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�' RESOLUTION No. 83-�
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- WHEREAS, the County of Pitkin, State of Colorado (the
'j'`° "County"), owns and operates a public airport and related facili-
; •
'�'f:� ties; and -
�.`` . WHEREAS, the County by Resolution No. 77-67 adopted on
� May 9, 1977, as amended by Resolution No. 77-68 adopted on May 23, ,
�x .
.7:,`;� 1977, (herein collectively refezred ko as the "1977 Refunding �
-,.���:
Resolution"), has authorized its Airport Refunding Revenae Bonds, J
;��:, I .
j�;;; Series 1977A in the principal amount of $1,200,000, dated Map 9,
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l:-�-''` 1977, its Airport Refunding Revenue Bonds, Series 1977B, in the
�:a::?�-
"`"' �`� rinci al amount of 1 210 000, dated Ma 15 1977 and its
a-,�, P P $ . i Y r .
±F:�:r
�,,F�: Airport Special Obligation Refunding Revenue Bonds, Series 1977C,
L�'"` in the principal amount of $741,000, dated May 15, 7977, and its
j �,.,,
�;,:.�-:
:,,...
�;_. Airport Revenue Anticipation Warrants, in the principal amount of
�'�%`= $125,000, dated October 1, 1977, (the "1977 Warrants") of which
��:+:';
';;=�' issues only the 1977 Series B Bonds and 1977 Warrants are payable
?' �"�, from the net revenues of the airport and related facilities; and
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WHEREAS, the eoard of Coanty Commissioners of the County
''�v (herein "Board") has deemed it necessary and desirable to improve
�:z-�.;
_'"=' and extend the Pitkin County Airport (hetein the "Project"), the
i;`;;;`'.
;�.�=;:>'� total estimated cost of the proposed airport improvements to be in
�.;;.
C"_'' the amount of $ 4,400.00Q , of which amount the County has received
'.';;%
� i��,�s a federal grant in the amount of $ 3,198,807 , and of which total
�'" amount the County will provide the remaining $ 1,201,193 ; and
WHEREAS, the Board has determined it necessary to issue ��.
��
revenue bonds in the amount of $i.560,000 as its share of the
� .� proposed improvements; and
�� WHEREAS, Section 10.1.2 of the Pitkin County Charter ;
��*nu provides as follows: fi ?
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cj "No Revenue to be Assigned: No revenue accruing �
� `� to the County, either in its taxing capacity or �
� in its capacity as an owner or proprietor of
,.�;,;�_; property may be pledged, assigned, or anticipat-
+ ed for the purpose of borrowing funds unless and
� = until such borrowing shall be referred to and
�.;._;?J . approved by a majority of the electors voting in
x ,� an election called £or such purpose." and � ,
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'1 WHEREAS, at the gener.al e2ection of the qualified
� � electors of the County held on Tuesday, November 2, 1982, duly
�'s called and held in accordance with law and pursuant to dne notice,
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a majority of those qualified to vote and voting at said election,
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voted in favor of the issuance of revenue bonds of the County in
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;,,_,, the aggregate principal amount of $3,250,000 for the purpose of c
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�^;, improving and extending the Pitkin County Airport, the question
'�3 beinq as follows:
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� a "Shall the Board of County Commissioners of
��,,j Pitkin County, Colorado, be authorized to issue
�,i its revenue bonds for and on behalf of the
�� County in an aggregate principal amount not !
•�*� exceeding $3,250,000, or so much thereof as may
:�'.
j.;.� be necessary, from time to time, for the purpose
i;as3? of improving and extending the Pitkin County
's'��� Airport, such bonds to bear interest at a
��;,
� � maximum net ef£ective interest rate not exceed-
�'
�;-;� ing 15.D08 per annum, payable within 30 years
��;� from their date, and may be redeemable, at .
}=��� the oQtion of the County, prior to maturity upon '
payment of a redemption premium or premiums not !
�"'� exceeding 3� of principal, such bonds to be paid
"� r,�M*,`� from the net revenues derived by the County from
;�.�.
and through its ownership and operation of the
°,���� Pitkin County Airport and related airport
��`"�� facilities?"; and
'�'� I
�'�r'� WHEREAS, the returns of the election were duly canvassed
j�<:i_ .
'""?:'a and the result thereof duly declared; and
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��e.,,,� WHEREAS, Section 6 of Resolution No. 77-710, which
k�+= authorized the 1977 Warrants, provides that additional obligations
I ;a may be issued by the Board on a parity with the 1977 Series 8 .�:
�`-:=:j Bonds and the 1977 Warrants, provided certain earnings tests are n'�
�`�<�`aj complied with; and
E�"''�:�
°�? WHEREAS, the Board has determined that the earnings j
:'^�,��.�;� test, as set forth in Section 6.of seid Resolution authorizing the !
�`�'�� 1977 warrants, may be met in every respect with the result that �
r�.�-`' %'r �
^ <� the revenue bonds authorized herein may be issued on a parity f
-_+ with the 1977 Series B Bonds and the 1977 Warrants; and 1 .
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�.;, „ WHEREAS, the approval by the registered electors of
i'�`' . Pitkin Count on November 2 1982 on the
y , question authocizing the
�''� County to issue revenue bonds for airport purposes constitutes
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ii�.,`;,` "official action" as required by Section 1.103-8(5)(ii) of the i �
y'';`;.:, .
e
� ; regulations under Section 103(c} of the Internal Revenue Code of 3 :
���- ; g .,
f : 1954, as amended, and provides the public approval requirement of `
� � Section 103(k) of the Internal Revenue Code of 1954, as amended; � '
�"'''' and �
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.�=r WHEREAS, said revenue bonds have been duly advertised
���;
r,�,=,: for sale in accordance with the laws of the State of Colorado, and
��:.
i the Board has determined to award said Bonds to Boettcher
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+'='~'� and Company , of Denver �
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�,� Colorado , the best bidder thereEor, said bid
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���:i being for a purchase price consisting of the princi al amount of
3:.�;. P
�.::2�`� the bonds, accrued interest thereon from their date to the date of
"-
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�:'�:`;� their delivery, and a premium discount of $ 30,420 , the net
-,��;�� effective interest rate being 8.783 $; and
�� WHEREAS, the Board deems it necessary at this time '
'as•� to authorize the issuance of bonds in the principal amount of ':
�.-,-,;', :
e,�:;< ;
i..::.�:1 $1,560,000, as authorized in said bond election on November 2,
4i:s'- I
�.;::.;.{ 1982, to provide for said airport improvements; �
�'"'+'�' THEREFORE� BE IT RESOLVED BY THE BOARD OF, COUNTY COMMIS- I
. i:_�::� SIONERS OF PITKIN COUNTY, COLORADO: I
• ...k�, � � �'�
��..,`s Section 1. Authorization. That in accordance with "•
,�' Title 41, Article 5, C.R.S. 1973, as amended, the Charter of the i "�
�,J� ;
°?'7 County, the Constitution of the State of Colorado and all other j
�� i laws of the State of Colorado thereunto enabling, there shall be '
� � �
issued airport revenue bonds of the County, each to be designated
��"�� "Airport Revenue Bond, Series 1983," (hereinafter referred to as
� :� � .
�r�'"�� the "Series 1983 Bonds" or the "Bonds"), in the total principal
f`_-:'
�--;:j amount of $1,560,000 for the purpose of providing funds for the
� t � �
Project. Both the principal thereof and the interest thereon
� .� �
:i shall be payable solely an8 only from the Net Revenue derived and
�"��'j to be derived by the County from the ownership and operation of
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�11� 't� �`' b''�`� }�'� w.K y ��'$�..r ;r 6 F � '��y.�v #� . �� kt•�'r re ,.ti< e -:
b a �iZ ����..� �!N � i(�a� iW .4a`�,x ^'a.,�,1 �*� �( �� k.��� "7 �{Y.ir 4 } �;. , , . . -: �,�.,.
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��{:.;,.,`; the County's Airport and related Airport facilities, and having an
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irrevocable and first lien (but not necessarily an exclusive first
��` lien on such Net Revenues on a
� ) parity with the 1977 Series B
.��',. �`
i',-;';_:; ? Bonds and the 1977 Warrants, as more particularly set forth in '
J .
i�'.'-;: ! � .
� ' :� this Resolution.
���f � Section 2. Bond Details, That the Bonds shall be �
� negotiable in form, payable to bearer, and shall be dated June �
�,�'�:�•:: ,
.;4,:
�.:. 1, 1983, and consist of 312 bonds in the denomination of $5,000 (
�'�,-�r�;� each, numbered 1 to 312, inclusive, shall bear interest at the
�;: _ :
j � rates set forth below, evidenced by interest coupons attached
4�y •- to said bonds
�:.;:,.,. , payable on December 1 , 1983, and semiannually
'`"`�Y thereafter on the 1st da of ,7une and the 1st da of December
��>,�-:
s�,u.t' Y Y
���� each year, and shall mature serially on the 1st day of December
-�:k,^
�'�?�::,i
:x�.^r.; each year, as follows:
��i:) -
� �
t�, �j Amount Maturity Interest Rate
- ��.`� .�i
, $ 30,000 1984 12.0- 8
�' ��x�� 30,000 1985 12.0 8
�� 35,000 1986 12.0 8
�� �`� 35,000 1987 10.0 8 1
�':�>''�'�j I
�,,,�,;...i 40,000 1988 10.0 �
�,:r� - $ 40,000 1989 10.0 $ �
�,�":�i 45,000 1990 10.0 8 �
ar.�;s:� 50,000 1991 7.75 $
y?t"" 55,000 1992 7-.�75$
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'. ��� 60,000 1993 8.125 8
r¢^a; $ 65,000 1994 8.375$ q'^
70,000 1995 8.�—� *•
- 75,000 1996 8.6258
'y=.,i' 85,000 1997 8.75 $ �
90,000 1998 8.87�8 �
�h �, �
+T :, $100,000 1999 9.0 8 =
-a 110,000 2000 9.0 8 �
::'ari-`�-":�
�w4„- 120.000 2001 9.0 � ��,
�'-;�`�-� 130,000 2002 9.�—$
f':`�"'� 140,OOU 20U3 -$��
"`'°"a 155,000 2004 ��$
���_.
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1 '
�ti_.; Bonds maturing on or before December 1 , 1993, are not
,L"'=�ti.-'�
t � °. redeemable prior to their respective maturity dates. Sonds
�w:• maturing on December 1, 1994 and thereafter, are redeemable at
a,s.,=
�;.��ry. � the option of the County on December 1, 1993, and on any interest -
,�ra payment date thereafter, in inverse numerical order, �pon payment
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;��; of par, accrued interest and a premium of 7.008 of the principal
y..; amount redeemed for those Bonds redeemed during .the period from
,;`'% December 1, 1993 to June 1, 1998, inclusive, and without redemp- "
,.-
�-� tion premium for Bonds redeemed on December 1, i998 and there- �r
after.
r; ,�-
�'� The maximum net effective interest rate of this issue of
"�" Bonds shall be 9 8 �
F� per annum. `
% Section 3. Paying Ac�ent. The principal of and interest i
�_� on said Series 1983 Bonds shall be paya6le in lawful money of the �
,��"�, United States of America, at the Central Bank of Denver, in f
#-;�
s;� Denver, Colorado. ?
����.
Section 4. Notice of Prior Redemption. Notice of prior
:;`� redemption of the Series 1983 Bonds shall be given by publication
�.J at least one time in a newspaper having general circulation in �
`1j Pitkin Count �
�:�� y, at least thirty (30) days prior to the date on
- ''. :k� which said Bonds are to be redeemed and paid and Notice shall also
v'� �.
be given by mailed copy of the notice by registered, first class :
t;� mail, to the purchaser of the Bonds, at least thirty (30) days �
a.:i
�-; prior to the date of redemption. Such notice shall contain the l
��:"� date and place at which said Bonds shall be redeemed and paid, � '
�-:
shall describe the Bonds by their legal description, date, number,
4`' �
' :� amount and price, and shall state that after the date so fixed for
, y,;
`:�.� redemption and payment, the interest on said Bonds shall cease, a
;,,� Section S, Special Obli_qations. The principal of and � .�"'
interest on said Series 1983 Bonds, together with t6e principal of j
n'� and interest on the 1977 Series B Bonds and the 1977 Warrants, I
1�=.
-: except as hereinafter specificalZy provided otherwise, shall be �
:� �
;� payable solely from and out of the revenues derived and to be `
f� derived by the County Erom the ownership and operation of iks
;*" Pitkin County Airport, as specified in this Resolution, but the
,_j
�:; term "Airport" as herein used, sha21 znclude not only the facili-
`�:j ties and properties currently comprising the County Airport
t-:�1
4:�:� Facility and all related airport facilities, but also all addi-
�=' tions and betterments thereto and improvements and extensions of
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,1��-�� y�r:�+�"/y ,�`�'� �*��yF � ..�''f t l,,,�y� 6 .+ '�[��1� �''4 �.� Hf:" ivl o�f
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� ; ,.��C rrs� .{ �3�-�++�1r5`f �`tw�5 t�'�^�S).�•��,�r 3. n �y r''� � 'yj'G '� .�..-: .�s�` _ : ���.
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s.x:.Yl i�um�'�:�? ��1Mr�d..�.�•a•<�+=�.�tX'`�.� !�^tV�f��"�.�; '' . . .-- ....� , ,
'�.:.:::'{
iz-,•"':-' the Pitkin County Airport and facilities hereafter constructed or
r,;,:• ,.
acquired by the County. The holder or holders of said Bonds may
n`?�'"� not look to an eneral or other fund for the a ment of rinci al
,,a:.:;:,:',� Y 4 P Y P P
�r of and interest on such Bonds, and the Bonds shall not constitute �.
� , an indebtedness or a debt within the meaning of any constitu- � .,
�
� tional, statutory or charter provision or limitation; nor shall
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�%K'=`=`":�! they 6e considered or held to be general obligations of the 5 ,
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r�F:—.'?1'.'"jj j�
�T�'i':>�.,.^� 5
�:,i County.
���„..
t�, �:�
Section 6. Form and Execution of Bonds and Interest
r� Coupons. The Series 1983 Bonds shall be signed with the facsimile
'j
�t.<< �
!s signature of the Chairman of the Board of County Commissioners,
f"�.�-:
t^�, ,.z sealed with a facsimile of the seal of the County, countersigned
� k�;
�r;�r,, by the facsimile signature of the County Treasurer and attested by
s"-�r�.�...�
�J�;,.� the facsimile signature of the County Clerk and Recorder and each _
).,tti^,',:�
of said Bonds shall have attached thereto interest coupons bearing
f=:�w'�:i I
F�;:�`"�� the facsimile sigpature of the Chairman of the Board of County
- ,� �,"�-; Commissioners. Said coupons, when issued as aforesaid as part of
�m:.•:,;
�1'"""�' said Bonds, shall be the lawful promises and obligations of the
s;;�-�=s:i
""�"a Count securin the a ment of the interest as it becomes due. �
��-.;`.�. Y 9 P Y
`.,:;:''; ! •
�„-:;;.� Should any officer whose manual or facsimile signature appears on ,
i,,'�,:'`� said Bonds, or the interest coupons attached thereto, cease to be i
�.;;;�,;� �
'" '�° � such officer before delivery of the Bonds to the purchaser, such �
�+':ti:s^v
�x;�<< manual or facsimile signat�re shall nevertheless be valid and �
' s:�::_., .�::;.
��?�;:'�'i sufficient for all purposes. 1
�! The Series 1983 Bonds and the interest coupons attached � n
� thereto shall be in substantially the following form: i
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'
(Form of Bond)
- UNITED STATES OF AMERICA
�" � STATE OF COLORADO
�,_;
��.; C�UNTY OF PITKIN
' AIRPORT REVENUE BOND, SERIES 1983
��� No. $5,000
i:.-- '
(ri °;�.
� The County of Pitkin, in the State of Colorado, hereby
;� promises to pay to the bearer hereof, out of the special funds
.��
� hereinafter designated, but not otherwise, the principal sum
:� of i
tM FIVE THOUSAND DOLLARS �
�"
?c in lawful money of the United States of America, on the 1st day of
s; December, 19,, with interest thereon from date to maturity, as -
" evidenced by interest coupons attached hereto, at the rate of
�
i� percentum ( 8) per annum,
's
J payable on December 1, 1983 and semiannually thereafter on the
{ 1st day of June and the 1st day of December each year. Both
...y principal and interest are payable at the Central Bank of Denver,
? in Denver, Colorado, upon presentation and surrender of said
coupons and this Bond as they severally become due.
I
Bonds of this issue maturing on or before December 1,
1993, are not redeemable prior to their respective maturity
dates. Bonds maturing on riecember 1 , 1994 and thereafter, are �
redeemable at the option of the County on December 1 , 1993,
and on any interest payment dates thereafter, in inverse numerical u�
,.-
e
order, upon payment of par a�d accrued interest plus a premium of
1& of the �
principal amount redeemed for those Bonds redeemed
during the ,period from December 1, 1993 to June 1, 1998, inclu- S,
sive, and without redemption premium for Bonds redeemed on Decem- �;�:
ber 1 , 1998, and thereafter. Notice of such prior redemption '�'. :
shall be given in the time and manner as more particularly set �,
forth in the Resolution authorizing the issuance of this Bond.
This Bond is one of a series aggregating One Million �
� n
Five Aundred Sixty Thousand Dollars ($1,560,000) par value, j!�'.
numbered 1 to 312, inclusive, all of like date, tenor, and effect
i%
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s � :t nk�JS'.r�,tr'`''K i-���n i�F�1' r M j"`. �i i. �a i��� N �� � a� .. `f �.-J � h e..
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,..t.+.;.�.«.......���t�....i .��� :"� t'�;-�_ �"�'�0 .�} i r�,i �.,x� 9u� � � �y��u{�&P���� �-::� .
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�:- except as to number and date of matuzity, issued by the Board of
�:�
" Coanty Commissioners of Pitkin County, Colorado, for the purpose
�'s
of paying the costs and expenses of improving and extending the
yr Pitkin County Airport, under, by virtue of and in full confocmity .
'� with the provisions of the Constitution and Laws of the State of �
�'
" Colorado, particularly the provisions of Title 41 , Article 5, � �`��''"
��
i;; Colorado Revised Statutes 1973, as amended, the Pitkin County
'" Charter and pursuant to a Resolution of the County duly passed and
j,? adopted prior to the issuance of this Bond. Pursuant to Section
�'� 41-5-109 oE said Article 5, such recital shall conclusively impart �
.� �
:� full compliance with all the provisions and limitations of said #
3-;
;; Article, and this Bond issued containing such recital is incon- ?
btn
�� testable for any cause whatsoever after its delivery for value.
�a'
� Both the principal of this Bond and the interest here-
��4 9 principal of and interest on the County's
,� on to ether with the
t., � _
'�,� Airport Refunding Revenue Bonds, Series 1977B (herein the "1977 �,
- -�'`';� Series B Bonds"), authorized by the Board by Resolution No. 77-67,
r� �.
::� on May 9, T977, as amended by Resolution No. 77-68, adopted on May
�V;; 23, 1977, and the County's Airport Revenue Anticipation Warrants Y �
r�,_
z';.; {herein the "19�7 Warrants"), authorized by the Board by Resolu-
�'f tion No. 77-110, adopted on September 26, 1977, are payable solely
S:';.
'X'' from and as security therefor there are pled ed
t; g , all of the Net
ciRevenue derived and to be derived by the County £rom the ownership `
:,•:� and operation qf the County's Airport and related Airport Facili- �
=`=i ties, and a special fund created in full conformity with law and � '�"`
designated as the "County of Pitkin, Airport Refunding Revenue ? ptA'
��" Bond Sinking Fund" of said County, into which Fund the County �
�;,
=z covenants to pay from the revenues, other than tax revenues, �
r�;.,�
`,�, derived and to be derived from the ownership and operation of the
�� Air ort and related Air ort Facilities after deduction only of
F:., P P .
�-' the costs of operation, maintenance and ordinary repairs and a
�'�il
;�^>.i necessary reserve for said costs, sufficient monies for payment of
��'d the principal of and interest on the 1977 Series B eonds, 1977
� i
�� Warrants and the Bonds of the issue of which this is one and for a
�;% reasonable and necessary reserve for said principal and interest,
�.,''.�
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._...�__,_. .�,���,. ��r�.�+}.'7W:,'�,..:ilr�.:«,.�..z.tiu....3»_.«.w.i��_.�,_._....a'�.s.n«.��.u�'� ...��n_.. _2.�._...1.liIF�S.:,.t ..
`:;-;.
all as is more specifically set forth in the Resolution authoriz-
�=*"'-. in this Bond. The Bonds of the Series of whzch this is one are
,�,; 9
� equitably and ratably secured by a ].ien on the Net Revenues of the
�st-`'':! County's Airport and related Airport Eacilities and the Sinking .
`�"�'� � Fund established in connection with the 1977 Series B Bonds, and < •
ya=�;':'.:.�1 � i'. :
k'� said Bonds, toqether with the 1977 Series B Sonds and the 1977
� �..
-�.-; Warrants constitute an irrevocable and first lien (but not neces- �°�.:
�u '; �
' sarily an exclusive first lien) upon said Net Revenues and Sinking �
_.��'""'�
� °"-� Fund. Bonds in addition to the series of which this is one,
t�,'j subject to expressed conditions, may be issued and made payable �
�� :'� from said Net Revenues of the County having a lien thereon subor-
:�rr�':� dinate and junior to the lien, or, subject to other or additional �
�,--:-.�"
� k.�;;
.r,Y,3- expressed conditions, having a lien thereon on a parity with the
v4=;.,.e.
"'�"�° lien of the bonds of the series o� which this is one, in accor-
�1 `;� dance with h.he provisions of the Resolution authorizing this
� � Bond.
d'-��:<i�� � -
��:�';'�' It is hereby recited, certified and warranted that •for
��`, the payment of this Bond and the interest thereon the Coanty has
.�4�.�;.: .
� created and will maintain Said revenues and Fund and as are irrev-
�:�,,,-
� �
ocable charge thereon, wi21 pay this Bond and the interest there-
;�,�_.';
i,.,;:..�,; on, in the manner provided by the Resolution authorizing this
' Bond. For a description o£ said Fund and the nature and extent of
� � �a the security. afforded thereby for the payment of this Bond,
�._'t,�:'L,:
'; ��;;;:�;,; reference is made to that Resolution.
` � �{ This Bond does not constitute a debt of the County of
i `
`.:.'� Pitkin within the meaning oL- any constitutional, Charter or �
+ statutory limitation or provision, and shall not be considered or ��'
`i
�-=.��.>;+ held to be a general ob2igation of Pitkin County. The holder of
�- l
y this Bond may not look to any general or other fund o£ the County
`s+�,�;:.� for the payment of the principal o£ or interest on this Bo�d, � `
�'`�''�+ exce t the s ecial fund referred to above.
F- P P `
1 ;
� It is hereby certified and recited that all acts and
ti�
�
things required to be done and conditions and things required to
� exist precedent to and in the issuance of this Bond to render the
��
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t��{�` i0 �� .t»ut�ft�1��.`� �rc+Als I,T� ..� 'i55+�,.•'l�� M P�i�ei.�KZ`�+�r •+�:k (' ,_':r .
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� :i same lawful a�d valid, have happened, been properly done and
ti..,,:�
;�::'':: performed, and did exist in regular and due time, form and manner
`� �
„� ! as required by law.
a
� `i For the payment of this Bond and the interest thereon, !''
i,!-...., �
,� the County of Pitkin pledges the exercise of all its lawful
�..�:
�.�;,,�:; corporate powers.
�"%`'�'x+ IN WITNESS WHEREOE the Board of Count Commissioners of
r+,,•t;r � Y
y�F•^�'2&:
al':4+� the County of Pitkin, State of Colorado, has caused this Bond to
,`�' be si ned with the facsimile si nature of its Chairman attested
#"°-� 4 9 , .
��� i
�;..-.;;. with the facsimile signature of its County Clerk and Recorder, i
';��� sealed with a facsimile of its corporate seal, and countersigned �
���: by the manual signature of its County Treasurer, and has caused
�'�w the interest coupons attached hereto to be executed with the `
�`�a"�.�-`;� i
�;.���
facsimile signature of the Chairman of its Board of County
,��� '
"`�`'� Commissioners, as of the 1st day of June, 1983. �
�'�
g� ;
^`�` µ � COUNTY OF PITKIN �
�.. � ; �
��"� STATE OE COLORADO
.��,
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'::=� (FACSIMILE
i.��:;:;-11�' S E A L )
� -o>. By: (Facsimile Signature)
���{�'� Chairman
4 !
.�,;,,� '
�y� Board of County Commissioners ;
�ir�� i
r
r'�� i
� �vt, ATTESTED:
. .�� � � <i;:
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�,�; (Facsimile Signature) I
;�="i; County Clerk and Recorder {
,��;7 ,
� COUNTERSIGNED: I
4«,..
Pr';;;��
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;!��°�' (Manual Signature)
Fr M"�
w�°�? County Treasurer
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:,'
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�^;%; ,
'?,' (Form of Interest Coupon)
�w•:� .
e�; No. $ �
�tit;' , 4';�;
h�f' June, .
On the 1st day of December, 19_, unless the Hond to ;
`� which this coupon is attached, if redeemable, has been called for
prior redemption, the County oE Pitkin, in the State of Colorado,
�� will pay to the bearer the amount shown hereon in lawful money of i
� the United States of America, at the Central Bank oF Denver, �
�� in Denver, Colorado, out of the Special Fund referred to in said �
��i Bond, but not otherwise, being interest then due on its Airport
�
�, Revenue Bond, Series 1983, dated June 1, 1983, bearing
�"^
,t� No. ,
��'cit I
'' � (Facsimile Signature) i
��
(DO Not Sign) ;
y�4'� Chairman �
e�:� I
,,_i Board of Commissioners
i
- ;��i �
�:
�-:; '
e:� `
�4.
i^� �
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� �-s,.
;,-� The American Municipal Bond Assurance Corporation, a New =�,
�� York insurance corporation, has issued its Municipal Bond insur-
'� ance Policy No. with respect to the payments due for
�$ rinci al of and interest on this bond to the United States Trust
�_'�:' P P
-fir.l
�,,`�=� Company of New York, in New York, New York, as the Insurance
�� Trustee under said Policy. Said Policy is on file and available
�-=� for inspection at the principal office of said insurance Trustee
�•:�
3k.;�
�.;,., and copy thereof may be secured from said Corporation or said
i�!+
� `7 Insurance Trustee.
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t.,� f��"�tr�rN � r �; F�f s ii� J � i,�. ��,i ~` �i i�j�;sj, i�'
- n.����} Fr T�r1 n���. �Srh i� ( t r 3 �.4 e.`u�rr�y:. r a FF � r' r ��}��� '�,� 4 $ �-1 .
,.�fs� N .t''!tf '1.;11�"t n ti �°�tB � :C, a� � "�
:t{. �`� � ��• � :{ is:..{ 3 *A.h}.V_ f1,:��-�x y�`'+s��t!> •^p,ri,Yf K'tiy: k �+ �. f � r�.
..,._..,....�..��._,.....�.�r..:`._.L.. ..,a�E.`n.:...�.w .u..�,.«...__..�'1..'.slt I.`�a�_ :.x..C2y_... _.�.u_.__._�.._�. ._._.... ...... ., .
'�;, ' Section 7. Disposition of Bond Proceeds. That the
!� Bonds shall be issued and sold for the purpose of paying the costs
;�y.;; and expenses of the Project, described herein. Neither the
,�?f:;: �'::'.,.
,,,;, Purchaser of the Bonds nor any subsequent holder thereof shall be
f'� responsible for the application or disposal by the County or '
�.r any of its officers of the funds derived from the sale thereof.
��;�i The issuance of the Bonds by the County shall constitute a ,
�����. I.
��� warranty by and on behalf of the County for the benefit of the '.
"'�+ holder of said Bonds, that the Bonds have been issued for a !
i sa �
�P"I
(^�: valuable consideration in full conformity with law. �
��r
?� All or any portion of the proceeds of the Bonds may be �
.zc;
�c�'+ temporarily invested, or reinvested, pending such use, in secur-
t=:� I�i
g;� ities or obligations which are lawful investments for the County. �
��.� It is hereby covenanted and agreed by the County that the tem-
�� porary investment or reinvestment of the Bond proceeds, or any
�� portion thereof, shall be of such nature and extent, and for such �
'° . ��'3 period, that the Bonds shall not be or become "arbitrage bonds" �
within the meanin9 of 5ection 103(c) of the Internal Revenue Code
';,§;i of 1954, as amended, and pertinent regulations, and such proceeds,
�;�� if so invesked or reinvested, shall be subject to the limitations
;`•<�� and restrictions of said Section 103(c), and pertinent regulations
n�,;
!.; as the same now exists or may later be amended. g
y,i
G;+� The interest, if any, having accrued on the Bonds from
' r� 3
' r_,� their date to the date on which said Bonds are issued and deliv- -
y _ .
ered to the purchaser thereof, upon receipt by the County from � �,
����
said purchaser, shall be placed in the Sinking Fund for use in �
�'�� payment of interest on the Bonds. The interest earned from any {
N; investment of the bond proceeds prior to their expenditure shall ;
�.::h; be deposited into the Bond Fund.
�; Section 8. Covenant to Establish and Maintain Rate
�;�
��� Amounts. The Board of County Commissioners of the County oE
'ra
+.':.' Pitkin hereby covenants that it will continue to establish,
��'
:� maintain and enforce rates and charges for the use oP the Airport
;�,
r�i and any portion thereof sufficient to insure payment of the costs
�`r
c=
r � .
i�
� - 12 - 1_,. . ,,.
� ',
�
.__ _... ,..;:. .-.>.. ..-,.._.�_....._ ---__ -_
_ . .,�.,,.,t...� .. �.:._. ,�:.........�._.._-
`�r�
����.��.t.
'`` r! •.
.�
=;`r� `.. ,
,�;s� �'
a�,>- .
��:;,.-: -:t, . .
i�;�
- A' :)
N;�y::',`.,::":'`..�
�c ,�.
.y�l,'t �1'{ . .
��1�s -'.1 . . .
' �F�L..Y_,I,�� .
�T+�: �.������ f .
4.� a:��yx...H
a:�4c:-,r°t:+:;�
S; 'yQ.i',i .
}'� '7
F-
i ___.�,�
�;
,.:;�:,:
.;r.<< �
�..-.'.,,. / yti. rrh� .f -T nt �-. � �r h- '
t.. i 1. ,�4 i� ..i 'i nSl�, + _Y �� .� N �1+,;�.
c,.S.�' �r ti t � �'��� JL�� f = t � �kh� ^
� i�:. i� c �3 2 i 1 � � }� , �5:..„ �" ' 'f �E,nE� ! 7. t Y� �l 3 r .
`is��` "�,�,��1i�^'�`�'�t� r� u Lr- �" € ��4 ;t �y ��!f � j �
14 C'. � °4 '� �.�`�6E a�! F �+r!*Yt'ler- '+r-.�r� ,r�t �, ' j1C��.' � �'u' P ��Y'e �'j��'f I�3 qj(t f�:
-.�,elta�,....,...-��w.,�..0 .��.+i.a d��-.S�5��:!��M...�x'tdi'.�+��*:: t.�-�:,--rt4�'Y�" ??., v.. :�. _.. .. . �._ . .
;,i
- i
;�� �
�z,:;.;;; of the efficient and economical operation and maintenance of said
�_, " ' Air ort and the
p , payments oE principal of and interest on the
�6`:`,�'��_:i
- Series 1983 eonds herein authorized and the 1977 Series e Bonds '
;.�;>,
`} and 1977 Warrants promptly as the same become due. In addition, . �•
��.. ..;' said rates and charges shall always be maintained at a level at ,
least sufficient, after deduction of amounts necessary to pay
� ' �
�� ., -
�,� operation and maintenance expenses, and the reserve provided for
�r
,,�� such purposes, to produce not less than 125$ of the annual princi- ;
i
���'+ pal and interest reguirements of the Series 1983 Bonds herein
tc=�;,�
�',� authorized and the 1977 Series B Bonds and 1977 Warrants.
�;;.~�
'��"� It shall be the dut of the Count to establish, main-
;3:;�� Y Y
�"`J-" tain, and enforce such rates continuously until all of said 1977
i.....
v:ri f`�
�i�ij Series B 8onds, the 1977 Warrants and the Series 1983 Bonds !
?� �
�;`�;,;:� authorized herein and the interest thereon have been fully paid
3..�,..
.K9�'
aF�:'�� and discharged. In the event it bewmes necessary to increase
�=�
:%;�µ:� such rates and charges pursuant to this covenant, the charges
� shall be developed by the County in conjunction with its financial
�'�`� advisor, or other nationally recognized municipal financial
uu.,.3�
�:��d consultant.
w cii
Section 9. Gross Income Fund - Sinkinq Fund. Except as �
��;;;:j �
�,t;, hereinafter specified, all of the income and revenue of whatever �
5.;.-;� �
�,-;ti kind or character, without deduction for any purpose or purposes, !
t;`-':;;
�..xw derived, from whatever source, including all revenues presently �
y� .;
s,�� existing and deposits within said later designated fund, by the � i"
I �
f`R,� Connty by reason of the acquisition, construction, ow�ership or �
r-i
existence of or from the operation of the Pitkin County Airport �
'•i (the "Gross Revenue") shall be deposited or maintained in a
'�,:':� ,
;:� special fund, to be held on deposit at and disbursed by and from a
�'s� bank or trust company to be designated by resolution of the Board,
;e.�
�� which fu�d, and the accounts therein, was created and established
fi;i
_ by Resolution 76-120 and known as the "County of Pitkin, County
`�''- Airport Gross Income Fund", (herein called the "1476 Gross Income
_;
�,y;, Fund") kept separate and apart from all other funds and revenues
ry
��C-:�
�'J
�'� �3
�: — — '
�p�q �!
29 � ..
fit� I
i
I
' �. . ......., ...�.o-..r-e �,e.,;.�,.-wn+ '__ . ..__._..__ ._. _._.___.._._.....�..�-_�_....._. .._._._,�__'_.___. ..,..�-
. �,+'�-' . -i.�...r. .,...� .. .
�
.y���� •
F�:t"",MiL.Y`.�''� ' � �.
1 ti -�'.: . ♦
i:er} �
-.ex.a�,..,,_ . , . . . . .
t.
�,� a ;u . .
�,
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i�r � .q
c� 43 .
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.L. � i;'�
�:. nn .
Y �Y
��i��
� L ,M�
;�LwA�.��v�'!�
1
i'
i -_ -
',r
�::.,,,;. ' �
, +'
. � �,� n"�"ti�� {�,� i X� .y' � a�N��,�7ti���
�.� �fY c'� �f � tt i N�v v�' �. 3 Sd'C`51+E��� � ����. 5��� - L n y � w�, .
. ..�ts .n` �,5�Sr1''Y'�?�i4t4 �41�9v+a`fJ t�t 9� 4+� �,.t' �` �'�r ��u 4 "�j> ��wJ�c�(y�������ti .
3.,:r{Jyf�"'rf�4�£ i i�.�t� y�',�,y,��,..s�� ��ri t,'+�k"�� ��,� f ta�� " 1',�S r""'te JFir�'�t��.)` .�j�r „ .. .
..��4^,c �.4 � .•.: �'ly ,�i�,,9i�hf,�'4'!'���t r�C'.lt:''r 4 '� �z �� �;�..� ...._� . ... . ... . .>._
.J..'��t..........._ ���,s4ri�...ls.�lte.tw�.-�..=r�.t�9"�,a..}`r.vca•.:,.;�.r ..,+wr...;•.-,���-
�
�- ' '` of the County. The total of all such income and revenue shall be ,
Sy;,;,:'.
known as and termed rhe "Gross Revenue" of the Airport and such
7� '; Gross Revenue and Fund are hereby irrevocably pledged for only the
� following purposes and shall be credited, used or disbursed o,nlY h .;
�, i in the fol2owing manner and order: ;
� .
� ;,;;, (a) Operating Expense Account. The Operating �
,�-,,,;,, a
Expense Account of the 1976 Gross Income Fund is hereby
��,,� ratified and reaffirmed and shall be credited at least
��"-_� monthly with such amounts as wi11 be reguired to main-
t.���-'.���
�,��>""� tain to the credit of said account a minimum balance
�;";,;;
°'` equal to two (2) months' cost of operating and maintain-
�°��
pr,.�,��
�-�y.Y� in and ordinar current re air of the Air ort, or the
�,;,,.; 9 Y P P
" '`� portion thereof then in operation, plus an additional
�"'� :
F;�`w
`�s::w:� amount equal to the cost of operation, maintenance and
�;�;,�
�°,=;,� ardinary repairs of the Airport for the current month,
`f;<;;_�
%�y7� to 6e agplied to payment of said costs, said monthly
_ ?+ .�;�` costs to be based in each case upon one-twelfth (i/12)
'� � :,:;:� ;
�;'�;°' of the operating costs set foreh in the annual budget of ;
-;:y
�''''�� the Airport for the current fiscal year.
i`=:•�;
x,;�_,:;�
r,--,;; (b) Airport Refunding Revenue Bond Sinking Fund.
�.:KF',� � �� �
;�-:' From the amounts remaining in the 1976 Gross Income Fund i
�'::t
-�::.� there shall be withdrawn and deposited at least monthly ;
4:�;.;
: �;:� into a separate special fund, which fund has been j t;
i..,-, � �,{
�°;ij heretofore created and established, known as the "County f
' ;�;� of Pitkin, Airport Refunding Revenue Bond 5inking Fund° �
;�=; iherein called the "1977B Sinking Fund") and which Fund !
4
tr�4�� shall be held on deposit at and disbursed by a bank or I
��' trust company to be designated by resolution of the ,
;;;
�t?� Baard such amounts as are necessar to meet the re-
k�'� � y .
�`.1 quirements set forth herein as items (b)(i) and (b}(ii},
i;�i Moneys deposited into said 1977B Sinkinq Fund shall be
used solely for the purpose of paying the principal of
and interest on the Series 1983 Bonds herein authorized,
t� the 1977 Series B Bonds and the 1977 warrants, as the
�;a
�;
r�� -
:i f•.;..
- 14 - `..
`� � :
� �� _
i-
-� {
--.._,r,„, �,_.__. __._...._ ....__.._ ,_...w.e..,___ - - -- -----_.�__—_.........
.,• , �r,�:<�_._. .;_..,.. , : ;.... �
<`y��y,�,; _ . . . .
�r„��'-r':--:r; . •w .
j_�.�:. . .
'4a"'ejK',:.'���7;i
�y� : _ . ... . .. .
�SS!' �`,.�' • . ..
�,s�;s`-:" -�A
♦i ',:�
s.l'::'.,..:-'
,.�,;y�i:�P;,� :
�, kt ,,�� . � •
��;� .a
Y y¢ „�j9 '
��� '�
1 f "�
H-Ik ��
.�}.�F i�
.%1 i.',@-�
�`�.Y"!F f"+R.".,1,�-.�
t�� �.,i�'�
�
Y,�., r�;;:�
�' •:.a
a _. __ . ----
,,,
�;%;��"s:� ,
��.:;a�.:�, .
� , �
y�,h T � , , � ., � � , �.R-
� �•k�����'•aw+ .::.;t"'..�;�J.� i�'. � �i'`3t'{'Y"��! ��.�y{�V.�+�,t� � � 'ti a� '� >a.��fY.,,„n7¢.�a:�..
� .tAP�nt'Jl' y'�EZE�i1'.Yi,�.r���..::�_._ �,n:...:`.::�.`t'.?4M�-=...:.,_e3k.::.�J�e��qdS�im..i)_����.�:'�,�:`...�;i�'�'..ts.�.—�+"v rr
"!i.' .
� � f',i`��,,♦.:.
same shall mature or accrne, respectively, or for the
=L.'::•-; reserve for sach purposes herein provided, and to that
�z
,���4;�^.,:, end the Series 1977 B Bonds, the 1977 Warrants and the
�n�;�x;f.:i Series 1983 Bonds authorized herein, and the intetest .
�;`"��'� thereon shall be and constitute a first and prior lien
�.'.'; � :.
�z , upon said 19778 Sinking Fund. All Gross Revenue of the
���^ Airport less only the amounts required to be credited, �
`;:� � .
;�,x,-_,;; fzom time to time to the Operating Expense Account .
t i
'a""�� pursuant to item (a) above, shall 6e known as and termed 3 '�
��r� �
;�=� the "Net Revenue" of the Airport, �
�.^,,;,,;., t
•<>;
f..��._ (i) Principal and Interest Account. There shall be
g:..�,•:;
�"� withdrawn from the 1976 Gross Income Fund at least
:�,��;;>
�';�.rr;�
t^;�,;t,;� monthly and deposited into the 19778 Sinking Fund,
f Y�,.
��`��--? for credit to the Principal and Interest Account of
���";
�:�•`� said 19778 Sinking Fund not less than one—sixth
.�cr4�vii �
�.?;;:�et;:i. �
�:*;�,a (1/6) of the interest becoming due on all Parity
`r;'�';`-; Bonds (as hereinafter defined) on the next semi—
� `:=`
- Y�: � annual interest payment date for each issue of said
a�.�}';'i
i t`�`� Parity Bonds, plus not less than one—twelfth (t/12) :
of the amount required to pay the principal amount
�-�:.=-•P�;
�`��.:'c<:=;i of all Outstanding Bonds maturinq within the
�.,:.>•�-.,
tc.F-•,.;.,
n,;='.,�� twelve(12) months £ollowing each such deposit. In _ !
r.�y -ra '
".�:�� the event that an initial deposit or initial !
4;si�.;b�; I
� +�;?`� deposits occur less than six (6) months prior to a ;
� r:_,_���.
.k^�i'.c. I
`i;��-=-:-`>',�� semiannually interest payment date or dakes, or
r �±:^
_k,,,,-;, Iess than twelve (12j months prior to an annual �'':
� �;y;; principal payment date or dates, such deposit or � F.
!:�i�-J?'�
� � deposits shall be proportionally increased. �
G l:� I
,z.,_- _„., (ii) Principal and Interest Reserve Aacount. On �
;1:>�•-��i �
�<�•�`� the date of delivery of the Series 1983 Bonds ;
--v�i.`-:-
�'�"� there shall be deposited the amount oE $234,000 to �
�•r;crs:�
+ ;; the Reserve Account, such sum being an amount
:��;i'�',� equal to 15$ of the Eace amount of the Series 1983
y'�.�.,�µ:::�
�k;;'-��::�>:, Bonds. Such amount, when combined with the deposit
�S � _.. I �•
�` -.i presently in the Reserve Account, shall equal the `
,
'4? w I
�a<,t. ... �
:�::..r�:;�;�^ .
� e.�^ ^ �$ — �.r .
� -..'��f �����
�it r
tzi"'°<`*.:�
��r� F �.
.
�,��; i
: .
� ��'" ------ _ -----.:.,—.�.K,��..f�,:.,.,�....�.��.._...�._.....__�__ _ --- _. -------
-�. �= . ..,,.,�,�_-�--_
.� ,
� L;..��r
��n..:
� �r.,.;.,a
�f:"1��.4:'�i . . .
,.�l��i . . . . .
"'�x+; �'
' :�.' ' `
� �4 . .
��,{y� a.u'',.�
R.s""::,':1'.r�� �:� .. .-.
��:i�"�'y-��`-.t
:,,rt:,�':' �,.�.:;j �
y� ' .!
`���V Ya� . .
��c�";�'+"�j� . , . .
r
� `i�:� 1
'f� ,hpy
��,, `����'� �
j;'?,,,:�,•:��
1-- :��
,
;�,;�, . .
� `;;;�;'�';`-,,
,�;
• — , ,} �. ;�. i :
�'� ��,N.�'Y,��l,�.n,tt�y:pi �t*� �t„�t ,�'i S :.. #� Y�i_.,� 4 y� �t..'iJ� + > }+�����L` .
�� ) �yx � �� ���i�f �� }'
'�^~�r��-.�����(�r����1t yyJ�Fiy1S� f>IY��.I? i`Pw t�,.�.���Te� ir�� .,r1 1 t �� s �;�i���t��'l }a�jf
-�.,.i.��...i�..i:.:"+.�ta»�SL-u:.:i:..d1.s-�ti.,'�..:v.a���,���u��.�i-''.:o.c.:u�i..�b6�r-,..,__''#I..��StU::::...' �__.��S rr��X� �'r1 �x•'�� �f�.,r.-.. i . .'
�'':'�rr��=�.
S' '
�Y amount of $354,000 (the "Minimum Reserve"). In the
�� f event that the amount on deposit in said Reserve
� ' `� Account shall thereafter fall below the Minimum
� yw : �
i Reserve, monthly deposits in at least the amount of
� - $1,000 shall be made and continue until the Minimum
� k �' Reserve is therein on deposit. Moneys on deposit
� 't•' in said Reserve Account ma be used for the
c.�_..,. :� Y Payment
s"*'' � ' of principal of and/or interest on Parity Obliga-
.�:-;�_:;::
A 2^
M�. :'.f.�
t.�, - tions only, and shall be so used only in the event
,,, ::
�� � that there are i�sufficient moneys in the Principal
���y:'•'"t4.�' and Interest Account to meet such principal and in-
,��-�r... ;;';
��;,��,t.;;;;,;�• terest payments promptly when due. Moneys in the
s� ��i
��i.4,...{..;,.°,• Reserve Fund may be invested in properly insured
��ya� i
�,t .t, 4� certificates of deposit, or in direct obligations
�„ of the United States Government or in obligations
�� p '; or securities of any agency or instrumentality
r �i .'�
� � . r� thereof, and the interest from any such investments
��� i r� shall be considered as income and revenue of the
�.1
��S - <Y Airport and handled accordingly.
i-
_ Upon the issuance of any Proposed Bonds, as herein
�
� ;:'��! provided, all payments to the 1977B Sinking Fund, and
;� < x :`,;:; the Accounts thereof, will be increased in such amounts
' ii
. �� '�". :� as may be necessary to assure the prompt payment when
. x'e+� ` i; :
�': �"; due of all Parity Bonds and the Proposed Bonds, and, in
r'��'� the case of the Reserve Account, the Minimum Reserve
+
y*::; shall be increased by an additional deposit an amount at
y
t "
:�,;` the time of delivery of the Proposed Bonds equal to the
�" greater of the 15� of the original face amount of the
t, :'L�,�
;^:.
�i������ Proposed Bonds or the maximum annual principal and
d;��;.�
{-�.a.= ��� interest requirement of the proposed Bonds, subject to
F ' �"�+
"� the limitations of Section 7 of this Resolution.
i ,r ' �
,,..:.>�. � (c) Renewal and Replacement Account. From the •
_ ` �.:,�j amounts remaining in the 1976 Gross Income Fund, the
� '' ,,; ��� Renewal and Replacement Account of said 1976 Gross
� sa
+ 1 �
�� t:
�� ',' i
�
t •
�.i �i — 16 —
�xr:�.'.:,�j
�:�?,�i:: �s�.
ata'..-"u' j
�.�SS�J
fiF�
h�
������ ' _'___' .. _""_'..�_�....... k,....�......-.-.. _.."_-_T w.,...� ...� ...
3/� "'_._ ..---........_.,......�,-.-��s:,.a: . .;,� .�.�... �.._-"-- .....,...�,._
�.�y,..��.c k ;.�: :. -w::�.:. _._ . ._ ,,,e.
�� ,���
�„�� � Ti . . . �. , _ i .
�_ i•
#i
p''M, 6''.t. j . .
'��::.1.,'�� . . . .
ti
��hM1:��,�'��'•'^��� � �� ...
�:�14.'._'.. . . � . ' .
'>S t�r :� . . .
,Y �
" �=Y,'�':'� .
h �,y� ,„q
-Y r'��'wiNrfi'1 � M
� ���a '
;�•.,'�,.,:��;;� .
a
y�'��.—�,�N�
�wn,,�u,�
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�.',+..": �.;t:`�
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i � _ _
y
:i�:; • "
�:''';��<;, ,'„�N
- � "� f,�" " s ws ,�.
.,�y �a,� �ti r � �- �*,���,�?" � i � � h. 9,,",:
.. ��y.. �'�y�h^�,�,�.,`�i�T��.�'.. �q.�y r���� ,e�' ':1'N �` ��.'j�!'t5� � �,R ;�'���'.�. {""+�5�l1�' .
� . �G z i � et-`�vr, M #`tk�•.i�t� 4 r-� l r v fi� 4 � �i
.<. ,� aati"'d'`�rr Y,� * lY�.k� �c�,,�a �=�y�4 i -.. � }i,.r, i F�,�. 1._� �. �k � r -� �- .
r .t.,w ��,. t���''h.�s qr�n} �r""X�,*',.y`"<�L��.�tw °�.} �w i.r i �' y �r'�'r ,r�. . .
i�is '"�- ��'i y
f.�aa".-rsa..R.. i;�'e4tlt�J+LYeAn:a.s: .311{�k�a'���:�!YK..Sa¢ k����i:}..,?.�'e.�1n�s T"K�a..r .. .. .. . . . , _ .-,
�' � Income Fund shall be credited at least monthly with the
i, ',
`�"•` amount of $2 000; provided, however, that at any time
:'r.:,_ .
a=a�:'�`; when, and so long as, the amount held to the credit of •
�� ? said Account equals or exceeds $240.000 , no further .
Y�
a'` credits need to be made to such Account. In the event � 1.
��� .� the amount held to the credit of said Account shall �
�=yL � thereafter fall below $240,000 , such monthly deposits '
�`�::`., �
�-;,'- shall resume and continue until said amount is therein
���'���
1''����,."a_;;i held. Investment of moneys in such Account shall be
�,,�:,,,,,.
"''"=� subject to the limitations of Section 7 of this Resolu-
�'''-
'§M,-.,;:
��;��; t ion.
,"�-..x.. .
� x....�.. ,
#��..'"z� In the event that moneys in the 1977B Sinking Fund
F�.°'.��:
�iq.r
��::.r- are at any time insufficient to make the required
s,.:ac;!.
�`'�-'=:� a ments of rinci al of and interest on all then
;�::;_;, P Y P P
N�':�;: '
{�"M`t outstanding Parity Bonds, promptly when due, sufficient
,�^5.,;
moneys shall be transferred from the Renewal and Re-
•���';;� placement Fund to cure such deficiency.
�a� �
(d) Remaining Gross Income Fund Balances. Any
,-.;-:�
r;�:_:' balance remaininq in the 1976 Gross Income Fund after
L�_'.;",:'
�"`=:�';; providing for the aforementioned deposits and credits
r�:
"`•�'``'� may be accumulated to pay or used to pay costs of
� t ;
qS ,�� additional acquisitions or capital construction of the
�. ��%%�� remaining uncompleted portions of the Airport or, if the
.:.:.-
y _,i Airport is complete and no extensions or improvements ro:
�'
thereto are then needed, as determined by the Board,
;�;`��.:! then said balance may be transferred to the 1977B
F� 'j Sinking Fund and used for any one or more of the pur-
�5 �.:...
r;�=":;:� poses therein provided, or may be used for any other
� �
��,� Airport purpose.
F�' ? The amount necessary to accomplish the purposes herein- �
t1 � above designated are hereby appropriated from the specified funds � '
r
�.,�;�,_;; and revenues for those purposes, and said amount for each year
°J, `:i shall also be included in the annual budget and appropriation
� s.� resolutions to be passed and adopted by the Board of County
�F ��� Commissioners in each year.
�+�G �
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� ` t �,�`� �c.� :� y h k f n aJa���"i Sy��i(� i x 1..� .y.{��{lk�kn.��� :
.. . .i �.n ��31�'��Iq�+ ,r-k��y�' n �"t �41 = ��'�c �� �:y y��1t4�.�i : �l� . (3 1� jy`f r.ti r
. ��f`t, �5��'��.�.�'�s;,ri^�fk,r��i��trwa.t�;-,�x � �tx.� �t�t, ?vf t F, .W��r�� � F
.�ki1:eF-��•�w.iti,sK_..yR'"r..a.:a�',.'v'.:_.:.��3?a � �.xer. ..�c��.•.'� �a.....aa:.•^ s.;���::....._ . ,_
� � ' .
Section 10. E'irst Lien Bonds. The Series 1983 Bonds
'�''"'' auChorized herein, to ether with the 1977 Series B Bonds and 1977
1t;<:: 9
:�;'__;' warrants, shall, from and after the issuance and delivery thereof
i
�":'."� of the Se�ies 1983 Bonds, constitute an irrevocable and first lien . i`.y��'
�
�r '; (but not necessarily an exclusive first lien) upon the Net Reve- �a
�' ' nues, as herein defined, derived and to be derived by the County
;,:�� from the ownership and operation of the Pitkin County Airport and -
ir�_.
�--• upon said Sinking Fund, for the payment of the principal and
±�..•
a-^��
m� interest on said Series 1983 Bonds.
�;
��� Section 11. Additional Parity Lien Bonds. In addition #
�r'' I
�i.�'� to the Series 1983 Bonds herein authorized, the 1977 Series B
,e,.'. �i
{rc:
Bonds, the 1977 Warrants and any bonds hereafter issued pursuant
��� to the provisions of this Resolution having a lien on a parity
�.'�j'��- therewith (which are herein referred to in aggregate as the '
�� "Parity Bonds°), the County may issue additional bonds with a lien � -
2.�., , -
{?-`.; on a parity therewith (hereinafter referred to as the "Proposed i
��
��� Bonds") to pay for constructing or acquiring additions, extensions
� � ,
"-�:"::t;,� and improvements to the Airport. Such Proposed Bonds may be
V4;:J
�- issued on1Y after meeting the following requirements.
C�� (a) A Certified Public Accountant, licensed to
�.,.,
`:;;:_,� practice and practicing in the State of Colorado, shall
°•�'`� have certified that average Net Revenues of the AirpoYt �
�:`: t
''�"`�' during the last two (2) fiscal years immediately `
�:«, r
', r�±; preceding the date of issuance of the Proposed Bonds �
r.'- ::.
�,;;. ...
;`.:� shall have been not less than 100� of the future maximum ( `
1 �
'^3 annual Principal and Interest requirements on the then
""j outstanding Parity Bonds and the principal of and
�`�"� interest on the Proposed Bonds, if issued as proposed;
p,,
��' and `'
���
���. (b) The Financial Advisor, or other nationally
� reco9nized municipal financial consultant, shall have
„�+ certiEied that the average annual nek revenues reason-
��a
ably estimated to be derived from the Airport during the
`�7 five (5) complete fiscal years immediately sncceeding
�.�
�e="�
�fr`: - 1 S -
�
�� .
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.���ya„?r� � , - � .
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' � i �+Y'. ��� .y� � : `) l`Y# ,J
.. . .__�4:��- `ui::i 5.�,�..-�`.2LY�-_ . _-.:nf-'�_ '.....,_.;...�t.�.'.�,.�.�.y,-f_r k i.�..�....��a�_��y'��._ +�����.�.t�.:�_�F '
I, �
�
.t;,::.,:i
:;; I the year in which the Proposed Bonds are to be delivered
to the purchaser thereof, will be not less than 125� of
� the maximum annual amount which would be required to pay
!:�..:.
the principal and interest on the then outstanding
���'s•'`�"�"� Parity Bonds and on the Proposed Bonds, if issued as
i:�j.c�::", �
ii�-.:;?°. ` Proposed. �-'
�� � Nothing herein contained shall preclude the issuance of
';�;?., _;; additional bonds payable from the Net Revenue of the Airport, but
I� `j having a lien and claim subordinate and inferior to the lien and � -
K7.`.x�. ..q�
L�p��'"''?� claim of the then outstanding Parity Bonds, so long as the County
;��,:
tC'�;..±��,�
��,,,:...: is current in all payments and in compliance with all covenants
rq^t�..=;T:,j
��"•:.i
�«a::;?:;; relating to the then outstanding Parity Bonds.
;��-,'�-:=` Section 12. Incontestable Recital in Bonds. Each of
:,::�,-;I
..Oss;r
1�"�<�'�=;'� the Series 1983 Bonds shall recite that it is issued under the
tit;:�Y`:�1 -
�"�"'� authority of Title 41, Article 5, Colorado Revised Statutes 1973,
i'''�;�:;;.
�"=i:�;� as amended, and such recital shall conclusively impart full
�f�` �
j �i" compliance with all of the provisions of said Part 5, and all
'x: ,,::�
-�-;•�:�� bonds issued containing such recital shall be incontestable for
.;'� �� any cause w6atsoever after their delivery for value.
r,� 1
4 Section 13. Additional General Covenants and Agree- '
����o:;�-;� �.
�E;_,-;,,,� ments. The County hereby further irrevocably covenants and agrees �
+' »a
� with each and every holder of the Series 1983 Bonds issued under
i � the provisions of this Resolution and the holders of the 1977
"}'��";'] Series B Bonds and the 1977 Warrants, that so long as any of said
M��' ;,iS�
' ��r..,��I Warrants or Bonds remain outstanding:
`Y �J (a) It will continue to operate, maintain and manage i '.
! the Airport in an efficient and economical manner. +��
- �s�,:,+ �
(b) That proper books of record and account will be ;
bc a I
� �1,� kept by the County, separate and apart from all other records and j
`r;;��, account, showing complete and correct entries of all transactions
•i��Z?< I
'��""� relating to the Airport, which books and accounts shall be avail-
�x�t�
�'
� 3� able at all reasonable times to the holders of any of the Warrants
��'`>" = or Bonds or an authorized a ents of the Warrant or Bond holders.
,•?;;.;.i Y 9
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. .. � aty„ `}.�- a ��lNr , :`� � sU, � �'> rt ���P �:
.. i,�.;�r��tM'�t�u7� �,i+-,:L��T�af y y��. �3a..� � .y�i �fr �.x r ����a � .;�t"t h*4 S.t'c.ry
K�"' t y� A ��, 4 '� 4 �(� �'�T 5 � gt�p y7. �t/
�'q���:. ° �7 sty%���'e 'ef�:'r�'�{7.,<k�'i',,��..., 1"�i�rFa��+Y.r V'.r .;.� �' t7iY,T���wf� �cMi .
rn+s&k;.R.b,.lLr :.�A�.:.:F;�y n... _!� �,w+4 '��'.. �.,.._.:+7M�eMi _S..d,.��y:.'F. i.�._li�. __,
I
�f,�;;'; (c) That it will, within ninety (90) days following the
`:r" � close of each fiscal year, have an audit made of the books and
�`�w��''� accounts by an independent firm of Certified Public Accountants.
.;�,.>:
i:�;�:�:;;, Each such audit shall include a detailed statement of the income ir��
�;�� � and expenditures of the Airport, a balance sheet, an analysis of
�."
��`;<'a
x:: all funds created in this Resolution setting out deposits artd �
t"`ti disbursements and fiscal year-end balances, and the Accountants'
��M . '
,�"+�.`-�;<`u comments regarding the manner in which the Count has carried out
'":*_:+ Y � .
��� the requirements of this Resolution and other information.
���
�,,=� (d) it will, through appropriate action of the Board,
."�''" '
�r� establish, maintain and enforce the schedule of rates and charges '
:c� j
z�� for use of said Airport to insure the efficient and economical
`�''t'�
f,�j`��� operation and maintenance thereof, the payments oF the principal
?'"��� of and interest on all then outstanding Parity Bonds promptly as
�::�
�*'�''# the same become due and the reserves, accumulations and mainte-
�-;� . .
'r"� nance of the funds rovided herein. In the event that such
i;-'. P
;;:3.',..�i
Airport revenues at any time should not be sufficient to meet such
-'.�'�3; .
i�,,.� payments, the County shall increase its rates and charges to such
'�;`',= an extent as to insure the payments and accumulations required by
�''�.'j the provisions of this Resolution. �
�.�,
F-; i
���'=':'i (e) It will not sell or alienate any of the property �
i'�;:': i
�,:,� constituting any part or all of said Airport in any manner or to
�:`cti;� any extent which might reduce the security provided for the �
. �:,._;� i
• r.'r''?a
�=�;:� payment of the Series 1983 Bonds herein authorized the 1977 '
;�,
.
;';:�;; Series B Bonds and 1977 Warrants, but the County may sell any � �s
-- J portion of such property which shall have been replaced by other i �
''�.srj similar property of at least equal value, or which shall cease to �
�K.�:�
�:`� be necessary for the efficient operation of said Airport, ro-
:�r vided, however, that in the event of any sale or sales where the
r�, � .
�'r��� aggregate consideration exceeds the sum of $1,000.00, such con-
��'`� sideration shall be paid into the Sinking Fund and shall be used
� t-� attd disbursed for the purposes of said Fund.
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N� .:L�.'�,i � � . .
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�y,�'*„r4�-:�v . � ' . .
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.....�._r �. i t. �V�A� .fla� -{C S �, aL �..� )
��r .tc ta �S1'i C�r 'i �, t�t . y�.:� e"�� ;- e� �, r�� �Z � ;X,.0 "7 a�� ��� •
. :^yt� � . S.
,�. ,�..z�1t��'i..vi�`..a�'K:.�.-.;.i���..�ws"�!i'Fu'�....:'4..�...._.d�'S�� �...����Z7, .i+".t� '1�?....:�3r..F.;.�1...1JS�w .. ...,.i .
..i ;
( .
(f) It will provide no service or use of the Airport
�;�;' ::. except by contract, will promptly render bills for all services or
r;,_.;
:;-;. : uses furnished and use all legal means to assure prompt payment
�_=�; -
'-�-'� thereof.
,��. F
���.:�`i (g) At least once each year it will furnish the orig- �..'' ,.
r� � <
�, a inal Purchaser of the Series 1983 Bonds a copy of the audit, and
� related documents herein required, for the fiscal year of said 4
'u'�-:� Airport immediately preceding each statement.
��....;�
�� �� -: `'
�:;:; (h) It will carry workmens' compensation, public � .
`,�r;;�
��:,��� liability and such other forms of insurance on insurable Airport
���;.� �
��:;�:} property as would ordinarily be carried by entities having similar
y,`�``,".�=':;
�;: property of equal value, such insurance being in such amounts as
h��
�Y^F will protect said Airport and its operation.
{:�r,::�
�;�� (i) That it will not permit free use or service of the �
�,;;;��
� �� Airport to be supplied by the County or any department thereof to
::.,.
,�x,�
�°�;;� any person, firm or corporation, public or private, or to any -
i�`Fcr,"
�„��� public agency, including the Councy.
� {
•� t�`"�tj Section 14. Events of Default. Each of the following
,� , events is hereby declared an "Event of Default", that is to say
'=`�j when: '
i�:��=.
zS>_;.�.!
�•-_.:�� A. Nonpayment of Principal. Payment of the principal
�„�:;.. —
�.,<.,,
�1 of any of the Series 1983 Bonds, or any prior redemption premium
�Y�; •
�`';J�' due thereon, or both, is not made when the same becomes due and
4',�=
� payable, either at maturity, or by proceedings for prior redemp-
�'hvs ',
�.t.':.._. ;
'.°;� tion_, or otherwise.
i
� B. Nonpayment of Interest. Payment of any installment �
or interest on the Series 1983 Bo�ds is not made when the same
'r`':; i
:Y;�,` becomes due and payable, or within thirty (30) days thereafter.
��`z C. Inca able of Performance. The Count shall for a❑ s
;r:';. P Y Y �
'-��� reason be rendered incapable of fulfilling its obligations here- ;
;fu,wC
�''-'�� under.
f':�
s,?5-= D. Appointment of Receiver. An order or decree is
.,+r ti —
i�.c;: -
.;.r�;� entered by a court of competent jurisdiction with the consent or
!l:,',:�:: .
,•,:•,�=:_ acquiescence of the County appointing a receiver or receivers for
C='-
b :
��;
s
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�,� e o rw.'�
:'�'r'�' �i ��'r'y�+ j�:� 4 .. .�� i �.� �` ✓1 � � -:. � # > n fh �.
,.i ' h��rS�rw��5'�'����ti;9�h ak''�F S'Y'�C{ f���� 4�S k.�t�l �I��r< �i ���f4Yirs+t ::,•i ' ��'�t.�.:t^ Y �r�f..
4 ']� K(yy t
n y�n!>�1M��k Mio�r+�1LM.fw��..r..�.T,:.�..��.Wr�M�.W7Sl�;!i..�y,�ill.�.M..r.�.u},.L y �.��.�_.�T�.J�'�S_y.��«......,. �
�..,'��,':l
, ;
� ! the Facilities or for the Net Revenues and any other moneys
:�; :. �- subject to the lien to secure the payment of the Series 1983
Bonds, 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 dischar ed or sta ed on
� ' '. 9 Y '.
z .�
appeal within sixty (60) days after entry.
"'i � E. Default of AnY Provision. The County shall make
����"� � default in the due and punctual performance of its covenants o� -
•�- ' conditions, agreements and provisions contained i❑ the Series 1983
�� .�
�i' `� Bonds or in this Resolution on its art to be
w�, ;i p performed, and if
:;�=�r"''� such default shall continue for sixt y
kr„�;;-;- y (60) da s after written
�,,,.:�.,,.�
�;��'�:i notice specifying such default and requiring the same to be
�a�� '
c,�_� .I remedied shall have been given to the County by either the Pur-
i��w�-'=��``r chaser or the holders of twenty-five percentum (258) in the
�����Y
p principal amount of the Series 1983 Bonds then outstanding.
.,,;��,.
'� ' Section 15. Remedies for Defaults. Upon the happening
r�. r�
''� and continuance of an of the Events of DePault as
_, �,� : Y provided in
,,4F�'.,�.',� Section 14 hereof, then in every case the holder or holders of not
`,'j less than twenty-five percentum (258) in principal amount of the
�x �' Series 1983 Bonds then outstanding, including but not limited to a
` ;� trustee or trustees therefor, may proceed against the County to
� -
t , � protect and enforce the rights oE any holder of any Series 1983
�:���i��;`�:j Bonds or coupon authorized hereunder by mandamus or other suit,
' °�' `1 action or special proceedings in equity or at law, in any court of
� k r'.i
: competent jurisdiction, either for the appointment of a receiver, "
� , r•:
; or for the specific performance of any covenant or agreement
� � contained herein, or to enjoin any act or thing which may be ,
6� i
� � unlawful or in violation of any right of any holder of Series 19B3
, t ' :; Bonds, or to require the County to act as if it were the trustee � ..
��;�� ' of any expressed trust, or any combination of such remedies, or `
�+ ti"r.� {
� for any other legal or equitable remedy as such holder or holders E
� may deem most effectual to protect and enforce the rights afore- � :
� " said. All such proceedings at law or in equity shall be insti-
r �:
�� ` tuted, had and maintained for the equal benefit of all holders of
4:...,i,�
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" ,a� �`' x rX���� � � � i,H,r4+,rN�',"`��C',
x4��-j��°�' �Y%'��iH,....f4.'.:e.��.s;«..�'k_v,_..:�t��i..r...K=1:_:.�,(1r�4��kt��.�( �'�'���,�;s.��� `i?�� 3 �'i
.w'^�Ri� .��r. r`�'4��+� �I1'S�4 F� �(•' S�r"������.....�7LAr�f r.�.� �
r't
;..°
�
the Series 1983 Bonds and coupons thea outstanding and any out-
`��: _`:. standing additional bonds and additional securities payable from
� '*'. ;
'�t;��` the net revenues on a parity with the Series 1983 Bonds. Any
;::�Y::�
?�=.:""� receiver appointed in any proceeding to protect the rights of such '
.�y'K�.� holders of the 5eries 1983 Bonds hereunder, the consent to any r"' ,
�� V such appointment beinq hereby expressly granted, may enter and
- take possession of the Facilities, may operate and maintain the
sti;;�✓- same, may prescribe fees, rates and other charges, and may col-
�<;"�?
.x'.::si lect, receive and apply all gross revenues arising after the
e-�;���
'���y�' appointment of such receiver and appertaining to the Airport i
N:'��r�
k��°� Eacilities in the same manner as the Count itself mi ht do• 4
��`�R,�.:. Y 4 ,
� provided that such receiver may not sell, convey, transfer or
r.,�
rr•�
,+n;� encumber the Airport Facilities. The failure of any such holder �
4�..?V
s"�'4 to proceed in any manner herein provided shall not relieve the
4„5`�-,:
�r,�
-'-'- County or any of the officers, agents or employees of the County
��
�'� of any liability for failure to perform any duty, obligation or
.,. �.
;�': other commitment. Each right or privilege of any holder of Series �
�`�J 1983 Bonds (or trustee therefor) is in addition and cumulative to
:
� "` �'��= any other right or privilege, attd the exercise of any right or
privilege by or on behalf of any holder of Series 1983 Sonds shall
�_:: not be deemed a waiver of any other right or privilege thereof.
e.�4 Section 16. Duties Upon Default. Upon the happening of
x.:;;. .
x'': any of the Events of Default as provided in Section 14 hereof, the (
�:i County, in addition, will do and perform all proper acts on behalf - ?
, j;,, �
%t:.; of and for the holders of the Series 1983 Bonds and coupons -;;;-:
�;y.
authorized herein to protect and preserve the security created for i ,
" the payment of the Series 1983 Bonds and coupons and to insure the j
�'° payment of the principal of and interest on the Series 1983 Bonds j
�f:. �
��'� promptly as the same become due. All proceeds derived therefrom, (
;�� so long as any Series 1983 Honds, either as to principal or
��.
interest, are outstanding and unpaid, shall be distributed for the
� equal benefit of all holders of the Series 1983 Bonds and coupons
s;�
� ;I then outstanding, as well as for the equal benefit of all out- �
'-t
� standing additional bonds and refunding bonds or securities of the I
�7 {
�� — —
e�� 23
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��
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�
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-:��`',..�;i j . � - �
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��
�,;'' '4 .
-4nri:i: ; „
�;,-b.��:�_;;�
�d:�� :
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i _,_.___ __..�_.�..
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;.-� ,�
} + ,
L ���•��' `s�ad"d.�`�r�� � . � �'�Ghn�t.�,r � ����4� r ��, Sl:.�� �..'�7 `�r+H�r :
1! �F)Y 1ja 1�}'a � �'f' ..�1�� L ' �j .
� h+-.�aiw��..a �C'. ti�,�;et�k.u�S.:.1laS.a�u.... J.Cix:�.l+��.a..�.J..h_ �+5{� =�,.wi..�r.k��L{rw�.�,_.A�.
County payable from the net revenues on a parity with the Series
��-' 1983 Bonds. In the event the County fails or refuses to proceed
1,.;;.:
'�`�>`�'' as provided in this Section, the holder or holders of not less
�'�°�-!�� than twenty-five percentum (25$) in principal amount of the Series �
��.;r:':";
;;Yi�,- 1983 eonds then outstanding, after demand in writing, may Qroceed
� ! to protect and enforce the rights of the holders of the Series �
1 9 8 3 B o n d s a s h e r e i n a b o v e p r o v i d e d. N o t h i n g in S e ctions 14,15 and �
1
`"� 16 shall affect or impair the right of any holder of any Series � ,
i��.:�
z+��°'=a 1983 Bond to enforce the payment of the principal of and interest 3
S'"',�+
't=��,� due on his Series 1983 Bond or the obligation of the County to pay ?
P;:�:-.
�""� • the principal of and interest on each Series 1983 Bond to the
r,�:-�,
y;�`i;j holder thereof at the time and the place expressed in the Series ,
;�r�
f';;:� 1983 Bond and in the coupons. Nothing in Sections 14, 15 and 16
`:'�";5'a
?;;k; shall require the County to proceed as provided therein if it
:�-"
�_ Y.
���;� determines in good faith and without any abuse of its discretion
�:�;;.
�.-�,i that if the County so proceeds it is more likely than not to incur
�""y a net loss rather than a net gain or such action is otherwise
'r_:^-�
�`'''' likely to affect materially and prejudicially the holders of the
£�'�'.
4, outstanding Series 1983 Bonds and any other outstanding additional
:=s:�l
';>;. bonds or securities of the County payable from the neti revenues on
�_;�.;:!
r.;��? a parity with the Series 1983 Bonds.
:_�
'�':"i?'-a Section 17. Defeasance. Whea all principal of and the
iw::',, .
�•�:: interest on the Series 1983 Bonds (hereinafter referred to in the
,u;:.'
t���• aggregate as the "Bond Requirements") have been duly paid, the
.'�°� �
pledge and lien, and all other obligations under and pursuant to ` ;:;
� � this Resolution shall thereby be discharged and the Series 1983 ; �
i
,``;j�: Bonds shall no longer be considered or held to be outstanding '
�L�� within the meanin of this Resolution. Such due a ent shall �
„>:',� 4 p � �
�`"` also be deemed to have occurred when the County has placed in �
_ escrow or in trust with a trust bank, located within or without �
���
4�„ the State of Colorado, moneys, or bills, notes or bonds which are
r direct obligations of, or the principal of and interest on which
A��
� obligations are unconditionally guaranteed by, the United States
;,� of America (herein "Federal Securities") in an amount sufficient
i-:.=�.i ..
�4 ie
4 �
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yT:i: , .
•:{:%:�
_ •�
^ c„ . , � ` .:. ����ar+ +'^ g� � �...� y��r'w..�Y-..
. l,�r�5 ef;�� +r�'4�b� V 1 �'a� a+,i y,�t .^4"c G _}� s c y +n� t '� �..
� '�.yf,}�.q i-� �1 Y+� �C'y, � f 4 �F �14. ��4 j r r�r '�1� � � z�,�} � �
j � .` �1E tYf;i�i`{t ��/�.rS�i f��:A'� I 5 ...<p �i:i N r,�r �.?,'y � aII ,3. i�� +. M��+�' � .
,
, ,
, �q4. f ��-/r . � I�73 ._s., ; " �`tt#f {�!� �+ ItP' <� G<.$'> ar., r a��.
_....,._,,... -�.,...11�:.._i, r ��" ' �: .
.._.,.__ �__ � �... __._...,.��s�'t�s.ns.':Y..._hL.�t't...----..�_...sLu:� ,�t...._.4:_:_..... r� -
`-.i
��,:;;;�:`_;;.; to meet all Bond Requirements of the Series 1983 Bonds, as the
� same mature and become due and payable to the maturity of the
'� Series 1983 Bonds. In determining such sufficiency, the known
�':.^;`';.< "., minimum yield from Federal Securities in which such amount is
u'��:.:'"
�'�''- -• ' wholly or in part initially invested shall be included and taken
l into consideration. Such Federal Securities shall become due and 9
;.k-%:;:,; payable at or prior to the respective times at which the proceeds �`.;
.'�, �j thereof are needed, in accordance with a schedule established and ?
. ���_.a,,'. y
s..<.�,.;=,i a reed u y
S,�-,:-.,,,,, g pon between the Count and such bank at the time of
�� ,
�* , creation of the escrow, or the Federal Securities shall be subject
,;,�,. .�
;�,�,;;=,y to redemption prior to maturity at the option of the holder in
�^:1"�''"ti;�.
s,�;,,M1,,� such time and manner as will assure their availability as needed
���(Y'�;1
� to meet such schedule.
�"" �'� Section 18. Declarations and Findin s of the Board of
#�.r.,3 y
� �
�S County Commissioners. The Board, having been fully informed of and
'<;�':;'-::"; having considered all the pertinent facts and circumstances, does
ti �
t,�'''.� .; hereby determine and declare that the issuance of said Series 1983
��-•:..�;. Bonds and all procedures undertaken incident thereto are in full
' � compliance and conformity with all applicable requirements,
k)...,. :.:
`'��`'` rovisions and limitations rescribed b the Count Charter the
r=.;.;.;j P P Y Y .
�,;,.;.::_.-, ',
"--'a:=:, State Constitution and Laws of the State of Colorado thereunto '
i ,;,
`":�i,:-``+ '
' `.-� enabling.
t:`.Y';``ti;'a
., �� ! The officers and members of the Board of County Commis-
k , �.'� sioners and the County are hereby authorized and directed to take -
� � all other actions necessary or appropriate to effectuate the �.
� � provisions of this Resolution, including, but not being limited �
��
;;�_�,+� to, the execution of such certificates and affidavits as may .
�`'��'�'R-� reasonably be required by the purchaser of said Series 1983
�
k�' Bonds.
rr,,y ;
�� ,� Section 19. Amendment of Resolution. This Resolution
r
p,:-:,;:; may be amended or supplemented by resolutions adopted by the ;'
�� County in accordance with the laws of the State of Colorado and �
the County Charter without receipt by the County of any additional p ,
,= �
�� consideration, but with the written consent of the holders of �
�,�';"� # .
':?�.;;
rr j - 25 - �:`%.
� :
��
���c��Y:•� � •i. �
Fi���rA�
YvF{�,
'1�
i ._�,�.�...� -..x:.:r.h �;..a:�. �n�. ........,_-..._..�.,.._�...._._ __..............,..r.�_�.,.�.�.
' � ....� .'_'__""" '___'_.'"� �
h��'�"fr . .. . .. . �"�...,�—��. ... ..... ...
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F
?'�yk1�-u4's,•; . . .
�co C_ ��R . . , .
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j, ��N '1 "
..+� ' '�
� ; ca
C':k+l"`;�'!,'.•:Y'`,� .
5 ��a
_.?f"�' ��S''� . • .
?�i y'S,'.i''::;�!'.�r � �
=����s'.•�;;fi'Y: � .
�rr���.���,� . .
`}�`'»�'^'Y y�;*',�:;A
�:�r�.,r_. �:+:a;�
�ya�x,lc��±�;.s,�
j*- - �7
r
-.� �..�..._ ---- . _
`�.
;'�;�:�> • _
_ :'�F
r �4 �k rSq.. �i � ��:�..
) Itt `Y".�'4��.'75����5�fi�'`�..��F )ts{ -r�; .. � i�y� 5'�b''f �F�5 t �F h �]� � ��. v 'f'E,���'F.'3�'� ' .
i t r'�s r,' � � F,�.:.«ii:E��ax..�... 1 1� `'
°�i.•.�;��t.....t��i�:���.�P��dlilrin..`tA�wM;L.�.L��:.A_r d.�,:� ._.,,"u,*_�.<o r
-•. �;'
j'?;�, ...
;� ,
?�+
' three-fourths (3/4) of the Series 1983 Bonds authorized by this
;';� Resolution and outstanding at the time of the adoption of such
'�� amendatory or supplemental resolution; provided, however, that no
'°i snch resolutfon sha21 have the effect of permitting: �
i:�
�.,: A. Changing Payment of Principal. A change in the
d — �.
�T maturity or in the terms of redemption of the principal of any •
�'� outstanding Parity Bond or any installment of interest thereon; �
� or
��' B. Reducing Return. A reduction in the principal
�� I
!`:.
,,,r„•�, amount of any Series 1983 Bond, or the rate of interest thereon,
y
��i without the consent of the holder of the Series 1983 Bonds;
�-r,b`,,=:9 or �
��F� C. Prior Liea. The creation of a lien upon or a pledge
��
�is, of Net ftevenues ranking prior to the lien or to the pledge thereof
�� created by this Resolution; or '
�3.:�
D. Modifying Amendment Terms. A reduction of the
a:�'�
�-;� principal amounts or percentages of Series 1983 Bonds which is �
i
? � required for consent to any such amendatory or supplemental
�k�i
,�"�� resolution; or
�i:�y E, priorities between Series 1983 Boads. The estab-
a'';1
���� lishment of priorities as between Series 1983 Bonds issued and
�,,,,,.
'w'°=' outstandin under the rovisions of this Resolution; or '
F,,. 4 P ;
a:S::,i• -
a;;.:� F. Partial Modification. The modification of the
�• ;*:�; rights of the holders oE less than all of the Series 1983 Bonds ;
r:<:.1 i
�"�'�`` then outstanding.
;
�x'-`� '-
I Section 20. Costs and Expenses of Bond Issuance. AlI � -;;
� � � +'
� costs and expenses incurred in connection with the authorization,
¢�"'; sale, issuance and delivery of the Series 1983 Bonds herein �
G-"�'> �
,•'•�i authorized, including, but not limited to, the costs and expenses +
�`�i,� of the bond issuance procedures set forth in this Resolution,
��
F'.;'�<; shall be paid exclusively from the proceeds of such Series 1983
Bonds, or from the Net Revenue as herein defined, and in no event
'`'`� shall any of such costs or expenses, or the principal of or
- interest on said Series 1983 Bonds be paid out of or charged to
i-r, ,
�� any tax levies of the County of Pitkin.
���
_y:).�w
j'" - - 26 -
� '
���:� �
. ;,
� � `.
a»�
._a...,_.._..,..«a�,. .,�..,...........,..__,_.�.____ _._._..-_.........:...._...�--
� n>r�-vr.N�.-..v�s r-rc..,..:. ..y. ...............�«,.,,...._ - - -
C���r�- . V .. . . . .
�Y�
��� �
r,�...��� � . � .
t��...�; -`,� . `J
s'^:.�' . . . `
i� .,:�� �: . . .. .. .. . .
`c .. '"i
.�i;�l�-yc�..;.,_'� ' .
t�,�[.,�T•:. ,..
:J."t.� .:�
� t:
.-�" ` .
.$'..�*f�- .,::�
'}'yS S•-l.i'•'� . .
.��� �•� .
�M Y���/�
'Z'�Npw;b .
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}-'
ti .
.;'r'
'�';'A�k1 �t�.
' r �, i,)i i,tf ���"�3f+ 41 �' �( �1•� c x�"v n9\.:�.
N�}�� I
. . � � yri.jrCf,4i''X�t�;,����'�'��': �t��i � � . L ��r���r k}r .��h �tti!�-�6ni ..L' �' i��� : u�q, i -+�'��J� �
'�'; * `� rIr M��gvs•���'S�E..lr���'r�fr�N'�' �}� t, Y�'ri .�e�:C�+ }� � ��'��� �:t��f P�' f �' x '
...�a... _.r._,_.....i�..�"L.Y._... . c...�......n..,i;?+m.Yed:%vi.�i�.�,...:s, .x..4s a�, «�:....�.:�ir��...r.e.......��.
��. �
�: j
�� ' Section 21. Insurance. The American Municipal Bond
'�; ;,
i;;°:, Assurance Corporation, a New York insurance corporation, has
4.,
���,;? committed to issue its Municipal Bond Insurance Policy No.
:�fi';� with respect to the payments due for principal of and interest on .
{�; the bonds to the United States Trust Company, New York, New York, :� • .
��
'}�`� as the Insarance Trustee under said Policy. A copy of the Commit-
�� ment is attached hereto as Exhibit B. The eoard of Directors
:r,� hereby approves the issuanee of said Municipal Bond Insurance
��
Policy and directs appropriate officers of the District to dis-
� burse from the proceeds of the bonds the premium required by said ;
��',t.'� Commitment to the end that the Corporation will issue a policy �
.�.; '.
insuring the bonds, e£fective as of the date on which the bonds
r-T �
�'� are delivered to the original purchaser, j
�:1;
u;� ;
�,�; Section 22. Ratification and Approval of Prior Action. �
2.�"
��:i
:�r� That all actions heretofore Caken by the officers and members
$...
� of the Board, not inconsistent with the provisions of this Res-
''=
- olution relating to the authorization, sale, issuance and delivery
- � of said Series 1983 Bonds, be and the same are hereby ratified,
E;: j
'� approved and confirmed. I
'�4+ Section 23. Avproval of Preliminar Official Statement �
��` � 1
�;;I and Authori2ation of final Official Statement. That the Prelimi-
�;�� nary Official Statement dated May 9 , 1983, relating to the
� issuance of the Series 1983 Bonds is hereb a roved in the form
1;'.=a Y AP
�. a_� presented at this meeting, with such amendments, and with any �
� Addendum as determined necessary by the County. The County hereby � ��`
r.r
authorizes the preparation of a final Official Statement to be �
�_;
�``, distributed in conjunction with the printed, serial Series 1983 �
`� Bonds, which final Official Statement shall contain any updated
&=1
•;�� information regarding items described in the Preliminary Official
�=:a
4� Statement which becomes known to the County prior to the date
�,� of closing. _
;"{ Section 24. Severability. That should any one or
�=i
r� more sections or parts oE this Resolution be adjudged unenforce-
ri able or invalid, such judgment sha11 not affect, impair or invali-
4i
�{
�1
ti - 27 - _
!�
L �.. .
a k
r• {
,
�� ..._ ,.�.�c,.,« �es.n.a<�.. �..�.,.:v,.:..__..__,..._.....___._. . . _.__ ,...._.,__...�..._.,.__........�._Y......_—,._�____, -----. .
t�� �
.5r���
�I� ... ,�. , _ .
a.
�e�i�.d;-M, �1 � . � .y
M3� � '
Tr �c �;
� yi{� ;1{ . .- . " . ' -..
4
�
y '
�� � �
�2ya_" I.
- �r� �
��r My ,, •
�':J�,i,...4i�:� .
�� ` k..
��nk;�tn>�U
�.,����,.�>:::,,,!
{ .:. >.�,`•:"�
'ee=a'°•;�••.,-+l
t"
�_ __ _____..� - � --�---� �
;, ,
;:5';:;:,' '
---�;.::>jt.�f�.
s�
_ .sA" . v ..� .��,. �:.� � . .
. � -.. j�� t ,x .1� 4+ t yt s 5i�M4'�,,'y � ��.SvT�%�,, � ,frt� ixrnS'�^r�'.
�1�.�w 7 y �
� .J.:iJ_�..:i+..''..xi,`b�F.��-.":y'�,:.:.�ws,"V'.�r.e.:qiiW�iFHd.Jk ..+n.r�Nr.i:J:..+!rs_,::i�.'�.1''e:k•�tr.l�'�+�-,x=..a�...,��L���sT_ .
�:;=:.,�..
'
date the remaining provisions of this Resolution, it being the
intention that the various provisions hereof are severable.
�"'� ! Section 25. Repealer. All Resolutions or parts thereof
�;`-_� in conflict with this Resolution are hereby repealed,
� ; Section 26. Resolution irrepealable. After said .
"�` ' Series 1983 Bonds are issued, this ResoZution shall be and remain
{.,>. .
Sr f
4
� .j irrepealable until said Series 1983 Bonds and the interest thereon
>,�
shall have been fally paid, satisfied and discharged.
F�;: Section 27. Effective Date. That this Resolution will �
r...
""'� promote the general health safet
Q� , y, prosperity, security and
:�.::
;�y��j general welfare of the inhabitants of the County, and that this !
i;�;:; �
„„-�y Resolution shall be in full force and effect immediately upon its �
��'� adoption and approval. ;
,vY°
'h�I Section 28. Recordin That this Resolution immedi-
i'x'` 9' `
.,;:
S��• ately upon its passage, shall be recorded in the book of Resolu-
"�:i
�`���; tions of said County kept for that purpose and shall be authenti-
n=:
�q�� cated by the signatures of the Chairman of the Board of County
;t..:..:; ;
:�^-„-
a`���� Commissioners and County Clerk and Recorder. �
;�µ.
Section 29. Publish Title of Resolution. That this
��
r Y,_ resolution be published by title and short outline as provided '
±�,�
as provided by Section 2.8.1 .3 of the Pitkin County Home Rule ;
;
.:1
¢��:� Charter. I
�,.<<. I .
•-.�`�l
=,,.;:'�:� ` •; r,�SNTRODUCED AND PASSED ON FIRST READING T is 16th day of �
� r MdY• 1983.'•�.� f
� 5 ,(.S E=A'L ) ' � �GC�C.�
��"`�`'� ` � �t � Chairman � '�
�� � �1#TTF�StP: ' �, ard of County Commissioners � ':,:
• ?.=.
{1 •��� r�(iLC<r �-��'l1C//�LUf/ i
L,;' �. Gounty Clerk �
�:.-1 �
G:;; (The following to be inserted upon final reading of the Resolution) :
�' �
FINALLY ADOPTED AND APPROV 's 16t day of May, 1983.
$�:;y �:
�.<i ( S E A L ) � �i Z�--��i�/�- ��. �
.�' Chairman
�-:`."' ATTEST: oard of County Commissioners
�.,j
.. :� ' _ �+_
� ?� - -zfx��.P,�<� !/!��/
� F �� � �Cpunty Clerk
�3� �. u _ �
f�c %J'• t. ° i. 2a �
�i �`
� �
��5=,y ' t';;�P , i...'��� ,��'.'.i�.�� �w� ., . - \, . ::.�. �:�!'.� . . �E,qn:i.,�.n !t,:�.;i..r�F.e ,,c-`v - ,
��� . ... . •'�.. .
i
"l�,���-��
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- 'r�':=`: � � �
R � -
'���,° �.j - -
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'The Aspea Times k
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�^ ' PROOF OF PUBLICATION
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�.;�. STATE OF COLOAADO )
x � Copy of Notice � � '
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� County of Pitkfn � publfc notice +
RF.SOLUt1Un
f � -�- I ffhlK CUUN7Y AlitiYlRT '-
�j{— �.� I �Jl�.�.l$IIl �.�DL1T1dW2.,y - �AEVENUEtlON0.S9EWE31967 ": �
do solemnly sw•ear that i��F.SOLUT�ONAUTNORIZINCTNBSALEOF
t - .7.560.000 u ee�enue bond�.deted J�1..
��'�'':..`. 19d7.b Boe��ndCompa 4 the bnl 6�dde.� .
� ^��"' I am the Publisher of THE ASPEN TIMES; �p;,-,"°`�`R"�'��"1Q1""`°".0�&7avt-r u�a �.
� '^� �:^_ poee f xtendiry�ond P mR.W Y tkm
� t��"�- that the same is a weekly newspaper printed, in whole or in part, ���u�yA�°�' . ];u`ieilaBa-neti
��t�:�� and published In the Counly of Pitkin, Slate of Colorado, and has ��:���� � - ���ckh�
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,n t:;�_.: a general circulation thetein; that said newspaper has been pub• -`� n rrmn aw���y cmom� �
c"�':: Publiihcd .the..MPm YYmu Mu/:39i 19N..�..
�.� ]ished continuously and uninterruptedly in said County of Pitkin, . �.._.._� . _ .. -
f '._�- for a period of more than fiftydwo consecutive Meeks next prior -
}''n,�;'�: lo the tirst publication of the annexed leSal notice or advertisr .
>;=�;`,.�sz ment;that said newspaper has been addmitted to the United States
- � '- mails as secondclass matter under the provisions o! the Act of �
�: � March 3, 1879, or any amendments thereof, and that said news-
r� }{;'�`�I paper is a weekly newspaper duly qualified for publishing legal �
� `�- notices and advertisements with the meaning of the laws of the '
���� State of Colorado. � �
�Y!%�:;?;,:`:'' . .
u=:'r.;�:::.:,.....
r-�+:;:�„s' That the annexed lega] notice or adverdsement was published �
� �0�:'> in t6e regular and entire issue of every number ot said weekly �
� =
� �-� newspaper for the period of 1 wnsecutive insertions; and .
r+;,%;.�'-r-�- that the first publication ot said notice was in the issue of said -
� :.
i.��`�
4Nr,; newspaper dated r�Y 19 A.D., 1983 and that ,
' the ]ast publication of said notice was in the issue of said news- � �
=i.t
paper dated A.D., 19� �:
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..�,_.,,. Subscribed end sx�orn to before me,a notary public in and for
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the Count of Pitkin,Slate ot Colora o, this�,day of ����.
�Y A.D..18� �j�� �
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- �J •STATE OF COLORADO �
� 6ENERAL INCUMBENCY
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COUNTY OF PITKIN ) CERTIFICATE
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�' The undersigned, being first duly sworn on oath, deposes
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yr and says: . ,;
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t�� ' i 1, That they• are, respectively, the duly qualitied
,�-* ; and acting Chairman of the Board of CoUnty Commissioners and � ��
� County Clerk and Recorder of Pitkin County, Colorado. ��
r-a� ' ..
���y i 2. That the County of Pitkin is a duly incorporated
fn'�`?'r;:=;:.�
�,•;,.: County in the State of Colorado, duly organized and existing
!� ,` under and by virtue of the general laws thereof relating to
`�:`,�:'�`' counties and a home rule charter and that the Count became a home
�,..n...� y
��'� ; rule Coanty in 1978.
��ti;, `• 3. That for the period from the lst day of April, 19H3,
�Y::".
�{ to and including the date of ttris Affidavit, the following �
C! �`.
s_%'�X' have been and now are the duly elected or appointed and qualified
;�r�:i;:`� �.
r�~ �- officers of Pitkin County and members of the Board of County
`� Commissioners:
-�i � Chairman: ����IN
�l Commissioners: TLiOt�S BI,Ai�
�' � I��Id ICL,AZ3DERUD
i�. '� Id�BERT W QiILD
i# ,<1 rffc��,xarsr.� I
�� ,:,j County Clerk: Loretta Banner ` -
� ��
;� County Treasurer: Tom Oken �
1 4. That Facsimile Signature Certificates containing � '
i�iF;;.'i ��`r
`"' the signatures of the Chairman of the Board of County Commis- ::
�r � '
�� � ` sioners and the County Clerk and Recorder of Pitkin County, �;
::.,;.- ,::
'�'�`"` Colorado, and a sam le of the official Seal of the Count , were
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�=a�F duly filed with the Secretary of State of the State of Colorado, �'�"'
, : �
e as required by law and copies of said documents are attached {6 '
� #; hereto. � -,: .
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� ; IN WITNESS WHEREOF, We have hereunto set our hands
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''�'`'",'-i and the official seal of Pitkin County, Colorado, this 30th day
��±�`'' o£ June, 1983.
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n!�' unty Clerk an — ecorder �
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�'�� Subscribed and separately sworn to before me this 30th ;
�-� day oE June, 1983. i
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�� My commission expires 6 F�RI�,TtY, 1985 �
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� UNITED STATES OF1�.�IF.RICA, .S s.
`'� } CERTIFICAT�•
�� STATE OF COLORADO.
s-��s
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� �MARY ESTIL�. BUCHANAN., ��e��i��
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� a Certified Signature of ;
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e- IARETrA BAI�Il�It _ s
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�_� ' was filed in this office October 13, 1982.........
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1 — .!/T� • tleu•�a.....,.; �:..............:
� SECRETARY OF STATE � � '
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'� FACSIMILE SIGNATURE CERTIFICATE
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'.-'�' �' STATE OF COLORADO )
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,:���=;:i; COUNTY OF PITKIN ) '
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�,�� �`� Before me, the undezsi ned authorit
, ,� g y, personally appear- � .
`;i ed, who, being by me first duly sworn on oath, deposes and says: `
�* ' �
� : •
f;�„'�,;� t, That he is the duly and lawfully elected or ap- k
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��.-.�,_� pointed, qualified, sworn and acting officer of the County of � ,
f,. Pitkin, and State of Colorado, as indicated below:
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St'.?"°. NAME TITLE �
}��:� �� ��N Chairman
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u��=,;< *(Fill in name of officer exactly as his signature appears below)
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� ally executed signature in the form and manner used to execute all
�,��-� official documents in my official capacity, hereinabove desig- i`
, 1 nated.
r� `� 3. That hereto affixed is an impression of the official '
�� seal of the County of Pitkin, and State of Colorado, as the same
� � has been authorized and used for official documents.
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4' ,� ( S E A L )
7 �
�;,�a S NATURE TITLE �
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�,�°��� . . ll�`/.e.r Chairman �
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r; Subscribed and sworn to before me this 3� day of i�
��"~"� June, 1983.
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�'� i"i 6 , 1983
T,_ _ . My commission expires �`
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STATE OF COLORADO )
� NO-LITIGATION CERTIFICATE
COUNTY OF PITKIN ]
�'.�
it.:'-!
:z ,;., •
, The undersigned ofticers of Pitkin County, Colorado,
�`=�`'' bein at the date of this Certificate about to issue that certain y
- fr';,., : 9
Y:....
� , series of negotiable coupon Airport Revenue Bonds, Series 1983, ��'. .
� + dated June 1, 1983, in the I�
�,,, ; principal amount of $1,560,000, for the , ,
�
� + putpose of providing funds to extend and improve the Pitkin County
i'�s j �
Airport, and being about to receive the consideration therefor, !
�'a__i
}�:'i hereby certify as follows:
�,-,,.-:;� �'
����"; 1. That no litigation of any nature is now pending
:kw::.� :
�T.'^�,� or threatened, so far as is known to the undersigned, seeking to ;
3:;a;';�+) restrain or enjoin the issuance or delivery of said bonds, or I
�-o,.:, ,
`�"'� in an manner �
�pa.-; Y questioning the authority or proceedings for the ,
�:�=";i ;
�' issuance oE the bonds, or the validity thereof. That no litiga- I
�,�::':;
!.� tion is now pending or threatened relating to the pledge of and
'� .: lien on the net income and revenue derived or to be derived by the
,:� �"�':� County's Airport and related airport facilities, or in any manner
.�;:i":
: - questioning the authority or validity of any resolution of the
��� County which imposes rates and charges for the use of the Pitkin
.i County Airport; .
�;;[;�,_ 2. That neither the corporate existence of the County,
..;:;.. �
"-` the home rule charter of the Count the present bounderies
�;'� y,
'^�== thereof, nor the rights oE the officers of the County to hold
3;;.-
their respective offices, is being contested or challenged; � _
3. That no authority or proceedings for the issuance
�F of said bonds has or have been repealed, revoked or rescinded;
" ` 4. That said Air ort Revenue Honds Series 1983
G^`•:>� P . ,
t ' dated June 1, 1983, have not been heretofore issued under or
-��<`; �
�wv. pursuant to such proceedings;._
4�"=:
i" '• 5. That, so far as is known to the undersigned nothing `
t � exists to hinder or prevent the Count from issuin such bonds. ��
� i Y 9 �
� IN WITNESS WHEREOF, the Board of County Commissioners ' ,
r � of Pitkin County, Colorado, has caused this Certificate to be
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- ;:��+i s.igned by the Chairman and the County Treasure"r, sealed with the
�� seal of the County and attested by the County Clerk, this 30th day
�'Yi:.'t�� of June, 1983. �
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l�;j ATTEST:
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4 .sw • ounty Cler ' County Treasurer
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�� ` EXAMINED AND APPROVED as to form and content this 30th
�'Y ,
�,,;.'; day of June, 1983.
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�, . y��,}� ' ' Coun y Attorne
;.�� • Pitkin ounty, Co ado
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- STATE OF COLORAAO ) CERTIFICATE OF
_ j
�' '- ' COUNTY OF PITKIN ) OUTSTANDING REVENUE BONDS
�.;_;. . .
§i�
,:1���t':�,��' • . .
�''�:='=' The undersigned, County CZerk and County Treasurer of � �•
2, '; `� .
,� , Pitkin County, Colorado, hereby certify that Pitkin County
�, :`, has outstanding the following issues of revenue obligations for
x,K �
�
��. airport purposes:
���a � ..
a.:�:�
`�� Date of Issue Designation Amourtt Outstanding � .
�u"�-�?� June t, 1983 Airport Revenue $1,560,000 (when issued
!�t°.:� :
y.v;�.�, Bonds, Series 1983 and outstanding)
�;r:�: i
��'�+ October 1, 1977 Aixport Revenue
Z,;�� Anticipation Warrants $ 105,000
�.�� May 23, 1977 Airport Refunding Revenue
�,�� Bonds, Series 1977B $ 981,000 !
�.�'`
�y-r"`; • -
�`r That there are no liens or encumbrances against the
S:�k�
�""� net revenues oE the Pitkin County Airport and related facilities,
'' fi�j and that there is no existing pledge of the income and revenue
K:��E� derived or to be derived £rom said net revenues except the pledge
�`_�-:;;�
,�,:;;;± contained or referred to in the resolutions authorizing the
`}'��' issuance of the Bonds and Warrants referred to above. .
��t
�,_^„�'
�`�;,� That there are presently no outstanding general obliga- .
C=<'�5 tion bonds or other obligations of the County that have a pledge �
". F�n':
�=i;s of or lien on the net income and revenue of the Pitkin County
r'z �
x ': Airport and related facilities. . , ;'�
. �`�;i:� . _
IN WITNESS WHEREOF, we have hereunto subscribed our
r�,' names and affixed the sea2 of Pitkin County, Colorado, this 30th
��:` � day of June. )983. �
s..�
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�; � S E A L ) L G�•� /��C"L/ $ '':
t�� �County C2erk
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�?. County Treasurer
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,� STATE OF COLORADO )
, � ,
COUNTY OF PITRIN ) pAR2TY LIEN 80liD CERTIFICATE
i-'r' � • '
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:n��;':;`,`_;j •The undersigned, CH2M BILL, I1�C. , a na-
y�:`?._,•:;°i �ionally recognfzed municial financial consultant, hereby certi-
$"'� fies the follo in '
, `j 3�' 9� - ,.:
;� i � �. . . � � -`
� ' l, That he has had access ta and made a co�a- { �
,�; T;I •
�f :� plete and thozough examination of all data .
t°�r�:. e�nd information pertinent to the folloving
�y:i`
,p�.�r � _ issues of airport revenue obligations of
r,,..�:+
;�.;>_.:r
r��:+yi.;� pitkin County, Colorado, bginq the only ,
s.'A'�v::,'r.`-_�1 .
�_r issues uhich provide £or a first and prior
�,,,�,-
�� � lien on the net income and revenues of the
�,�`�a�t� Pitkin Couat Air rt aed related facili- -
Y 1�
� ,��;I ties: ' �
(a) Airport Revenue 8onds. Series 1983,
`•' � .�� ' datec June 1, 1983 (herein •Series 1983
�4` �� � Bonds•)
.�.. i f`� `� . . .
; (b) Airport Revenue Anticipation Warzants,
� • dated October i, 1977 (herein "har-
�.._,. �� rants")
,.�.;� . .
�A=:`"-:;-� (c) Airp�rt Refunding Revenue Bonds, Series
�'s'+•=�"� 1979B, dated May 23, 1977 (herein "1977
4+4�,�z�:,� ' . ' SOAC3S°) ' '
�;�,.,.
e?!'�'yyi y.',} .
t;,�.:' 2. That the average annual net revenues reason-
1 < i �`7 C.
;-? ably esti.mated to be derived from the new �
:� *�
faci�ities to be constru�ted or acquired
a . vith the proceeds of the Series 1983 Bonds
� if issued, during the sixty (60) months
� � � � immediate?y succeeding the month in Mhich .
�`y
k�;� all or any part o£ said neu facilities are �
v,,;•'ac�:�: _ ,,
i esti:nated to be �2aced in oparation. plus i
i�•:�i:..��: .� ,,.
`.-_� �•, the net revenues reasonably esti�ated to be
� derived from the then existing Airpor:
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� vvC,ad.a S��y`".�n�esr�..�i� '�j �.:k���_.._..i:Mt...�.• �_....' ��'�!_�"��e'_�.,�'...r.m
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}, during the twelve (12) complete calendar .
`"''`` months immediately succeeding the month in �
�"'=`�'' ; which the Series 1983 Sonds are to be � •
� delivered to the purchaser thereof, vill r.ot
tr '? - '
� .� be less than 1258 of the maximum amounts
�_ �;;;:� —which would be required to be deposited in j( •�
''`�`*� `` the Principal and• SnLerest Account in any •� � � �'
� ;
�`rsucceeding ffscal year to pay the principal
��: �' ��•
�"� an8 interest on the then outstanding War-
���'- � raats, 1997 Honds and on the Series 1983
CF``` :�- .
.���: bonds• ' .
��;�,,,r,���
„��rt _ 3. Tbat attached to this certificate as Exhibit� "
�>'� 'A•� is a eopy of the calculatiotts which are
� �: ; .
�',�:�. �the basis of the�opinion expressed in this
���::� certifieate. � • �
��`' . . - . , -- � ' -
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IN W2TNESS h'H£REOr, I have subscribed my name this z9� �
:,s �,a i� � � . _ . ^ �
r�.�-.� day of �une. 1983. .. �
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' "I . .
STATE OF COLORADO )
'.._. '
i?�':-? COUNTY OF PITKIN ) NO ARBITRAGE CERTIFICATE
'i':;l-?:
'nh„'.:.�1 ' .
t. In General. 4.'•
� '
4� 1.1. The undersigned is the County Treasurer of Pitkin � '
i_.,,_,. County, Colorado (the "Issuer"), and does hereby certify that as S ,:y,.
t�' + an officer of the issuer I am charged either alone or with others ;
s -; � with the responsibility of issuing and delivering the Issuer's ,
i�`•�`: Airport Revenue eonds, Series 1983, dated June 1, 1983, in the ''
4�''"�� principal amount of $1,560,U00 (the "BOnds"). `
`iJ�x-i
µ'c—'.'o.vf. . .
.,,.,�'��' 1.2. This Certificate is executed for the purpose
;_,
�F�=";�
9;G<^:r-.=: of establishing the reasonable expectations of the issuer as to
�'�`''a future events regarding the Issuer's Bonds. The Issuer has
.%ry'i`7�� .
+^=:._: not•been notified of any listing or proposed listing of the Issuer
�:'s��•�:�
Ar;;,�, by the Internal Revenue Service as an issuer that may not certify
�^.°� its bonds.
I'�;;;:�i
�::,,
��''�: 1.3. To the best of the undersi ned's knowled e infor-
,i,�s•A. 9 9 .
�-�_: mation and belief,. the expectations contained in this Certificate
{.�"" are reasonable.
'�"
�: 1.4. The facts a�d estimates in Sections 3.2, 3 and 4
r�..� of the Certificate, are based on representations made by �N'�M
'•��-� {,.��1\ , ��L, . The issuer is not aware of any facts or
��.'.`:�' � circumstances that would cause it to question the accuracy of
�`:=*,' those representations.
i;�����:.' .
U;'' 2. The Purpose of the Bonds.
�"i.�J,.,- . .
��=�:"r: 2.1. The Bonds are being issued for the purpose of �
" ��.;o:; extending and improving the Pitkin County Airport (the "Project").
3. Source and Disbursement of Funds. ��
�
3.1. ' The Bonds will be sold to Boettcher & Company,
Denver, Colorado, at a price equal to par, less a discount of
t�'"�� $30,420, plus accrued interest from June 1 , 1983 to the date
�"��' of this Certificate. Accordingly, the net amount received from
,.,,.:.
'•'��`�^' � the sale of the Bonds will be $1 529,580 and accrued interest to '
��w; the date of delivery. � �
��_ , .
�� � . .
3.2. The par amount received by the Issuer from the �
`, ._' sale of the Bonds is expected to be needed and spent for the
;:;�;; payment of the construction cost of the Project, as follows:
.V
� ;
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M �".+J • r":�i.�"}/ 1 �. x 5 .� "4'�K. 'X ' 'tL,K ti �,7� i � i)4�1 1..Y4 y �,.'
.t.t�ien.r.n+:m 4�Y`� � ��v.:Y�'�u.�,«`:"tlda....�71.+E'.�!'��Y#§�f�'.'}.�'�a'#8!7..�'3,s`i•is.�aa�Y�si�...��f:G?._. � � �� ,{� � r� _
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' . �C�:::' .
�
' ;
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!^,:� ' County share of Airport expansion: $1,201,193
t{'.i;;:
- Bond Discount: � 30,420
;i�:?._f �
,,fi.. i Insurance: 31,523
�:=_;;7 Insuance Costs: 39,000
� � Capitalized Interest: 69,384 '
�� Debt Service Reserve: � 234,000 �� '
�''� T(7rAL: $1,605,520 �
�
�
"i
� rr=� Soucce of Funds:
��;; f
���-3
�,..,.�
ie,>
;u;�-� Bond Proceeds: $1,560,000
,K,�_,
}���`�' Acczued Interest: 11,179
.-,�.,.
`°ri�'c Snvestment Earnings: 53,571
y`zv'��
l;n;�w TC/I'AL: $1,624,750
��:
:t�'°'
�,;-�-
��'�` 3.3. 7he Issuer expects to expend approximately $1,605,520 of I3ond ,. -
_'i'�'
;�;:,: p�oceeds for Project costs by September 30, 1984. It is expected that the i
; ,. f' ;�, average monthly balance available for investment during this 15 month period
��� +.
��' e.,-,1� will be $463,321. The Issuer expects to• earn approximately 9.25'k per annum
on such funds. Accordinqly, it is anticipated that investment proceeds will
"="•'j amount to approximately $53,57L
�;=;',�
F"r_i::
�a-��i=� 3.4. That at least 85$ of the spendable proceeds from the sale of
��,� �
�"�:`.� the Bonds will be used for construction or aequistion costs of the Project �:
N`'� b June 30 1986.
�,,r4; Y �
. i i :� 4. Temporaty Period.
��.
, _`;:,._
`''�'`' 4.1. The Issuer has entered into a binding obligation with a third
f;�K_•.
E<?'?, party Eo comnence or construct the Project, obligating an expenditure in _-
-;�i: excess of 2 1/28 of the Project cost.
�r ; 4.2. Upon entering into a bindin9 obligation tor construction of the
G Project, construction will proceed with due diligence to completion.
i�.��;.j � - .
i���t.
5, Bond Fund.
��1 5.1. t4oney deposited iri the Principal and Interest Acrnunt (as
>. described in the resolution authotizing issuance of Bonds) will be used to i :.
;_,;,". pay the principal of and interest on the Bonds and the Issuer reasonably �
`;' expects that there will be no other funds that will be so used. � -
�:�._-� 5.2. Any money deposited in Said Account will be depleted within a � -.�
� � thirteen-month period beginning on the date of deposit, and any ar.�ount
;�� t;{ received from investment of money held in the Bond fund will be spent within
���?�� d one- ear eriod be innin on the date of receipt.
�:.-..�:,
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��'ar� _ ..�•* '�k��'!' 9 e"i,;w '� f���1,�� ��4����.A�� '
8 � � � . � r �W u v.'�,� c "Ia .,in d y�� �. 5 � �2 �5 :
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t�� ��:c� . . z.•_t'Ltn. w,l .a�> .-� ...
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`L"-a 6. Project Expenditures.
C�T•"„�
��;�j 6.1. No bond proceeds will be used for any expenditure
"'iq of the Project which occurred prior to November 2, i982, �'
'�i�. . ,
;;�:� ,
�,��� Dated as of the 30th day of June, 1983. �
3rx, f
�''.
� PITKIN COUNTY, COLORADO
� � �
S�f't •
g„ry,. B �ljyJ2 ���I� -
Y�
F`_ County Treasurer
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<;:.�,,�";± OPINION OF COUNSEL
:<:,.�;>;>,
- �,=,���:,� (For issues of $2,500,000 or less)
�;,�,.:
ti-�'`- •
�; s:'� Based on our examination of law and review of the
� L � above accom an g p'
7 p yin certificate, we are of the o inion that the
,�,,s,,1 - .
;u,a:;;,:? ¢'
� facts, estimates and circumstances are sufficiently set forth �..�
i� y in the above certificate to satisfy the criteria which are neces-
�y.� sary under Sectians 1.103-13 and 1.103-14 of the regulations under � ,r�'_
��`;1 Section 103(cj of the internal Revenue Code of 1954, as amended, �
r'u`.-<
�.1 to support the conclusion that the bonds will not be arbitra9e [ `
��"l —
bonds. No matters have come to our attention which make unreason-
f� able or incorrect the representations made in the certificate.
���, .
�`
��: . LAMM DSTROM & SRAYMER, P.C.
.'as:.
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' • . STATE OF COLORADO )
M;'� ) SIGNATURE CERTIFICATE
' ° COUNTY OF PITKIN )
��'i
1�;.
"'��.� We, the undersigned, the duly qualified and acting •
#°:+• .
- �''; Chairman of the Board of County Commissioners, County Clerk
���j and County Treasurer of Pitkin County, Colorado, do hereby
,t�
�: i eertify that the undersigned were the Chairman, Clerk and Trea- �
surer res ectivel �
�7 , p y, of said County on the date of the execu- �,
�� tion and on the date of delivery of that certain series of bonds !
�� issued by the County in the total amount of $1,560,000, designated
�� "Airport Revenue Bonds, Series 1983", bearing date the lst
�"r� day of June, 1983, consisting of 312 bonds in the denomination
;��
s_;°
�; of $5,000, each, numbered 1 to 312, inclusive; that the manual or
�`F` facsimile signatures appearing upon said bonds and the interest
:n,.
��; coupons thereto attached are the manual or facsimile signatures of
"x;
�;;;r; such officers, respectively; that said manual signatures were duly
~`"" and manually affixed by the undersigned officers whose signatures
. .`';.
_ �� , .�.�.
rT; they purport to be; tihat said facsimile signatures were duly
_ affixed with the knowledge and consent of the undersigned of-
�=T:'.
�-�:;� , ficials whose facsimile signatures they purport to be and the same
,T°` are hereby adopted; that the facsimile seal which appears on each
� ;� of said Bonds is a facsimile of the duly adopted official cor-
1:,'.:I
�st-'. porate seal of said County, a manual impression of which is
� TXti-
k.,s; impressed on this Certificate; and that said officers have to this
<,,-
Certificate subscribed their manual signatures, th' 30th day of ��
� '� June, 1983. �?
��`'� ( S E A L ) C.
tr'"' ' ha rman
�,.,_
�:k"a . l , � � <
�,�,, ,
�r�:3 ounty Clerk" << _,
Psz '� . 7�� yy
.: JI � / �.!%'Glis'L fr•
i
�.�,� ^ GLf�C �`a
`�j County Treasurer
' f Signatures affixed to the above certificate and upon �
�u'>' each of the above described Bonds guaranteed as those of the �_ : '''
� �:� officials, respectively, designated above. �
��,�j E. F. Hutton & Company, inc.
�,=1 Denver, Colorado �'w�`,'
�=�>�� By (/��� G• �n/.r�T �-_:-;;
�`" Giiao��
S��
Title `��.
z`��:
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.
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.4J.�/Y.3JL.:iA�^����SJJa�fiWy�. j7L.l����w�w.r�',+�3i',:�,'1 �'mi_��li' ��._._.��.4L�_S'u!;�+E'+t�w 4
. �� . .
� � STATE OE COLORADO )
- )
COUNTY OF PITKIN ) DELTVERY CERTSEICATE
�,�
i�� .
c?� - -- -- ------ — _
^^ �
°� It is hereby certified by the undersigned, the County £' �,.'•
�'° Treasurer of Pitkin County, Colorado, that the County delivered to :=;; .
Y�
�" Boettcher & Company, of Denver, Colorado, the purchaser, its
r,
��+ Airport Revenue Bonds, Series 1983, in the principal amount of
� $1,560,OQ0, dated June 1, 1983, consisting of 312 bonds in the ;
� denomination of $5,000 each, numbered t to 312, inclusive, re- `
T� -
f;a ceiving full consideration therefor, as follows;
�;
��
.N
� Principal Amount: S1,S60,000
�.S Less: Discount ($ 30,420)
t Accrued Interest from �7� 5�1
� June t, 1983: $ ��r
� TOTAL: $ Ii s a.S�1
i
;:- � And it is hereby. further certified that the sCatements � �
made in the Certificates appearing at pages 29 to 42, inclusive,
� concerning said County and the above Bonds, including but not �
limited to provisions therein relating to officers of the County �'
� �
and .their signatures, and to the absence of any litigation re- � '
garding the County, its officers or the above Bonds, remain true
and correct to and including the date of this Certificate; and
� each of the paragraphs therein set forth is herein incorporated by : �y
�;..
specific reference. ' �
� IN WITNESS WHEREOF, I have hereunto set my hand this '�
! . 30th day of June, 1983. • ,}/.
' . ��
� __ j�n ��y� ��'
• County Treasurer
�`
t�'�
- 43 - ���.
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.. • . t•-'-,�'�'
�. � STATE OE COLORADO )
ii;, �
- COUNTY OF PITKIN ) DISCLOSURE CERTIFICATE
;�ta .
"' ;�: I, Tom Oken, Finance Director of Pitkin County, do � � �
:�� hereby certify that I, along with others, am charged with the �'�' �
;��g responsibility for issuing the Airport Revenue Bonds, Series 1983,
t
i�,.-1
�K� of Pitkin County, Colorado, dated June t, 1983, in the principal �
�; amount of $1,560,000. I further certify that in connection with -
�`� the issuance of said Bonds, the Board of County Commissioners has
��'� authorized the preparation of a Preliminary Official Statement -
�:�
i�_:� dated May 9, 1963, and a final Official Statement dated June 27,
t-�
yi� 1983, relating to said issue of Bonds. The Board has further
r'
authorized the distribution of said Official Statements by the
� Origi�al Purchaser and Dnderwriter of the Bonds, Hoettcher &
'r Com an , of Denver Colorado.
r'; P Y . �
_ I further certify that said Preliminary. and £inal
�. �U�: Official Statements, and any Addendum thereto, did not contain . �
;=;t any untrue statement of a material fact or omit to state a ma-
%,": terial fact necessary in order to make the statements made there-
�.^:': in, in light of the circumstances under which they were made. not
tt;
z;;� misleading, subject to the condition that while information in
1��� said Preliminary and final Official Statements, and• any Addendum
. �._,:
;��•;' thereto, obtained from sources other than the Covnty is not
guaranteed as to accuracy, completeness, or fairness, I have no -
- reason to believe and do not believe that such information is m.
�':"y materially inaccurate or misleading. I further ceztify that to
Y:'
�''"" the best of my knowledge, since the respective dates of said
';:},.: Preliminary and final Official Statements to the date hereof, ;;
i�' _
c�='_'-_;� there have been no material transactions not in the ordinary ��
�.`� course of affairs entered into b the Count �
�c�::< y y, and no material ,.
+''.:�:; l�.': :.
,� adverse chanqes in the general affairs of the County or in its � , .
;�:.
';" financial conditian as shown in said Preliminary and final �`
� � Official Statements, other than as disclosed in or contemplated by �
r" ; said Preliminary and final OfEicial Statements, and any Addendum �
x thereto. � �
� 5:�
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. . ��d`�,+�ei����+ .'�p v � {�. ��i�. °i,.�`."�'y � '+ � �`�ik, ��i`JG� $�t i {�1 �+Y 1 ..
' F'iY.�t, �'� �� OM.����� � � + f .u�.��S�r`�-.f. !�f�
` . tn<:�� .
f�Y.'S
!: • , ,
"�' � This Certificate is furnished by me as Finance Director,
�'� on behalf of the County, to Boettcher & Company, as Original
y�i Purchaser and Underwriter of the Bonds, and is not for the benefit
x� "
�(� of anyone other than said Original Purchaser and Underwriter. _� �
`�� IN WITNESS WHEREOF, the Board of County Commissioners of i-' �
i,+ -- . �....;M1...
- � Pitkin County, Colorado, has caused this Certificate to be f <
��,-�; signed by the Finance Director of Pitkin County, this 30th day of
� June, 1983.
� �
�J
, � �G�n �� `�
� Finance Director ' �
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� _ .
�"� ' LAMM EDSTROM & BRAYMER
�,:.:
� A PROFESSIONAL CORP01iATION
1:}�;y;':.,
— - ATTORNEYS AT LAW
�(��'��.,=:: SUITE BIB .
:`�i=;_- 810 SEVENT[ENTH STREET .
i;�,�,-, DENVER�COLORADO 60202 _ �
) WlLLIAM O.LAMM S
{j. �" TEtEPHONE I3031 825-1284 y ��
DAVID A.EDSTROM
MARY ANNE BRATMER - IN ASSOCIATION WITM
�� ' LAMM 6 BONOS �' ��
.�1.'`'. { BAqBAFA E.BONDS• JUH 3 0 i983 .:��.:�
y.���°� � THOMAS FALACIENSKI • ATTORNEYS AT LAW '��'�
J t
�'+�f�.� BMKE T,JORDAN ' CHEYENNE,WYOMINC
� DONALD R.BIEBEq 13071 635-0221 � .
;'"�"` Pitkin Couttty, Colorado
.^',�� .���µ,�����•�������� Air ort Revenue Bonds, Series 1983, $1,560,000 � � ^ �
P
��r'r Dated June 1, 1983
��� � Maturing 1984 to 20o4, Inclusive
w
*
;���;
���::
�-�.�`;��° THTS TS TO CERTIFY That we have examined a certified
�,�.
���� record of the proceedings of the Hoard of County Commissioners of
�-.>
�'�" Pitkin County, Colorado, taken preliminary to the issuance by said
��`= Count of its
�.�„ Y
�=`5:.?;ti
r�;�-�:;
�'� Airport Revenue Bonds, Series 1983, in the
�.
�',; principal amount of $1,560,000;
��`�` Dated June 1, 1983;
;µ��
��:,`=��' Consistin of 312 bonds in the denomination
�_:.:,,;;: 9
f`-�^`�'= of $5,000 each, numbered 1 to 312, inclusive;
�;:<z
�* �r• eearing interest from date to maturity as
+� �:� evidenced by interest coupons attached to said
bonds, payable on December 1 , 1983 and semi-
"h`z"�� annuall thereafter on the 1st da of June and
, k.v„��>: Y y
`_-:�,��� the 1 st day of December each year, said Bonds
'��="?-+= maturing seria2ly on Decembez 1 each year, as i.
follows: 'K
�
� ,a; Amount Maturity Interest Rate
k'';":';�;
- i:'::;::,�:� $ 30,000 1984 12.008
�•a 30,000 1985 12.0a$ ;
k�� 35,000 1986 12.008 '
���. �
�'?=- 35,000 1987 10.008 �
L;:;:� �'F.
� � 40,000 1988 10.00$
n �'
,,.� �. $ 4Q,000 ]989 10.00�
+,���y;�:_� 4 5.0 00 199 0 10.00$ q�
,� 50,000 1991 7.75� � :-
h�i 55�000 1992 7.875&
� k: 60,000 1993 8•1Z5$ '
, :
� t''��
"�.� (Schedule Continued)
f �i :
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�i� ro� t��C'��k� `:F ,,e r' d� sji � Y� � i��' 4� -�' � �'+ s ° r 7r �,. .
� �hy4 ,�el ��r r' '�i�� x £s c . �, � �{.q�� 1 4 --�Y �kr',i 4��(� �� ��jy iyt ,�?�,� .
._.._...,,.a�_...;.d����+��re-�L'..�„'.r. �..v�i�C:!kk�J?�b�Lru_..Y...�o4'W.__A i:.:���r � ,�a:� + F'a&«�;a'itM��'er?�-?'•�-a !'
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`:'�
` � Pftkin County, Colorado Page Two
� ' Airport Revenue Bonds, Series 1983
;+ Dated June 1, 1983, $1,560,000
y,;i;..; _ :
i
;
� '� Amount Matarity Interest Rate
'� -
` '� $ 65,000 1994 6.3758 �
� ki 70,000 1995 8.508 ,�
x 75,OOQ 1996 8.6258
z ;j 85,000 1997
� ':1 90,000 8.758
r 1998 8.8758
4T} • $100,000 1999 9.008
�M'� �?:� 110,000 2000 9.008
� -
t"^,�.:;.
120,000 2001 9.008
��_;�;_::n,, 130,000 2002 9.008
�
� 140,000 2003 8.008
`,�s:..�-:
�;=;�A:.V?. 155,000 2004 8.008
r,�`:�:;z.;
�,:.,�.�.•.:
`��'»'*''� Bonds of this issue maturin on or before
���~,���Y g prior to
'"�^4`?'Y�;' December 1, 1993, are not redeemable
�:`"���`"''°``� their res ective maturit dates. Bonds maturin
`-�.
�••:r�',._. P Y 9
��,:>;:, on December i, 1994 and thereafter are redeem-
"��'`-*«:�� able at the option of the County on December -
.(=.�;�'�'L"..`e.:,-.
;�;����;:r 7 , 1993, and on any interest payment daEe
y� thereafter, in inverse numerical order, upon
`' �� payment o£ par, accrued interest plus a premium
,"'#' of 18 of the principal amount so redeemed for
,. � those Bonds redeemed during the period from
December 1, 1993 to June 1, 1998, inclusive, and
�'a ,^�� without redemption premium for eonds redeemed on
� ' �� December 1, 1998, and thereafter.
e�:��:t;w� Principal and interest payable at the Central
(,§Yw� Bank of Denver, in Denver, Co2orado.
• �-s'�y.�
, F�{'r�
}�h,t,r We have also examined Bond No. 1 of said issue and have
found the same duly executed and in full conformity with iaw.
�a
� ` The fo2lowing opinion is necessarily based solely upon
x j ; thC above cited documents, the County Charter, the Constitution
tr„`.. ' and Laws of the State of Colorado, and the Internal Revenue Code
���'�_`�� of 1954, as amended, and applicable rulings and regulations there-
�c�;:
� under, as interpreted and construed as of the date of this opin-
��.�,;� ion. Therefore, we cannot and do not assume aay responsibility =; �
f��;��._; for providing any information concerning these Bonds, or any � ,
F`°_�'�;;;�, opinions based upon such infotmation, that may or may not become �
,a known to us after said date. �.
� �
�,' � It is our opinion, based upo❑ such examination, that:
�.._ �
r • 1. Such proceedings show lawfal authority for the � '
� < �,� issuance of said Bonds under the County Charter, the Constitution
�?:,,.; and Laws of the State of Colorado now in force;
a''r G a �
r ;i;; �:?
v`., •.
�T+f:�
�y�
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�
Pitkin County, Colorado Page Three
' Airport Revenue Bonds, Series 1983
�`"�'` " Dated June 1, 1983, $1,560,000
r�-. ,.
'�:;;_`
'" 2. Said Bonds in the principal amount stated above are
� valid and legally binding on the County; '
Y�':�.:...�,� . �. .
�`� 3. Said eonds and the interest thereon are payable i
� ` solely out of a special fund designated as the "County of Pitkin ; `
t'.:••
_�'?�:;<�:; Airport Refunding Revenue Bond Sinking Fund" of the County, h<'.
�'�<-�';': which Fund shall contain the Net Revenue derived and to be derived � "'- �
?�Af;.-;.z:":� � ..
��-��:;.� by the County from the ownership and operation of the County's ;,
F'-;` Airport and related Airport Facilities or if necessar from the
�Y��:•?-,,: Y
F Reserve Account. Net Revenue is the Gross Revenue of the Airport
,� -�� less the costs of operation, maintenance and ordinary repairs and
�,;•=�i a necessary reserve for said costs, all as more particularly set
.Ry�•'s.. .
�;.�r,-_,_ forth in the Resolution authorizing the Bonds. The Bonds consti-
��-.•<:��, tute an irrevocable and first lien (but not necessarily an
s?�r�:s�
: • exclusive first lien) on said Net Revenues and Reserve Account on
��`:
�;s�;;=: a parity with the lien of the County's outstanding Airport Refund-
`r"�"" in Revenue Bonds , y ,
�-:.�;:�?, g , Series 1977B dated Ma 15 1977 and its
;i°;�';r,; Airport Revenue Anticipation Warrants, dated October t, 1977.
{
A,�' : 4. The obligations incurred by the County in issuing
� ' �r'°�-`" these Bonds are subject to: the Federal Bankruptcy Code and
` ' applicable bankruptcy, insolvency, reorganization, moratorium, or
�,",,}? � ,
;�_,_.. similar law relating to or affecting the enforcement of creditors
•�``"T rights generally, now or hereafter in effect; usual equity prin-
t,,..;
�. ciples which may limit the specific enforcement under state law of
?`::_>.4`.;� certain remedies; the exercise by the United States of America of
the powers delegated to it hy the Federal Constitution; and the
�` reasonable and necessary exercise, in certain exceptional situa-
�j tions, of the police power inherent in the sovereignty of the
t'b�:�>�� State of Colorado and its governmental bodies, in the interest of
*��?t'Y serving a public purpose;
rr1:ry.
y.i-- ..
��
5. The interest on said Bonds is exempt from taxation �'
by the United States of America under present Federal Income Tax
Laws, and all pertinent Internal Revenue Service regulations which
r, have heretofore been issued; and that such interest is further
� ; exempt from taxation by the State of Colorado, under present State
`"�`: Laws, with the exception of inheritance, estate and transfer
,��..: taxes. �I1Y 1 -;, �
�kY� � I^., A � `= �/��DI A
� "rV
�'y���_ (i'Y��`^'�_\ �3 U �a/� :
(Opinio� on Bonds)
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�, L�",jj�Y�'�i,y'�4 i�1��}� r i a�� 1 � ^ `�1� � u "� �'� '� � � ��'-�r°�f r�'�s�tt
.j�,� � � -'� �I�,fit� k '� i'"�n 7�°� �d�;�L',t.} a �dS "M.� ky'Jf .,��1tj c�y.,��'�t .N 4":
.:l- �-�,e'vw�e.:u.�'�+Ma"��N%'�iv.y�t�7-.� .�._...(.......:.c:.1�:��F''<�- - .S7.L...Y-r;...,.�..-.....-_ T .. . ..... - ... .-,
�
LAMM EDS7ROM & BRAYMER
' ,r.'�����" A PROFESSIONAL CORPOFATION
1;!..;;�:.- .
ATTORNEYS AT LAW
� ,�I SUI7E 8i6 _ .
� SIB SEVENTEENTH STpEEi ; ,
E .�.� DENVER�COLORADO 80202 ;
�A WILLIAM O.LAMM TELEPHONE(3O3)825•1284 i
�' '.' DAVIP A.COSTpOM J� �
MARY ANNE BRAYMER iN ASSOCfAT10N WITN �.
� BARBARA E.BONDS• ' LAMM 6�90ND5 �
"""�� �' THOMAS PALAGIEN51t1 x'����
y`�'�''� " J{�[�Q 30 1983 ATTORNEYS AT LAW Y��_
��.���'.. . BLAKE T.JOR�AN � CHEYENNE.WYOMING '
7�'��" DONALD R.BIEBER 13071 635-0221 '
�
!...��.�--
� G�f$ �� h�e�w�[eor����wwvow�ha
t�"'" Pitkin Count
r-,:>:: y
u.-...,,
�"'`- 506 East Main Street
�,;.:;
��;:%; Aspen, Colorado 8t611
%.�...$•��:;
�'^'>RCy';:� .
'°"'�` Attn: Tom Oken
s..-�:�?'<-; .
;���:��;: Finance Director
Ch
'`.�+ ` Re: $t ,56�,000 Airport Revenue �
��*"t=' Bonds Series 1983, Aspen- (
r-;:;-=
i''�.i;;� • Pitkin County Airport, Pitkin
�::;.�.>- .
-.=.�'<;:; County, Colorado
��:c'`
� � ,; Gentlemen:
� . In connection with the sale and delivery as of the date f,
hereof, of the above cited Bonds to Boettcher & Company (the ,
'F'�:�;,> "Underwriter"), this letter is provided to you in our capacitiy as
n�;,;'-•: Special Disclosure Counsel to Pitkin County (the "Issuer"� . {.
�.�:;;';
~��=� Based upon the collection of certain information ;'
. �:�:V�` and data, discussions with officials and representatives of the
�.
"`�. County,and with various other individuals and entities connected
!
" with the above cited Bond issue, and the examination of documents � �`;i;
_ relating to said issue of Bonds, we have prepared the Preliminary � '
Official Statement dated May 9, 1983, and the final Official
Statement dated June 23, 1983. We do not express any opinion i,.,
- with respect to the accuracy or completeness of any financial
��`=;� doauments, statements, or audits of the County which were
,' .furnished in connection with the authorization, issuance, or
�:k=`; markeCinq of the Bonds. In Chis regard we have relied on the
`��`'' information presented in the County's annual Financial Statements �•.:
�';�, c
{��::�: for the years ended December 31, 1978 through 1982, and upon the
;.���, examination thereof by Alexander Grant & Company, in their � '
expert cepacity as Certified Public Accountants. We have further � ,
c ' relied upon the information presented in the County's financial � �
books and records for the period from January 1 , 1983 through �
, � �� June 30, 1983, and upon the review thereof by the County's �
' �C-..,; auditors, Alexander Grant & Company. In addition, we do not � .
i �';�'; express any opinion with respect to the accuracy or completeness ��;`'
' � ` of the debt service data relating to the Bonds prepared either
f_ '�,,-
- r,C
;�-a�'.y,�';' .
�'_,
4`��?`�
�i��'6'� � .
i ,�^.
. �rop.���ys� ---.. �_.....�..�,, r '.., {.... - �... .. . .. . .� - ,... .......n.. .. ....�.. �.—.....__.._..... _...__..� •� . ..
.�..:�,:� .yr.��n. .-��.'.i.. . .... ... �....:... ...... .. _....,. �
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.�-s+.�rr ahnc.+d:��X6���,.Jl..,...-.i FQ-.�'.'i,.+.i.3:rci,t_. �,e•w.^.e5or.rlb..+r��,�+3.��SYF01tl�mriCb.�.Y�a�.._...}.=.... .iyti"",a1'::,: 'pY r 5;�.
is'�
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;::.:i
Page Two .
�^;;
'''' by the County's Financial Consultant, . E. F. Hutton, or the
µy.j Uederwriter. Further, we express no opinion with respect to
the accuracy or completeness of the projections of revenues,
i:;�j expenditures, and anticipated capital improvements, relating �a
�+�,' to the Pitkin County Airport (the "Airport"), prepared by the ��a •
�p Airport's Engineering Consultant, CH2M Hill, and included in
the Preliminary and final Official Statements. In addition, '
;�;�. we have relied upon and have not independently investigated
r statistical information provided by the County and the Engineering
,r" Consultant which was included in the Preliminary and final
�'?',�`u Official Statements.
�r�
�� Subject to the foregoing, in the course of our investi-
�° gation and in the preparation of the Preliminary and final
�h�: Official Statements, no fact came to our attention which would
f`'� lead us to believe that the Preliminary and final Official
;;�;
r� Statements, as of their respective dates, contained any untrue
�� ,
j_�: statement of a material fact or omitted to state any material fact
°�`= necessary to make the statements made therein, in light of the
;�? circumstances under which they were made, not misleading. Lamm
;-.�; Edstrom & Braymer, P.C., does not assume any responsibility for j'
,zs:. the distribution of the Preliminary and final 0£ficial Statements
�'` to Bond Purchasers.
j �'-= . We have made no investigation of and express no opinion
'�` as to the effect of any Blue Sky or securities laws of any juris-
�'<��:'� dictian on the subsequent resale of the Bonds by the Underwriter.
hL.i.'
`�-��; � This letter is furnished by us to you as Issuer of the
"���^-; Bonds and is for your benefit alone. Said Preliminary and fznal
�;�;z. �
+ Official Statements shall not be used in connection with any „
�:d��� purchase or sale of any other securities of Pitkin County, whether j;;,
. ��..-,w
� r'!�-�i issaed prior to or subsequent to the issuance of the Series 1983
; ? Bonds specifically referred to above.
� '�
� :� C7�� F.
_� ����t �- `
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s��� x � �� �`-� .t` +' t ! �.�t / X�,yt��' K�1 r �. :.� i s..�t�y,, �l
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� ,.^�.cY3?�a,��'X.,...�`J.3me.:.�i Sf�i.k�si'::�wJ+r�e:.s.+.e.+-..- �:!ar, .e�t.4�' z�i�f ip'.�,�'l� ` ,7�;-....,7.��^d._:"iu': '... .�..
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� ' r..' ,�
�' To the Board of County Commissioners of Pitkin County, Colorado:
x�:.
s f :
, ", ..� � The Central eank of Denver, .Denver, Colorado, is the
�"�'` holder of all oE the outstanding Airport Refunding Revenue Bonds, .
'Q :.::i
� Series 1977B, dated May 15, 1977, in the amount of $1,007,000 and
�.,
v�-
' the outstanding Airport Revenue Anticipation Warrants, dated _
t' , : Octoher 1, 1977, in the amount of $105,000, issued by the County
z���i,
�. � of Pitkfn, Colorado. Pursuant to Section 22 of the Bond Resolu-
��r;; ! . �' '�.
!,.,.�_Y,,,., tion authorizing the Series 1977B Bonds, and Section 12 of the
��, ° '� 8ond Reso2ution authorizing the i977 Warrants, partial modifica-
� � � .
�-�_ ,? . tion of each resolution may be made by the holders of all of the
f��.;�� bonds and warrants then outstanding. To enable Pitkin County to
�y�"''k`��'�' sell its Airport Revenue Bonds, Series 1983, dated June 1, 1983,
�{v1;���5"���
.y'•.fni.-yiy
��=x.;,:; in the principal amount of $1 ,560,000, certain changes were
� � ` required by the American Municipal Bond Assurance Corporation,
{'� �= .
��' : which firm is insuring the Series 1983 Bonds, which changes add to
' ::� ��,` the security of the outstanding bonds. As holders of all of the
g ?�`' . outstanding bonds we hereby provide Ehis written consent to the
� `� '<'. following covenant changes for the outstanding bonds and the
•<,b'G`:,:.�.< .
"'`"'�`��' Series 1983 Bonds as such changes occur in the bond resolution
��_:
U.� `''=��>' authorizing the Series 1983 Bonds:
S.
'" ' Section 9(b)(ii);
t;;;:;':...;. � �
� w">�!==;� Principal and interest Reserve Account. On
y� .4
''�'` the date of delivery of the Series 1983 Bonds
�� �
R=T there sha21. be deposited the amount of $234,000 to q:.
� the Reserve Account, such sum being an amount
� �•' `
tr , � egual to 158 of the face amount of the Series 1983
& -
� Bonds. Such amount, when combined with the deposit
�" "' presently in the Reserve Account, shall equal the
�-Y,.c.�: .
��;y��u»;' ' • . �
�„,;,,;�a;, amount of $354,000 (the "Minimum Reserve"). In the
event that the amount cn deposit in said Reserve
�;` - • , Account shall thereafter fall below the Minimum
t �� Reserve, monthly deposits in at least the amount of a
� , $1,000 sha12 be made and continue until the Minimum 4;
`�'-�''���'•" Reserve is therein on de osit. Mone s on de osit �T
t �h . :i P Y P
r :l `':
� :;y� �:
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^ �' �°` r�. � 1+�. �� k.:' •t.,j�. �4�:.y�, S �. �:�y,{F.F y�FV,��,, �� j-� \.
_ ..�.:.,�.e'�'G'k'' ;"`k��°i. r t''�si�,'+,L�'!ml:i��'�i:i?'.....`l...t�,..:dc'�'��.}.. � � '�a^ 1`,�I�Yw' ��'xb�.zl�r.,� Y_''�y�tyl� .
u:.,:o:L',�u •:.:3.rr..�w{ a..i�;,
� � f��a::� � .
1 1. .
. .'
::;.,�
�;; in said Reserve Account may be used Eor the payment `
,.� of R
'�s� prirtcipal of and/or interest on Parity Obliga- M
'.:±�: tions only, and shall be so used only in the event
i.
�!;.�i that there are insufficient moneys in the Principal
"k' and Interest Accoune to meet such principal and in- ~" 's��.
t;.: � .,.;
ti! teresC payments promptly when due. Moneys in the
�'; . Reserve Fund may be invested in properly insured �
� certificates of deposit, or in direct obligations ��
� of the United States Government or in obligations 4
�. �'
or securities of any agency or instrumentality '`
!w • (:'
thereof, and the interest from any such investments ��
� . shall be considered as income and revenue of the
3� Airport and handled accordingly.
�� .
� Upon the issuance of any Proposed Bonds, as herein '
�'�� provided, all payments to the 1977B Sinking Fund, and �`-
';(:� the Accounts thereof, will be increased in such amounts ��
�;���I as may be necessary to assure the prompt payment when ��
�{ , due of all Parity Bonds and the Proposed Bonds, and, in �
„;' ��
the. case of the Reserve Account, the Minimum Reserve
� shall be increased by an additional deposit an amount at 4�
�'1 �<,;
�;� the time of delivery of the Proposed Bonds equal to the
��� greater of 158 of the original face amount oE the �`°
�� � . p_
; ' Proposed Bonds or the maximum annual principal and ^�.
i` interest requirement of the proposed Bonds, subject to
• 4 �-
� �; the limitations of Section � of this Resolution. _ p',
,`
Section 9(c) l,
Renewal and Replacement Account. From the amounts !'`;
• remaining in the 1976 Gross income Fund, the Renewal and �:
� i �it
Replacement Account of said 1976 Gross Income Fund shall
� be credited at least monthly with the amount oP $2,000; • ��
provided, however, •that at any time when, and so long �--"
�:_-
. . as, the amount held to the credit oE said Account equals �� :''
�, or exceeds $240,000, no further credits need to be
made to such Account, in the event the amount held to
� 4
Y �
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i a,� � �,rs �t�+€Y�v z�rk!,�� � S,�¢�'�,`��E2 h�ts�F� �,a � r ..� t�r:,e� "; n iy �l'�
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� . v:.. i:�..kUlnr+:.iEli.J.c...`R>'.�i �..���.�+ish:,;;'-� '<..v i �a�:,3??':a�, . ... ._ ?V,t`>�.� t �Sf;�F. x .,r�y:'
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:;h;;j the� credit of said Account shall thereafter fall be2ow
n>;�":!
E:Y:,.) $240,000, such monthly deposits shall resume and
;�'�` eontinue until said amount,is therein held, Investment
�y�.,�. .
} ' of moneys in such Account shall be subject to the
a�: limitations of Section 7 of this Resolution.
��+r�"� In the event that moneys in the 1977B Sinking Fund �
�r,'? � are at any time insufficient to make the required
#�::`�; _
� payments of principal of and interest on all then
;.�i' outstanding Parity Bonds, promptly when due, sufEicient
1�ra moneys shall be transferred from the .Renewal and Re-
r:^; .
u.�;� placement Fund to cure such deficiency.
�'�;,:�:
Y� Section 9(d)
�� . Remaining Gross Income Fund Balances. Any balance
t�;�'`
:�';:.; remaining in the 1976 Gross Income Fund after providing
<.'2�: _
for the, aforementioned deposits and credits may be
- �r � accumulated to pay or used to pay costs of additional
���:,.
= acquisitions or capital construction of the remaining
��,--�� - uncompleted portions of the Airport or, if the Airport
��;�
i,�;;i;. . is complete and no extensions or improvements thereto
'�y ` are then needed, as determined by the Board, Chen said
S ;t
t,i�;`: ' balance may be transferred to the 1977B Sinking Fund and I
. �:_.,, ,
� �"b� used for any one or more of the purposes therein provid-
� - ed, or may be used for any other Airport purpose.
Section 11. Additional Parity Lien Bonds. In addition � `'
to the Series 1983 Bonds herein authorized, the 1977 Series B �;
nb`
Trs;:,` �
p;;:_ Bonds, the 1977 Warrants and any bonds hereafter issued pursuant �
- to the provisions of this Resolution having a lien on a parity
:;"'�'
�'� . therewith (whzch are herein referred to in aggregate as the
����:
f ' � "Parity Bonds"), the County may issue additional bonds with a lien
.��.::;
on a parity therewith (hereinafter referred to as the "Proposed �;
{-'�`:=�! _
':"�:=' Bonds") to pay for constructing or acquiring additions, extensions
�
�, .;;, . and improvements to the Airport. Such Proposed Bonds may be � c
�'�- issued onl after meetinq the following requirements. �
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� , �f •
�I r- �
' i
fY:'; (a) A Certified Public Accountant, licensed to
gi i
t., practice and practicing in the State of Colorado, shall
``�=�� have certified that average Net Revenues of the Airport j
,,�;? �
i:��� during the last •two (2) fiscal years immediately . , .
��; preceding the date of issuance of the Proposed Bonds ` `
�=�d shall have been not less than 1008 of the future maximum �
''� annual Principal and Interest requirements on the then I
�
w,
outstanding Parity Bonds and the principal of and
�' interest on the Proposed Sonds, if issued as proposed;
��•�
"� and �
�i� .
.;�� .
,,, (b) The Financial Advisor, or other nationally
�:;� �:
{..- recognized municipal financial consultant, shall have
`,:�
certified that the average annual net revenues reason- �
�`� C`
in' .ably estimated to be derived from the Airport during the �'
� , five (5) complete fiscal years immediately succeeding �`
i:�a . �:
r_� � the year in which the Proposed Bonds are to be delivered ��
to the parchaser thereof, will be not less than 125� of
� �' , the maximum annual amount which would be required to pay
-�+ the principal and interest on the then outsCanding
�:�
g,r
Parity Bonds and on the Proposed Bonds, if issued as
b`�; proposed.
r; �
� Nothing herein contained shall preclude the issuance of •
� . 4?, • � � - :.
• r'� additional bonds payable from the Net Revenue of the Airport, but
i
��•. _
having a lien and claim subordinate and inferior to the lien and ,
claim of the then outstanding Parity Bonds, so lonq as the County ���
is current in all payments and in compliance with all covenants
!i� relating to the then outstandin9 Parity Bonds. :�
i�='� '
- Signed in Denver, Colorado this � day of May, 1983. �
��` • • . . �.
C:� ,
�: —
CENTRAL BANK OF DENVER
i.� • DENVER, OLORADO
;y'
��' •
�, B
�,J ATTESTED: �
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tPr
Ame�ican Municipal Bond Assurance Corporation .A e���
a Subsidiary of MG1C lnvestment Corporation I`/p
One State Street Plaza.New York,NY'10004
Municipal Sond
; Insurance Policy
„ s
' Issuer: pITKIN COUNTY� COLORADO PolicyNumber. 940 �
'�..:I, �1,56d,000 Airport Revenue Bonds, Series •
1983, dated June 1, 1983, and maturi�g an
� 8onds: Premium:
_ r;., ? December 1 in the years 1984 through 2004, 331,522.95
�:.„ both inclusive. The paying agent is Central �;
Bank of Denver, Denver, Colorado.
�. .
AMERICAN MUNtCIPAL BOND ASSURANCE CORPORAT(ON
�
�,;y;�a iAMBAC)
A Stock Insurance Company
�'F� In consideration of the payment of the premium and subjed to the terms of this Poiicy,hereby agrees to pay to the United States 7rust '
�w,� Company of New York,as trustee.or iLS successor(the"Insutaace Trustee"1,for the benefit of Bondfio{ders,tbat portion oi tbe p�incipal
of and interest on the abwedescribed debt obli ations(the"Bonds")which shall become pue for Payment but shali he unpaid by reason
�.-=' 6 •
?.v�g of NonpaYment by tbe Issuec �
MABAC will make such payments[o the Insurance Trustee within 5 daVS following notification to AMBAC of NonpaVment.Upon a Bond- �
�'��� holder's presentation and surrender to che lasurance Trustee of such unpaid 8onds or appurtenant coupons,unwaceled and in bearer '
1'�� form and free of anv adverse ctaim,the Insurance Trustee�.vdl disburse to the Bondholder the face amount of principal and interest -
which is lhen pue for payment bu[is unpaid.Upon such disuursement,AMBAC shall become the owner ot the surrendered Bonds and
j;� coupons and shaq be fully subrogated to all of the BondholJer's righu to paymenc
;<Y In case:where the 8o�ds are issuabte only in a form wherebv principal is payable to registered 0ondholders or their assigns,the In-
-?'� wrance Trustee shall disburse printipal to a 8ondholder as aforesaid only upon presentation and surrender to the Insurance Trustee of -
;,a the unpaid Bond,uncanceled and free of anv adverse claim,together with an inscrument of assignment,in form satisfactory to the Im -
?.,i surance Trustee,duty executed bV�he Bondholder or such Bondholder's duly authorized representative.so as�to permit ownership of '.
such Bond to be registered in the name of AMBACor its nominee.In cases where the 8onds are iswable only in a form whereby interest ,E��
is payable to registered Bondholders or tbeir ass,gns.the Insurance Tmstee shail disburse interest to a Bondholder as aforesaid only upon �.
_ � p� presenta[ion to the Insurence irustee of proor c`a[the claimant is the person entitled to the payment of interest on the 8and and
' u,� delivery to the Inwrance Trustee of an insvume:::oi assignment,in Form satisfactory to the Insurance Trustee,duly executed by the
'�? claimant Bondholder or such Bondholder's dulv auchorized representative,transferring to AMBAC all rights under such Bond to receive
':y the interest in respect of which the�nsurance d;sbursement was made.AMBAC shall be subrogated to all oi the 8ondholders'righu to �
�,� payment on registered Bonds to the extent o(the insurance disbursements so made.
i y 1b used herein,the term"8ondholder'means any person other than the Issue�who,at the time of Nonpavment,is the owner of a Bond
or of a coupon appertaining to a Bond.'•Oue for Pavment;'when referring to the principal of 8onds,is when the stated maturity date or a
� mapdatory redemption date for the application of a required si�king iund installment has been reached and does not refer to any earlier '
�;�•� date on which payment is due by reason oi call for redemption(other than bv application ot required sinking fund installmentsl,aa h
,(1 celeretion or other advancement of maturity;and,when reterring to iMerest on the Bonds,it when tbe stated date for paymeM of interest �, �
;? has been reached."Nonpaymenr'means the failure of the Issuer to have p�ovided sufficient funds to the paying agent for payment in '�
. . full of all principal of and interat on the Bonds which are Oue for Pavment.
��
�- This Policy is noncancelable.The premium on this Policy is not refundable for any reason,including payment of the Bonds p�ior to ��
maturity.This Policy does not insure agai�nt loss of any redemption,prepayment or acceleration premium which a[any time may � `-�
�� �n
become due in respect of any Bond,nor against risk other than Nonpayment. II
In witness whereof,AMBAC has caused this Policy to be affixed with a facsimile of its corpwate seal and to be signed 6y its duiy 4-:
authorized officers in facsimile to become effective as i[s original seal and signatures and binding upon AMBAC by virtue of the counter-
sigt�ature ot its duly authorized representative. . �
� �pro�aSy� . [;
. � . �tP.............. i4f a �.;.
3 x�'oQPOqqr•...°o` �
d ':� `SEAL`� � �E ��
iPresident ��'': y 1970 .t. :'�� �/� %S�e tary s
� l��'••.�E{y`l0�',;' +, , // � ;
; �,..,"_f �7/� � � �
� Effective qate: June 30� 1983 ' _ '— __.r.__,,.
�"� ized ,ryesenlativ
• f: :
UNITED STATES TRUST COMPANY OF NEW YORK acknowledges that it has agreed to perform the duties of Insuran stee under !'
this Policy.
�� ��
Authanzed ficer �
Form NOSJI'2 11292 � ^�`}���� . . .
�� J
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