• BY
�: <: •• ... ....: :, ,. h irman
. , �, ..
� ,'ATTES.�:' �
.� ny . . ` � � .
�.
A J �/ A/W�/� _
Deputy County Clerk
Pitkin County,"Colorado i
� '
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,;� The said motion to adopt the foregoing R�solution �.:
,,.t� ��.,
was duly seconded by Commissioner Kinsley , put to s
'� �
'�� a vote and unanimously carried, the members of said Board of l� .,"
�.��. County �Commissioners voting as follows: • - '���
� Those Voting AYE: Michael Kinsley ���,�+
�
, �a's"
4 Joseph E. Edwards, Jr. ���r
� k: � �t �
Robert Child �
'+ �'x,r :
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� .� � . . � ..� �. , . . . . . � .. .. py�'� .
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,a Those Voting NAY: None �,��Y
� ���M
�s
� ��� � Those Absent: None ��
,f �.
t� �,
4�(, The presiding officer thereupon declared that a �
x
,,.; majority of the Commissioners elected having voted in favor 1 •
�i�, �,:
ti''�� thereof, the said motion was carried and the said Resolution
r,,.;,
��8; duly passed and adopted. �.
�%,r, . , . , - .
?: : Thereupon, after considering matters not concerning
�=;
'�Y the foregoing Resolution, the meeting was adjourned.
.,�
r5 �(/►�
_. �
,�� Cha rman
*� � ' - `'i• `�, Bo rd of County Commiss' ners
.(S E A" L).,%�,' Pi kin County, Colorado'
�n, ' . ., �R.. �• , . . . . .
'-� AT�ES45e :�t '
f '
> . �i�a .
'. �.''•. �`� .
� -. ��;��-��,�
� Deputy Co��C ei �
� Pitkin'�County, Colorado
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STATE OF COLORADO ) �� �
) ss.
COUNTY OF PITKIN ) T '
_ :h
:� � �
,� _
E. G. Stewart, Deputy � • "�'� ' �
I, I�,X]�x�75�7j County Clerk and Recorder and ex- r: :"
r_.
` � .`: officio Clerk of the Board of County Commissioners of Pitkin . �°
,t.;. County, Colorado, do hereby certify that the foregoing nages . �_
R.
numbered 1 to 30, inclusive, constitute a full and correct l:
copy of the record of proceedings taken by the Board of County E:,
t;, ;
,; Commissioners of Pitkin County, Colorado, at a special meeting ��:.1
5 `: ' . �. ." ' � ��! �.
held on September 26, 1977, insofar as said minutes relate to �:4''i,�:
��rrv ;
a Resolution re ardin the issuance of its Ai �`"
, 4 9 rport Revenue [F
- ... . . tz�Ra ,'.�.
� Anticipation Warrants in the principal amount of $125,000, �r' ,
XS L. :
:i . ' . . � p�r;..
�' dated October 1, 1977, as recorded in the official records
��u
` of the Board; that the proceedings were duly had and taken, � _;-,.
�� �
the meetinq was duly held and the persons therein named were sr�
�'.
present as shown therein. ti ;
�
��:
�:.
� IN WITNESS WHEREOF, I have hereunto set my hand � ':'
�'ti'
i . . . . . tL._��.
• and affixed the seal of said County at Aspen, Colorado,
�..
�i:
� �this 26th day of September, 1977. •
�i
R - l�,
` �-� �d�t��'f� �h�
� ' Deputy County C erk and Recorder #
_ - � Pitkin County, Colorado "
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� STATE OF COLORADO ) -�'� CERT2F`IC � ��>��� .�1�:�
) ss. �. t`,
COUNTY OF PITKIN ) t .,'.
�ai:,:.
C;>':
�_.,.
Each of the undersigned, being first duly sworn on oath,
�5:
deposes and says: �?.
r �
l. That they are, respectively, the Chairman of the Board
of County Commissioners and the County Clerk and Recorder of �
" Pitkin County, Colorado.
2. That said County has been regularly and duly created,
organized and is acting under and pursuant to the Constitution
and Laws of the State of Colorado. �
3. That foz the period from the 26th day of 5eptember,
1977, to and including the date of this Affidavit, the following
have been and now are the duly elected or appointed, qualified �
and acting members of the Board of Commissioners of the County, �..,
' and officers o£ said County:
Chairman and Member,.
Board of Commissionerse Piichael J. Kinsley '
Members, Board of {
r
Cor.mmissioners: Joseph E. Edwards, Jr. �
Robert Child '
County Administrator: George Ochs E '
i ._
� County Clerk: Julie Hane r �
;::'=,+`'
\ � County Treasurer: Helen Zordel �':
County Attorney: Sandra M. Stuller
4. That Facsimile Signature Certificates containing the ,�;�
manual signatures of the Chairman of the Board of Commissioners, �;
the County Clerk and the County Treasurer, and a sample of the
i;
� official seal of the County, were duly filed with the Secretary '?
� of State of the State of Colorado, on or before the �a day of �:
� !::
I October, 1977- �
� IN WITNESS WHEREOF, we have hereunto subscribed our names {`,
� and affixed the official seal of said Pitkin County, Colorado; i�.
� this day of October, 1977.
r.;
�
_ ����-l/�' hairman
B ard o£ County Co�missioners
nty Clerk and Recorder ;�:;
� ;'-`
Subscribed and separately sworn to before me this '�v 'day t::,
, ..,,,,,,,��f October, 1977. ;
�
' ,�•�".'%�,!'��''•; My commission expires ���23 1�i� {;,
;\ �.`'p.R'(.���K= � �
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NO-LTTIGATZON CERTIPTCATE
STATE OF COLOR�IDO ) "
) ss.
COUNTY OF PITKIN }
The undersigned officers of the County of Pitkin, State
'=': of Colorado, being at the date of this Certificate about to �
issue that certain series of negotiable coupon County of
Pitkin, Airport Revenue Anticipation Warrants dated October 1,
��3
1977 in the principal amount of $Z25,000, for the purpose of
constructing and equipping a hangar for private aircraft at
the County Airport, hereby certify as follows:
1. That no litigation of any nature is now pending or
threatened,.so far as is known to the undersigned, restraining
or enjoining the issuance or delivery of said Warrants in any
manner questioning the authority or proceedings for the issuance
r •
of the said Warrants, or the validity thereof, That no litiga-
. t ,,.
tion is now pending or threatened xelating to the pledge of and
lien on the net income and revenue of said Connty Airport and `""
�
related facilities or in any manner questioning the authority or . f„',
validity of any ResoZution of the County Com:nissioners which ;;.`:'
Eii:
imposes rates, charges and fees for the service furnished such
� (:;t;
Airport and related facilities. �;
2. That neither the corporate existence of the County,
i';
the present boundaries thereof, nor the rights of the �
Commissioners and of£icers of the County to hold their respective
positions, is being contested or challenged.
3. That no authority or proceedings for the issuance of l'
said Warrants has or have been repealed, revoked or rescinded.
4. That none of the said Warrants have been hereto£ore
issued under or pursuant to such proceedings. -
5. That, so far as is known, nothing exists to hinder or
prevent the County from issuing such Warrants.
� IN WITNESS WHEREOF, The Board of Commissioners of the
!_:
County of Pitkin, State of Colorado, has caused this Certificate i;
�;;
i-i
-33- (';;
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� � to be signed by the Criairman of the Board of Commissioners, -- `�
1 � attested by the County Clerk for the Board and sealed with � ;
� ., ��rf
� � t h e s e a l o f t h e C o u n t y, t h i s �J d a y o£ O c t o b e r, 1 9 7 7. �,.��;;
�'� 3 -. �.
� LI r f „`�'ci.t, A / � �? r
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� `� rr.�t ` f " Chairman ��� `
� , �'� �;.�� t.�. ,P,��cc -
� >• - Boazd oP County Commissioners ��_� '
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itx. Cou Clerk and Recorder ���,
' ; _ ` i#���.
� � �t
�.:; � _ , �;�,.,
, , �, .
,,:yz EXAMINED AND APPROVED as to form and content this -�
�;
a�� _ '�
}
,�h � day of Oatober, 1977.
��a;�
t`Z ... . . . . . . . .
�'R�� . . � � � . .
ti��, By ��_/J���/
;„'� � County Attorney
`;����� Pitkin County
:� '
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-34-
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` STATE OF COLQRADO ) OUTSTANDINGCOBLIGATIONS � -
`1 ) ss. 5 ` :
: COUNTY OF PITKIN )
a.�t
+r,'S The undersigned, being the Chairman of the Board af `
� . �r
� Commissioners, the County Clerk and the County Treasurer of �`z, �
X fx
•� � � �:
; Pitkin County, Colorado, hereby certiPy that the County of �� �
�� ���
; Pitkin, State of Colorado, has outstanding only revenue � '� '
i ���
warrants in the amount of $125,900 dated October 1, 1977 and }N����,, ::
�'"r
�e t
; Airport Refunding Revenue Bonds, Series 1977B in the amount �`��
ri. . � . � . . . � . ' ��� ;
;: of $1,210,000 dated May 15, 1977, payable from the net revenues �"f�""°
, �"�r�t ,.
': of the airport and related facilities. ��� ,;
.%; � . .. - ��(r'''..
IN WITNESS WFIEREOF, we have hereunto subscribed our• ,, ,.;'.
names and affixed the seal of the County of Pitkin, State of b
, Y ;_
��'
Colorado, this �J,o day of october, 1977. '
:�: .
�
�� ���,. �( ` � F;
� � , . . �,
; - y '�Q Chairma
' ' '1� ��• �.y�"•� B ard of County C mmissioners �c
4[5� , � . l,,c
'-� �l. (S'�Ey(F� b) ': .
.xt� � . � ! `t�l!-��.� �•q • �
,",4�` A'. �_ : ' y Clerk and Recorde ,
;� `�r i u i�4� ,(�".`., i�� r
�,;
Count ieasur r -
EXAMINED AND APPROVED as to form and content this �p_ day
f
; of October, 1977.
E ' � . �6 .'"//+ G�C ��� � �
� County Attorney
d �
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. �
SIGNATURE CERTIF2CATE S
i STATE OF COLORADO ) � �
) ss. �
COUNTY OI' PITKIN ) �. :
�
We, the undersigned, the duly gualified and acting Chairman '
� of the Board of County Commissioners, the County Clerk and the � ,
;;
�..:.
.j=
County Treasurer of the County of Pitkin, State of Colorado, do
U,� hereby certify that the undersigned were the Chairman o£ the
z
-� Board of Commissioners, the County Clerk and County Treasurer, ,�,
r
respectively, of said Caunty on the date o£ the execution and on
r
'�i the date of delivery of that certain series of warrants issued f
';� by the County in the totaZ amount of $125,OOO,designated "Airport �
� Revenue Anticipation Warrants", bearing date the lst day of ''�
" r
`� October, 1977, consisting of 25 Warrants in the denomination of �
,..s;
$5,000 each, numbered 1 to 25, inclusive; that the manual' anfl w`
��� facsimile si natures a earin u on said Warrants and the interest � K
:;"i 5 PP 4 P .
' coupons thereto attached, are the manual or facsimile signatures ;
:i; .
i; of such officezs, respectively; that said manual signatures were �
;ij' duly and manually affixed by the undersigned officers whose ���r'
' � ":.
':�: signatures they purport to be; that said facsimile signatures ' �f x'
: � �
„;:, were duly affixed with the knowledge and consent of the under- �,
� a: -
' �' signed o£ficials whose facsimile signatures they purport to be �
!. r r
and the same are herehy adopted; that the £acsimile seal which
,ti �� .
� ii,� appears on each of said Warrants is a true and correct facsimile �
� � of the duly adopted o£ficial corporate seal of said County, a
�, manual impression of which is a£fixed upon this Certificate; and �,
Eq..::.
" that said officers have to this Certificate subscribed their
�� manual signatures this •�_ day of October 1977. ��"
f�`.
1 . . . j . �. . p}��.
� �Y � R� t C airman t
i � � �•'� b�. Board of County Co ssioners }:
. `,
; . '� E':A L) :�.
; �-,�-�1.�.�.?: �. �
: �
� �:4�a�'•. -1• :��� ounty T�eae�es Cle.r � �h..�i.':,
S ', t�•_ FG , � {
� 0���� ti ` ���
� � �- ' • . � ..-/ f:� � �.
€r
Cpunty C �—°±�?�'�-� -
c-e.a.s cu¢e-�( �.
Signatures affixed. to the above certificate and upon each ;�
�� . of the above described Warrants guaranteed as those of the rR
� officials, respectively, designated ahove. �;
,�: � � ,i
f. ��.
�
��
�; By i::
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; STATE QF COLO.RADO D�LIVERY C�RTSFICATE �t1 �
� ._
� SS.
COUNTY OF PTTKIN ) �
� �U
'"' It is hereby certified by the undersigned that Airport sr
�
4� . ,�
, .� Revenue Anticipation Warrants of the County of Pitkin, State �,, '
? ��'�r
� of Colorado, in the principal amount of $125,UOQ, dated ���` ,
. k�y,n;..r.�l�:.
% October 1, 1977, being 25 Warrants in the denomination of ��r
�� :
, $5,000 each, numbered 1 to 25, incJ.usive, were delivered to ��,� ';
2 xs�� ,
�c
_ , the .�'�45.,=
�
purchaser thereof, in accordance with the contract of purchase, �'s
w;
, � '
and the County acknowledges receipt of the fu11 purchase price �,�' "
3 ;�, ;
_ .� thereof, as follows: �� .:
- �.
�� Principal Amount: $125 000 ty. �
F �. � . : . �y�4 "
.,�l.tY - ' ,� . . . � � a�.ilC 1?r . ' .. . . . . � iv ,
utni fim r� . �
",F Less Discount:Y �$�Op
�
::� Plus AcCrued Interest t/6�� �� ':
;,
�rom October Z, 1977: �
�'� TOTAL RECEIVED: $ Z7� � �/
;77
;�s� IN WITNESS WHEREOF, the undersigned have hereunto set
'� their hands and the seal of said County, this 2o day of
�:;a _
`� October, 1977.
�:�j . . . / r . - .
_ (
Chairman
`' B�ard of County Co issioners
�.
� ' Y .��
Coun�y/ reasu7cer
ATTEST:
Co ty Clerk and Recorder
��
1 '
i
-37-
(::�
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b1 $ �� f
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x :r
STATE OF COLORADO ) -- ` '`
) ss_ C '
COUNTY OF PITKIN ) �.':
f :'_
• CERTIFICATE AS TO ARBITRAGE ��''
I, Helen Zordel, County Treasurer of the County of
Pitkin, State of CoZorado, (the "County") , HEREBY CERTIFY
with respect to the Caunty's $125,000 Airport Revenue
Anticipation Warrants dated October 1, 1977 (the "Warzants")
being issued this day, that on the basis of the facts, ,�r:
estimates and circumstances in existence on the,date hereof, r `
I do not expect that the proceeds of the Warrants will be
. i :
used in a manner that would cause such Warrants to be arbitrage
warrants within the meaning of Section 103(cj of the Internal �,_;
Revenue Code of 1954, as amended (the "Code"1, Temporary
. f
Treasury Regulations, Section 13.4, and Proposed Treasury
� :
Regulations Sections 1.103-13 and 1.103-14. ;.,,;ti•;.
Such facts, estimates and circumstances are as follows: �' j
� ,.
1. Substantial binding commitments of at least two and �`,�
c....
one-half per cent (2-1/2�) of the spendab3e proceeds of the �'�'"�
�;`i.:
Warrants have been or will be made within six (6) months from {`
�;-;;:
>.;:>
the date of issuance. Such commitments include construction, '>%
��;
engineering and architectural contracts.
2. The proceeds of the Warrants shall be applied solely _
to the costs and expenses of constructing and equipping a hangar �j
far private aircraft at the County Airport (the "Project") , all
as set forth in Resolution No. 77-110, adopted and approved on
September 23, 1977 (the "Resolution"). The Project is expected
to be completed by the end oE 197� More than eighty-five
per cent (858) of the spendable proceeds will be spent in -the
three (3? pears Prom the date of issue. ' '
3. The County has covenanted in the Resolution to complete Y;.
the construction of the Project with all practical dispatch. ��F
i�=
f;';
-38-
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.. .... .. ..._� ., .., , .
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. . . ..:.. .. .,�-....: . .�..'. ,. � .;�:� ... �.�;_�: ., :�:� . N.�
'1lt.:;'.
' � . ... .. �. . .
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� . .... . ..:.. . .... ....
.;-
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.,... . . . . . ... ...._ .. ... . . �. S f:;�.
' 4. Tha original proceeds of the Warrants will not exceed z;y
\ . �. '- 'n.,"
;' i:
by more than five per cent (5$) the amount necessary for
the purpose foz which the Warrants are being issued.
;;�F 5. Tt is not expected that the Project will be sold or '�".
��` '
_`,:; otherwise disposed of, in whole or in part, prior to the ��`'
,. , r:= :
? �. Fj'^._..
`' last installment due on the Warrants. �� •.'
` 6. The County has not received notice that its certifi- �� ,
�l!'. . . �� Yr
� ��n`:1y,����,
;x ?, cata may not be relied upon with respect to its own issues, ��, :
;';t`�. nor has it been advised that any suah adverse action is �y:r
�
contemplated by the Commissioner o£ Inteinal Revenue. c"�:` �
;M � . � - . . . . .. . � .�j��-y! �:
�, To the best of my knowledge and belief there are no other ;u,
< ,,<
"' Eacts estimates or circumstances which would materiaZl '�''
i? . y
�y, �f�.
chanqe the expectations herein expressed. *'�c.
s� ��•.
�x; IN WITI3ESS WHEREOF, T have hereunto set my hand this ���''-
�� :
f` �IO_ day of October, 1977. �i
� ��F `
� _ � f; .!
�# '
Coun reasurer �
. Pztkin County, Colorado �`�„�'-
�,T.;..
�.
�-
{
�
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...: . .. . ... .....:... /:.',.
�` �'.< , STATE OF COLORADO ) �
- CERTIF2CAT8 pF FINANCIAL
� Ss- ADVISOR RELATSNG TO "
COUNTY OF PSTKIN ) ADDITIONAL PARITY OBLIGATIOI3S z
� rf:.
i �� :
�, ;
� ) I, Duane Lankford, the Financial Advisor to � :
,�r� f -
� � the County of Pitkin, State of Colorado, hereby F ?-'
"��4 certify with respect to the County's Airport Revenue � ""
�:� � ; .
;; �� Anticipation Warrants in the principal amount of ��Y;::
r :
;, .� $125,000, dated October 1, 1977 .(the "Warrants") being � ��,; .
` � ' issued on this date as follows: �', '�,,.
t �a That the average annual net revenues reasonably �`�
� �,, .
�i -
t � estimated to be derived from the new facilities to be ,�`�+.
���
.�v 1 . . �4r` .
j ' constructed with the proceeds of the Warrants during . �r n
�
t'��} the sixty (60� months immediately succeeding the �� �'
.,;t . G!*,-. .
v ,� : month in which all or any part of said new facilities ���s ,
��. p .. . . � �,r .
5 �;r are estimated to be placed in operation, plus the net
,�{�
; ,,F� revenues reasonably estimated to be derived from the � �`
.1 . � . . . . . �,i„
'�L V �
Aizport during the twelve (12} complete calendar
� i�
7 months immediately succeeding October :�a , 1977, ��:
°�`� will be not less than 125$ of the maximum amounts '��
3'� �
,� which would be required to be deposited in the Principal
x'� and Interest Account in any succeeding fiscal year i'
� to pay the grincipal and interest on the County's
<; outstanding Airport Refundzng Revenue Bonds, Series �
z�
�� 1977 B and on the Warrants.
.,
� IN TESTIMONY WHEREOF, I have hereunto set my hand
�
^; this ¢o day of October, 1977.
�
�
' � � �
� Financial Advisor
p �:�
e� � �
� �
' �'
� �
`
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�
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��
f � ;p
P
--- � _
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rir " . . " � . � - � � . . � � .
� k�.
. � - . .. - . . - . . . J.,�.
.. .. , . . . . .. � . . � . . . '.-�.X,`t_,
. .. . .. . _ . .. . ` -;.
. .. . .� ... __. '4 ;:
� (�:.._,_.._ll :;.,�.<
�::�i�:
�t'�'�
. c .: CtJ ����� g r��x:,
Terrece Buildin (
:i � 1700 Broadway ��'3{k':
�'� � Denver,Cobrado PA202
'�'�t�7
ia Tclephone t3031292-6920 �
' October 20, 1977 °" `
; t� � �
` �' �
.���f � . F�S,�.
• -� . � � �7 �-�
`'-� Soard of County Commissioners - �� '
r
' "' Pitkin Gounty Courtllouse �
�
� � 506 East Main Street �:�.
' ` ''; Aspen, Colorado $161I �:
,
�, ,
$fs
> Gentlemen:
. � ,
� ' � On behalf of E. F. Hutton & Company Inc, we offer to
`,� q,=; purchase $125,000 County of Pitkin Airport Revenue ;;
Anticipation Warrants. Warrants. of this series are �"
; s ,� : dated October 1, 1977, and are in the denomination of
••., �; $5,OQ0 each. This offer is being made for a11 of said :
Warrants and not for less than all, matur.ing on October 1
�,�., in the years 1979 thru 1995 and on April 1 in the year � �
� < H.3, 1996, and in the amounCs and bearing interest at the �
� rate or rates as set forth in the following schedule: �
�
` Bond Numbers Amounts Year '�`
� � (.All Inclusive) Maturin� Maturin� `
���,
sra . i $ 5,000 lOJl/79 ;
�:.� 2 5,000 10/1/80
�`'! 3 S,OOQ 10/1/81
's,` 4 5,000 10J1/82
,��;! - 5 5,000 10/1/83 `
Y_!, 6 5,000 10I1/34 • `` `
'^ 7 5,000 lO/�J85 �z
8 S,Q00 LOJ1/86
� � 9 S,OOQ 10/1187 �= :
h 10 5,000 10/1(83
,� 1l 5,000 10/1j39
�;; 12 . 5,000 10/1J90
r., 13 5,000 lOJI/9l
� 14 5,000 10l1/92
15 5,000 IO/1/93
� 16 5,000 10/1194
17 5,000 10/1J95
� 18-25 40,000 4J1/96
We will pay you $980 for each $1,000 principal amount of -
Warrants issued plus accrued interest from the date of
issue to date of delivery to us. This bid is made with
the undezstanding that the unqualified opinion of TalZmadge,
�-.__..._ _ ,. __��.------ ---_---------�_;- -----------=---=------__...__:_._:_:__ _:._.:� :.
y
�
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�� . a ..._... .._
-,,
!¢
�� y �
�
��'h�'�r�"'"�.cx '< ��',�t+s
.,� .� ,, ,:
, ,, . . , , .
; ,: : i.' �
�'
. �j
_ M;
� . . . . . .. . . .. . '
���U�OI7 - _ d'
�,..
{,` f-;
Board of County Commissioners
�� October 20, 1977 "
` . Page Ttao � . �f :
�{ �.,'
�J<r
}�'��; Tallmadge, Wallace & Hahn, Attorneys at Law, Denver, ,
Colorado, approving the legality of the Warrants�of this ' '
�:; �,',
• issue in all respect will be delivered with the bonds
�'' when paid in fu11, which includes the signature and non- f' `
=� litigation certificate without cost to us. �'
�;�
Respectfully submitted,
� -
E. F HUTTON & CONlPANY INC. � :
���u� � .
,��;
Fred Wiesner �,;
. tlb �;,;
�..
�..
For Information.Only &
��;
Not a Part of this Bid: "'�`
��;
Gross Interest Cost $111,300.00 "�h ;
Plus Discount 2,500.00
, Net Interest Cost 3, . 0
, Average Net Interest Rate 7.259% `
Bond Years 1,590 ' `
Accrued Interest $461.81
� '
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� DATF FFINCIF'AL. FATE _ ... . . .. ... � ..-_ . ....: ��
IN7EfiEST � "
70TA1. HNNII�I � .
,,1: 7 04/01/7� �
g 10/OS/70 4r3:5.00 4r3��.Op �.�
�- 04/O1/79 4.37G,00 q,37� �� �
'�? � 10/01/79 � 4r375.00 �•7°�v".f%O r '
Sr000 7.000 �4�375,OF � y� �
��� J4/01/80 4.375.00 9,^75�OG `�-�� ��.
s�
1.0/01/80 4r20�.p0 13r7�O.pp �r
��� Sr000 7,ppp ���00.00
k�a.� � . 04/01/81- � . 4r200.00 ' � 9.?00.00 - . . '.
10/01/pl � 4.0'S.00 1?r400,00 . .
�+ 5,000 7.000 1.0^�.04 z.�.
�''.: 04/O1/A2 4r0�5.00 9.0..5.00 ��st;.�
°1�' 3.050.00 3.QDO.OQ 13.056.GO. ��e,.
�''�,�� ' �04i0Y/83 �•U00 7.000 3rB50.00 � . �,�+1_�.
-3,675.00 d'0.+0.00 Y2.i00.00 - ai;
n,�}lc�, . 10/O1/83 ' S.000 i.000 3.675.00 ' Yg�:;;
��t� � 04/01/84 3r675�00 HrG75.UQ . - . � �
10/01/0-0 3,SOU.00 1`''3i�•�� ij;:
'�<^ OA/OS/E1� 5.000 7.000 3.�00.00 . . . _ , _
3r500.00 Q..�'i00.04 12.000.00 A
f' 10/O1/(35 � � ��325.00 � � - �
5•A00 7.000' 3r3��.04 �nai�.
ti� 04/01/06� - 3r325.00 �� . .. . . .
3.150.00 ��325.0(+ 31.650.00
�h 10/01/86 Sr000 7,000 3.150.00 �` - �k
r="� O4/01/87 '.150.00 � '
'�'s� �, IO/OS/A7 -�975.00 a�l�e•0� 1ir300.Op � �'"
Sr000 7, ..•97�.00
`�� onioiise o0o z,��s.00 �:.;
�, �,��s.or 1e.�sc,
�, ioiotioo °.�oo,�o on
n ) s.000 7.000 �,cao.oc *�'
j� o�ioiiae 2.aoo.00 �,000.00 io.600.00
.�.R�": 10/Di/09 2r6�5.00 ?rG'_+5.OE . � . .
;.000 7.000 2.G2G.00
�{ ) . 04/03/90 � . � � 7.625.OG 10r?30.00
.�i'�% 30/01/90 2rq�0.00 -' �
a�. �,000 7.000 °.�;a.00
04/O1/91 �.45U.q0 -
3'Y:; � �� � � ^.^;0.00 9r9UO,On _
d• 10/OS/91 r 73.q0 -_ �
:� � 04/OS/9z �.000 �.000 <.�zs.00 =,,.�:,.oc - _
� ?r100.00 ��Z����� 9.SSU.00
p. !0/O1/92 7.000 ��
i7��'� � Sr000 2r300.00 - . � � �
� 04/O1/93 2.300.00 7.740.OG y_�
1.0/01/93 5r000 � . 1.92.°i.00� . 1.q25..00 9�%•'00.00 ' � � � .
04./01/94 . 7.000 �rOiJ.00 . . . � .
�tl 10/OY/94 � 1.7�0,00 6.925.00 6r0'i0.00 � � � . .
.�.:� ) - 5.000 �,ppp . 3.750.00 - �
�qs .04/01/9,°. . 1.750.Q0 6.75Q.00 . . . . . � $j..
�;� 10/OS/95 .°i.000 7.000 � 1r�73.np O.SpO:On � . . � .
�.� �, 04/Q1/96 40.000 I•57.°i.OQ 1•SJ5.00 �. . � .
_;�, !0/O1/96 . . 7�000 1.4G0.00 6•57;.00 Q.i50.pO . � . .
. . 91.400.C�0 �
O.GO 0.00
i� TOTAL � 41,400.00 � � •:
�� i � 325.000 11Y.300.�0 . r- � _ :
ACCfiUED FFOM 10/01/77 23C.30p,00 � � '�•;
- NFT COST � e•0�. 0.00 � � � � ^ ' -
� � � 111.300�00 � 236.300.00 � � � � ,
�- . �AVEFAGE COUFON 7.00S' � � - - � � ,
. F�OM[� YEAkS ' - � � � r
-.. 1.590.00Q� � . . . � .
� FlVF_RAGE IIFE .�-� � . � � .
� � � ' . .� �. .. . . .
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Tf;UF YIEL_t� OP�! 1=:C7KSTJ COUT•!TY �'I.F;�•Uft i� �,�,,
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�' DELIV�F:Y C��1TF 1b/2�;"l: 3 }
. S_'iTSCOUPlT fiftTr 7.�5 r 46G�'1!� • �"o
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;. , � . �uru�E rr,csEt�tT ���;'.
,
v�a�uc �.�n�.u�.
z
� OA/41:7E2 4r375.00 A.237o59 t` `
_ 10l41/78 �r375.OQ Ar{7EJ4.',-`'7 '»�;':?
4�#101/75" 4.37;�.OA 3r49h,Oh t'
�: �.'i
' . . j.p�Q1.�74 �Y.77J��� �r.�::i:��E:! . _{,."�
� �J4t01/!30 9r�OCi,�Q 3r:�2?.�79 .�^.•;
�r.�.=���;? 1.Oi4:1./�1i7 S.2.Ot).00 7,-0:.rh.�'F� ?
� O�i01t�31 �r02.`i.00 3r1.47,8b �'r�y;
7.0/O1/91 9�025.00 5.{311,0�
� 04/Q1!�2 3,S5�.00 �,t?(Y3,%£3 1
10f01/FJ? t3rS5tl.QU , f>r:i1.�:,i1
. �����.��� .]YL�lJ:Ae�� - �Y�l..��.��.L} .
_ � ].01Uif�3 8vb75.00 S�h7n.77 ' � �:
- t�4/Q1/L�4 3r50U.Ot? F?r2:10.12 f.g :
`` 14•!01/JF? S.SA0.0"v 5,179.4., �`"
i .04/01/8:� 3Y3�5>��4 :I.r95:�.12 +
�.' :I.O/O1/SS f1�.32..G'i.C�O •}r723.70
°A� ;� .. 04fQ1l86 3�Y:,0.b0 R.7�4.75 , �':
:-r iQ/O1/Q5 Et�:L50.00 =l.a'06,14
� O4Il�7.IFJ7 2YS'I.i�OO �.)J.L6�t7.��..
- , 10/01/87 'Tr97��.O0 3r9;?3�bi �
- - � oaioi�se 2 r�00�00 1�'�?9.3:�
10/01l8II 7��OQ.00_ 3±.573>4: ''
� 04/Q1/89 2r625,0U 1s1b0.�49
_..�.. ..--- C ].0/OYJ89 7rb�5.00 3v25��99 ' �
A4i01/90 :_',45Q.OQ :Lr0Q�1.u� g„
10/01l40 7ra5�J.00 2�9;y�i .5p
� � • d4/O1/91 :?r275.00 �7�'.J9
10/U1/97. ir27S.U0 2r&91..G9
04/0119� �r1t�0.0U 749,60
].0/0].192 ?r100.00 2r44�.5:1 -
l. a4/01/93 1r975.00 . b34�S5 -
. 10/01%93 6rS'.•?:,.GQ ?a221.17 .
4A/Cil/94 1,7:i0.00 :�41..��,
t.. lp/O:l/�4 br7:i0.Q0 :!rq1Fi.0A
04I01/4.:� 9.r575.40 -7;i3.93
iOIO1IP`S SfJ7JeQG SPR2Sebc
�- QA/41/96 41,400.OR 1i.1:10.77
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7'ALLMADGE,TALLMADGE,WALLACE & HAHN
ATTORNEYS AND COUNSELORS r�-'
NYlES P.iALLNADGEl1009-19111 ��-����'��'�
515 WESTERN FCOERAt, S�VIN69 �II�LDINO NCW MCRICOn650CIwTt9 �__.'-
R09[NT C.TA�LMADGE NEO[L 6 qO�ER,O.A.
NANVEYP.WA�UCE 71B SEVENTEENTN STHEET I'�;'.�.��.
WVIOJ.NAMN . P.O.BOx28Y2 �I�
�NOHEW S.AqMA1A5 � � DENYEIC,COLORADO gOZOZ SANTA FE,N[w ME%�CO B>501
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C.TXOMI.S 9A9TIEN � � .. ' . . . . . �,;-`:.'.
GEONOE9.RICE AREA COpE:303 ��,;-...,
MYMONO N.SATTER � 825-0221 902-3690 � '
JOHN W.SMITN . � MR.7ALLMAD6['S TELEPHONE• �,�•'��
� JOANNWEINSTEIN , 623-2279 ��
October 20, 1977 �'
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' County of Pitkin, State of Colorado
. Airport Revenue Anticipation Warrants, $125,000 • �,
Dated octolier 1, 1977 �; �
Maturing 1979 to 1996, Inclusive , � �;;., ,
`:��,.
'3`��z,,
THIS IS TO CERTIEY that we have exar.iined a certified s;��,.
copy of the record of proceedings of the Board of Commissioners i� ,-'
of the County of Pitkin, State of Colorado, taken preliminary r �
to the issuance by said County of its , �
� :
Airport Revenue Anticipation Warrants, ��;
in the principal anount o£ $125,000; �'�'= -:
Dated October 1, 1977; ��`�
Consisting of 25 warrants in the denomination �j�.;
of $5,000 each, numbered 1 to 25, inclusive; �r�-
. . . . �v..�,..:.
� .. ��,�.�„:.
Searing interest from date to maturity at '�=�
the rate of 78 per annum, nayable Anril 1, �{�-
1978 and semiannually thereafter on October 1 `"=�
and April 1, each year, and maturing serially ,��..
as follows: y'`�i:;�:
. ��F ,
s;",
Bond Numbers Amounts Years � �,
(A11 Inclusive) Matuzing Maturing �:
���:
�
1� $ 5,000 10/1/79 �`t.'
2 s,o0o io/i/so •�n�-
3 5,00o io�i�ai � '
�': .
4 5,000 10/1/82 �;".
5 S,OQ� 10/1/83 � :.
6 5,00a 10/1/84
' . 7 5,000 10/1/85 �.
: 8 5,ODO 10/1/86 �'
9 5,000 � 10/1/87 ��.:
10 5,000 10/1/88 �
(schedule continued)
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TALLMADGE,TALLMADGE,WALLACE b HAHN t
October 20, 1977
Page Two
County of Pitkin, State oP Colorado
Airpozt Revenue Anticipation Warrants ,
Dated October. l, 1977 - $125,000 •
Maturing 1979 to 1996, Inclusive . �`
Bond Numbers Amounts Xears
(All Inclusive) Maturing Maturing
11 $ 5,000 10/1/89
12 5,�UU 10/1/90
13 5,000 10/1/91
14 5,000 10/1j92 ��;'.
15 5,000 io/i/�s i;�}
16 5,000 lOjl/94 '`'"'
�,;;:
17 5,000 10/1/95 r�;`; '.
18 - 25 40,000 4jl/96 ��
_ _ � _ 's:;;``.
Warrants of this issue maturing on or before
October l, 1987, are not redeemable prior to �,,�;„
their respective maturities. Warrants maturing � -�
. on and after October 1, 1988, being redeemahle . ,:":.:,
at the option of the County, in whole or in part, �_;-'_
and if in part, in inverse numerical order, on ";;'<
October ]., 1987, and on any interest payment y;,:'s<
date thereafter prior to maturity, upon payment g �:
of gar, accrued interest and a premium of 2� of `;�:
rinci al; 4'-"'`
. P P t:::;
�;_:`,;
Principal and interest on said warrants being `'>`
payab2e at United Bank of Denver, National
Association, Denver, Colorado. i;:,;�
t��:
,.�.;
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We have also examined Warrant rTO. 1 of said issue ;��:
and have found the same duly executed and in full confoxmity c�'
with law. Y"
j;i
It is our opinion that such proceedings show Zawful j;'
authority for said issue of warrants under the Constitution �'
and laws of the State of Colorado now in force and that said �"
warrants are binding and legal obligations of said County. �
Principal of and interest on said issue of warrants, together �
with the principal of and interest on Airport 12efunding Ftevenue
Bonds, Series 1977B, authorized by Resolution of the Board on �
May 9, 1977, as amended by 2tesolution adopted on i�!ay 23, 1977, �
1
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, TALLMADGE,TALLMADGE,WALLACE 8 HAHN �
�
. October 20, 1977
Page Three
County o£ Pitkin, State of Colorado
Airpo�t Revenue Anticipation [aarrants _
Dated October 1, 1977 - $125,000 • • ' �
Maturing 1979 to 1996, Inclusive '
,
. � :;
are payab3e solely from, and as security therefor there are i
pledged, the net income and revenue of the County's Airport � `
and related Airport Facilities now owned, or to be acquired
and constructed, by the County (after deduction only of the ., <;
cost of operation, maintenance and ordinary repairs of said �;:`.
Airport and related Airport Facilities, and a reasonable � ,�
reserve for such costs), which net income and revenue shall -
be placed in the "COUnty o£ Pitkin, Airport Refunding Revenue �zs. :
Bond Sinking Fund", and upon which income, revenues an8 Fund ',�c;:.':
the warrants of this issue, together with the Airport Refunding � '"�; -
Revenue Bonds, Series 19778, constitute first and prior liens, ;:
all as more fuZl and com letel set forth in the Resolution � ``
Y P Y �r+:s=:
of the Board authorizing said warrants. Y �,;:,
_ ��
We express no opinion concerning the sufficiency �'� ;:
of Airport and related revenues for the payment of these �s
warrants and the interest thereon. i�,'
� , :.
It is further our opinion that the interest on �`�;
Sa�:;.;
said warrants is exempt from taxation by the United States ,.�',.:
of America under present Fedezal income tax laws. `�'�
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