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};�;' R E S O L U T I O N
���=t # 82-97
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y:r; WHEREAS, the County of Pitkin, in the State of Colo- •
�;� rado, proposes to issue and there will be outstanding and unpaid,
f�h one negotiable General Obligation Jail Bond (the "Bond") in the
�i�.�
� principal amount of $1,800,000, dated October 1, 1982, for the
�a-�.j purpose of erecting, furnishing and equipping a jail facility for �
� Pitkin County, due and payable in installment at the rates �r/, •
,..
�: as follows:
Principal Installment
"� Installments Years Interest Rate
$ 60,000 December 1, 1983 7.508
130,000 December 1, 1984 8.00$
145,000 December 1, 1985 8.50$
160,000 December 1, 1986 8.758
175,000 December 1, 1987 9.00$
' $195,000 December 1, 1988 9.25�
�• 215,000 December 1, 1989 9.508
240,000 December 1, 1990 9.758 .
270,000 December 1, 1991 10.008
�"' 210,000 June 1, 1992 10.258
;� • ;
� ��.
WHEREAS, pursuant to the provisions of Section 30-26-303 �`
;� and the Resolution authorizing said Bond, the redemption and the
� manner of publication for redemption each year of the principal
; � installment of the Bond is not conducive to an orderly redemption
'�� of the Bond for marketinq purposes by the purchaser of the Bond,
� �� and therefore such contractual limitation must be eliminated and =�=�
i�:"
, � serial bonds issued; and ;;" �
, � �? .
WHEREAS, the holder of said outstanding Bond has con- ^�._
r � -- sented to exchange it for refunding bonds of the County; and ;;3
.t � ,,
WHEREAS, by a Resolution duly adopted, the Board of �F'
�.
� County Commissioners of Pitkin County determined to issue, in !�
� accordance with the laws of the State of Colorado, new bonds to be '��
y .
� designated "General Obligation Refundinq Jail Sonds", the same to ;�(t`
� be exchanged dollar for dollar for the Bond to be refunded, the ;'
`� �� ,
amount of bonds so determined to be issued as aforesaid being the ,��`-
;� sum of $1,800,000, the resolution of such determination having =�
,..
%� been heretofore duly made and entered in and upon the records of ';%i:
s
� said county: �
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(Form of Interest Coupon) a
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No. $ � .
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�
June �
On the lst day of �ecember, 19_, unless the Bond
to which this coupon is attached, if redeemable, has been called �;:;�:�i`.
- for prior redemptiott, the County of Pitkin, Colorado, will pay ';i; '
� to bearer the amount shown hereon, in lawful money of the United
States of America, at the office of the Pitkin County Treasurer,
in Aspen, Colorado, being interest then due on its General y
Obligation Refunding Jail eond, dated October 1, 1982, bearinq z
�
No. (Facsimile Signature)
County Treasurer
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� Section 5. That when issued, the refunding bonds herein
� authorized shall be exchanged dollar for dollar for the Bond to be
� refunded, and they shall not be issued until the outstanding Bond
� to be refunded has been called in and cancelled in an amount equal
�� to the bonds so issued, and all accrued interest on said Bond to
�a' be refunded shall be paid before such refunding bonds are issued �
� in exchange therefor. � ��
� � .
� Neither the purchaser of the bonds nor the holder f
of any of them shall be in any way responsible for the appli-
cation of the proceeds of said bonds by the County or any of its
officers. The proceeds of the bonds herein authorized shall be
4
,� used only for the purposes recited above; provided, however, that
�, all or any appropriate portion of the bond proceeds may be tempor- s
arily invested or reinvested pending such use in securities or �
� obligations which are lawful investments for such counties in the F
� State of Col.orado. It is hereby covenanted and agreed by the
� County that said temporary investment or reinvestment oE the bond , .
�a proceeds or an
•.;. � � y portion thereof, shall be of such nature and �
:�. , �
extent, and for such period, that the bonds shall not be or become
� arbitrage bonds within the meaning of Section 103(c) of the .ky
Internal Revenue Code of 1954, as amended, and pertinent regula- `j�'
` � tions, and such roceeds, if so invested or reinvested
� P , shall be
� subject to the limitations and restrictions of said Section
� 103(c}, as the same now exists or may Iater be amended, and shall.
'�'� �
Eurther be subject to any applicab2e regulations of the Internal
��.
" Revenue Service. 4,�.
� '� Section 6. If necessary, the interest to become due on i-i
said bonds on June 1, 1983, shall be advanced from any revenues ��_
or .funds of the County lawfully available therefor. For the �=;±
� purpose of reimbursing said advance, if any, and paying the . `:
t •
interest on and principal of said bonds as the same become due and �`�
payable respectively, there shall be levied on all the taxable ��
�;_.
i� property in said County, in addition to alI other taxes, direct ij± ".
annual taxes in each of the years 1982 to 1491, inclusive, whict� �x
will be sufficient rom tl to meet such F=
p p y payments.
� ,
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� Except for maintenance and operation expenses, said
�.I
� taxes, when collected, shall be placed in a special account to be
called the "General Obligation Refunding Jail Bond Redemption
Eund", and shall be applied solely for the purpose of the payment
of 'said interest and principal of said bonds, respectively, and
� for no other purpose whatever until the bonds authorized by this �
Resolution, both principal and interest, shall have been fully ;?
paid, satisfied and discharged. Nothing herein contained shall be �':,��
' so construed as to prevent the County from applying atty other ?;`
� funds that may be in the treasury of the County and available for ���
� that purpose to the payment of said interest or principal, and
�, upon aay such application, the levy or levies herein provided may
thereupon to that extent be diminished.
�� Said taxes shall be levied, assessed, collected and
enforced at the time and in the form and manner and with like
� interest and penalties as other general taxes in the State of
Colorado. In the event any of said levies fail to produce an .�
� amount sufficient to pay the interest on and the principal of the �:
� bonds becoming due in the next succeeding year, the deficit shall
�. k be made up in the next levy, and taxes shall continue to be
k
� levied until said bonds and the interest thereon shall be paid in
� full. The Board of County Commissioners shall take all necessary �•
and proper steps promptly to enforce the payment of taxes levied
pursuant to this Resolution. r�
; Section 7. That the provisions of this Resolution
-�'� and each of the bonds and the interest coupons issued pursuant
thereto, shall constitute and the same are hereby declared to be a
��' binding and irrevocable contract between said County and the
holder from time to time of each of said bonds and the interest
coupons appertaining thereto.
Section 8. That when all principal, interest and. prior � ,
redemption premiums, if any, in connection with the Bonds hereby �;:
authorized have been duly paid, the pledge and lien and all `�`
� obligations hereunder shall thereby be discharged and the Bonds
� `s;t .
shall no longer be deemed to be outstanding within the meani.ng
{; of this Resolution. There shall be deemed to be such due payment �<�"
�p ���
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F� when the County has placed in escrow and in trust with a commer-
cial bank located within or without the State of Colorado, and
�� exercisin trust wers, cash Federal Securities, or an combin-
��. 9 Po . Y
��- ation thereof, in an amount sufficient (including the known �
�:. j
C minimum yield from Federal Securities in which such amount may be
�� initially invested) to meet all requirements of principal, inter- -: `.
�� est and prior redemption premium, if any, as the same become due .j�
�� to their final maturities or upon designated prior redemption
t'� dates. The Federal Securities shall become due at or prior to the �
s
respective times on which the proceeds thereof shall be needed, in
��'� accordance with a schedule established and agreed upon between the
y' County and such bank at the time of the creation of the escrow, or 1�
� �-
� the Federal Securities shall be subject to redemption at the �
� option of the holders thereof to assure such availability as so i
needed to meet such schedule. The term "Federal Securities" �
� within the meaning of this section shall include only direct �
;� obligations of, or obligations the principal and interest of which �
are unconditionally guaranteed by, the United States of America. "
�� �� Section 9. That after said bonds are issued, this �''
� Resolution shall not be altered or repealed until the bonds, �
,'� both principal and interest, shall have been fully paid and �
� i,� discharged. :�
€� Section 10. All resolutions, or parts thereof, in � •
ii� conflict with the provisions hereof, shall be and the same
,���._� are hereby repealed. �;
'� Section 11. That if any one or more sections or parts E�
.� � of this Resolution shall be adjudged unenforceable or invalid, ;�
i�
such judgment shall not affect, impair or invalidate the remaining Er:•.
�� provisions of this Resolution, it being the intention that the �`
},3 k,
"; various provisions hereof are severable. • . -
Section 12. That this Resolution, immediately upon ��
�; its passage, shall be recorded in the book of Resolutions of �.:�
�
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`� said County kept for that purpose and shall be authenticated by the <�
signatures of theChairman of the Board of County Commissioners and `f
County Clerk and Recorder.
�` ' Section 13. That this resolution be published by title and �'�
u1f
short outline as provided by Section 2.8.1.3 of the Pitkin County Home �
' Rule Charter.
-�:.
�; � INTRODUCED AND PASSED ON FIRST READING This 24th day of'August, g�.,.,
F�.
19 82. ,��
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(�S s�E:-1i.���f t: ,
'�, a N'y 4 Cha wanan l -- '�'s.
;�'� !S `, Boar of C nty Commissioners
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' �3�'P�EST. , �
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�`: � Deputy County Clerk �`r� -
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(The following to be inserted upon final reading of the Resolution)
.' �'
� � , FINALLY ADOPTED AND APPROVED This ZSTI3 day of August,
� 1982.
�
G,,� � '..
�t% ,' ( S'.E ,�:iLj.) ''_
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'i \ .p � C a rwa[an �"
^ � + Board o£ Co y Commissioners
�' i . , �. . .
F� Ti y a
. ���'
DeputyCounty Clerk
�.y
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Commissioner K�S� then moved that said
Resolution be passed on first reading as read. Commissioner :y
�� seconded the motion.
The question being upon the passage on first reading '
of said Resolution, the roll was called with the following result:
Those voting AYE:
IQ,ANDERUD �
Commissioners:
a MApSEN ;��:
KI S �l . '
Those voting NAY: N� �
The presiding officer thereupon declared that, a major-
ity of all the Commissioners elected having voted in favor there-
.� of, the motion was carried and the Resolution duly passed on �f�
first reading.
After consideration of other matters to come before :!`
the Board, on motion duly made and seconded, the meeting was `�
u.
� adjourned. �'
,}
,�,- � (�.5�.g JA`'L;•.�. ' � st
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• - �n -�*`. Boar of County Commissioners u�.
� •��TT' .1'1 1 :�,` �.
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County'Clerk and Recorder
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4� STATE OF COLORADO )
^� ss.
r COUNTY OF PITKIN )
�� I� LEW SCANI.AN, Deputy _ �o�,nty Clerk and Recorder of
� the County of Pitkin, State of Colorado, do hereby certify that
the fore9oing pages numbered 14 to 30, inclusive, constitute '
}.] �
�;1 a full and correct copy of the record of proceedings of the
�� Board of County Commissioners of said County, taken at a special '7 �
;S :/ '. .
�� meeting held on the 24th day of August, 1982, so far as said
�• minutes relate to two Resolutions relating to the issuance of
General Obligation Refunding Jail Bonds in the principal amount of �
�� '
¢ $1,800,000; that the copies of each Resolution contained in said �
{� minutes are full, true and correct copies of the original of each i
� Resolution as adopted by the Board of County Commissioners at said
�� meeting on first reading; that the original Resolutions have been
�� duly signed and approved by the presiding officer of the Board of
County Commissioners and myself, as County Clerk and Recorder, and
�,; sealed with the corporate seal of said County.
�� i further certify that the Chair w�rand 3 t.
?*. '�
members of the Board of County Commissioners were present at �
�� said meeting and that 4 members of said Board voted �
�� on the passage of said Resolutions as in said minutes set forth.
��i IN WITNESS WHEREOF, I have hereunto set my hand and I
. � the seal of said County at Aspen, Colorado, this ZSTH day of i .
�:
?+; AUGUST , 1982.
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�:;�' ,. ` 5� Deputy County Clerk and Recorder
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� ; Tha Aspea Times , ,���
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PROOF OF PUBLICATION ` �
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(�. STATE OF COLORADO ) f �
$„ � Sg Copy of Not�ce �
�-� County of Pilkin ) . _.- - . '
!� public notic@ -
�� -A RESOLUTION OF THB BOARD OF�� �
t, William E,' Dunaway �o solemnly 5H•ear that COUM'YCOMbffi.4IONER90FPlTKIN ;
�4 :CO[1NTY,COIARADO.AUTfiOR1Z[NG�,
"`. 'THE ISSI7ANCE OF A S1.BOO.00D�GEN•'. � I
�`� I am the PuUlisher of THE ASPEN TIMES: :ERAL,OBUGAI:ION REFUNDiNGJAiL
�t�� that the same is a weekly newspaper prtnled, in whole or in part, �B��� � ` -
q" �RESOLUTION82-9T - .
fi�, and publfshed in the Counly of Pi[kin, State of Colorado, and has Be it Lereby addeed�that tha Emrd ot.I
�,; a general circulation therein; that said newspaper has been pub- ���h��'.•iOOa°�°C��"CO1"�y�
��- lished continuously and uninterruptedly fn said County of Pitkin, -�bndo dW-on ehe 25th dny�ot.Augun4-,
.1982,sdop[the efinementiooed reeolution�.s
��� for a pedod of more than tifty-two wnseculive Keeks next prior inaavdenw�+ithrhemcomme�tiooco(i >
�iT,�� to the first publica8on of the annexed legal natice or edvertise- ���°'�°�C°��'�iotthefullWabf�'� t� �
p,; the ienlution ere sveiLble in fLe Camty��. �
�.��_ ment, that said nex�spaper has been addmi[ted lo the United States Oterk's Oti.0 dudng reguler bveines��. � ?.
�� mails as second•class matter under the provisions o[ the Act of '�� � �
.. -� March 3, 1879, or any amendments thereof, and that said neu�s- � ;' Da�utr aw��Cla�� '
1- paper is a weekly newspaper duty qualified for publlshing legal 'PubhahadiatheAepealYme.Sept ie92.-� �� �
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notices and advertisements with the meaning of the laws of the
��.;-� State of Colorado. �
it � t
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Th9t the annexed legal notice or adverlisement u•az poblished � . � �',l �j
't�� in the regular and entire issue of every-numher of said weekly � �Q, (� , ���I.�.�'L- ��/ 5 .
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newspaper for the period of 1 consecutive insertions; and '
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�" that the first publication of said notice was in the issue ot said �
gf, �
SeAtember 2 82 `
•i-.. `� newspaper dated A.D., 19^and that �
�" the last publicatton of said noUce was in the issue of said news- nq �
'j paper dated A.D., 19_ `�
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�t ��/G2i�.l!/�/.�j/
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. Subscribed end sw•orn to before me,.a notary publlc in and or �
tp! the County ot Pitkin,State of Colorado, this � / ,day of
�'% _ -�A.D., 19�
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Notary Public . -
My commission expircr. " � " 'l'
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