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j RESOLUTION No. 83- 74
i�;
z-', WHEREAS, the County of Pitkin, State of Colorado (the
y'7 "County"), owns and operates a public airport and related facili- '
::; ties; and Ii
� WHEREAS, the County has heretofore duly authorized, +. �`'
F.' �,_, .
a sold, issued, and delivered to the purchasers thereof $1,210,000 � x
,+� of its Airport Refunding Revenae Bonds, Series 1977B, dated May
,i
g, 23, 1977, of which issue of bonds there now remains outstanding .
t� the total amount of $981 ,000 (hereinafter sometimes referred to as
�� �
the °19778 Bonds") being bonds numbered 70 to 306, inclusive, in
� the denomination of $1,000 and $5,000 each, bearing interest �
t payable semiannually on April 1 and October 1 each year, and �.
;.
maturing semiannually in regular numerical order on the ist day of �
� April and the 15t day of October in each of the designated amounts !
i. of principal and designated years, as follows: �
�� �.� `` $1,000 Bond Nwnbers $5,000 Hond Nunbers Interest Rate Amoivits Years
� �. (All Inclusive) (All Inclusive) (Per Annuvn) Maturing Maturing
' 70 - 72 73 - 76 7.25$ $23,000 10/1/83 �r
�; 77 - 81 7.258 25,000 4/1/84 ;
�� 82 83 - 87 7.25$ 26,000 10/T/84 "
r.- -
r,. 88, 89 90 - 94 7.25$ 27,000 4/1/85 a
� 95 - 97 98 - 102 7.25� 28,000 10/t/85
�� 103 - 105 1a6 - T10 7.258 28,000 4/1/86 ?
R� 111 - 114 115 - 119 7.25$ 29,000 ta/i/86 y.
120 - 125 7.25� 30,000 4/1/87 A
�`�' 126 127 - 132 7.258 31,000 10/1/87
" 133 - 135 136 - 141 7.25� 33,000 4/1/88 � .
;` 142 - 14S 146 - i5i 7.258 34,000 10/t/88 • `''
152 153 - 159 7.258 36,000 4/1/89 � . my
160, 161 162 - 168 7.25$ 37,000 10/1/89 � '
169 170 - 177 7.258 41,000 4/t/90 �
178, 179 180 - 187 7.258 42,000 10/1/90
'� 188 - 190 191 - 198 7.20� 43,000 4/1/91
199 - 207 7.208 45,000 10/1/91 � �
208 209 - 217 7.208 96,000 4/1/92 t
� 218 - 220 221 - 229 7.20� 48,000 i0/1/92
230 - 233 234 - 242 7.268 49,000 4/t/93
� 243 244 - 253 7.20$ 51,000 10/1/93
fi� 254 - 257 258 - 267 7.20� 54,000 4/1/94
268 269 - 279 7.208 56,000 10/1/94
280 281 - 291 7,2Q� 56,000 4/]/95
`" 292 - 294 295 - 306 7,20� 63,OQ0 t0/1/95
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}, �� ` Bonds of this iss�e maturing on or before October 1,
�z;;r
Y''.:;
��<;' 1987, are not redeemable prior to their respective maturity dates.
,".�k;''`' Bonds maturing on April t, 1988, and thereafter being redeemable
',;�'i:'; ; .
iy.,.:.; at the option of the County on October 1, 1987, and on any inter- s•�
ir; i �
,� � est date thereafter, in inverse numerical order, upon payment of
��!� ;i par, accrued interest and a premium of 28 of the principal amount �'
_ a
"�" �' so redeemed. i
�1 : �.
�`y;, Principal of and interest of the 1977B Bonds are payable
�'i�� at the United Bank of Denver National Association, in Denver, I
k�- i
�^<•' Colorado; and
l:=�;;;7
Y;%';' WHEREAS, the County has also heretofore duly authorized,
,y._a;.,
1.:-`�^' sold, issued, and delivered to the purchasers thereof $125,000 of
c:, �:
�.�r
;;�;4� its Airport Revenue Anticipation Warrants, dated October 1, 1977,
t.��
s<.:_a of which issue of warrants there now remains outstanding the total _
}�"`'�=� amount of $105,000 (hereinafter sometimes referred to as the "1977
..;�::
'�c�s� Warrants") being warrants numbered S to 25, inclusive, in the
t=�';.
�:�
denomination of $5,000 each, bearing interest at the rate of seven
'" r,� (7$) per annum payable semiannually on April 1 and October
;��'' 1 each year, and maturing on October 1 each year, except that
•.,•;._
�`'�' those warrants maturin in 1996 shall mature on April 1 , as
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"'' fO110WS: '
:�,,:'�� >:
�;.';-: Bond Numbers Amounts Years '
�.,.;,
t.�;.:�. (All Inclusive) Maturing Maturing
:� 5 $ 5,000 10/1/63
�"�%'' 6 5.000 10/1/84 a��
s'.r,�.
7 5,000 10/1/85
8 5,000 10/1/86
9 5,000 10/1/87 �+
'��� 10 5,000 10/1/88 �
tti:-?: "':
k:`:� 11 $ 5.000 10/1/89 % -
`�`�` 12 5,000 10/1/90 '
i.
2�'t +
_�-�": 13 5,000 10/1/91
t.��v
��`;r; 14 5,000 10/1/92
�!;;,^ 15 5,000 10/1/93
'=�'� 16 5,000 10/1/94
`i:��
�.�:�;.�.q 17 5,000 10/1/95
i.µ��y� 78 - 25 40,000 4/1/96
:µ.-�.;.-!
��� Warrants of this issue maturing on or before October 1, °
jw_' �.:�_:.•.
?=w- 1987, are not redeemable prior to their respective maturity dates. j,.:;.;,.�
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!ri"i Warrants maturing on October 1, 1988, and thereafter being redeem-
!;:�`:1) able at the option of the County on October 1, 1987, and on any
""-^1 interest payment date thereafter, in inverse numerical order, upon '
i i -•
��j payment of par, accrued interest and a premium of 2$ of the
principal amount so redeemed.
� 'r:
�` Principal of and interest on the 1977 Warrants are -
?� payable at the U�ited Bank of Denver National Association, in
�,. Denver, Colarado; and
!;� I
,�;: WHEREAS, none of the outstanding 1977B Bonds or 1977
�'S��^ Warrants have heretofore been refunded nor have any of the same �
��� been redeemed or otherwise , , y
�;TT paid cancelled or retired b the
s:;r;-'. County; and �
���;.:
r!�`� WHEREAS, after discossions and consultatfon with the
s.�t
��; County's financiaZ advisors, it has been determined by the Soard
�':� of County Commissioners that by entering into and completing a
f"'� refunding program at this time, the County can modify and elimi-
�; r-
� �� nate restrictive contractnral limitations appertaining to the
:�:i;Y:,- 1977B Bonds and the 1977 Warrants and the resulting refunding
�:;; issue will then have the same covenants as the County's Airport '
;x,.,
+.Ky
�::.;_, Revenue Bonds, Series 1983, dated June 1, 1983; and i
�';,,` WHEREAS, the principal amount of the ReEunding Bonds is i
„;,r,i
t;:�;;� the amount of $1,08b,000, and the principal amount of the out- 1
� �� standing 1977B Bonds and the 1977 Warrants is the amount of 7
f
�I $1,086,000; and � �y�
_f_± WHEREAS, the Board of County Commissioners has deter- ,
4:;`' mined and hereby determines that it is in the best interest o£
e"`� said Count and the inhabitants thereof that all of the 1977B �
G: Y .
::�`::`i Bonds and the 1977 Warrants described above be refunded and that
�=a
r�� refunding bonds be issued in the principai sum of $1,086,000 for
4r,.;
'"""� such
•�x�:= purpose; and . .
1 � WHEREAS, the County has in its treasuYy and legally
a I
J available for the purpose, the amount of $ (hereinafter
+ 'i� f
� .; sometimes referred to as "ESCrow Supplement"), being a portion of �
�s the accrued interest on the 19778 Eonds and the 1977 Warrants to i
��� �
�. �
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«rn...w....-:.�.'..+amh:��.��'�'�t... �...L.jli:.�F<�tt�tfi:tna.1rt_if'??�k`i�$AT:.�k.`".3F�'��,"'i.bi�/.��...�'�� _�� �.r.- '��4 i�,N�..�..... _L.F�i� r+n. tv,:_.
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be refunded from their last interest payment date to the date of
' issuance and delivery of the refunding bonds, which the Soard of
i;>..i
�� � County Commissioners has determined and hereby determines to
:..'i
�`3.'' allocate, with the proceeds of said refunding bonds, to supplement
»n�;
;;:_,.j the same, for the purpose of paying the prin�ipal of a�d interest
��:� on the 1977B Bonds and the 1977 Warrants at their respective '
�-i maturities as is hereinafter more specifically set forth; and
?�� WHEREAS, the proceeds derived from the sale of said �} _'.-
��' refunding iaonds after payment of the costs and expenses of the F
�`°�: re£unding procedure, together with the Escrow Supplement, shall be �
ri�4.
^� placed in a special fund and trust account, to be established and !
i�:�-.
:°;� is herein authorized, for the purpose only of paying and redeeming �
�,�.
f� the 1977B Bonds and the 1977 Warrants being refunded, as to
;^'"n' j
nd-
=lFS principal and interest as they become due and payable, all as is
lr�-�,
�.�;;` more particularly hereinafter set forth; and
?;�:r_
��,s., WHEREAS, the 1977B Bonds, the 1977 warrants and the
{'=,- Airport Revenue Bonds, Series 1983, dated June 1, 1983 (herein the �
_ ��;�
"Series 1983 Bonds") shall be on a parity with each other and have
;Rr•=.', a first and prior lien on the net revenues o£ the Airport (but not
an exclusive such lien); and
��'�='"� WHEREAS, following the refunding of the 1977B Bonds and
'"�,'•='., the 1977 Warrants with the $1,086,d00 of Airport Refunding Revenue +
�;�,'..
�;>; ' Bonds authorized herein the Refunding 8onds and the Series 1983
- .-:i '
Z:�:s-;; Bonds shall be on a parity and have a first and prior lien on the i
. �..w::��*r.
. T.��'WT'.,t
+,-;:-`! net revenues of the Airport (but not an exclusive such lien) :
,_ti .:.�;t
.:�;"� THEREFORE, BE IT RESOLVED BY TAE BOARD OF COUNTY COMMIS-
SIONERS OF PITKIN COULVTY, COLORADO: �
�;�;:� �
x,`.,;;,: Section i. Authorization. That in accordance with
c,.._.,d
?�:',��'�! Title 41, Article 5, and Title 11, Article 56, C.R.S. 1973, as
. ._�T�..�,�.'I
�'''~""7 amended, the Constitution of the State of Colorado, the County
::,i�,F_F; �
���� charter and all other laws of the State of Colorado thereunto '
i
enabling. there shall be issued airport refunding revenue bonds
�-r � oE the County, each to be designated "Airport Refunding Revenue
' Sond" (hereinafter referred to as the "Bonds") , in the total
�i�4=�;.'!; principal amount of $t,086,000 for ,the purpose of refunding the
�, �,j County's valid and outstanding Airport Refunding Revenue Bonds, �
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� w.w�s.�.i Svha.�. y�� .���h:a,u'�'�i�r.s�'k'�S.:�/�.+l�r*'�:,H�w.f.alw.iti`�` ,,h+y..�..c�� ��T.._.0_ ;25ti.t� fa��l.Y.,�-.:•.
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�' Series 1977B, dated May 24, 1977 in the outstanding amount of
�'a $981 ,000 and its Airport Revenue Anticipation warra�ts, dated
1;
��r October 1, t977, in the oukstanding amount of $105,000, which the
a5
„; Board has determined to refund. Both the principal thereof and
�;� the interest thereon shall be payable solely and only from the Net ;
�,`,; Revenue derived or to be derived by the County from the ownership
a I..`'�:'. ::
�� and operation of the County's Airport and related Airport Facili- ' .� � ..
�.� ties, having an irrevocable and first lien (but not necessarily an
4�7 exclusive first lien) on such Revenues, as more particularly set
�� forth in this Resolution. , _
� Section Z. Bond Detai2s. That the Bonds shall be �
4.�.
� issued only as fully registered Bonds without coupons in the �I
�; denomination o£ $1,000 each or any integral multiple thereof. ' i
` Unless the County shall otherwise direct, the registered Bonds I-
('-'
��` shall be numbered separately from 1 upward, with the number of
:�� each Bond preceded 6y "R-".
t:-:
The Bonds shall be dated as of April 1, 1983, and shall
- `�, bear interest at the rate of 7.20� per annum from date to matur- �
. r1.=, i t �
y, papable semiannually on each April i and October 1, com-
�;;� ;
�._; mencing on October 1, i483, and shall matute on the 7st day of �
',r�:� {
!�.,� April and the ]st day o£ October each year as follows: �
� -..
F��`�' Amouttts Maturing i.
�..-x.
�,;;y
� April 1 October t Year
7.��:,.
l-� -- $28,000 1983
� �;��';� $25,000 31,000 1984
27,000 33,000 1985
26,000 34,000 T986
`� 30,000 36,000 1987 i °j�
, a �
�;__. $33,000 $39,000 1988 F !
�;i: 36,000 42,000 1989 i
�:` 41,000 47,000 1990
�i��: 43,000 50,000 1991
r�'�'� 46,000 53,000 1992
�`�;"
�:';� $49.000 $56,000 1993
^'�z= 54,000 61,000 1994
i;-::�:
?-�;=: 56,000 68,000 1995
1=�:'; 40,000 -- 1996
,:
�.�w..
� . The maximum net effective interest rate of this issue of i
��,�;;, �
z�:�:�� Bonds shall be 8 per annum.
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t:;xti^.r1a.Y,kre,o:iai.��ff.+!}�iM�-;.Hn.4ai..—fii'�ev�s..��:rr`:3'd�«.;r R�I.:�i t�:*�..�R,. :�:J.d-,:.__ :.]�?'_j°.�...�Y��1._r.�`�.._.::c._..t'' ._..._
,.a
, i Bonds of the issue maturing on and after April 1, 1988
' are subject to redemption prior to maturity, at the option of the
°,-`''-''I Count
;. 1 y, as a whole or in integral multiples of $1,000, in inverse
u�-;'�;` order of their maturity, on October 1, 1987, and on any interest
, �r :
�� : payment date thereafter, upon payment of par and accrued interest �
,:
plus a premium of 28 of the principal amount so redeemed. �
x
� i If less than all of the Bonds within a maturity date are � '
�N.:'.:: � . ,:
y.«��.;i to be redeemed on any prior redemption date, the Bonds to be <
E
��'r�:+ redeemed shall be selected by lot, in such manner as the Bond
j�Fr",.,.'—,ir-:} -
Registrar shall determine, provided that such selection shall not
i�u '`
� have an adverse effect upon the ability of the County to pay the
t'"� principal of the Bonds outstanding. The Bonds shall be redeemed
t;;:•,
�=4,,;,�; only in integral multiples of $1,000. In the event a Bond is of a
t;ni;.;<-
�::;_;: denomination larger than $1,000, a portion of such Bond may be
�.�;;=z%
ts;;':�;: redeemed, but only in the principal amount of $1 ,000 or any
��'y� integral multiple thereof. Such Bond shall be treated for the
x
,.'� ', purposes of redemption as that number of Bonds which result from
���. p_�.5^;.�
dividing the principal amount of such Bonds by $1,000.
'w`' � In the event any of the Bonds or portions thereof (which
G:t,.;-:.
�":;` shall be in amounts equal to $1,000 or any integral multiple �
. i.;.;;`�;�: .
= thereof) are called for redemption as aforesaid, notice thereof
�:'`::'- identifying the Bonds or portions thereof to be redeemed will be
� , iven b the Bond Re
. � g y gistrar by mailing a copy of the redemption
. ��>
,;;�, notice by £irst class mail (postage prepaid) not more than 30 days
� and not less than 15 days prior to the date fixed for redemption �.°
�% ! to the registered owner of each Bond to be redeemed in whole or in �
:i
,�i'-�;=-� part at the address shown on the registration books maintained by j
� the Bond Registrar. Failure to give such notice by mailing to any �
} 1
'=��-�,;�; Bondholder, or any defect therein, shall not affect the validity `
T�k�xa I.
� ti � of any proceeding for the redemption of other sonds. All Bonds so
P
3 � called for redemption will cease to bear interest after the
`' - : � ..
� _. specified redemption date provided funds for their redemption are ( .-
F, . i
•"' '' on deposit at the place of payment at that time.
k�` ;�
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'� � If the date for payment of the principal of, premium, if
�,:,
i;...�
,,,, any, or interest on this Bond shall be a Saturday, Sunday, legal
�-'°� holiday or a day on which banking institutions in the city where
the corporate trust office of the Bond Registrar is located are
i�' authorized by law or executive order to close, then the date for �'��i•'
��;� such payment sha11 be the next succeeding day which is not a T,�.^�
i: '; '
;:�; Saturday, Sunday, legal holiday or a day on which such bankittg
��' institutions are authorized to ciose, and payment on such date
?^i shall have the same force and effect as if made on the normal
�:�
�„ date of payment. f
�lM �
�-, Section 3. Paying Agent and Bohd Registrar. The �
f�,, principal of and premium, if any, on the Bonds shall be payable in �
��?; lawful money of the United States ot America at the Central Bank j.
?'� of Denver, in Denver, Colorado, (the "Bond Registrar") or its
;�'
�;; successor to the registered owner of each Bond upon presentation
�:-:
,-- thereof. Notwithstanding anything contained in this Resolution to
�;�:
�.+:� the contrary, interest on the 8onds shall be payable to the person •
°•= i❑ whose name such Bond is registered, at his address as it
4l.'.
appears on the registration books maintained by or on behalf of
��r;�; the County, at the close of business on the Record Date, such date '
}�;;;� being the fifteenth (15th) day of the calendar month next preced- �
�.;:� ing the interest payment date, irrespective of any transfer or 1
�:�:: !
�.�; exchange of such Sond subsequent to such Record Date and prior to
� �����:� such interest payment date. Such payment shall be paid by check
,�'� or draft of the Bond Registerar. � .
-;�r
- Section 4. Special Obligations. The principal of and ; 'c
`:�', interest on the Bonds authorized herein, together with the princi-
i
��,_'` pal of and interest on the Series 1983 Bottds, except as herein- S
-�;�� after specifically provided otherwise, shall be payable solely �
c..,. �
��`¢= from and out of the revenues derived and to be derived by the
�� a
n�t; County from the ownership and operation of its Pitkin County '
""-�! Aitport, as specified in this Resolution, but the term "Airport"
;�;:�
� 4f as herein used, shall include not only the facilities and proper-
� ,
=�`.s'"� ties cucrent2y comprising the County Airport Facility and all
�t.`4'•,
s�:
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v � .y} . �1 �i'yi �' }�iSY r� . +: �, a �. , i .,, a i j�.,�r �
TC'�* �Nt�.f f' • -4a�V4F ,�f',�6''����R ,i�p "l t � a 1 ` ."t t
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�,�,....''...;i.�_. �nir+i:.+z.ns°..���.r..,+r:r.S.�lil+i��� �als�A,7, �r .��'���,::�`t��`,.��"i�.�'....s r' '
� (��:-..
t'> ,
'�
"/•� related airport facilities, but also all additions and betterments
�''��1�' thereto and im rovements and extensions of the Pitkin Count
r°�..�:; P Y
`�k:�;.�!. Airport and facilities thereafter constructed or acquired by the
t�..,
?'?'-� County. The holder or holders of said Bonds may not look to any
4;M�.�;.: I .
�.�<-�::. general or other fund for the payment of principal of and inherest ti, �
�r':
�•;;:� on such eonds, and the Bonds shall not constitute an indebtedness
�Yn-�• -
�;"' or a debt within the meaning of any constitutional, statutory or
,�M-
�' ' charter provision or limitation; nor shall they be considered or � '•
�!:
�°��"'� held to be general obligations of the County.
= � '.�.
��'sS�.�.^ �
�; Section 5. Form and Execution of Bonds. The Bonds �
�"":� shall be signed with the facsimiie signature of the Chairman of �
�.,�rv i
��_= the Hoard of County Commissioners, sealed with a facsimile of the
j�'���f seal of the County, countersigned by the facsimile signature of
^��� ;
(`�=;`4; the County Treasurer and attested by the facsimile signature of :
�� �
'�"'�'r%' the County Clerk and Recarder. Should any officer whose facsimile '
�:T�,:
''�'�`'' si nature a ears on said Bonds cease to be such officer before
�:;;� 4 PP _
�y�~'� delivery of the Honds to the purchaser, such facsimile signature
.�:�r
� �y;,:.` shall nevertheless be valid and sufficient for all porposes.
��s-
r�-'=
� ,;: The Bonds shall b2 in substantially the foZlowing ,
s� fs i
F�....:' form:
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E ��yr�"fiF`,����a'�fn �� � t�c�i �s�3�� ,�r4 , y�� � ,�� �,.�z,�,,5, d'� �� �t�3�Jlr
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A'r' y��r ,n'YT�i:S' h 'F�a�N✓1 f p��?] �a� 't�c y 7 � �s a A:�,t4 h; k u�sy. �e �����'� �1�i` .
,>� ..�,�:,:.,. ;.,M_ra.-�i�ti:=;,..r�'u.�i��..-_��`d�f+,`-±��,1;...���.,.�a,.'°.+ .,.._ _ kc�r.�^.��t �{�'Y> t��.,r{`tiJ_t. , i..
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(Eorm of Bond}
�,-!,:f No. R- $
,..���-.,�
<<:-:: (Front of Bond) �
�.r•r.`; UNITED STATES OF AMERICA �,:r `"
� STATE OE COLORADO
�x;� COUNTY OF PITKSN
�'' AIRPORT REFUNDING REVENUE 80ND �,. ;��'
. �
°'�`r` SERIES 1983 r':
a.,'
�n„�'":
t�� The County of Pitkin, a municipai corporation and �
{r�'' political subdivision oE the State of Colorado, for value re-
•�''°�
�-:s;�
�=c? ceived, herehy promises to pay out of the special fund hereinafter
t"c?�
��;,^a designated, but not otherwise, to
t c�
1.`ti`�;
�.;Y3 , or registered assigns, on April 1, 19 , the
�:i October 1 19
��? ' --�
�^:;, principal sum of
w.`.. Dollats ($ ) and in 2ike manner to pay interest on such
-- � rinci al amount
��,, P p (computed on the basis of a 360 day year or
. . �,y�..;;r.
>�= twelve 30-date months) from the interest payment date next preced-
+=('..4':.
�ryr.;; ing the date of registration and authentication of this bond,
`�'�� unless this bond is re istered and authenticated prior ta october
• };,;;'.: 9
�y��. 1, 1983, in which event this bond shall bear interest from April
�;t;-':a 1, 7983, at. the rate of
� nt
r� per centum { $) per annum, commencing on October 1, 1983 and
semiannually thereafter on April i and October i each year, until
�- � such princzpal amount is paid, unless this bond shall have been ���
'����� previously called for redemption attd payment shall have been duly
�;:,',;;;
}°=-� made or provided for. Both principal of and premium, if any, on i
�_.�:::,,
�;`:�� this Bond are payable in lawful money of the United States of ;
.:��,
��.�,i America at the Central Bank of Denver, in Denver, Colorado, as i
�.��
r^,;: bond registrar and paying agent (the "Bond Registrar").
4i"';� Payment of each installment of interest shall be made
Y.::%
:'i'� to the registered owner hereoP who shall appear on the registra-
; tion books of the County maintained by the Bond Registrar at the
r�.a...n
� � close of business on the 15th day of the calendar month next
�,`a
�
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�b Sr �a s p.�y�,1 S ��> > � 1 � r ti ��� �..y, ���J, �, .:�y r. .
n �.� {� �"�t+� ri,� r r.� ,� {J 6 s L • '�'�`A�-.: S,!C',,, ��.,
1�4 R.. � �..,�'�X�,sF�� ;kit���f��Y1 ,�.�;���� ��,y 4 .��'C� h �� , tn,.'.l t'�"�''t��.,1��j r'1
rv �a��ia_.. 1.;�"h.�'�L..L"'
_..+... .w...�.w. 1. 1�F+'�'.f�.4.+....... ..-u.L:Sr 1F9(F�fC:'.6.'!�_ T`�l. . �w:��:.�'S 3...0.t . .
,._ ; preceding the interest payment date and shail be paid by check or
t:i�, � draft of the Bond Registrar mailed to such registered owner at his
�.';��.'' address as it appears on such registration books or at such other
�;''�;: address as may be furnished in writing by such registered owner to j
;�;�'' the Bond Registrar.
4
;. Bonds of this issue maturing on or after April 1, 1988
��` � are subject to prior redemption as more fully set forth on the �
�
,Mr : reverse side of this Bond.
�-�-""���_ This Bond is one of a series a re atin One Million �
2;.`;.;, 99 4 9 .
t�r:r";_, ;
� � Eighty Six Thousand Dollars ($1,086,000) par value, a12 0£ like
Y ;7 date, tenor, and effect except as to number, principal amount and
,�,�1
t,=in_;,� date of matarity, issued by the Board of Councy Commissioners of
`''��"`", Pitkin Count P P P Y 9 4
z�;;.;?; y, Colorado, for the ur ose of a in and refundin
.1,;.,•.„J
��'��:��-, lawful and outstanding special obligations of the County des-
��;";��i ��
�,.u;,,� ignated "Airport Refunding Revenue Bonds, Series 1977B , dated May
':,:=��'�� 23, 1977 and "Airport Revenue Anticipation Warrants", dated
�i .
a ;
October 1, 1977, under, by virtue of and in full conformity with
- ��"'d-
" r� Yy� the provisions of the Constitution and Laws of the State of
Colorado, the provisions of Title 41, Article 5, and more partic-
��-w`�'' ularly, the provisions of Title 11, Article 56, Colorado Revised
i';t:;%:';
��::;'` Statutes 1973, as amended, the County Charter and all other laws
°"�� of the State of Colorado thereunto enabling, and it is hereby
r�.,.•.
y.F-:'�;; certified and recited that alI of the requirements of law have
• �;.
' r-.;,-_,; been fully compiied with by the proper officers in issuing this
Bond. Pursuant to Section 11-56-107(6) of said Article 56, such
recital shall conclusively impart fu11 compliance with a11 of the '°�
� ,' provisions of said Article, and this Bond issued containing such
�. , recital is incontestable for arty cause whatsoever after its
} ; .
r� y delivery for value. i.
{t�°'�'� Both the rinci al of this Bond and tfie interest hereon !
,�n,�; P P
�"�-`�'r"- together with the principal of and interest on the County's Air-
, , ;+ port Revenue Bonds, Series 1983 (herein the "Series 1963 Bonds"),
r 'a authorized by the Board by Resolution No. 83-51 , on May 16,
� 1983 are a able solel from and as securit therefor there are
,n._.:ie . P Y Y Y
E �r
� j;� pledged, all of the Net Revenue derived and to be derived by the
t kt�n;'�
tC:�'��':..' �
r �
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rr v�fi;�qE4d�`�+�'n�}��`��� F ... • t� 4 •�,R£:.��>i �a-ti{��i. 5�; i �r'; Y�.�.1 ����...
� 1.�v S �pY �S.�1r,�i� ,, �y.� y } � y s.
� fl 77�� �rt IJ � !� Ey-[1 4t�a 1 . 11�
{� l+i �F �`�`�tE� n)�y�'�,���. � y Sr r w}.d . �,d aa; � rx t �ff-! i !
A4N :C�l 1 )1 1� XM�U� Y4� � 5 t-�S i k�.; �' ip �`i � „ u {� f �
rA � �.�4! "�. ny] tf�'�.;. ;r' c"'�fx_:'y 'ti ,h,.Y.�.r., t -: J�� �JJ r �;q f
: ..�_.::: �•, +�as�fc[wb�.,.....-. .... ... - ' '�-d7?:l�l �9e. .. �a:a ... 't�� . >;1..,•.+.Y�:.�'x ,,...s�:._�. .•'.
�',- .
i- ' County from the ownership and operation of the County's Airport
r>. :
!:�'' and related Airport Eacilities, and a special fund created in full
t_ i
�S�::j conformity with law and designated as the "County of Pitkin,
;.,n,;j
Airport Refunding Revenue Bond Sinking Fund" of said County, into
,jJ:;''1 �::,
�: which Fund the County covenants to pay from the revenues, other
�-�'- than tax revenues, derived and to be derived from the ownership -
�'�:" and operation of the Airport and related Airport Facilities, after
��!; deduction only of the costs of operation, maintenance and ordinary ,
�y`,= repairs and a necessary reserve for said costs, sufficient monies
fr:
�> for payment of the principal of and interest on the Series 1983 `
1r,., f
3;�'. Honds and the Bonds of the issue of which this is one and for a j
R.�.:
�,a� reasonable and necessary reserve for said principal and interest,
s;:;>;
�;�`;. all' as is more specifically set forth in the Resolution autho-
,,;,s;:
��;; rizing thzs Bond. The Bonds of the Series of which this is one
,{<.„;
;'�'��` are equitably and ratably secured by a lien on the Net Revenues of
'•✓`a the County's Airport and related Airport Facilities and the
'��;'
Sinking Fund established in connection with the Series 1983 Bonds
- �
�,��`.? and said Bonds, together with the Series 1983 Bonds constitute an
� ' irrevocable and first lie❑ (but not necessarily an exclusive first
, .�',
�-"'"� lien) upott said Net Revenues and Sinking Fund. 9onds in addition
a;?c;
`-� • to the series of which this is one sub'ect to ex ressed condi-
�"'.;'� . 7 P
���'� tions, may be issued and made payable from said Net Revenues of
«';i.
4;;;"
�:�t� the County having a lien thereon subordinate and junior to the
� t"��
� �-,<,c;+� lien, or, subject to other additional expressed conditions, having ;
a lien thereon on a parity with the lien of the bonds of the ' .
� ' series of which this is one, in accordance with the provisions of x:�
��:':�: the Resolution authorizing this Bond. �
�r�:,; �
==�� It is hereby recited, certified and warranted that for 4
�'��;N� j
•-.�_. the payment of this Bond and the interest thereon the County has
q:-:t; created and will maintain said revenues and Fund and as an ir- t
F:`�� revocable charge thereon, will pay this Bond and the interest
;�:'. thereon, in the manner provided by the Resolution authorizing
= this Bond. For a description of said Fund and the nature and
;;;: -
r, � extent of the security afforded thereby for the payment of this
'�� t•°`` Bond, reference is made to that Resolution.
'r:;<
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`r=r�' This Bond does not constitute a debt of the County of
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& .� Pitkin within the meaning of any constitutional, Charter or
I�:._� statutory limitation or provision, and shall not be considered or !
1 .'� t �'
�+�- held to be a general obligation of Pitkin County. The holder of
� ._.
this Bond may not look to any general or other fund of the County
yy ;' for the payment of the principal of or interest on this Bond,
� � except the special fund referred to above. f
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����� It is hereby certified and recited that a11 acts and �
�qr"_ things required to be done and conditions and things required to
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��;='=� exist precedent to and in the issuance of this Bond to render the
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f;�'��;':; same lawful and valid, have happened, been properly done and
�:s�° performed, and did exist in regular and due time, form and manner
�`�;,ii
�`"'r'� as required by law.
�?�.;'
�u: For the payment of this Bond and the interest thereon,
�...:;t;,':
's���-. the County of Pitkin pledges the exercise of all its lawful '
_ �' corporate powers.
r,�}:�;�
REFERENCE IS HEREBY MADE TO FURTHER PROVISIONS OF THIS
:4�,'` '
'�' `'�" BOND SET FORTH ON THE REVERSE HEREOF WHICH FURTHER PROVISIONS
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i�,;;'�;; SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF FULLY SET FORTH
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a�-:�'�" IN THIS PLACE. �
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��'_.a�` This bond shall not be valid or become obligatory for ;
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�, �;;;;�" any purpose or be entitled to any security or benefit under the �
'.k:;�;ir::,::
`;�;;'r.:;= Resolution authorizing this bond until the certiffcate of authen-
` tication hereon shall have been signed by the eond Registrar. � ;_
.2::: '
'��'`''` IN WITNESS WHEREOF, the County of Pitkin has caused this �, ��
zr �_: Bond to be executed in its name by the facsimi�e signature of the �
h ._ ;
''=-�--� Chairman of the Board of Commissioners, sealed with a facsimile of j
's`1::,;...=;;!
;��.....,.,:
°""''' the count seal, countersi ned b the facsimile si nature of the +
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,,,-r�a County Treasurer and attested by the facsimile signature of the �
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?�?:� County Clerk and Recorder, all as of the 1st day of April, _
�""'. 19 8 3.
y'i ,
'�'" COUNTY OF PITKIN,
t��:_;.
',�;; STATE OF COLORADO
F.�; (FACSIMILE •
��. :^Q -.
,,�.,' S E A L ) By: (Facsimile Signature) •• :
�'`� Chairman r..�'.�
?'��` Board of County Commissioners ��''+�:
�' ATTESTED:
4 �
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�= County Clerk and Recorder i
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7gyc COUNTERS IGNED: ;
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;
�: (Facsimile Signature)
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County Treasurer ;
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,�`` �.� The American Municipal Bond Assurance Corporation, a New
"�' York insurance corporation, has issued its Municipal Bond Insur-
`µ✓i
p:;;; ance Policy No. with respect to the payments due for
��
4:; principal of and interest on this bond to the United States Trust i-
r:,:':
a` Company of New York, in New York, New York, as the Insurance �
a�;'.' i
�=-; Trustee under said Policy. Said Policy is on file and available �
�
�, ,"`� for inspection at the principal office of said Insurance Trustee i -
���' and copy thereof may be secured from said Corporation or said 3
Insurance Trustee.
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' ,;'::; [Form o£ Bond Registrar's Certificate of Authentication]
�� �, .
�� CERTIFICATE OF AUTHENTICATION
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`<'�` This Bond is one of the Bonds of the issue described in
�`•;:
the within mentioned Bond Resolution.
rn;`,
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��t Date of Registration CENTRAL BANK OE DENVER,
��,,` and Authentication: as Bond Registrar -
�;
�s v BY
Authorized Officer �
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F�` {Back of Bond)
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- ADDITIONAL PROVISIONS
' �� :'� Bonds of the issue of which this Bond is one maturing on �
+.y. _ and after April 1, 1988 are subject to redemptfon prior to
:sM:;;,> maturity, at the option of the County, as a whole or in integral }?�'-;;:
F"` multi les of �
�,r ; p $1 ,000, in inverse order of their maturity, on
�"°. October 1, 1987, and on any interest payment date thereafter, upon
?;�x�;::` ;
�- .-. payment of par and accrued interest plus a premium of 2$ of the
?-�'�-'.� principal amount so redeemed,
F=-„�
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a�,:Y�' If less than all of the Bonds within a maturity date are
1�;:=::
<<.,;:', to be redeemed on any prior redemption date, the Bonds to be
k�•=
��;�;; redeemed shall be selected by lot, in such manner as the Bond
,s:�,.;.:
;R?±<;:'•: Registrar sha11 determine, provided that such selection shall not
;4`;;n;�; have an adverse effect upon the ability of the County to pay the '
principal of the Bonds outstanding. The Bonds shall be redeemed
��' only in integral multiples of $1,000. Tn the event a Bond is of a
pz:;;!:'�
'--` ' denomination larger than $1,000, a portion of such Bond may be
�`�'<` , y principal amount of $1 ,000 or any
•r.•;;: redeemed but onl in the
!�-.-�;� integral multiple thereof. Such Bond shall be treated for the
iE:��.;�I" � �
i:r . purposes of redemption as that number of 8onds which result from
:+:
; ?�`,:;:;;` dividing the principal amount of such Bonds by $1,000.
. «Y:v��:�' '�.
rs;,:-,`. In the event any of the Bonds or protions thereof (which
,� shall be in amounts equal to $1 ,000 or any integral multiple
thereof) are called for redemption as aforesaid, notice thereof F�
�,;T;';;� identifying the Bonds or portions thereof to be redeemed will be p
bc given by the Bond Registrar by mailing a copy of the redemption
;..:;= i
�-�"�• notice by first class mail (postage prepaid) not more than 30 days
;;�:i.
�.�::,;;'.� j �
�,,�m and not less than 15 days prior to the date fixed for redemption t
�=�`' to the registered owner of each Bond to be redeemed in whole or in �
, part at the address shown on the registration books maintained by � .
the Bond Registrar. E'ailure to give such notice by mailing to any
F Bondholder, or any defect therein, shall not aPfect the validity (
�,� ,�• of any proceeding for the redemption of other Bonds. All Bonds so
{ .
�- called for redemption will cease to bear interest after the
! specified redemption date provided funds for their redemption are �
I
� �� on deposit at the place of payment at that time. c
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a �'W�f'k _2$��y�(� �r.s� Yy �hf,a J _s fr t1�r�y c� i.r � �' �� r �,�� i]�-�� Sei
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f i If the date for payment of the principal of, premium, if
any, or interest on this Bond shall be a Saturday, Sunday, legal
�� � holiday or a day on which banking institutions in the city where •
�: the corporate trust office of the Bond Registrar is located are '
�."'' �.. .
authorized by law or executive order to close, then the date for a
,�-,,. ., ; �;
....,. such payment shall be the next succeeding day which is not a a,..,.
#�y '' Saturday, Sunday, legal holiday or a day on which such banking s ' '
"�r,•�� institutions are authorized to close, and payment on such date
i"����_
��''%T- shall have the same force and effect as if made on the nominal
!csl�-;:.:_; .
6. �.;;
:�,,�',-,;.., date of payment.
e,::;:t�,
�^�.�;` The Bonds are issuable only in the form of registered
s'Yr.^;;:;.. .
�?:::.�'" bonds without coupons in the denomination of $1,000 each or any
*�+-.-:-.
�iF;-';i=:� .
r��,�;��; integral multiple thereof. The Issuer and the Bond Registrar
�'"!,-jl shall not be required (a) to issue or transfer any Bonds during a
' `�i period beginning at the opening of business on the fifteenth
I
� �" {15th) day of the calendar month next preceding any interest
�
E '; �I payment date or during the period beginning on any date of selec-
- � tion of Bonds to be redeemed and ending at the close of business
�>��',''� on the interest payment date or day on which the applicable notice
`���`'+:" of redemption is given or (b) to transfer any Bonds selected or �
u':,_..:.,
!-`';�.'i called for redemption in whole or in part. The County and the
�f <; Bond Registrar may deem and treat the registered owner hereof as
��":�` the absolute owner hereof (whether or not this Bond shall be
S.._',c:.:- .
overdue) for the purpose of receiving payment of or on account of , '
- i�
- principal hereof and interest due hereon and for all other pur- "'�?
,'"''" poses, and neither the County nor the Bond Registrar shall be ;
�
� affected by any notice to the contrary.
:�.�~'<;; The Bond is transferable by the registered owner hereof i
;��seY
4=w(j^;.z in person or by his attorney duly authorized in writing, at the j
F`;-;i':=: !.:
_ principal office of the Bond Registrar, but only in the manner,
�T,r�.':�- subject to the limitations and upon payment of the charges pro-
;E='
'+�'"''f=' vided in the Bond Resolution, and upon surrender and cancellation
c�::`�'t;,: of this Bond. Upon such transfer a new Bond or Bonds of the same
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�°' maturity or maturities and of authorized denomination or denomina-
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tions, for the same aqgregate principal amount, will be issued to
�:, the transferee in exchange therefor. Bonds may be transferred �
�'`,� upon the registration books upon delivery to the Bond Registrar of
{i ;,`;."..�:
�,� the Bonds, accompanied by a written ittstrument or instruments of
transfer in form and with guarahty oE signature satisfactory to ��.::;;�:,
��+ the County and the Bond Registrar, duly executed by the owner of
.�'�°� the Bonds to be transferred or his attorney-in-fact or legal
rr,�: representative, containing written instructions as to the details '
� of the transfer of such Bonds, along with the socia.t security �
54
.�� number or federal employer identification number of such trans- �
{'.`,�.
�^��,, feree and, if such transferee is a trust, the name and social 'p
� security number of the settlor of the proposed transferee. In all (
� �y^� cases of the transfer of a Bond, the Bond Registrar shall enter
� the transfer of ownership in the registration books and shall �
�:; � ..
�� authenticate and deliver in the name of the transferee or trans-
- ferees a new fully registered Bond or Bonds of authorized denomi-
'�""'� nations of the same maturit and interest rate for the a re ate
i:�., Y 94 9
�` principal amount which the registered owner is entitled to receive
�':.
r�:=+ at the earliest practicable time. The County shall pay for any
���r'; transfer fee required by the Bond Registrar relating to the
�F•
�*"'� transfer of the Bond or Bonds. '
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i�°:r.'° ASSIGNMENT
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;«.�; FOR VALUE RECEIVED, the undersigned sells, assigns and �
�,y; transfers unto �- _
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��� PLEASE INSERT SOCIAL SECURZTY OR OTHER �
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�! � IDENTIFYING NUMBER OF ASSIGNEE �
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�_�; (Name and Address of Assignee)
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�' .j��h� the within Bond and does hereby irrevocably constitute and appoint
�"� the Central Bank of Denver or its successor as Bond Registrar to
.:�", ;
�2%r transfer the said Bond on the books kept for registration thereof �
w='�=�� with full ower of substitution in the remises. �
�>Y.4, P P
�..�'=� Dated: �
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F,��:^ . Signature guaranteed: �
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. �;.,;� (Bank, Trust Company of Firm) �
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�"A`•`a NOTICE: The signature to this assignment
�:�_:.
�,�N�� must correspond with the name of khe
:���a registered owner as it appears upon the
;� face of the within Bond in every
�-`•:'�� particular, without alteration or en-
��'t, largement or any change whatever.
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y, ' �e � S Y�J k � � � , _�4 t r t.�� � Fd'` "..! 1 4ft34 y, f C� t 1 \.�,
€ ��s ��� ��},�,���� ��+'v�'��'�F"�r t k � ! r .y k�rx � �+�n � 7 �! fa�,
i '� 3� � Ar f 4 .'.� ��x� A' ty �� ���'r ��7 .�
...��' 2� 4} � �S *t`P ��Y4 �'Z�.�'.'jah trc. a�.. t<'tF X'.. � 4r: a' �. ��.,1�rF�_;i; L1Y�.;��
-:,.w... � �,�..�i+".:..5�..,:. �,K.a_.'"` :I�wrrXr.:xs4.t}.��r��wd•«ik '� r€.�,c� . ?�c�r..Y� .4....'rr .�+.:�;�:.e?1_<..:.
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i•,:_.-:; Section 6. Authentication. No Bond shall be valid or
>�z.�:i obli ator for an
,_;. g y y purpose or be entitled to any security or
,���`�r,,� benefit under this Resolution unless and until a certificate of
�J°.:`:.i authentication on such Bond substantially in the form hereinabove ; ..
���::::.:- 6
�,^t`:.� set forth shall have been duly executed by the Bond Registrar, and "
'?°;`;%:.' l,?.
:�>:::' such executed certificate of Bond Registrar upon any such Bond �
'� ' shall be conclusive evidence that such Bond has been authenticated � -
s . :
� :. and delivered under this Resolution. The Bond Registar's certifi- �
t."`�`�' cate of authentication on any Bond shall be deemed to have been
::: �
'�.',,Y" executed by it if signed by an authorized officer or signatory of '
.;:
y��"' the Bond Re istrar but it shall not be necessary that the same
v!,,,;.,
3;?..�;; 9 �
A''""'* officer or signatory sign the certificate of authentication on all
^�y...
{. �
,r�'��
��;::4�- of the Bonds issued hereunder.
'n;;;�;;
`�'i1=•-: Section 7. Delivery of Bonds. Upon the execution and
3�:'r''�-
�•.��;' delivery of this Resolution, the County shall execute and deliver
q°''•:;'�:`
_+r=:>:` to the Bond Registrar, and the Bond Registrar shall authenticate
;�,,;,
k- �
_ �,�" the Bonds and deliver them to the purchasers thereof as directed
��"',_;' by the County.
.'``�'=-"� Section 8. Registration and Transfer of Bonds; Persons
�;�.�;._;.
'�?`\�:'' Treated as Owners. (a) The Bond Registrar shall maintain the
`�- - books of the County for the registration of ownership of each Bond
�'� ''' as provided in this Resolution. The Bond Registrar shall accept a
,�i-L ,.
�,� i
�� .,�? Bond for registration of ownership only if ownership thereof is to
���.;
Ea�:;s� be registered in the name of an individual, a corporation, a
1
r�, -;� partnership or a trust, and only upon receipt of the name and
'�''�� address of each owner, the social security number of each indivi-
k: dual, the tax identification number of each corporation, partner-
,.;,.•.�.' ship or trust and the social security numbers of the settlor and �
;t•;�„<�> t .
'r;--i<-= beneficiaries of each trust.
c�„�.:,-. �
4��'=� (b) Bonds may be transferred upon the registration books ••
Y;- >^ �, .
i; .; upon delivery of the Bonds to the Bond Registrar, accompanied by a
' ' '` written instrument or instruments of transfer in form and with
rk;�,;
k+�, = guaranty of signature satisfactory to the County and the Bond
#�,: ,.r� �
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� �_�„� �'�"q��' �«`,i�� � , � A si�.` � �, �Td'�` � � u�rz ��;'° y�{wS>�,t�a;r'�1ti :
"��gr�sf ��� r� "� h t k a:yf� -w' r t �.Y< l �'�� �
� y� ..1j7 � 'Ti' o �,y G i� t 7 R�¢w � J �(����) { � il d
} if+y�!4�'�` 6Gi}F(, �r s���,,{�J��i��ai�6��}`{t 1r ^N � C 3 r�-` �t.t �^ K�TyifH�s:.�.n,Y �'.
5�. r ��.;,.�'�.�,�rs�' Y ��MF� +� f�t4;aF� �r� R .��t �✓y5,�:{: !;r �..., _..'S,*�c�'}�j�tq�'�. a��:�r� �,.
._. ._..!v.__._ ��A. 1I..r� .��-.�. 7.A i4'-Rtw.r�- ^l�r.��+:',- . . ♦ i'_.'T".<» ._..�, ... , �
; ''
�
�
' ; Registrar, duly executed by the owner of the Bonds to be trans-
�' 1 ferred or his attorney-in-fact or legal representetive, containinq
..
"'`'' ' written instructions as to the details of the transfer of such
:�=:'
.r� � Bonds, along with the social security rtumber or federal employer .
;�;_,:;.;,� identification number of such transferee and, if such transferee ',
� is a trust, the name and social security number of the settlor of � �.
°���•'�� the proposed transferee. In the event that a Bond is to be
',,N'�-t
�� re9istered in the name of a nominee, the requisite information R y
� �Il y
�,�:=�;� shall be provided for the principal rather than such nominee. No �
.Yy �,.i_
i��;'; transfer of any Bond shall be effective until entered on the
Y��...::
��:;::;� registration books.
,;��.;:::.
1?..�`s (c) In all cases of the transfer of a Bond, the Bond
r��.,;;>'> .
�:+��dr.;.
:�.<= Registrar shall enter the transfer of ownership in the registra-
u�;,�,_,
i�.��
k;;�,,t; tion books and shall authenticate and deliver in the name of the
�.:.•.
�_��-;
��;�:� transferee or transferees a new fully registered Bond or Bonds of
�;,�..._�
,�;;;Ly�; authorized denominations of the same maturity and interest rate ;
^�;i��,`. for the aggregate principal amount which the registered owner is
� ��},� entitled to receive at the earliest practicable time in accordance
C' S-
with the provisions of this Resolution. There shall be no trans-
t�'c:��,� � fer fee charged by the Bond Registrar for such transfer.
`a:�'�..i .
a�::;'?-:�
;.��;:�;r, (d) The County and Bond Registrar shall not be required �
`•,.�r>;ii� �. ,�
a-�=,`--� (i) to issue or transfer an Bonds durin a eriod be innin at '
�,h:,;,,: Y 9 P 4 4 ; .
''''�`'�`�� the close of business on the fifteenth j15th) day of the calendar i
� � i
'. F„.,'�'.,,.; month next preceding either any interest payment date or any date '
-- of selection of Bonds to be redeemed and ending at the close of
«'��!�` business on the interest payment date or day on which the applic- ' 4'
- i
-,�;*;?;��� able notice of redemption is given, or (ii) to transfer any Bonds f
�r:�;::1., i
�,,�,,;;; selected or called for redemption in whole or in part.
r � (e) New Bonds delivered upon any transfer shall be valid i ,
� ' M
��„ special obligations of the County, evidencing the same deht as the
��� Bonds surrendered, shall be secured b this Resolution and shall
F;, y
�'"'-'-"� be entitled to all of the security and benefits hereof to the same
y��,-
i`.'•"`�:k� extent as the Bonds surrendered.
Fi.;-;j�;:?:�,
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�fi.:1���., f{e ii ' � :.e h 1 �-_9'Cti� aF.i1 t4i�1�.�',< ,y r�t�' t�t. ?`:�
�yy
' i .��� ��i {�}. .a �: t �c� ,F;' k. ,{��'3�i i�
:..b'Ntr;�.�..�.-«:i3i�5.4:1.P��'"'+�J.�s.`3��P��.'�'.:�xi+�+w.rirlrt+..-,':",3'.,��,.`'z �3M:nn�M1_E.`.yi.h j ��;��- -1_�+...��..f�T'?`t�y.�_,`f y . i�-. .
f -`;, -.
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s
' (f) The County, Bond Registrar and any additional paying
4.' � agent or bond registrar may treat the registered owner of any Bond
'-'.'' � as the absolute owner thereof for all purposes, whether or not
`�=�•',_-.� such Bond shall be overdue, and any notice to the contrary shall
:.;•�. i .
r- � not be binding upon the County or the Bond Registrar. '
�r'� ..:�
�w Section 9. Destruction of Bonds. Whenever any Out-
�..„.
�:��� standing Bond shall be delivered to the Bond Registrar for cancel- (!;.;.;%
�.
t'� �� lation pursuant to this Resolution and upon payment of the princi-
R�:;,. pal amount, premium, if any, applicable thereto and interest �
���� represented thereby or for transfer pursuant to Section 6 hereof,
t'u�-a-=�
��' such Bond shall be cancelled and destroyed by the Bond Registrar
i«
5��` and counterparts of a certificate of destruction evidencing such
3:;_a i
f`��: destruction shall be furnished by the Bond Registrar to the
'��8.'.": .
"�:� County.
�,-_
3:�:�'.
�"-- Section 10. Disposition of Bond Proceeds. Said Bonds,
.:`-�`z
%�''"�= when executed as provided by law, shall be delivered to the
�`�,`„ ,
r�::-:: Purchaser thereof in accordance with its contract of purchase, and
.�.;.
�y, the proceeds derived thereErom shall be used exclusively for the
- i�.�
..,-�:
��'-,�- purposes stated herein; PROVIDED, HOWEVER, that all, or the
�''�'-`" greater portion, of said Bond proceeds shall be temporarily
�:,..`:;'.
`'="' invested, pending such use, in the securities or obligations
. i::<'',::p
hereinafter described. It is hereby covenanted and agreed that �
�`''�+�, the temporary investment or reinvestment of the original proceeds i
;.'�<i:f �.
. 4,.-,�r,= of the Bonds or the proper portion thereof, shall be of such ;
�� nature and extent, and for such period, that the Bonds shall not �
1
Y` .,
be or become "arbitrage bonds" within the meaning of Section . �
��,?:;.:_ �
�;:�;: 103(c) of the Internal Revenue Code of 1954, as amended, and ,
��,:';;� pertinent regulations, rulings and decisions, and such proceeds, I
�"' � when so invested or reinvested shall be subject to the limitations �
�;;,�
�;a�R) and restrictions of said Section 103(c), and pertinent regula- I
��..,;1
���`=1 tions, rulings and decisions, as the same now exists or may later
� :�
be amended.
' Neither the Purchaser of said Bonds nor the
,, :; holder of any of them shall be in any way responsible for the
`"•�'' application of the proceeds oE said Bonds by the County or any of
�-= its officers.
si,.: . - 24 -
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�� x�s � .'�ra�f �� �. . , :MTt u{. yA'S 5�•�,fi'r �.:�`� y�„��S :�,riY i q:n*`�. .
'� isr�n i +} ,`sf�,t}� �ze'� / 1�,� h'' 7 k�yeyi . , z �r- � y
"�}7; `�� � �,,� f y� ��i t� r,, �{ �s�A.rN s �Xi� 'L "3� y .
i�sa���'�'��tr� Y°����,'��++�`reire„"���i�#'k'd �;�"'`v��4S�iF�'C�-i �"� - a+�",.s, ��.�2�+�N�„'�„ yX '
.U'r ,.Z :�: -1a t� r"c .}w' '�,. .+{�'�rti �aF � + ✓ ��� +�.. �r� r Jt
.,�.._ F...._ ,�,.3w�i�.a, .u:�±r .ra.....-a�rv.�.a ..�.,c�X„ .. M. .. .._. . ... . ,,-�. . . 3. . ..
11
��.::;
�;=: The interest, if any, having accrued on the Bonds from
`ii'=-: their date to the date on which said Bonds are issued and de- �
>"'�':' livered 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
',y;r;: investment of the bond proceeds prior to their expenditure shall �
�„r," be deposited into the Bond Fund. � -
�'; The issue of said Bonds by the County shall constitute a
�...<; 4
i,w._,:
�.�,;.: warranty by and on behalf of the County for the benefit of each
�`�"`" and every holder of any of said Bonds that said Bonds have been
«.e<*}::
' �":
��`� issued for a valuable consideration in full conformity with
F;��:
i;��;';-: .
k �G IdW.
�,S,
fr%_;;:; Section 11. Incontestable Recital in Bonds. Each Bond
;s,:.,,.
��_�' shall recite that it is issued under the authority of Title 11,
d=,._
�;;'.,�;:;� Article 56, Colorado Revised Statutes 1973, as amended, and such �
r�,^.:;
t='> recital shall conclusively impart full compliance with all of the
:'��� provisions of said Article 56, and all Bonds issued containing
C,_:;;
��::� such recital shall be incontestable for any cause whatsoever after
�`�.� their delivery for value.
i..<
t`;:;;=%:.
�.,,..�• Section 12. Covenant to Establish and Maintain Rate
S `, Amounts. The Board of County Commissioners of the County of j
�
L., ,'� Pitkin hereby covenants that it will continue to establish,
. j..�::r,� :
'��1 maintain and enforce rates and charges for the use of the Airport ;
k}..,._'.'.�
� and any portion thereof sufficient to insure payment of the costs �
�F. , ` of the efficient and economical operation and maintenance of said � m,
s;. Airport, and the payments of principa l o f an d in teres t on t he ;
�T?'��;>::
s'r.'�:=;:�; !
�.T:,,� Bonds herein authorized and the Series 1983 Bonds promptly as the i
'r%`v�a same become due. in addition, said rates and charges shall always ;
lc,��,..� , e.
�`�-�`+'9 be maintained at a level at least sufficient, after deduction of ±
�;��
F;:�[�'f� amounts necessary to pay operation and maintenance expenses, and
c ;,a
, ;a the reserve provided for such purposes, to produce not less than
':"�;=:; 1258 0£ the annual principal and interest requirements of the
`''�"'�1 Bonds herein authorized and the Series 1983 Bonds.
��:�:n+
` i
� (
t` I - 25 - k .
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���a�4 ' �._ .
4� �
1
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Ft`;�� :�: . � , �' .
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+�1..:ir`!`.': ._..
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�^..f..:,�.•'�".
_ �t�#�2?�v� .
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,.�-� . '
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���;�;::���
¢�._ - :.�
.'i;� i
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_~:,.V+T;��. ,atC.
�n�
.. • h i t 7� ' ���yY 7 ' �z 'LF° �'rr'yf'�r}'� �,Y�,'•
� i� F� Y r N�-. �} �'�+ :� 4 J'�r ,.��� � „��� s;. �1 � �L .
� i���.�-n 5 �' .9-'� !.,'y-�.�r�l� 1 �e.�:��'/r�� L . �yQ`� i��t .r Fir3" < s F� �5 � �,�tP+K v
'� �:'x-j N�������i tt{4y���vYtif�y1l�1 a'h)1l F�'4 h ��{.y�. �'S..r.. /"'j� (.���r ��
r¢� �i��-4..�'y l y.',��'Q'i��',ys S!' ,� "7A�+�' y',.it s s�r y, ;�C h..�F� �> .,r,,.,K . .. .
.....;4ia�.%A..t...xtiv���%+l�;i H,,....�:....i.`w'i' �t.tF'�? . ��,. ,tr,:.;.::t.�'"�: Y.�:, a... ,�.. . .. . .. ..- . -
��;.. ; It shall be the duty of the County to establish, main-
�'` tain, and enforce such rates continuously until all of said Series
=: 1983 Bonds and the Bonds authorized herein and the interest i.
�., i`.,,"
t� thereon have been fully paid and discharged. In the event it
p � �i
fi- becomes necessary to increase such rates and charges gursuant to
� this covenant, the charges shall be developed by the County in
'��% conjunction with its financial advisor, or other nationally .
i�r..
��.' recognized municipal financial consultant.
� f
Section 13. Gross InCOme Fund - Sinking Fund. Except i
f�:: j
" as hereinafter specified, all of the income and revenue of what- ,
�� l
�;
ever kind or character, without deduction for any purpose or ;.
,,; purposes, derived, from whatever source, including all revenues �
��, i
presently existing and deposits within said later designated fund, �
�'� by the County by reason of the acquisition, construction, owner- �
`
i ship or existence of or ftom the operation of the Pitkin County i -
�rr Airport (the "Gross Revenue") shall be deposited or maintained in i
a special fund, to be held on deposit at and disbursed by and from I
F:; a bank or trust company to be designated by resolution of the �
Board, which fund, and the accounts therein, was created and .
t
hti.� �
s, established by Resolution 76-120 and known as the "County of
a;Y� Pitkin, County Airport Gross Income Fund", (herein called the �
� "1976 Gross income Fund") kept separate and apart from all other
�'� funds and revenues of the County. The total of all such income
• i^
� s, and revenue shall be known as and termed the "Gross Revenue" of --
the Airport and such Gross Revenue and Fund are hereby irrevocably `',
��! pledqed for only the following purposes and shall be credited,
�i used or disbursed onlY in the following manner and order:
(a) Operating Expense Account. The Operating �.
`` Expense Account of the 1976 Gross Income Fund is hereby
4 ratified and reaffirmed and shall be credited at least
monthly with such amounts as will be required to main-
�j tain to the credit oE said account a minimum balance
�!
equal to two (2) months' cost of operating and maintain-
� ing and ordinary current repair of the Airport, or the
,�
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,+ � k i��..'F�. r'�;> �'.��`rk����4r����,,�r.q �F . r'.�:Y'�f.�i 1�i k�n�`L' ��'�,5� t�,,,, tr�'+�v! r -.. .
y,�� :t � S F � i �5., �+ y'�'4,�. ;a:�`f'' ] e� t� .4,h" . : � .e. ``l��o�. 1�
ti. f 'tigf.S g h.;i- «i".�� �.�!�.xFMS"d�: x' , :k[h�c�!te'ajvr�smu.��.�..E�
_ ...,., r,,..�..... - 9ofdcitihWii . .,
�
, �
.:�
�.��
4i.. portion thereof then in operation, plus an additional
:'j�.�:'%� amount equal to the cost of operation, maintenance and
�i�:-~-; ordinary repairs of the Airport for the current month,
t�`=_.
,.,�: to be applied to payment of said costs, said monthly i:•"
�'�'�'_` costs to be based in each case upon one-twelfth (1/12) ,
T�5,
;�T��:: of the operating costs set forth in the annual budget of _
�.m � the Airport for the current fiscal year. �
��� (b) Airport Refunding Revenue Bond Sinkinq Fund. �
t�?`�.
: From the amounts remaining in the 1976 Gross Income Fund
��='- there shall be withdrawn and deposited at least montnly
.�Y�,
'aJ..i_'W_:
+.-�J:• into a separate special fund, which fund has been
f',rr:::;� n
y�.�;,�•; heretofore created and established, known as the County
ritii•
jr�:;;rc. .
z,:.,v_. of Pitkin, Airport Refunding Revenue Bond Sinking Fund"
?�.�:=��:.
a`_�'=c�= (herein called the "19776 Sinking Fund") and which Fund
�...
� ^: shall be held on deposit at and disbursed by a bank or _
r :
-� -' trust company to be designated by resolution of the
�`�.,.� Board, such amounts as are necessary to meet the re-
ui;^
quirements set forth herein as items (b)(i) and (b)(ii).
�`�'``3' Moneys deposited into said 19776 Sinking Fund shall be
�..
! used solely for the purpose of paying the principal of
��:r,..;''-' and interest on the Bonds herein authorized, the Series
L,� 1983 Bonds, as the same shall mature or accrue, respec-
.• s'�,;;r'�
r tively, or for the reserve for such purposes herein
1""'�.a��.��' -
provided, and to that end the Series 1983 Bonds and the
Bonds authorized herein, and the interest thereon shall i°`
be and constitute a first and prior lien upon said 1977B
- f�c:;:;-::���;::�; � :
G:1'-.;'e'�.: Sinking Fund. All Gross Revenue of the Airport less �
�.
::��.�;,;s� only the amounts required to be credited, from time to
'4�'�r' time to the Operating Expense Account pursuant to item ' `
�� M '
Y � ' (a) above, shall be known as and termed the °Net Reve-
<, '
i,.� nue" of the Airport. �
Fc.- (i) Principal and Interest Account. There shall be
� ; withdrawn from the 1976 Gross Income Fund at least
k r:
a�.:,,,:.: monthly and deposited into the 19778 Sinking Eund,
':�';i
�� .1f�
� � - 27 - '
�� 4;
��%..M.-:�=:� t;
•r`.:�.�+t•�::,y
�`� ��� ....
7U '��a - -�..�.e..,y.. _e-.._. .. .�.� .1....._ w.,..� �_.._......�_.___.._.�..�._.....�.. _.. ...._. .:
���
+�.�i�.:!
2R .
���
Sv .�l
ti''�� x ,� � . . . ' .
'�' 4 .
d'� ,r -. . �. � . ' _
� 'i�
z�!
;�`,.,r..�.r.,i'+;C�:;a)
=��:t-a�.,,:
i y.Af. �7
".�..ti�:�,'i:��'i . � .
�.�.4;.t�9
�����,;� •
33.1�4 -
':�{ �
�*-�';�>:�
.,�s� � ,
����
�s,.'="'r�;��
`'"' `.�
. :r
i y::: .
'_4.
'�''/-1�1.}�� � '.�
. . �... ;�^',�•,u� .;.�+� - �-3,y ���. � k Y4.��0
` a. �,�t ,�` �� h ti � i Y y�> � 4 c .� �,:
�� R. $ 7 �� Yl t
-- I i��9.rF �'y°*, � � ��t-s..� 31�'�a:.t.t . '��`,*Ai�� i a5.s�fK� ' �r: �� �, �3 0,i _
r� ,p tin. d 7 t ` i 9{�t�.' �,; �v �,,} � �z i7r/
°c '�� ����-`n tEl.�,}''��'d5��`�'�{"tt� �f'4F1r713��' t ;y fi "� ,�.rt �( �
l� ;�-w i,f r- CS''w f�wtc , ��S.�t �a 4��x :-,r •�� 'r,+',.�v ,; x��rtM�� t`"*� t' p
r+.�'�.,�.�_..:i�.- `.k`fnas.-`.''".2..z�',�k+tn *�"hF" ct:,,., .�. -.�.i'*��'_:�....u....,__.u'!---.�..--•. . . .- .e_ .. .. �.
• �
for credit to the Principal and interest Account of
�'� . � said 1977B Sinicing Fund not less than one-sixth
:�^:,:
�:_;- (1/6) of the interest becoming due on all Parity �
n,t;±.,.
Bonds (as hereinafter defined) on the next semi-
'-�`��` annual interest payment date for each issue of said
,�,..
ut:�.:.
'l���:r:= Parity Bonds, plus not less than one-twelfth (1/12)
:���;� of the amount required to pay the principal amount
�...�.
�-::
��r of all Outstanding Bonds maturing within the 4
'{;i,fi twelve(12) months following each such deposit. In �
t�a'-,
�:-:! the event that an initial deposit or initial �
Y w�.
tS�''' deposits occur less than six (6) months prior to a �
,KS-.,
�;:;
s-:c; semiannually interest payment date or dates, or �
!�:s� � :
;�,; less than twelve (12) months prior to an annual t
jf�:: '
�,_..,< principal payment date or dates, such deposit or
�:��`, deposits shall be proportionally increased.
,�'s_:
�;�-•�:= ( ii) Principal and Interest Reserve Account.
:s:::�. -- --
::'=r._:
� Deposits shall conti�ue to be made to the Reserve
` � Account, if necessary to keep the Reserve Account
�Ci..;.... ,
- funded in the amount of $354,000 (the "Minimum �
^`i:�:'
�`°''' Reserve"). In the event that the amount on deposit
+'='•`;;') ;
t,::;�,.i in said Reserve Account shall thereafter fall below ;
�`�' the Minimum Reserve monthl de osits in at least �
�y';3� r Y P i..
�;,:;�`� the amount of $1 ,000 shall be made and continue i
�
� i�'� until the Minimum Reserve is therein on deposit. I
' Moneys on deposit in said Reserve Account may be , Z�
='�: S �
.:: used for the payment of principal of and/or inter-
�'�;;; est on Parity Obligations only, and shall be so �
b�''=-
:<:-: used only in the event that there are insufficient �
'"�'� moneys in the Principal and Interest Account to
''n-°+.
�.�
�"�; meet such principal and interest payments promptly
F?�-`•''� when due. Moneys in the Reserve Fund may be
;�c:;i invested in properly insured certificates of
t.s'<: deposit, or in direct obligations of the United
�;�_�;: _
States Government or in obligations or securities
�;
� �
�_':;� - 28 -
�`�'
�':�f: 4
��� —_'_'__—_ .-.,.—�..........,...,«a�,... —._..._�._.._.. —____.-'.___..._. I
7�'"4" ," ' . � . . � ' . . �
�' t,� . . � , . . . . . . .
k, 'i7cr:-y� •.
r
u'a��yl.��.i:.� . , �
j_?,�' _
1_
1�C:�
t i. "} - .
'�:`,'Fi'��7�..:�1 ,. ...
�.t%j��.�� • . �
.Y.2t`'`i';{iy--,'�:.Y .
L�;f��t,.�".�'`�'
3a i's'-S^.�� .
_�M'i' x:
'*r1��.,n .
.: 1,fi Afy`f�,,-��,� .
��`�y� � � � .
��xA��
"�:r
;,'.j.�
� 'r,,,.`.�d"� .
';:"ya:d'+;�
)1 • Jy
•:�
�','_
__�----�_�....w___..__..__.
' ,,
�,-�;:�::;�, �
y r Y 4 �
'ti..+v 7 � �F �"'ri
.C.j� � � q lF1�� ..t �r tf 3 y� \4�t���t�.! � { - �kS J !
a�. ,f r S.� e�xi,� r'� �r J �+„ �E nc � 7,c.: a r� ( -� f .
s ` ���'���� i7 �"yi.r��.{��ff-§rF�'t t4 t 4 ���{�'� �_ �rz ,��?45 e a p� x .M'. �t � ��s � .�.5'.:..
j ��+ - � �z.� �.a,N��l�lr.N-,�t,;.�`;���t��f�"�� ��l r �' �h}rd,,Y 35�4 ��f .y � � .�'��'ir s'+`���NPt'f
- .�--� r f�t�� � '�"TI h f�,}aV[�.' .� � I
.. �^i..... �t.v�xy:�a...aik tic�...-k:��'...5,.,��r`b,.`}'w+i:.*`!��.:..,.!�FV...t:..^'�� k,., r. 4 SF^3 tt
r�..�.- � . - � . �. __. _..-�....._.... .�.�..o..:�.atit rr. .. �
i:. �
�=�..,*'� of any agency or instrumentality thereof, and the
�4 ~:�
interest from any such investments shall be con-
sidered as income and revenue of the Airport and
k��"�Y'` handled accordingly.
{r;;::..: ,
�`~�- Upon the issuance of any Proposed Bonds, as herein "�
,; � � , :
'-'• provided, aZl payments to the 1977B Sinking Fund, and � �
S�`;;, #;;' ;.
r; ;-. the Accounts thereof, will be increased in such amounts z,,;;�
�� as ma be necessar to assure the
�;,,r, y y prompt payment when
� due o£ all Parit p , , � �
k�;.;5` y Bonds and the Pro osed Bonds and in >
�f�::�ti., the case of the Reserve Aecount, the Minimum Reserve f
-;".,
�'�'A" shall be increased by an additional deposit an amount at
:e�a;:.;
i-r<'�=;'� .
!^:,:':� the time of delivery of the Proposed Bonds equal to the
t"�"��Y'+ greater of the 15$ of the original face amount of the
7?i�;h;��;�... .
�--�: � Proposed Bonds or the maximum annual principal and
�{+'-� interest requirement of the proposed Bonds, subject to
{ "�::�
� the limitations of Section 10 0£ this Resolution.
- ,� '":�"r,�,i;: ' (c) Renewal and Replacement Account. From the
''�; _��` amounts remaining in the 1976 Gross Income Fund, the
�`;`.;z?=;.'; Renewal and Replacement Account of said 1976 Gross i
:r•r
'r5;:;;;;::;:: Income Fund shall be credited at least monthly with the
� . ':
� '.;� amount of $2,000; provided, however, that at any time ! ,
" when, and so long as, the amount held ko the credit of �
� t, rt . I
�,,,�-:� said Account equals or exceeds $240,000, no further ;
� -Y:��.-.:���'.
;5��;��'= credits need to be made to such Account. In the event �
: ,....'�.' i .
�-`=���?% the amount held to the credit of said Account shall
±`� thereafter fall be2ow $240,000, such monthly deposits � �'�
k.';::.,''' t �a
t� ,; ; shall resume and continue until said amount is therein
G '�x' i
>�;.;:;:x�:' held. investment of moneys in such Account shall be
�"'=:,� subject to the limitations of Section 10 of this Resoln- �
�,�a..� i
, r�;; tion. I
' ; in the event that moneys in the 7977B Sinking Fund �
�� xare at any time insufficient to make the required
w,�,
� - payments of principal of and interest on a11 then
� ' outstandinq Parity Bonds, promptly when due, sufficient
�=,�:;�'.,.". moneys shall be transEerred from the Renewal and Re-
rr placement Fund to cure such deficiency.
�' � ' - 29 - �;..
,�-F r .
�� y 4;:
x
��< ;�;
,� �-w
���
�.��
.�..�r},: .
�,��; ,
���� .�..._.�...�.�...��.._---
u ��.��;n.�,,..�.. u...._..�..�..__..,....:.�.yu.�..._..�..________.___..._�..�...,,..,...
���.=,..,. .
4 �'
�`;� ;,'j y .
�, �;;, ,�
: �
Ri�;.!''��;,. _ .
�-e.u�::;�w�';t
s,. ,Snjl.`A :;Y ,.
T F : :.
'��.'j� �
.S'�:..s"m';;�
H��Y^.
� � '
.3�
�
� 1�,��V� i . .
i-`-�+�;��
._......... rrW rYirifiYii .. �""" . . ..
-�� . .
.�:�:•;�i:f;:� .�
. , y 1 1' 'rr^' ( '✓ f ..' 9 irkb
y l i .. •..w :,� S"`�n +ti � r.�f �:, 5 e �P3;,
s�t.�4���'��{ �, o ,, i�,�,`, �C! " �5Y Nr�a�;r: y.+.��rr u y r �t 'n1
ry{' ��...�..k'�'�1� ��F� �ta�1'#�''+�''�y'.,�}�M�,.srF� � a�', ♦�o`���ltit �j'� sf't�� � .'�i �,y,,�'r�w� i f�+i:. ,
� ,,....�.w . ;�N�YR�/Sknii+l«r.:.-�c;:.f i�.u`_.:mt...�..i:-::��..�n, i�.:tds.;t .�!;_1° ...�a......{'rv'a'rl.dJ_t___.1.,.d.., _
�
;'' � (d) Remaining Gross Income Fund Balances. Any
�r�-� balance remaininq in the 1976 Gross Income Fund after
,t..:
"°�' providing for the aforementioned deposits and credits
5.:;
-� may be accumulated to pay or used to pay costs of `
"`` M ,.�-
`"`� additional acquisitions or capital construction of the �.�'
:r`''�
f:
��=.'.` remaining uncompleted portions of the Airport or, if the �` •
,�� Airport is complete and no extensions or improvements �
f�` thereto are then needed, as determined b the Board, �`
4r,:.-, Y ,
�-.�::
Rr�' then said balance may be transferred to the 1977B �
��s ,
..,,r
�;��;: Sinking Fund and used for any one or more of the pur-
�"Y poses therein provided, or may be used for any other
5;cs".
�C-7-;
;4:^. Airport purpose.
'�,
t;;�;_ The amount necessary to accomplish the purposes herein-
°�;;"":
u�;' above designated are hereby appropriated from the specified funds
�•;.
�`:�;, and revenues for those purposes, and said amount for each year
y4�`�' ,
'r'-�` shall also be included in the annual budget and appropriation
<.
r-.:
'%��. resolutions to be passed and adopted by the Board of County
<...�
- " :,�.�-�.."'�� Commissioners in each year.
�i�:'.•.;% '
Section 14. First Lien Bonds. The Bonds authorized
z1�"'�� herein, together with the Series 1983 Bonds, shall, from and after �i
r:�-;..
a-::;, i
'• the issuance and delivery thereof of the Bonds authorized herein, ,
. S`,�::r• .
ie:`�;' constitute an irrevocable and first lien (but not necessarily an '
�=r, � ,
"~'' exclusive first lien) upon the Net Revenues, as herein defined, ;
G.%'-''.
' i''E�:`' derived and to be derived b the Count from the ownership and `
, ��..., Y Y ;
y,�.�t, i
operation of the Pitkin County Airport and upon said Sinking Fund, _
i
=;:;�: for the payment of the principal and interest on said Bonds. ��'
Section 15. Additional Parity Lien Bonds. In addition ;
i
� ; to the Bonds herein authorized, the Series 1983 Bonds and any �
? bonds hereafter issued pursuant to the provisions of this Resolu- �
::�'.,y =. `
,>�<:; tion having a lien on a parity t herewit h (w hic h are her e i n r e-
�"� ferred to in aggregate as the "Parity Bonds") , the County may
�:'':_'�
issue additional bonds with a lien on a parity therewith (herein-
t.:�h'::[:
after referred to as the "Proposed Bonds") to pay for constructing
or acquiring additions, extensions and improvements to the Air-
� '.
�, port. Such Proposed Bonds may be issued onlY after meeting the
�''"' following requirements. -
.-:�.:.;
?�� - 30 -
�,� �,.
�.a;;:
�f�..,;; i'
r=�.�. I
_��:
r
.s� . �_......,.,. .,....._,_�.,.__.-- — .�.,-,.....;
,.. _�_.__. .- ----_ ---_.. ,_....... ........._<�,...,.._ , _.,.�_�...-,�
,:..v.�y -
L�`;r�•`�'r�s� ' . .
t�:i
�;'t{
'�e.�-.+e � . . .
.xN�l+:�;:. _ � +
�� ' � .
F �
' �•'w.s ��4 " ' ...
"':�i'�"i;::�.i• . .
�;<';�`..!.��,"*::-e�31 �� .
`''��`�s�l`;.
Y . '
aa -
�y�5 t�`�-••µ� .
r�r�_y
�- ,a .
�� .
� � �
� 'r�
. 'tR;''�'�'�1
�-..:r,.rm..
�`�.�X„�u`'-.""•''i?`L"t';+ .
}.'-±-y, �'J✓
- � ;�
"_,1�;�, .
� y ��'a'�`s�'.�t'*��� r �i .. � _ .,�- �2,., �1��,��� ��. �:�� ;�� -t .;• ,,i � �, '
� �p a•'br��r" . �5��� �' 6 ����d$'�t�lyy � 3�.y.''"�w5p'd �t�.� �t,.}y..� P s t f t s ��2'"''s>>S�+y�.{i f •
s. , ;�� �Y ti,p �+iff �R t kw<j ,,y�' v t a 1 ,hr+,S 1� � ^r,.�y� ?� h r'.
t���'i��nu++►w'�•.n���a�'x',�tr�4..wiJf.-;':'3-lr��i �vbtt!:4'�•TriVR1.$'. Y" ��A[AL(a�k':44�ffPt!71�A/'uJ7yvM:
�.,:,
t �
(a) A Certified Public Accountant, licensed to
}�- � practice and practicing in the State of Colorado, shall
t;;,;: `�
� ! have certified that average Net Revenues of the Airport
�,{ry j
�: ';1 during the last two (2) fiscal years immediately
t" � � recedin the date of issuance of the Pro osed Bonds
7rr�=°;:<' P 4 P
��'''` ` shall have been not less than 1008 of the future maximum '�
�;`..;�"? �:
��-'`�=��*"�' annual Principal and Interest requirements on the then
`��
outstanding Parity Bonds and the principal of and $
1�r'��';�c•,,:�: y
q ` interest on the Proposed Bonds, if issued as proposed; °•
1`�y->�`.."� and ��
�!',.`1�.:P�;"�•� .
�?°'?�'„ (b) The Financial Advisor, or other nationally !
�=r recognized municipal financial consultant, shall have
#:�:,::
:;7;p:;:�;�;i: certified that the average annual net revenues reason-
k`c,:'��i:?
�'""��==?- ably estimated to be derived from the Airport during the
�T��..�i::
�3F''=�="` f ive
��;;,s_r (5) complete fiscal years immediately succeeding
�� ``� the year in which the Proposed Bonds are to be delivered
-'.a - to the purchaser thereof, will be not less thaa 125� of
- �7
, the maximum annual amount which would be required to pay
�,�:
.� the principal and interest on the then outstanding
""`'-'� �" Parity Bonds and on the Proposed Bonds, if issued as
i�t;;;;:;:�:,'",�
� -,; ,�
proposed.
±e-::.�..,,..:..! . . .
t ' Nothittg herein contained sha12 preclude the issuance of
r '�' 5�.� additional bonds � �
�� �� .
payable from the Net Revenue of the Airport, but
having a lien and claim subordinate and inferior to the lien and
�'�� k
$��s' ;� claim of the then outstanding Parity Bonds, so long as the County
�+ is current in all payments and in compliance with all covenants
tr
'�r relating to the then outstandi�g Parity Bonds.
�r ? ��
Section 16. Additional General Covenants and Agree- k
� . a.
# � '' ments. The County hereby further irrevocably covenants and agrees
�`�" '"�`�1 with each and ever holder o� the Bonds issued under the rovi-
�;..,:.�-s . y P
Gs'�'�-;
� ,i.r� `� sions of this Resolution and the holders of the Series 1983 Bonds,
+ that so long as any oE said 8onds remain outstanding:
t;� ~�''�� (a) It will continue to operate, maintain and manage '
n ,•`� the Airport in an efficient and economical manner. �
rY"` .;.:i 's
t � ,,�
>:_,_"
y� i'
� 31 i*�: 'ix:,.1:t.' � �
C� �'.
�'��'x��..��Jr..
�4. ���'F-�?
�,-,.z r�5'�
��--- - -._...-.....o.,ti-�..dn ................r..,�r.,._..1_......�.. _ .. _.
x
��.�J `
�� s �
y ',
'f (•:'.:i;�.:--• . ♦ .
♦n.;a..,�:, . . . .
. �C._.�,�.,;u . .
�!.?�;.]:.
. ��^.�: � . . '
.�`�;,ti� . , ..
t�+ �
�� .� ..
!w,���,�,;,��'
:�s`._� ��.�,-�,
t�''ry
v.��`�+
,:� ��'� - .
,�.T �
�.��"'�-�� �
�; :�:%a
:,Y
' :, .
...�,,^� ' y
_ ,�
�''" �
���. � xk ,''A`� t �- k \� # •�� t fay�"�� ( - � '
�s .xe����'�� t;i45Y�r �r� i � ���*.r,ij"�:.a r\y�:.s'+st ���n !}q�� �s ��f.�._, ��....7�y�.J� '
.__�<i.a:...w YN,����.:J�..:.F_. �r.:.....i::.,.u... K4,.u...et':c1G��.u.�,�ds.�.v._...�.utE'i:.�.r ..#�..-,.,.,._S!.�.u..�_"L.�n.,ti;+
�i, .
t,:.;,.
� „.,
�;,.:��..,.
�
' ` (b) That proper books of record and accoant r�ill be
i;:; .'� kept by the County, separate and apart from all other records and
�,;?,�
account, showing complete and correct entries of all transactions
:��;r,-'.
R�;:;' relating to the Airport, which books and accounks shall be avail-
'°'=� able at all reasonable times to the holders of any of the Bonds or
;�;;',. t •.
�� any authorized agents of the Bond holders. '
'`-�`::
:�t�..
... .� (c) That it will, within ninety (90) days following the
Y�X°::. �,.�,:.
•%':: close of each fiscal year, have an audit made of the books and
�-,:. �: 's'
^�^��> accounts by an independent £irm of Certified Pub2ic Accountants. �'` ":
��:��. �; -
'��? Each such andit shall include a detailed statement of the income �
}r=i::+�
���.',:
��' and expenditures of the Airport, a balance sheet, an analysis of �
;�:;.
,k;r'-':
�;�;� all funds created in this Resolution setting out deposits and .
�-�;'�' disbursements and fiscal ear-end balances, and the Accountants' �
�,:^.�„> Y
��'f�s:
'�>," comments regarding the manner in which the County has carried out
l,:n:-z
���y�� the requirements of this Resolution and other information.
.-7,.
�.;:.
t'�;�;_:;
�;;+- (d) It will, through appropriate action of the Board,
:t'-,!:;:�:
'x`��"' establish, maintain and enforce the schedule of rates and charges
,j '�`�;�' for use of said Airport to insure the efficient and economical
r•;,.,;,.
;'=";rc. operation and maintenance thereoE, the payments of the principal
5�:�:��;`.:-
of and interest on all then outstanding Parity Bonds promptly as
k��,�.:,;.'..
r-,..;;:,f. the same become due, and the reserves, accumulations and mainte-
r;-{'' nance of the funds provided herein. In the event that such
S?;�,:=�;
�-:�;-�::, Airport revenues at any time should not be sufficient to meet such
�;+:':2:�_:
� t���,�;:..; payments, the County shall increase its rates and charges to such
' .k:%'v,�..Y.::
�,;tv,:.; an extent as to insure the payments and accumulations required by
the provisions of this Resolution, --
- (e) It will not sell or alienate any of the property Y�
� ,,.: constituting any part or a1Z of said Airport in any manner or to
- s�"-': any extent which might reduce the security provided for the
�4�tM.; payment of the Bonds herein authorized and the Series 1983 Bonds, i �
����= but the Count ma sell an propert which shall
r�,;, y y y portion of such y
�`--�- have been replaced by other similar property of at least equal
�
�: ,,;�'; value, or which shall cease to be necessary for the efficient
operation of said Airport, provided, however, that in the event of
�
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f �Ft T,r•_��,a�p� f st�,n;�qTr�lei�k����`; '��+c���a �� ��- M�r�� ._.�' � �.., , �1cf�{ �, ,y i�3��t�M�ti'�7� .
2
�� 'ii�r,�i x y-k'} y?� �.y y� t[ a*��� i�s� �3;zq��l'�'��''L .i'� Y' .r cC'c 3 � �'s �i�'�r J `� t
� �S''0.xgG`t � st.,�n�'r��{„�s 6:'�4;, ' ��*e � ��4a+;���-�. '�' $ - ����fJ�E�4`w ,,_
,.__... . r� ��:,...t_ ..v.r�l'�.�C.�-..t. .. .� r-�i�i�'��.�a��':r�.��ni�� .`ti.�.-_.�_����.:3.ti,..-�'�'� �.i-�...._"��,...� ..
'.�
"-{
t.�
�� any sale or sales where the aggregate consideration exceeds the '.
� sum of $1,000.00, such consideration shall be �
x paid into the i
t:� Sinkin9 Fund and shall be used and disbursed for the purposes of �
i�1
' Sdid Fund.
��
_ (f) It will provide no service or use of the Airport -
except by contract, will promptly render bills for all services or
4:, uses furnished and use all .tegal means to assure prompt payment _
�� thereof.
��N
(g) At least once each year it will furnish the orig-
's t
'�� inel Purchaser oE the Bonds herein authorized a copy of the audit, 4
�' �s; and related documents herein required, for the fiscal year of said
"= Airport immediately preceding each statement. i
� (h) It will carry workmens' compensation, public j
-�
��� liability and such other forms of insurance on insurable Airport II
� property as would ordinarily be carried by entities having similar I
L
property oE equal value, such insurance being in such amounts as
"��-'r will protect said Airport and its operation. ��
tii�:_�{ (i) That it will not permit free use or service of the
r;;: Airport to be supplied by the County or any department thereof to
s;,.;
a.,� any person, firm or corporation, public or private, or to any .s
r'•:; !
r:>;; public agency, including the County. �
� �°-� Section 17. Events of Default. Each of the following (:
<;� events is hereby declared an "Event of Default", that is to say l.
�,��:i when: ,�
�%`r A. Nonpayment of Principal. Payment of the principal �.
�
�:: of any of the Bonds herein authorized, or any prior redemption
��� premium due thereon, or both, is not made when the same becomes
`''" due and payable, either at maturity, or by proceedings for prior
;pu:
��' redemption, or otherwise.
r^.,'t
;;;; B. Nonpayment of Interest. Payment of any installment
� � or interest on the Bonds is not made when the same becomes due and
'.��a
payable, or within thirty (30) days thereafter.
� ` C. Zncapable of Performance. The County shall for any
�,;j reason be rendered incapable of fulfilling its obligations here-
-r"'� under.
r�;.''
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-:��::�, � �
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� i, !ji i ai''�}� a a 3�1 � �1!"A: i i r...� �,,��J-Lki f! i -.f �`�vy el`x� -rc � ' � �.R s a^ '�'fy'��,y' '1 c�?.n \'.
^ �s �.r,t�' ''s .�.� r;jf���.�`+il�i e�� ���r� �"�3 z:4'.Sw.-..l�S::.�l�t n . ��.r�f ' ���.���?�.:��`j'�!1;;,�.'}+"+:' .
,._..va, . ..11.. d..tii.s A.a:J�....x -
..�.
�
'1 D. Appointment of Receiver. An order or decree is
� ! —
,� entered by a court of competent jurisdiction with the consent or
_ acquiescence of the County appointing a receiver or receivers for
- the Facilities or for the Net Revenues and any other moneys
y�;,';;'.. subject to the lien to secure the payment of the Bonds, or both �'
i ..
such Eacilities and such irone s `
�' • y , or if any order or decree is
�w r , entered without the consent or acquiescence of the County and is �# `
i`- then subsequently vacated or discharged or stayed on appeal within k •
�;-....,:;
�.�;<.,; � . :
.,...r.:•:�
�,��..;;-.-: sixty (60) days after entry. �
'�,..::•.,=
t
���;;'�;` E. Default of Any Provision. The County shall make
�;�;':'�: default in the due and punctual performance of its covenants or
.�,,.,:._
��.�k:: conditions, agreements and provisions contained in the Bonds or in
+:;.;r,T,,_
4,Tj;?±��5 t�lLS Resolution on its part to be performed, and if such default '
�y^�:.
�"'" shall continue for sixt (60) days after written notice s ecif in
�'�=`;�: Y P Y 9
�::":-�
J`��;i:; such default and requiring the same to be remedied shall have been
�fr,:..:�
'-�.,�:..
{�"_" given to the County by either the Purchaser or the holders of �
-�ti;,:�.�.;.
`'`�' ��' twenty-five percentum (258) in the principal amount of the Bonds
,.�.�..
� ' �� then outstanding.
..M,�,:.
v[.:.; �
_ Section 18. Remedies for Defaults. Upon the happening
i and continuance of any of the Events of Default as provided in
,'�?yi`;, Section 17 hereof, then in every case the holder or holders of not
�. ,,'? less than twenty-five percentum (25�) in principal amount of the ;
�'����� ' Bonds then outstandin g �
� � g, includin but not limited to a trustee or
;:.��
" ��;��` trustees therefor ma '
r:..,;-.i.; , y proceed against the County to protect and
�,,._�:-:
S''''_��� enforce the rights of any holder of any Bonds authorized hereunder
by mandamus or other suit, action or special proceedings in equity �-.
;;�:�3:; or at law, in any court of competent jurisdiction, either for the
'�"'���4� appointment of a receiver, or for the specific performance of an ;
E;, ..< Y
;i``r;:`��'` covenant or agreement contained herein, or to enjoin any act or �
.r,;.�t-:
=��:-�.�,;:
�,.,Zy+A, thing which may be unlawful or in violation of any riqht of any �
P»::;;,. holder of the Bonds, or to require the County to act as if it were I.
� : the trustee of any expressed trust, or any combination of such
remedies, or for any other legal or equitable remedy as such
4 holder or holders may deem most effectual to protect and enforce I
r
the rights aforesaid. All such proceedings at law or in equity
�,- __ _
� - 3 4 - �=...
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't Z���y�� � TF* Oj ,�f.�., i�+.� t�'S i ��'LP�'{ A �' • '��Sp��.Y
� �i-t r3F l�'�.J' '}f" �r� 1 � 3 "4 1 J- 3 L, '� � . ��a �..�e.�'§ j,,�.E .z,i•w.l
� aL � � $ rr` ,� � � �' k�. r , �}
r. , , i '"�"'�.0 �tt� i�>� ti{r�i a 2� i�' � ,,� a
r . ,� �� g��. r t +"s� ?tt { �y,ry�`ia�., i �-ir�,�k'", t �� x �" y�+ *r;i��S�',fi c..r'+
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+';��.J..�.i_.>. � .�1-.)_:......�:et.c...���:a�.�=�:C 5......�'s.t(!kvrs'4 .t,..i i.a�.�1.... . .� � _...
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� I
�' .I shall be instituted, had and maintained for the equal 6enefit of
., ,! all holders of the Bonds and interest then outstanding and any
,���,,t_ outstanding additional bonds and additional securities payable ' •
r
tr from the net revenues on a parity with the Bonds authorized �
� herein. Any receiver appointed in any proceeding to protect the �
, � ,
�, ;:, rights of such holders of the 8onds hereunder, the consent to any
,,� �. such appointment being hereby expressly granted, may enter and �
m�' .e.
� '' take possession of the Facilities, may operate and maintain the
t��';,:
t;�,'� same, may prescribe fees, rates and other charges, and may col-
,»�,.,,
?�;:�:' lect, receive and apply all gross revenues arising after the ,
�_�:�::, appointment of such receiver and appertaining to the Airport
3c;�,w^�; .
i?f��-?. Facilities in the same manner as Che County itself might do;
4r;�:5�� �,
!`�'"'"` provided that such receiver may not sell, convey, transfer or
.✓�e,-`
c, ,
`�<"V` encumber the Air ort Facilities. The failure of an such holder
3.�;;;s P Y � -
�•i";t
;x��;,-, to proceed in any manner herein provided shall not relieve the
County or any of the officers, agents or employees of the County
- ,y: �"�'-' of any liability for £ailure to perform any duty, obligation or
`,,,...
`� other commitment. Each right or privilege of any holder of the
_,.F;_
F`��,`': Bonds (or trustee therefor) is in addition and cumulative to
'`��'':• an other ri ht or rivile e, and the exercise of an ri ht or
!,.,;.:, Y 9 P 9 Y 9
�';��` privilege by or o❑ behalf of any holder of the Bonds shall •
��;. '
'��" not be deemed a waiver of any other right or privilege thereof.
G::ii�
� :;=a-x Section 19. Duties Upon Default. Upon the happening of
` any of the Events of Default as provided in Section 17 hereof, the `�
- County, in addition, will do and perform all proper acts on behalf
�i of and for the holders of the Bonds and interest authorized herein
��' � to protect and preserve the security created for the payment of
&�
;r'::•;';:, the Bonds and interest and to insure the payment of the principal �
,;�-,��;-, of and interest on the Bonds prompt.ly as the same become due. All
��'�'`! roceeds derived therefrom, so lon as an of the Bonds, either as
s?,:,,;•, P 9 Y
to principal or interest, are outstanding and unpaid, shall be
7r`�;j; distributed for the equal benefit of all holders of the Bonds and
� ;.; interest then outstanding, as well as for the equal benefit of all
�
� x outstanding additional bonds and refunding bonds or securities of
�A�^� the County payable from the net revenues on a parity with the
r '
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r �g,� ^'� i<-:: ,� i�rYLl+ �� YI S x ���� i �4'�A,:�.
� i : ,r� 'Y"�{.7 5�'-P c�� �`i -c'��t��;:i t >,. r �1'' .:�1�� � � xr'��� ^s�. � ���nr'� �'� i � �f`�!? ..
1.z� S} +'L"n sr�'y s.�Ly t 4 . - � �. �' < � t
a �:Y � `�` ��1�}l�{k'Y;w;�,i'�,+1 ��XY^+��tt�c�;zl�'LI ,;�- .� t' i y 1�t l��I. � ', ` �a�, ��'�.1� a��x _ .
. � '� �./�a." ��'!y..�. � s^'�Bs' „$�ryJ,,,,L9���Jr�L�r f� �i�N �? � L '"M4 v .t . $'^3VS ai�.-��y
..�i�. _ ..�._.'��h�eVCA'h�iw1... .�:.�.�J1.}.3Y+'.W:www �:t>.d!?...��� .�.nl./�mLZ�..M...• .� ��_._.�. ... .�_..__"� _._..� .... .
I
� � � 1 Sonds herein authorized. in the event the County fails or refuses
�i.': � to proceed as provided in this Section, the holder or holders of
_ � not less than twenty-five percentum (25�) in principal amount of
"� the Bonds then outstanding, after demand in writing, may proceed '
;� � to protect and enforce the rights of the holders of the Bonds as �.
F �'=� �
� hereinabove provided. Nothing in Sections 17, 18 and 19 shall
� � affect or impair the right of any holder of any Bond to enforce � „
,,r;,.,.,.. ,
�rA . the payment of the principal of and interest due on his Bond or �' �
�:rr��:�' the obligation of the County to pay the principal of and interest �
��=,a-:�'
�<:-.�:: on each Bond to the holder thereof at the time and the place
��`,�" expressed in the Bond. Nothing in Sections 17, 18 and 19 shall
�'''�'�� re uire the Count to roceed as rovided therein if it determines
�.=,_;.-;; q Y P P
,_,-:..-.
`'���=' in good faith and without any abuse of its discretion that it the
G�M;•:'_:;�.
�fi===�=' County so proceeds it is more likely than not to incur a net loss
�-�",::
�l�;,°:_
�;.�i;; rather than a net gain or such action is otherwise likely to
�4r_� affect materially and prejudicially the holders of the outstanding
t Bonds and any other outstanding additional bonds or securities of �
,;±�`,,tiy ',
-' � '` the County payable from the net revenues on a parity with the
�,<
Bonds authorized herein.
�;;`;`�1� Section 20. Defeasance. When all principal of and the
interest on the Bonds (hereinafter referred to i❑ the aggregate as
�'�;. .; the "BOnd Requirements") have been duly paid, the pledge and lien,
a < _
�,*,. .� and all other obligations under and pursuant to this Resolution
*�. ; .
' �{,.,�;: shall thereby be discharged and the Bonds shall no longer be
� - considered or held to be outstanding within the meaning of this �`
�;?7` Resolution. Such due payment shall also be deemed to have
°���`=� occurred when the County has placed in escrow or in trust with a i
k trust bank, located within cr without the State of Colorado, �
;s;�;:='`:;;. +
t• moneys, or bills, notes or bonds which are direct obligations of,
2�:-';: �
''`�°' or the rinci al of and interest on which obli ations are uncondi-
�:ti..^ P P 4
c,;....,:,
�.'::;!:;'`. tionally guaranteed by, the United States of America (herein
� : "Federal Securities") in an amount sufficient to meet all Bond
Requirements of the Bonds, as the same mature and become due and
�„ payable to the maturity of the Bonds. In determining such suffi- �
� ciency, the known minimum yield from Federal Securities in which l
i��"= `-
.+:.":
�R
- 36 -
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� ' :.
��'.
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;:s;: . �
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r �� � ' �+ � ... .f . � 1F 4 1 1 S ✓'��1� Y ;� �,• y.. �v' f y rl f��t.k 1
. _ _.. �� `t� � "� " � % r� .: * �
.L Ct^7R`� S Q�r� r1`SA f,:.r:�'• �. � �%tC^..A ,s, ti Zt
, .
, '
,. .._. ,..r...r,�, �Lr�::�,...e�.tg.6�c:.�- '-.,wz....r....:s;...��,__:,:�,o»b..r...J.�..a�A'ie��r.uVi1�.Y'.`.c`.�v.ae.._.........:.E._.�CV_�-r _
i�
�
;; � such amount is wholly or in part initially invested shall be
` `�f included and taken into consideration. Such Federal Securities
i�:;.
�,;;� shall become due and payable at or prior to the respective times
,� :� at which the proceeds thereof are needed, in accordance with a
' schedule established and agreed upon between the County and such
tv�.� !.�,, .^
i,�.>� bank at the time of creation of the escrow, or the Federal Securi-
a`' `., ties shall be subject to redemption prior to maturity at the
��• o tion of the holder in such time and manner as will assure their �"
.';r; P I'
^ availability as needed to meet such schedule. �
x�.
s�; Section 21. Refunding Escrow Account. The proceeds of
���'�:: �
-°: such Bonds, being the amount of not less than $ , shall be
��E:;. deposited by the County in a special fund and separate trust ac- �
.;,s�
�'�`'� count, designated as the "Pitkin County Airport Refunding Revenue
;'�' Bond Escrow Account, 1983" (herein sometimes referred to as the
��F�: `
j'±;'.r "Refunding Escrow Account" or "Escrow Account"), said Escrow 1
�,;, �
��'�'" Account to be established and maintained at the Central eank of
:rkc�;. ! . �
r";'; Denver, in Denver, Colorado, a commercial bank duly organized and i
.'r�y I
existing under the Laws of the State of Colorado, being a member ;
19'= i
� of the Federal Deposit Insurance Corporation, having full and I
r�,�
_ complete trust powers (hereinafter sometimes re£erred to as the •
�;;`-': "Bank"). �
i::;;':� In addition, the amount o£ $ , being Zegally �
�"`� available for such ur ose, is hereb a ro riated and shall be � "
'`' P P Y PP P
4�,;.-.,�-� i
�.';,' deposited by said County in said Refunding Escrow Account, for
yY..:, (.
��;,
the purpose of supplementing the proceeds of such Bonds. i
The Bank is hereby authorized and directed to pay from ?
the proceeds deposited in said Escrow Account any administrative � .��
�;;^,v; expenses related to the issuance of the Bonds and the purchase of �
">°'� the ac uired obli ations. The ex enses to be aid are enumerated
p�^.;: 9 9 P P
�`' and the amounts theteof set forth in Exhibit iI of the Escrow !
'i4� �.
+4 Agreement, hereto attached. Further, the Bank shall provide for �
�r;sk�
�::_: the payment for the acquired obligations and the necessary be-
d;�:`-: ginniag cash, if any, as required in accordance with escrow
�.�.::
- sufficiency computations verified by a Certified Public Accoun-
F � tant. Thereupon, the balance, if any, of any. proceeds shall be i
�r A �returned to the County and the County shall place said amount in
^=;: - 37 - -
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�'..:,'..
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...ytn.I. .
�-�:�� i
� �
{ � t^,� 'l .:. , � .
�..� ���Py• T° h.} � �'�t � �;�Ei.��� -r� k1--,� L .,.y iq t��� '4�t .
� � �p .r�r � ����� .7 ri ti�'� �t'C$ii�A}kt rt 4 ft �''� ' � � + ,�. ch..,�; �< i t�i;,aµ'�' �,:i'�W�.��ry�nit •, ;
. .:r`_.�.t.a-:�� e:�i!��"'���w`''.,..i>�'!ji-µ:�;MeJ vyw��.wii'..w s'�4-T�+kJM.lk��r�r�:ryi.�i��.:...�:.�!�i.�*,.:ir .
— �,`
l,';-'... .
'. �
;,'� its Principal and Interest Account to be held for the payment of
�'° principal or interest of the Bonds authorized herein. The tore-
y,'.�?�?.` going provision shall apply only to excess funds on hand in the
`;!f_� Escrow Account at the time of delivary of the Bonds and no further n
�„. distribution of funds on hand shall be made to the County except ��;t.`
�ti':
;'��` at the time of termination of the Escrow Agreement or as provided ���,;'
therein.
'r= Section 22. Payment of the 1977B Bonds and 1977 War- �
i�� rants. Said Refunding Escrow Account, including therein the
�;
�"= proceeds of the Bonds as referred to above, when invested by the
€
�.� Bank shall at all times be at least sufficiertt to pay the interest i
.�;.
q; on attd principal of the 1977B Bonds and the 1977 Warrants of the �
�:�= County being refunded, under and in accordance with the following �
�r.;
t..�" schedule:
n� �
��;5 (A) Obligations of the designated issues, numbered �
1_.�
x::;:_ and maturing as follows, shall be paid and retired at their !
respective maturity dates according to their original terms:
- �. Issue Bonds/Warrants Maturing Bonds/Warrants Numbered
v p:;,
i=„j 1977B Bonds 1983 to 1995, incl. 70 to 306, incl.
e��': 1977 Warrants 1983 to 1996, incl. 5 to 25, incl.
r'_
1-�_j, (B) Irtterest on said 19778 Bonds and 1977 Warrants '
�
�i=�' which mature in the years 1983 and therea£ter shall be paid
��>z.:
j'�„�4 semiannually each year on the proper interest payment dates i
' !e"'� accordin to their ori inal terms until said 1977B Bonds and
�:_�:.� 9 9 � �
Y
, 1977 Warrants mature. �
Section 23. Investment of Escrow Account. In accord- �
�j i
�� ance with the Refunding Escrow Agreement, the Bank shall invest i
���� the funds on deposit in the Refunding Escrow Account in non-call- �
G;.•:,: �
'-' able federal securities ONLY, and shall secure fully any cash
:��
i�q- balance in said Account in the manner required by law for other � .
�r:'�ta
F;:�; trust funds. Notwithstanding the provisions as herein stated in
j,`.':: this 5ection 23, the Bank may substitute obligations in the
�,.�:.
t;�;�` Refunding Escrow Account pursuant to Section 14 of the Refunding
'�;�`z Escrow Agreement. �
�.'
trx,
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' ry,� ' Y°'` � 3�'"�� � ,� < a ,� ,� f,.
.�y c {co i " �s �' 7X +�,e �� f n ti':
t T: .
Y 11<eX ki�' T 1 . y1 t� L�3�4 J Y 5�t l. � t'S j� J�� 4
�� j �w Sfet� t �t � ! _. tr t t 4 t - ,`� L�i�.S I
�7y�r�*`k �;��ic"�'T''�� 3F i�� '� �t{�.�i-�f i r+ .t e l'(§' Y y irc ��'.4�h'r '� .�a'� a���+f a�': �� T-r-
r ..p �t. r r'�4 t�,t��t5�f R. 7- 1 1 .{..
�.�.=a....,.E� .a'\ '> J. -[Waler:�.. ',KB:,fFr'-iJ��S�`.�f'f--,.YGi._.r.1.ti b�.
� .r... . .....�:'�,+�r,r��i.en�s.�+�.w�«.�#�w ea.r'�",b: '+�.:k:��a c . r , .
�
`°;� Section 24. Additional Deposits. IE, for any reason,
�,� at any time, the funds on hand in such Refunding Escrow Account
�-:1
shall be insufficient to meet such payments, as the same shall be
about to become due and payable, the County shall forthwith i
�'• deposit in such Refunding Escrow Account such additional funds as F,�•'•.'.
_ i.r ��t . .
'�,;� may be required fully to meet the amount about to become due and �.,
payable.
�
r Section 25. Obligations of Escrow Bank. The Bank shall _
�� from time to time redeem at maturity all or a portion of the � .
t•: non-callable federal securities in said Refunding Escrow Account,
in sufficient amounts so that the proceeds therefrom and the '
�.`-
'{ interest thereon as the same accrues, will be sufficient to meet
'� the' interest requirements on the 1977B Bonds and 1977 Warrants as �.
ti� such interest accrues and to pay said 1977B Bonds and 1977 War- �
i'
� rants at their respective maturities according to the schedule
�`- hereinabove set forth. � .
i;,,
• � Section 26. Authorization to Execute Escrow Agreement.
The Chairman of the Board of County Commissioners, County Clerk �`
and County Treasurer shall, and hereby they are authorized and i
F� directed to take all necessary or appropriate action toward the �.
��-� execution of a proper Escrow Agreement with the Bank concerning I
i
�' the deposits in, investments of and disbursements from said
n;
:� Refunding Escrow Account, and such other agreements as may be
t:
., a. necessary or desirable to effectuate the provisions of this
� Resolution and comply with the requirements of law. Said Escrow
Agreement shall be in substantially the form hereto attached as
Exhibit "A", and incorporated herein by specific reference.
� Section 27. Notice of Refunding, Call and Redemption.
k; The County Treasurer is hereby authorized and directed, and he
` shall give notice of refunding of said 1977B Bonds and 1977
��' Warrants at the time of such refunding. Unless additional and
i!
more extensive notice is required by law, the Notice shall be
',� given by publication in some newspaper of general circulation in
i,
`� the County. Said Notice shall be in substantially the form hereto
�1 attached as Exhibit "B" and the same is herein incorporated by
�� specific reference.
:� - 39 -
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� � M }4 n�*,yv o-..i�t 3 ,nf °' .,l ii 'rt�.�`�.tZ+�.,� �. 1 � .; � t � t14�
r y�ib � ��c i a o la �f)r � ;��r.. �,-,i ��- 'Yf� <`~'"�d�'}1 '.
:'� `+''t 1Z# 4`^w'�S M7� J I��,4� � �, ��Y�,,�t ...']J �i�� ''F�('4 I'.. SrY' vti W 4 ���
;�.',���'�,.-4�4 3�.��ti ����;^���SFY��!''r� a.t'ki ' at.e j+�. ,� ��. r � lf�,�a�.�/
z'�,�6��p�„Fy � r.tY y�.r.t!'f.i� �,,ry,k +��,.'�7{�� ,�„ ��� r.i�ii� at�, r '` ���'�ra �g� r� .
....� .. .1�i�7lP74�6'dY�n/:ri �.ewt.4.i'. ::��..r:.+.aL?1 "�s. ::ScLA u.ui.—..�+.�.1�:5(k •
'_ . _ '. . �`�,
t .
�
`.`.�
�, In addition to the notice specified above, Notice
'n � of such Refunding shall be sent by certified mail, at the time
�Y..�..
+,t:>�;'; of such Refunding, to the following, at the last known address
��'� - thereof:
i:;
}.i��'.;'. �
'�r _ y .:
�' (1) United 8ank of Denver National Association, t:.�:
� - Denver, Colorado
��� (as paying agent for the 1977B Bonds and the '�
�� . 1977 Warrants)
'�x=��. 2 Central Bank of Denver, Denver, � '
��� ( )
f`�,w;;�;' Co lorado }
(as the original
��;::�•=. purchaser of the 1977B Bonds and the 1977 Warrants) -
�� y
(3) Consolidated Bond Call
zt;;.4; Denver, Co2orado
��:�'*:- .
��,ti�.'
��,'�,,,w�" Section Z8. Declaration and Findings. That the Board
,�,'_z:;=:
;��.�,-:°r of County Commissioners, having been fully informed of and having
,..-i...,._
1� '� .� considered all the : -
r pertinent facts and circumstances, does hereby
- ,.�",,,�.,'.;,:
find, determine and declare:
�, (A) That by entering into and completing a refund-
+�'�=;> ing program at this time, the County can modify and
� eliminate restrictive contractural limitations apper-
"a�'r`,
h :
4 taining to the 1977B Bonds and the 1977 Warrants and the ; �
�.;..�;;';;
!'�;;' �-:-?•. resulting re£unding issue will then have the same '
J:.,?v..,�:: i
t,�' = covenants as the County's Airgort Revenue Bonds, Series
. r.„ .'L:,
. ,!�'w.t,:�::
t`f.;,:�*�_ 1983, dated June 1, 1983; and
� - (B) That the funds and investments to be placed _
* in said Escrow Account, together with interest to ��
a 5 ��' be derived from such investments, are in an amount
6 �� which at all times shall be sufficient to pay the
��. �F-;, 1977B Bonds and 1977 Watrants refunded as they become j
�r`a�':� due at their respective maturities as to principal and s .
��,s�; ;
F' interest, and any charges of the escrow agent and any �
� F
� �'�� other costs and expenses payable therefrom, and that the
�� computations made in determining such sufficiency have �,
C� been verified by a Certified Public Accountant; and
� t :: �-.:
f�� "�
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'��'�' .
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t..�.T.i; � .
'���:;;'.��:K�. i
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� � y
���,� .T F s� � ..i;,v< ,sF�':1.�s � •Ir�.��„t„���. � ��.,' �. r r r�a�$' 1:i*l�p�.
:'. ,1y a- �{\.� 3fy �p�d �c+J✓ *� ris J .. 7_ �� g` �,y�� ,'� :.,wy 1. i,� 1, i.
F�c` F�Y �t f � rJ f V[. e .„,�A : i �' '}
�,, }fa� �.r�,,,Y r�,y�p '�"�r�� �;��!�°+�-�'�f.�,{�di � �; '�t f ��,<-��,,'�' fR Y�' S aa
� '��'� i a .�.s'� a"F�?��� I��I' ��i�».�`C '!4' ..���' ���p3� ��y. � � C' ' 3��Y�d �a�i}N,
��-r 1 �E f�R �t�'�T N v( ..
r v._a F�.... �.'x�"�YuLieti.em.-+.C�.r. . .zwt�kab.i v?:r' u...h�..<S.S"`!�' !, ....�.. _�. . .. .- . , . . ..-....,,-� •- ..
.-..�� .� ..
�*!�
1..^�
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!�' (C) That the issuance of said Bonds and the
refunding of said 19778 Bonds and 1977 Warrants, and all
�;';.' procedures undertaken incident thereto, are in full i � •
�.� compliance and conformity with all applicable require-
r�:
,;;
menks, provisions, and limitations prescribed by the -
�� Constitution and Laws of the State of Colorado thereunto
�� enabling, particularly Tit2e 11, Article 56, Colorado . �
i`°° Revised Statutes 1973, as amended; and
�' (D) That none of the 19776 Bonds and 1477 Warrants �
^�- herein authorized to be refunded have heretofore been j
��^ `
�:�i refunded, paid, cancelled or otherwise been discharged,
��
�r.�, nor shall any of said bonds to be refunded hereafter be
�rv`
�;;- refunded, paid, cancelled or otherwise discharged,
�"�-
{r;. except as herein authorized and provided, prior to the •,
�� date of issuance of the ReEunding Bonds herein autho- �
l
' ��`� ,s rized. �
i;;�;;
i
Section 29. Amendment of Resolution. This Resolution �
�`A-� may be amended or supplemented by resolutions adopted by the
i�;��
; County in accordance with the laws of the State of Colorado and
iv.`�;.
�:,,;:'r the County Charter without receipt by the County of any additional
�"' consideration, but with the written consent of the holders of i
z�f- �
'''= three-fourths (3/4) oP the Bonds authorized by this Resolution and i
t'"Yy �
_ outstanding at the time of the adoption of such amendatory or
�- supplemental resolution; provided, however, that no such resolu- � i�:;:
N.. �
�;_�, tion shall have tha effect of permitting:
Z''����- A. Changing Payment of Principal. A change in the �
G�:..- — �
.;�:;,� maturity or in the terms of redemption of the principal of any I
r��t 1
.;M outstanding Parity Bond or any installment of interest thereon;
��,�`�
�? or
``�r'=' B. Reducing Return. A reduction in the principal
t'.,�;�;, -
i:;s�:`:�` amount of any flond, or the rate of interest thereon, without the
;:���:�'" consent oE the holder of the Bonds; or
� C. Prior Lien. The creation of a lien upon or a pledge
} of Net Revenues ranking prior to the lien or to the pledge thereof
i created by this Resolution; or
w ,:.
�� 41
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�•- � .
��:� i
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M �
1
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� �
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— ,� ���-�.� 5�.. r.�1 t '�,, , s�� �� .
� �IS`�j..+'i ^� r :: si ��l � .�4j � �' �.xYr t .y,XF � r �J ; �j'...
" � w ,r.ten�,`�n, � '�'��Br.Cj F;�,,�,���f c�-�, s P �i: y+ �f � �k`>tv,-`�`� �.�' '{'�}�j r�� ���'t3 ti.
x
��y 'v �U" ��.�; ✓�t ,e�Ls'!f �� Fa �L .9 � h'�� 6 L J P T M1 � {if r�
yq Nµ+R�"'`� �'�¢c 7 t � m1 y.+� � 'as� r.l:^,5:' M � N ��..1 �C'ly.. .� �K�e'C s: Y�+�'i b�',n° ,. .
.,,c ..y....... .� �:rma.Ct:'�rl ��..:15'��.�,r -.�:'j;'w�y�.z�t.t�..� .�r�r.�..t�G_'�°+ .. .._ . _,�.r: _ . �,-.. . „_ .,
Y'
Y
j _ ..
;
�
L
� D. Modifying Amendment Terms. A reduction of the
� principal amounts or percentages of Bonds which is required for i
, t
� consent to any such amendatory or supplemental resolution; or �:�:-�.;.'•
E. Priorities between Bonds. The establishment of
� priorities as between Bonds issued and outstanding under the
provisions of this Resolution; or
F. Partial Modi£ication. The modification of the � -
rights of the holders of less than all of the Bonds then out-
� standing.
Section 30. Costs and Expenses of Bond Issuance. All r
j costs and expenses incurred in connection with the authorization,
Isale, issuance and delivery of the Bonds herein authorized,
� including, but not limited to, the costs and expenses of the bond
� issuance procedures set forth in this Resolution, shall be paid
' exclusively from the proceeds of such Bonds, or from the Net
I �
Revenue as herein defined, and in no event shall any of such costs
- ; ''� or expenses, or the principal of or interest on said Bonds be paid
� out of or charged to any tax levies of the County of Pitkin.
Section 31. Insurance. The American Municipal Bond
Assurance Corporation, a New York insurance corporation, has
committed to issue its Municipal Bond Insurance Policy No.
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 insurance Trustee under said Policy. A copy of the Commit- `�:
mertt is attached hereto as Exhibit C. The Board of County Commis- °'
sioners hereby approves the issuance of said Municipal Bond
Insurance Policy and directs appropriate officers of the District
,
to disburse from the proceeds of the bonds the premium required by ��
said Commitment to the end that the Corporation will issue a
policy insuring the bonds, effective as of the date on which the ;_:`�
bonds are delivered to the original purchaser.
�'::.,�._:.
�
�.-;V :
- 42 - �
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,:�t�:�^�� . . . " .
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�
.�+��i.'...YR'C..� .
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.. :J=v.���
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......w� � '
;` '
�� ��L . � ,� '
� " � .� � rps ,t r�t.a � -�:.' .. -.-
° "��F��''4• YZ � j*r, ��Y�.F'Y j._.. ����_"1�"d '�, i aX.� a..wi;i�\9�.+6:"+.'t� .=.
T,n�;i �i`Yr::•.r�k�"�`r:'J-•° �`°i� r :r ��''; �„c' � s�..�k;e�� AH � �t fir �' ti5 1' ���y.:.
�+;..,Y�s���4��,"`x3�'�`,n",�'[td�'Nt"3�v"c3Yr�+,t y•'uT••�' � ��A,S�t��.,. � - '�s �*�x�"T v��g�'py��2y�'--{��" .
�.a���_ b�"1 '�' f r M T r '�T'y {Y N' Mt" 1+���� � 7/A'tn ... .,. `����K�.f`+"•S�wb'�ti'
'� .
�'��'` � Section 32. Ratification and Approval of Prior Action.
',_',�,;'
�,,;;:.:: � That all actions heretofore taken by the officers and members
::z�:•;;.�..
�,;;,�:; ' of the Board, not inconsistent with the provisions of this Res-
olution relating to the authorization, sale, issuance and delivery
,
y�, , of said Bonds, be and the same are hereby ratified, approved and �
�"`:;"�',;`.� confirmed. �
--`,
,r-;� Section 33. Authorization of Preliminary Official
�x.,, `
`'J""��: Statement. The County hereby authorizes the preparation of an
�� �.
�;:� Official Statement to be distributed in conjunction with the � '
Fr r':-�_
,a,,. _r,.,� printed Bonds.
�.�'"`� Section 34. Severability. That should any one or
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�''�`��� more sections or parts of this Resolution be adjudged unenforce-
r�•,;°�;:
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?:.�"°r able or invalid, such judgment shall not affect, impair or invali-
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'��'`'�' date the remaining provisions of this Resolution, it beinq the
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`�,.,_ intention that the various provisions hereof are severable.
��r�:.. Section 35. Repealer. All Resolutions or parts thereof ,
�i---�� in conflict with this Resolution are hereby repealed. '
�� �'� � Section 36. Resolution Irrepealable. After said
Bonds authorized herein are issued, this Resolution shall be and
��'-`�'nf' remain irrepealable until said Bonds and the interest thereon "
rfi_.. _
i�;;;,'��,- shall have been fully paid, satisfied and discharged.
�'`�'-''� �
}��.;;...;;,_, Section 37. Effective Date. That this Resolution will
1�� �= promote the general health, safety, prosperity, security and `
� .� ry ;
'� : general welfare of the inhabitants of the County, and that this �
X�'�� Resolution shall be in full force and effect immediately upon its i ;s
� w
adoption and approval. !
;� Section 38. Recording. That this Resolution,� immedi- j
i
�` , ately upon its passage, shall be recorded in the book of Resolu- �
'`""'�` tions of said County kept for that purpose and shall be authenti- i .
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'�.��� cated by the signatures of the Chairman of the Board of County � �
� ��; Commissioners and County Clerk and Recorder.
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- Section 39. Publish Title of Resolution. That this
i�`_,, resolution be published by title and short outline as provided
*'-_ as provided by Section 2.8.1 .3 of the Pitkin County Home Rule
`""-� Charter.
2��.�
i::,;_ INTRODUCED AND PASSED ON FIRST READING This 27th day of
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�+� June, 1983.
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'��, ••, �• Chairman (
1� +�:' *°+�� ��� oa d of County Commissioners f
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?� County Clerk �`
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_ (The following to be inserted upon final reading of the Resolution)
�~ w�� FINALLY ADOPTED AND APPROVED This28� day of June, 1983.
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� ( 5 E A L )
� � Chairman
L o:n�` oard of Cou�ty Commissioners �
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County Clerk !
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The As en Times �'`����
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;� PRQOF OF PUBLICATION
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� STATE OF COLORADO ) COP�/ Of NOYICO � -
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�� Counly o(Pitkin ) �
1i�. public notice '
�' I, Wj.11.13111 H. �Dunawav do Solemnly 5K'eai' �het LSSUANCE OP A BPORT REFf1ND NO R& � �
s,.
- ver+us aoNns : �
,., I am the Publisher ����N�74 . .�� � i
of THE ASPEN TIMES; ��i y,�pr d,,,,-y i�;;��ga,d�r co,,,ay
l^ that the same fs a weekty newspapet pr(nted, in whole or in part, camm cue*ar['+�emNe caiona^•e�u°n- � �
�.� and publlshed in lhe Counly of Pitkin,State of Colorado, and has ww��ew��m'�.rsa3,a.�a��m�M�`.�m•. i
�.� a generai circutaUon therein; that said newspaper has 6een pub- '"°'a'�°"'°rm`�"`°ar c�a°�+w��
�wo(tnaenomtiu�are...n�nl. edecanV :
� lished continuously and uninterruptedly in said County ot Pitkin, �h �a�ta`Reu�r.6�.ti��N �:
� for a period of more than f[ftytwo conseculive w•eeks next prior -�� � ��v"��^"^4�
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�� PubluFedinth AeP�nTlmesJOOe30.1983.� �'. . -
lo tiie tirst publlcation o[ the annexed 1e6a1 notice or advertisc- � -� �� � ' '
r�� ment;that said neK�spaper has Eeen addmitted to the United States � �
_ . � maik as second-cless matter under the provisions o[ the Act of
March 3, 1879, or any amendments thereof, and that said news- ��
N� paper is a weekly newspeper duly qualified far publishing legal �
notices and advertisements with the meaning o[ the laws of the
State of Colorado. R
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Th2t the annexed legal notice or advertisement was published
: � in the regular and enlire issue of every�number of said weekly � �
1
�� newspaper for the period of 1 consecutive insertions; and
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P� that the ftrst publlcatfon of said notice was in the issae oL said
�� �'
' June 30
y newspaper dated A.D., 198� and that � �
S_� the last pubttcation of said notice was in the issue of said news-
� .�
� paper dated A.D., 19_ �'�
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Su6scribed and svorn to betore me,.a notary public in an or "
� the County of Pitkin,State of Colorado this_�_,day of
t� A.D.. 19� ) ..
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� Notary Publ(c i� ��— �
,� T1y commission expires � �/ �
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