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� , � DEC 21 '93 O.S�SIPM HOGRN & FKaRTSON DENVER P.3 Y�_,`• "
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SUPPLEM}�ITAL RESOLUTI�N
ir93—/9/
AUTHORIZING THE ISSUANCE OF PITKiN COUNTY, -
COLORADO, SALE3 TAX 1tEVENUE BONDS, SERTES 1993,
IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO �"��''�
EXCEED $2,3000,400 AND SUPPLEMENTIIdG Y::",;::
RESOLUTION NO.92-392 . .� �s�`.. '
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RECITALS ��4�'
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1. Pitkin County, in the Sfate of Colorado (the "Cotuity" and thc "State,° �;:`.";; `�
,c
respectively), is a duly created political subdlvision organized and operattng es e home rule `
county pursuent to the general statutcs of the State aad the�Iome Rule Chader of,the County 7
(the"Charter"). �,..
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2. T'he members of the Board of Courity Commissione"rs of the County(the
�' ,E���
. "Board")have beett duly elected,chosen and qualified. .
3. 11ie Caunty and the City oY Aspen have, putsuant w an
intergovernmental agreement dated Novem6er 21, 1983 and amended on June 9, 1986,formed ,
the Roaring Fork Trsnsit Ageacy("RFTA")to provide pt�blio treneit in the Couaty. '';.;;_
,j.
4. At a special eIection of the electors of the County,.'duly called end held
� on May 3, 1983, in accordance with law and pursuant to due notice, a majority of the ;
registered electors of the Caunry voting at said election voted for'the impositiott by the
County of an additional one percent(1%)sales tax to be used for public tsnsit pUrppses(the �� .
"Sales Tax"}.
�
� 5. Pursuant to Section 29-2-I12,CoIorado Revised Statues(th�"Act"),the
j County is audiorized to iesue�ales tax revenue bonds payable from the Sales Tax. �
__�
6. Pursuant to Resoluflon No. 92-392, duly adopted hy the Board on : ;�
October 27, 1942, (the "Series 1992 Itesolution"), the County authorized the issueace of its
�� "Pitldn County, Cotorado, Sales Tax Impmvement and Refunding Rcvenue Bonds, Seetes
' 1992" (the "Series 1992 Bon.ds"), iw the aggregate prittcipal amount of$2,530,000, for the '
i purpose of refunding the "Piticin County, Colarada Sales Tax Revenue Bonds Series 1983° -
and providing funds to purehase additional buses for 121 TA. .
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7. Thc Series 1992 Resolution authoiizes the issuance of addifional sales �.�;,.:`
� t�revonuo bonds on e parity with tho Series 1492 Bonds upon complianec by the County �,, !;;_.�
wlth certain conditions set out ia Secdon Z9(a)of the Series 1992 Resolutioa. �-•:
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8. At a specis! elertion (the "Speeinl Election") of the eleetox9 of the ��t �
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County, duly callcd and held on November 2, 1993, ia accordanee with law and puranant to �°�
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due noflce,8 majority of ihe registered elecWts voting at said election approved tLe is9uence �,.;�+ :
' by the County of not more than $13,65q000 aggregate amount of revenue bonds for the
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� � DEC 21 '93 65�52PM HOGRN & HRRTSON DENVER P.4 -
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purpoae of£inancing trsnsportatioa improvementv, said bonds W b�issued at a net effective �'� �
interest rate not to exceed 8-1/2%per annum. �
9. The Board has determined and doea hexeby dotcrmine that it is in the r ��.
best interests of the County and thc inhabiteate thereof that, pursuaat to tlte Act end such ;-'=��'
clection authority, the County iss�u ita "Pitkin Gounty, Colorada, Salea Tax Revenue Bonds, '� ;�
Series 1993" (the "Series 1993 Bonds") the proceeds of whlch will be used to acquire '�::;; `:
additional buses for RFTA and to fund a deposit to a reserve account •: • '''' .
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10. The Board hereby finds that requirements of 3ection 29(a)of the Series ;�:�
1992 Resolu6on have bcen satisfied. ';�'��`
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11. The Series 1993 Bonds shall be payable from the Sales Ta�c on a parity
with tho Serios 1992 Bonds and considered Sales Tax.Parity Obligations as de� la the �;��
;: Series 1992 Resolution. .
12. Paymettt of principat of and intcrest on tLe Striea 1993 Boad�will bc
insured by an insuraace policy to be delivered upon is�A�of the Seriea 1993 Bonds by tho
� Municipal Bond Investors Assurance Corporation(the"Bond Insurer"). ''
13. There has been presentcd to the Bosrd (i) thq•form of the contract
between the Coanty and Kirkpatrick Pettis,A Mutual of Omaha Company for the piu�c6ase of `<-�i�
the Saries 1993 Bonds(the"Series I493 Purchase Contract")and(ii}th�.Preliminary Official
Statement dated December 17, 1993, releting to the 5eries 1993 Bonds (the "Series 1993 :
. Preliminary Officiat Statement"). '�
14. This Supplemental Resolution sets forth ccrtain matters rel�ting to the -
. Series 1993 Bonds and supplements and amends the Series 1992 Resolution. '` r�
'• NOVV, TFiEREFORE, BE IT RESOLVED BY TFIE BOARD QF COUNTY
�! COMMISSIONERS OF PITKiN COUIVTY,COLORADO THAT:
�
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Section 1, efini'ons. The terms defined in this Section 5ha11�ave thc �� �
' dosigiiafed meanings for all purposes af this Supplemental Resoludon and of a�y amardatory
�`� or addiflonsl supplemental resolution, except where the context by cleer implication requires
_� oiherwise. Other terms are parentheticelly definad elsewhere in tlus SupplemarW Resolution.
� Capitaliud terms used in this 5upplamental Resolution and not defined ia thi�section or
! elsewhere in this Supplemental Itcsolution shall have the mcanfngs giveu them iu the Series ��.
1992 itesolution. .!'
• diy':�;
(a) "Sesies 1943 Bonds"means the "Pitkin Coenty, Colorado, Sales �'' :r:'_,
Tax Revenue Bonds,Series 1993." 1;;; ' y -
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(b) "Series 199� Insurance Poticy"means the 3ns�uaztcC policy to be L';-,
issued by the Bond Insurer insuring payment of princip�of and interest on the ,�,:� . .
Series 1993 Bonds.
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� DEC 21 '93 05�52PM HOGRN & HRRTSON DENVER P.5 - -
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(c) "Series 1943 Preliminary Officia[ Statcment" nneans the
Preliminary p#�'icial Statetneat dated Deccmbex ]7, 1993 relating to the Series
1993$onds.
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(d) "Series 1993 Project" means the acquisitiott ead equipping of -":r��
buses for use by RFTA. � '�'�
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(e) "Series 1993 Project Costs" means all costs and expensee -
incurred in connection with the Series 1993 Project, including without �;`z�.
1lmitation, costs of issuance of the Series 1993 Bonds, includin� t�e Series ,:i�;:,
1993 Underwriter's discount, legal fees and bond instuance premium end the ';�: '
reasonable charges of any payusg agent, registrar or depository bank; costs of '_�
f:nancial, professional ead other advice in connection with t6e Series I993 �
Bonds and the Series 1993 Project;and all other expenses as may be necessary �:?�
or incident to the Series 1993 Project. �`��;
(fl "Series 1943 Purchese Cantract" meaas the agreement�for the
� � purchase of the Series 1993 Bonds dated December 21, 1993 between the
: ,:
County aud tlu Series 1993 Undervv�iter.
(� "Series 1993 Underwritet"meany Kirkpatrictc Pettis,A Mutizal of -
Omaha Company in Denver,Colorado. ' ` ""
Section 2. Ratification, Ail action(aot inconsistent with the provisions of --
� this Supplemental Resolution)heretofore taken by the Boerd and the officers of the County r
directed towsrd effecting the Serics 1993 Project and the sale and delivPry of ttu Series 1993
` Bonds for euch purpose be,and the same is hereby,rafified,approved aud confinoded.
Scction 3. p,�uthorizetion of Series 1993 Bonds. In aeeordanee with tlu �
Special Election and the constitution o£ the State of Colorado; the Colorado Iiome Rule '�`:'
Powers Act, the Act, the FTome Rule Charter of the County; and all ofher laws of tEte State
thereunto enabling,the Boerd, on behelf of the County,hereby suthorizFa the Issuance of its
: "Pitkin County, Colarado, Sales Tax Revenue Bonds, Series 1993" in sa ag�regatc principal � ��
'� _ amount uat to exceed $2,300,000 for the purpose of providing fimds to defray Series 1943
. � Project Costs,to be payablo and collectible, both as to principal and interest, snlely from the •
. Pledged Revenues on a psrity with the Series 1992 Bonds. 7he aggregate principal�itotutt of _
the Series 1993 Bonds to be issucd pursuant to this Sup�lemetrtal Resotution shsll be as
determin�d by the Chairman of the Board in the 5eries 1993 P�rchese'Gontract as provided in !
Scction 10 hereof,except that such aggregate principal amount shall not exceed$2,300,000. ' ��
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3ecfioa 4, Bond Details, The Sedes 2993 Bonds shall be issued ia fully �' �`'
registered form (i.e, registered as to paymcnt of both prfnclpai and interest) iu book etttry f;Y�' '
form as provided i.n the Series 1992 Itesolution, in denominations of 55,000 or inugral #�f • +
m,ulti les thoreof rovided that no Seriea 1993 Bond ma be in a dettominatioa wluch `['
exceeds the princip coming due on any maturity data and no individval Series 1993 Hond �f,:� .
may be issued for morc than one maturity). T6e Series 1993 Bonds shB1t 6e date�T�cennber
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• DEC 21 '93 66�35PM HOGAN & HRRTSON DENVFR P.1 - .
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15, 1993 and nvmbered in such meaner as the Registrer shall determ9ne. The Series 1993
Honds shatl bear intereat from their date to raaturity,psyable�n 7w�e 1 and Decernber 1 each
year, commencing on June 1, 1994, except that Series 199� Bonds wWch are reissupd upon _
transfer, excbauge or.other replacement shall bear interest from the most recart �interest -
paymart dau to wiuch lnureat has been paid or duly provided for,or if no intereat!�s bcen �"r' '
paid from the date of the 5eries 1993 $onds. The Scries 1993 Bonds shali maturc on
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Decembcr 1 of thc ycars 1995 through 2007 aad beer interest at the rates and amounts per �::.''a:
annum to be determined by the Chairman of the Board in the Series 1993 Purchase Contrsct �'�' -
as provided in Secdon 10 hereof,except that sttch rates per annum shall not exceed 5.5%per ';`+��._
annum. . �:i`'
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The principal of and premium, if any, on any Series 1993 Bond shall be '-'�
payable to the owner thereof as shown on the rcgistration books kept by the Registrat upon �
maturity thereof or prior redemption of any Series 1993 Bond aad upon presentation end �:�f.
' stu�render at the principal corporate tevat af.6ce of the Paying Agent In Denver, Colorado. If '' �,
any Series 1993 Bond sball not bc paid upon such presentation and sucrenckr at or aRer
, mat�uity,it shall eonfinue to dxaw intcrest at the interest rate borne by eaid Scrics 1993 Bond
until the principal thereof is paid in full. Payment of intexest on any Series 1943,Bond s.6a11
be made to the owner thereof by check or draft mailed by flie Paying Age,nt, on or before
each interest payment date (or, if such interest payweut dste ie not a business day, on or
before the next succeeding busincss day),to the owner thereof at his or her addreas as it last
appcars on the regishratiott books kept by thc ltegistraz oa tlte Record Date; but any such •�:'�
interest not so titnely paid or duly provided for sha11 cease W he paqable ta the person who is ''
. the otmer thereof at the close of business on the Reoord Date and 9ha11 be payable to the -
persoa who ia the owner thereof at the close of bus3aeae on a Special Itccord Date for the
paymmt of any such defaulted interest Such Special Record Date shsll be fixed by the
Ttegistrer whenever moneys become available for payment o£the defavltcd interest,and notice �
of the Special Record Date shall be givcn ta the owners of the Serles�993 Bonds�lot less .�, �
than ten days prior thereto by first class mail to each such owner as shown on the Registrar's
� registration books on a date selected by the Registrar,stating the date of the Special Record
Date and tfie date fixcd for the payment of such defaulted interest. The Paying Agent may
make payments of interest ou any Scxies 1993 Bond by such siternaflve means as tttay be
mrm�sllp agreeQ to between the owner of such Bond and the Paying Agant (pravided,
�� however,that the County shaiF not be required to make funds available to the Paying Agent
� prior to the detc stated in this Section). All such payments shall be made in tawfui ny�oney of '
the United States of America, '
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- 5ection 5. Optioesl Prfor Ttcdempdon. The Sertes 1993 Bonde msty�ing oa :�;'
ar before December 1, 1998, are not subject to prior redemQtion. Series 1993�Bonda �r,
maturin on or aRec Aecember 1 1999, sball be aub'ect to nndem hoa ��`"
g � J P� Prior fo their �
respecdve maturities,at thc option of the County,in whole or in part,in integral tauitiples of �
$5,000,in such maimer as the Psying Agont may detersnine,on December 1, 1998, or„9n any ±{~I � � �
date thereafter,aY a redemption price equal to the principal aznount thueqf so rcdee�ned,plus '��-� �t `
acorucd interest thercon to the redemption date, In the csse of a Scries 1993 Bo�d of a y f�•
denomination larger than$5,000, a portion of such Series 1993 Bond ($5,000 or any jntegral �;�;;�
multiple thereo fl may be redecmed, in wlrich case the ltegistraz shali, without cl�rga W the
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� •DEC 21 '93 65�53PM fiOGAN & HARTSON 11ENVER � P•� Y�''
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� owner of such Serics 1993 Bond, autheaticate and issue a replaeemeut 3eries ]993 Bond ar
Series 1993 Bonds for the unredeemed portion thereof.
Sectioa 6. pxeeution and Authendcation. The Series 1993 Bonda ehall be •
executrd In the nsme of and on behalf of the County and signed by the Chaitmeu of tYte ""?"
� Board(tbe "Chairman")� eouatersigned by the Director of A,dministrative Sesvices, ex•officio ',.;
� Treasurer of the County(tbe"Treasurer"),sealed with a maaual or facsimile imgression of the `.,��'; .,''': •
I seal of the County sad attested by thq County Clerk and Recorder or tine Deputy County ' . .-
� Clerk and Recorder (the "Clerk"). The signatures of the Chairman, the Treasurer and the �:��:`:
�� Clerk may be manual ar by facsimile. The Serics 1993 Bonds bearing tlu manual oz �
�;:•.:
� facsimile signatures of the persons in office at the time of tfie aigning thereo#shall be the �r�'
valid and binding obligations of the County(subject io•the reQuirement of authenticatton by �'
; the R egi s t raz as h e re i n a f t e r provided) natwithstandin g thet before the delive ry thexcof, ar :'�}
� 1 before thc issuance thereof upon transfer or exchange, any or ell of the peroons whoae � �:{:R_
� faesim�7e signatures appeer thereon shell have eeastd to fill their respective offices. The �
i Chairman,Treasurer and Clerk of the County shall,by the execution of a signariite certificate `�''
• � pertaining m the Seriee 1993 Bonds,adopt as end for their respective aignatures the fecsimiles
thereof appearing on the Se:ics 1993 Bonds, At the timg of the qcecution of such a signature ,;_
certificate,the Cheirmaa,Treesurer and Clerk may each adopt as aad for 1us on c�r facsimile
: signature the facsimile signature of his or her predece9�sor in office in the event tl�at such
facsimile signature appeats upon any of the Saries 1993 Bonds. .
� � No Series 1993 Bond sbaU be valid or obiigatory for any purpose untess the +'�M�
• � certificate of suthentication, substandally in the fox�n hereineRer provided, hav been duly
� executed by the Registrar. The Registrar's certi6cate of authenticatioa shall be dee�cd to
� have beea duty executed by it if manually sigaed by a duly aufhorized offica of the _
, Registraz, but it s6ell not be necessary that the same officer siga the cert[ficate of �
� sutheniieation on all of the Bonds issued hereunder. Hy autheatieating aqy of the Series 1993 �
� Bonds initially delivered pursuant w tbis Resolufion,the Registrar and Paying Ap�nt shalt be
_� i dee.nned to have assented to the provisions of tlus Resolutiott.
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� Section 7. Necessitv and Approval of Series 1993 Projcct and Series 1993
Bonds. The Scries 1993 Project snd the Saios 1993 Bonds are necessary and in the best
� interests of the County and the$oard flereby approves the seme. '
.� .
Section 8. Series 1993 Bonds EauaLly 5ecured. 'The covenants and
agreements herein set forth m be performed on behalf�of the County shall be for the equsl
bareftt,protection, and security of the owntrs of any and all o£the Oujstanding Sories 1993 '13
Bonds, all of which,regardless of the time or times of their issuance or�maturity,ahall he of F.�
uaI rank without referenee,priority or distinction, except as otherwise expressly provided �`i
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'sa or pursuant to this Supplementat Resolution. .
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Section 9. �Pcurity for the Series 1993 Bonds• Satiefaction of Rwuirements �,' '. �
of�G��n�9la) of ih�Series 1992 Rsso�Ltion, All of the Series 1993 Bonds,togethex with e;
the inurest accruing thcreon, shall be special, limited' obligations payabte and collectible ;�i
solely out of Pledged Revenues, which are hereby irrevocably so pledged. To sectue said
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� , . DEC 2i '93 0S�54PM HOGAN & HRRTSON DErMER P.9 _ � `:
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piedgo, the County hereby grants a first priority lien on the pledged Re.venuos ia favor of the ';,K.• •
Seiies 1943 Bonda at any time Outstending. 3uch lien shall be,aad is hereby confirmed to
be,on a parity with the licn on the Pledged Revenues in favor of the Series 1992 Bands and
aqy other Salee Tax Patity Obligetions issued in accordance with the Series 1992 Raolution. �`�_� '
The owner or owuers of the Series 1993 Bonds may nat look to any�eneral or other fimd for .; �:� � .
the ayment of rinci or interesc an the Series 1993 Bon exce t the desi eckal '� �� .
P P I� �. P SE��gri �''r::-:;:,.
funds pledged therefor. Thc Serics 1993 Hoads shall not cor�titute an�ndebtednese or e debt '��` :
s�..' .. •
withln the meaning of any applicable charter, constitutional or atalutory provision or ?�:: ;
limitation; nor shail they be considered or held to be geaeral obligationa of the County. 'I'he ��?:°'�
County hereby fwds and confirms that tke zequirementv of Secdon 29(a) of the Serics 1942 '�'`. `
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� Resolution have heen satisfied in connection with the issuence of the Series 1993 Bottds. :,r:=:�
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Section 10. Execuao}� of Series 1993 Purchese�ontract The Series 1993
Bonds arc to be sold at a prico equal to the principal amaunt thereof,plus accrued interest and �:.d�
less an underwriting discount of$12,910.50. The Chairmsn of the Board of ih� Couttty is
authorizeci to execute the Sorics 1993 Purchase Contre�t on behalf of the County in �� I
substantially the form presented to the Soard, with such changes and additions, iacludi�g ��'�'
. ( completion as to aggregate principsl amount, serial maturity amounts end interest rates as
sha(1 be determined by the Cha'uman in accordanca with tl�s Supplementat Riesolution, such
�acecution to be conclusiva evidence of such determinalians and the;epproval of the Board
thereof. •
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Section 11. �xecution and Use of Q�cial Statemeut The distribution, use ''"''"�
and execution of a final offering statement or document for the Seztea I993 $ands (the
_ "Officiat Statement"},in the form of the Seriee 1993 Preliminary Official Statement,but with
such ammdments, additions and deletions as ate consistent with tl�e facts, as are not
inconsistent hcrewiih and as are approved by the Chairmaz►of the Boazel by his execution of '� :i
such Official 5tatement, sre hereby authotized. The dis�ibution of the Serles 1993
T'reliminary Official Statement is hereby ratifiui ' '�
. �. .,
Section 22. Fnrm�af Series 1993 Bonds Certificates.and Redstrarion Panel. '+�'
_� t
The Series 1993 Bonds, Registrar's eertificate of authentication, form of assignmint, and the
! legal opinion cectificate('if requested)shall be in substantially t1u foilowing forms (provided
; that any of thc text on the face of fhe Series 1993 Bondv ruey,with a,pproprlate refereaace,be
`� printed on the bacic of the Series 1993 Bonds): ,
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• DEC 21 '93 05�SSPM HOGFlN & HRRTSON DENVER , P,9 •, �"
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(Form of Bond) �;.;:.
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iUNITED STATES OF AMERICA I y � �:
STATL OF COTARADO '�'' �
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COUNTX OF PITKIN
*`,
; SALES TAX REVENUE BONbS :� '
�
SERIES 1993 `
,�`rP, .
No. �
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j INTEREST RATE MATURITY DATE DATED AS OF SIP
. `
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OWNER: ~ ;;`'
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PRINCIPAL AMOUNT: • DOLLARS ;
Solely from the special ftuids provided therefor,Pitkin County(tlm "Coimty"), �
�q
State of Colorado, for value received, promises to pay to the Owner specified abave, or
;, zegisured essigns, but solely from the sources and in the mannec hereinaRer referred W,thc �j7.
Principal Amount specified above, on the Maturity Date specified above (w�1CSS called for
� earlier redemption), interest tfiereon payabte on June 1 and December 1 in each year
-� + comcnencing on June 1, 1994, a! the Interest Rate per annwn specified above, untit the •
I principal sum is paid or payment tias been provided therefor. This Bond will bear interest �'�
� ( from the most recent interest payment date to which interest hes been paid or provided for,or,
if nn interest has been patd, from the date of thia Bond. The principal of aad premium, if
�;� ! I any, on this Bond is payable upon presentation and surrender hereof at the operations center • '
� � for the County's registraz and paying agent(the"Registrar" or the "Paying Agent"),presently -
; ' The Bank of Cherry Creek,N.A.,in Denver,Colorado. Intarest on thie Sond wtll be paid on
each interest paymcnt date(or,if such intcrest payment date is not a business day,qu the aext '�
succeeding b+usiness day), by check or draft mailed to the person in whose name tbis Bond 3s ��,.L�
' registered(the "owner")in the registradon records of thc County maintained by the Registrar �� �.;;,
and at the address appearing thcreon at the close of business on the$ftlenth day(whcther or �F r--.;
nat a busines9 day)next preceding such intetest payment daCe(the"Rccord Dete"). Aay such ?;.' � i -
interest not so timely paid or d�ly pmvided for shall cease to be payable W the person who is �� �
the owner hereof at the close of business on the Record Date and eBell be payable to the ��,
persoa who is the awner hereof at the close of busiaess on a Spccial Record Date(de�ned in ��,.� ,
the resolu6on of the Board adopted on OcWber 27, 1992, as supplcmented ;by the �',>
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DEC 21 '93 95�55PM HOGRN & HRRTSON DENVER P.10 - �
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Supplemnntal Resolution of the Board adopted on becember 21, 1993 authorizin�this Bond
(the"Bond Resolutlon"))for the paymeat of any defaulted intcrest. Such Special Record Date
shall be Sxtd by the Reglstrar whenever moneys becnme available for paymeut of t}tc -
defaulted interest, and notice of the 5pecial Record Date shell be given to the owners of the
Honds of the series of wluch tlus is one (the "Bonds") not Icss then teu dnys prior thezeto. ":?'` `
1 All such payments shall be rnade in lawfiil mnney of the United Stat�s nf America without '' ��
deduetion for the services of the Paying Agcnt or Regiscrar. `i�;:,' -
�; :
The Bonds mahuing on and after December 1,`�are subject iwredemp@on �'�:�,
prior to their respective maturifles,at the op6on of thc County,in whole or in part(and if in ,:;, _
part, withi:t a single maturity by lot) in integral multiples of$5,000, ln such u�tmer as the '
Pnying Agent may determiae, on I?ecember 1, _� or on any date tha'eaf3er, at a ''` '
redemption price equal to the principal amount thereof so redecmed, plus accrued interest
I thereon to the redemption date. In the case of a Series 1993 Bond of a denomination lazger �+sp.
I than $5,000, a portion of such Bond ($5,000 or any integra! mult(ple thereo� may be ` �
+ redeemed, in which case the Registrer ahell, without charge to the owner of such Bond, �
authenticate and issue a replacement Bond or Bonds for the unredeemed por�on thereo£ °
�
In the case of Bonds of a denomunation lazger than 55,000, a po�on of euoh
Bond(55,000 or any integral multiple therco�may be redeemed,ta wluch cese e Itegistrar
� shall, without cLatge to the owner of such Hond, authenticato and issue a replacemeut Bond
' or Bonds for the unredeaned portion thereof, �Ledemption shall be made upon not less tbaa �� '''''
30 days prior mailed notice to the underwriter for the Bonds aud each owder as shown on the
� registration books kept by the Registrar in the menner anQ upon the eohditions providui in the
- - ' Bond Resoludon.
The Bonds are fu11y rogistered(i.e,, registered es to paymcnt of both priacipal
and interest), and are issuable in denominations which are integral multiples of 5,000 �� ;j
(provided that no Bond may be in a denomination wluch exceeds thc principal coming due on
any maturity date and no indivIduel Bond may be issued for more thaa one maturity). Upon ,"::
I sunender of any of such Bottds at tho Registrar with a written inshumeat satisfactory to the .
Registrar duty executed by the owner or his or her duly authorized attomcy, suct►Boc►d may,
at thn option of the owner ar his or her duly suthorized attorney, be exr,hange�for en eqval � �
aggregate principal amount of such Bonds of the same maturity"of other� suthorized
�� denominations,subjeet to such terms and conditions as set forth in the Bqud Resolution. •
�
_t . _
The Regis�ar shall not be required to transfer or exchsnge (i)all or a portion i
of any Bond subject to prior redemption during a period beginning at ths opening of business !
15 days s�ext preceding the mailing by the Registrac of a notiee of prior zedcmption of Bonds ' ��
and ending at the closc of business on the day of such mailing, or (ri)any Bond after the s`�
mailing of notiee calling such Bond or any portion thereo££or prior redemption. �`:' �:''
��` � : -
Tl+is Sond is fully uansferable by the owner hereof in person or by hi3 or her �:f•t�: �
duly authoriud attomcy on the registration boolcs kept by the itegisttar upon surrendex of this ,��';:,,
Bond together with a duty exccuted written inshvment of transfer satisfactory to the Rcgistrer. .,,..�,
Upon such transfer a new fully registered bond of authoriud denomination or denominations
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• DEC 21 '93 95�56PM HOGfaN & FIRRTSON DENVER P•i l Y�_�'
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� of the same eggregate principal amount and mat�uity will be iaeucd to tt►e transferee in ,'�`
� exchange for this Bond, subject to such terms and conditions as set forth in the Bond
� Resolution. The County and the Registrar and PaYt°g Agent may deem and treat 8ic person - -.:�
in whose name this Bond is registered as the absolute owner hereof for.the purpose of mak�ng
� payment and for ell other purposes. �T �
I The Bonds are suthoriud for We purpose of defraying wholly or in pert the ;`r .'
eost of the Series 1993 Project,(as defincd in the Hond Resolution),under authority of aad in '"
i full confomuty with the ConsHtution and laws of the State of Colorado. '±�:�:.
+ r!':
( The Bonds do not constitute a debt or sn indebtednees of the County within the :�� �
meaning of any applicable charter.constitutiottal or scatutory provision or limitation.ahall not ��'
be considered or held to be a general obligahon of the County, and are payable solely from, �'�}
I end constitute a pledge o�and sn irrevocabie and itrst liea(but not an exclusively first Hen) •:::�.f.
,; on,a speciat fund consisting of revenues to be received by the Couuty from the S�les Tax,es
� further prnvided in the Bond Resolution, certain other moneys held in the Bond Account and
� the Reserve Account(all as defined in the Bond Resolu�ion), and certain investment income,
� � all to the extent that such moaeys are at any dime required by the Bond Reso�tion to bc
depoaitecl into and held in the Bond Account or the Reserve Aecount,es pmvided in the Bond
Resoludon(subject to certain excepdons and exclusions se provided in the Bond.l2esolutlon,
� the"Pledged Revenues"), Such lien is on a parity with the.lien on the Plcdged Revenuea in :�:�
favor of the "Pitkin County, Colorado, Sales Tax Improvement and Refunding Bonds, Series ��:ti'•`
� 1992," previously issued by the County. This Bond is payable solely from the Pledged : '
' Revenues,aad the owner hereof may not look to any general or other fund for tlu paqment of ;
� the principal of sad interest on this Bond except tl�e Pltdged Revenues. Reference ie made to
the Bond Resolution for the provisions, among others, with respect to tlu custody and ,; _
! applicatiori of the proceeds of the Bonds,the receipt and disposition of the Pledged Revenues, "
' the nature and extent of the security, thc urms and conditions under whieh additional � j
� obligations payeble from the Pledged Revenues may be issued, !he dghts,•duties and
obligations of the County, and the rights of the awners of the Bonds; and bq the acaeptance '°
of this Bond the owner hereof aasents to all provisions of the Bond Resolution. �
� � Tiris $ond is issued under the suthodty of and �a full eonformity with tha
� Constitution of the State of Colorado, Section 29-2-112 of Colorado Rcvieed Statutes, as
� amended ("C.R,S."), and all other laws and statutes of the Statc of Colorado thereunto
,� -
enabling, and pursuant fo the Bond Resolution duly adopted and ma�e a law of the County,
all prior to the issuance of ttus Bond. Pursuant to Sectton 29-2-112(IO)C.RS., sueh reeital
conclusively imparts fvll compliance with all of the provisions of said�ection 2�2-112, and i:
thts Bond issued containing such recital is incantestable for any eause whatsoever after its ' ��
_
��� ' ifi:�'� -.
� delivery for value. , Y;:,
� �->;
This Bond shall not be valid or obligatory for any purpose undl the$egisbrar f;lS/� ' i '
�hal]have manually signed the cerdficate of authenHeanoa herein. �� �
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� • DEC 21 '93 05�56PM HOGRN & HRRTSON DENVER ^ •'P.12 - -
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• �•� 1.
. • . � • '!y�� �_J�.
IN WITNESS WF�REOF, the Board of Commissionus of Pittdn County, ';<:;-. '
Colotado has caused this Bond w be signed and executed an behalf of tlu County by the
manual or facs3mite signateuc of iU Chairman,to be countcrsigaed by the manual or facs3mile -�,'
signature of the County Trea.vurer and to be subscribed and attested wlth the ma�ual or �-�.��'' �
facsitnilc signature of ib County Clerk and Recorder; ead has caused the faceimile of tho ;>`�;?~�'
Cowity scal to be affixcd hereon,as of the date specified above. �`::- �
�u. '
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1?.
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PI�'KIN COUNTY,COLOItADO ,xX y
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i (Maaual or Facaimilc Signature,) ��:�
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Board,of County Commissiar�ers �'�p
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Countcrsigned:
' � ;.:.
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County'lYcaviuer .
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� (FACSI�IILE SEAL) a �
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Atiest:
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; (Manual or Facs'mile Sienature 1 � �� ��
County Clak and Recorder '
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, Unless thfs certificate is presented by an authoriud represantative of The �'
i Depositary Tnut Compaay, a New York corpora6on ("DTC"), w the Authority ar iLv agexit
� � for regisG�etion of transfer,exchange or paymeiut and any certificate issued is ngistered}n the
`\ € � nama of Cede dt Co. or in such other name as is requested by an authotized representative of •
'` - DTC(attd aay payment ie mada to C�dc&Co, or to such other mt3ty da 3s requestcd by an ,; ,
� i authorized represeatative of DTC),ANX TRANSFER,PLEDGE, OR OTHER USE�iE�REOF +
' FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONQFUL inaemuCh ae •�.
{ i the rogistered owncr hereof,Ccde 8t Co.has an interest herein. � t 1' `
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I• � DEC 21 '93 65�57PM H06HN & HRRT90N DENVER . P.13 , .��, -:
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- STATEMENT OF INSURANCE �;=t
Thc Municipal�ond Investors Aseurance Corporation(the"Insurer'�hes issued —
a policy containing the foltowing provisions, such poliey being on file at the principal
� corporate tivst office of The Bank of Chc:ry Creek,N.A.(the"Payir�Agent").
i
The Insurer,in consideration of the paymeat of the premiwn and eubject W the ��
I terms of this policy, hereby tuswnditionally and 'uzevocably guarantees to any owner, as ' .
' � hereinaRer defined, of the following described obligations, the full and wmplete payment ";:��
irequired to be made by or on behalf of ihe Issuer to the Paying A.gent or its successor of en '"
amount equal to (i) the priacipal of(either at the stated maturity or by any advencemeat of `�>': `'
Itnaturity pureusnt to a m�andatory siiilcing fund payment) and interest an, the Obligations(es ����
' that terms is defined below) as such payments ehall become due but shall npt be so paid
� (except that ia the event of u�y accelerstion of the due date of such priucipal by reason of �'
Imendatory or opdonal redemption or accelera$ott resulting from dofeult or othe:nvise, other * ''f
' than any advancement of maturity pursuant to a mandatory sinYyig fund payment, the �' �
payments guaranteed hereby shall be made,in such amounts and at such times aw such
paymente of principat would have been due hed there not been any such ecceleration); and
� (ri) the reimbursement of any such paymcnt which is subsequently recovered from any ownc ' '':
pursuant to a fnal judgment by a court of competent jurisdiction that such payment
� wnstitutes an avoidable preference to such owner witbin the,meaning of any applicable
� banlcruptcy law. 'The amounts referred to in clauses (i) and (ii) of the precedi�g sentence '- ��=
; shali be referred to herein collectively as the "Tnsured Amounts." "Obligations" shall mean
the Pitlan County,Colorado,Salos Tax Revenue Bonds,Setiea 1993.
- I Upon receipt of telepbonic or telegrap}uc notice, such notice subsequenUy '`
conflxmed in wridng by registered m certified mail, or upon reccipt of written notice by '•~ -
� registercd or certified mail, by the Insurer from the �Paying Agent or any owaet of an `` '�'
( Obligation the payment of an Insured Amount for wluch is thea due, that such required
�' payment han not been made, the Insurer on the due date of such payment or witbin onc
I busiaess day eftsr receipt of notice of such nonpayment, whichcver is later, will make a
deposit of funds, ia an account with Citi6ank, N.A., in New Yorl�. New York, or its i
' successor,�cient foc the payment of any such Insured'Amouats which aze then due. Upon
I presenbnent and surrender of such Obligations or presentment of spch other proof of
ownership of the Obligations, together with any apprqpriate instruments of assignment to
��. ' � evidencc the aseigament o£the Insured Amouats duc on the Obtigations as are paid by the ' _
( Insurer, and approprlau instruments to effect the appointment of the Insurer es a�ent for such ',
owners of the Obligarions in any legal proceeding related to payment of Insured Amounts on ,. '
itl�e Obligations, such inshvments being in a form satisfactory tn Citibatilc, N.A., Citibank, '�,`
, N,A. shall disburse to such owners or the Paying Agent payment of the Iasured Amounts due �t°::
i an such Obligatians, less any amount held by tho Pay,ing Agent foe the paywent of euch � ' ;`',
Insured Amounts and legally svailable Werefor. T'his policy does not ipsure against loss of ! --
I;z, ' ,
M any prepayment premium which may at any time be payable with mspecti to any Obligation. ,}� i
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I � DEC 21 '93 85�57PM H06RN & HRRTSON DENVER P.14 ;`�: �-
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� As used herein, the term "ownei" aha11 anean the registered owner of eny 1�'�
�:; I Obligadon as 9ndicated in the books maiatained by the Payic4g AYent, the Iasuer, or any �
� designee of the Iesner for such purpose. The term owner shell aot include the Issuer or any --��-a '.
' pariy whnse agreement with the Issuer constitutes the undeilying security for the Oblieatiotw. �
s (
� � <, ,�. :
' i Any servico of process on the insurer may be made to the Insarer at its offices �,��,
; located at l l3 King 3treet,Armonk,New York 10504. ;�
iyr.�'`�'c.., .
� ��...� ..���--� .
_ Tlus policy is non-cancelable far any reason. The prai»ium on Uvs policy is sr� . �
� i�r.'�._
not refuadable for any ieasoa ineluding the payment priar tn maturity of the ObGgations. :n-.'
� � (End of Fotm of Bond) ���
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(Form of Reglstrar's Cert�cate of Authcntica6on) 'z `
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; I Date of authentication and '
� registration: ' �
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� This is one of the$onds descdbed in the within_me�one�gond Resotutian, ,;� Y `
� � and this Bond has been duty regisEered on the regfstrallon books kept by tfie uadersigned ay t�.
s' Rcgistrar for such Bonds, �5��+
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I � THE BAN{C OF CHERRY CREEK,N.A. �s.. -.;:
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• Authortzed Rep�yBartative '
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�� • DEC 21 '93 05�58Pt1 HOGRN & HRRTSON DENVER P.16 �'�:
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s j (Form of Assignment) K +'� --
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For value received, the undersigned hereby setls, assigos and trensfers unto
� � the within Bond and hereby Irrevocably wnstitutea end appoints x.' ,
� � attorney, to trensfer the same on the books of the Regiatrar, with#bll I '� -
k power of substitution in the premises. �
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� j Address of�ansferee: 1':�'.
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� SOC181$CCLtiltY 0I Ot�1CI 18X +
Iidentification nunnba of transferee:
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� i NOTE: The signaturo to this Assi�mcnt must correspond wlth the pime as written on t6e
� face of the within Bond in every partictiler, without elteration or mlatg:ment or eqy change _
, �� i ` .
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I. . DEC 21 '93 05�58PM I-IOGRN & HRRTSON DENVER �P.17 ;'�: -
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STATE OF COLORADO ) .''''r•.' :
i �
COUNTY OF PITKIN ) ss. LECrAL OPINION CE�TIFICATE "
) ' ��
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` i I, Siivia Davis, County Clerk and Recordex of Pitkin County. Colorado, do ':;r '?
� ' hereby cerrlfy thai the attached legal opinion of Hogan 8c Hertson,Attoineye at Law,Dcnver, �`i:r .
� i Colorado,is a hve,perfect and completc copy of a manually execvted and dated copy theaeaf �
! which is addressed to the County snd the underwritera for the Bonde aad is on,file in the �';r�,
; ! records of the County; and that a maauelly executed and dated copy of the opinion was } '�:.
i forwarded to a.xepresentative of the undcrwriters for the Bonds for retention in its records; �� �:6.;�:�
� and that the opinion was datcd and issued as of the date of delivery of and payment fo:the
� Bonds.
f w IN WITNESS WF�:REOF, I lxave cauaed W be hFreunto�set the facsimile of ,
� I my signature aad the fecsimile of the seal of the County of Pitkin;State of Colorado. ''' -
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( � Coumty Clerk ansi Recorder ,,. . ,
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�, , DEC 21 '93 05�SBPM FiOGqN & HRRTS�I DENVER P.18 s,, -:
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Section 13. l�eliv� of Series 1993 Bqnds. When the Series 1993 BoAds
bave 6een duly execssted and authenticatcd and on receipt of the agreed purchave pzice as sct
; fortFt ia Stction 10 hereof,the Series 1993 Bonds shal!be delivered to DTC on behalf of the �%
� Sedes 1993 Undenvriter. The Regisuar sball ipitielly registcr the Seriea 1993 Bonds �n the �` �'
i nazne of Cede&Co.,as nominee for DTC and security depository for the Scriea 1943 Bonds. ";r�K'
F The funds realiud from the sate of the Series 1993 Honds shall be applied solel}c for the 'r
� pusposes set forth in Section 3 hercof and for no other putposes whataoever. Tha Series 1993 '���,�`",
Undecwriter s6a11 in no manner be re9ponsible for the applieaflon or disposal by;he County, '?"
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� or any af its officers.of any such funds. � t;?�:
f Secdon 14. Disoasition of Bon@ Proceeds. The proceeds derived from the r''�`,
;;: .'
� sale of the Series I993 Bond9, upon the receipt thereof, ehall immediately be depoeited and `i�
� i accounted for in the following order of priority: :�
1 �':i;.
� (a) �irst,there sha11 be credited to the Hond Account all moneys reccived ss
! accrued interest on the Series 1493 Bonds£com their date to the dau of their delivery,•
� � (b} Second,there sha11 be deposited to the Reserve Account eeated in the
I Series 1992 Resolution en amount equel to 10°/a of the aggregate prjncipai emount of the
Series 1993 Bonds.
j (c) Third, the balance of the proceeds shali be depoeited.into an'account '''
� hereby created within the Transportation Capital Improvemcnt Fund and to be k�pwm as the
Serics 1993 Project Account, held 6y thc Covnty Treasurer. Tbe money5 ia the Seaies 1993
" ! Projeet Aceount, except as otherwi9e provided herein,shall be used solely for the costs of thc
� Series 1993 Project and costs of issuance of tho Series 1493 Bonds. Upon completion of the
� Series 1993 Project, any moneys remaining in the Seriea 1993 Projeet Account and not `+
j needed for the Series 1993 Project shall be deposited into th'e Bond Account. ` f 4
i
' i Section I5. The Series 1993 Insurance Policst.
R �
_? � (i) In the event that, oa the second business day, end e�ein oa the
� I buvness day, prior to the payment date on tl�e Seriee 1993 Honda, tlu PayL�g Agent
has not receivcd sufficient moneys to pay all principal of and intereat on the Seriea �
'� 1993 Bonds due on the sewttd following or following, as the case may be, busu►ess .
� day,the Paying Agent shatl immediately notify the Bond Insutefor it9 des3�oa ihe
� same business day by telephane or telegraph, tonfirtned in writing by regis�eced or
I
, certifted mail,of the amouni of the deficiency. ;;�,
i 4
J (ii) If the deficiency is made up in whole or in parc prtor tn or on ��';
i the paymeat date,the Paying Agent sk►all so notify thc Bond Insurer or its desi�nce. ��`- -
�,� ,
; (rii) In addition, if the Paying Agent has notice that any Series 1993 rg;t i
� Bondhoider bas been required to disgorge payments of piincipal or interest on t6e �
' Series 1493 Bomds to a Mutee in banlQUptcy or creditors or others pursuent to a final },�,�.:
j judgment by a court of competent jurisdicfion that sucb paymmt constituks a voidable ?'�
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p • • DEC 21 '93 05=59PM HOGRN & FWRTSON DENVER P.19 ;,�. ':
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� prefecence to such Bondholder vdithln the meaning of any applicable bevkivpbcy laws, �
then the Paying Ageat ahall notify the Bond Insurer or its deafgnce of such fact by
t telephonc or telegraphia noticc,conf'umed in wrifing by registezed or certified mail.
, , ��::''
' (iv) The Paying Agent is hereby irrcvocably desigaatat, appoinud,
directed and authorized to act as attnrney-in-fact for holders of the Seriee 1993 Bonds '-��Y �:
' as follows: �"�
, �:.
I
(A) If and to the ext�nt there is a deficioncy in smounts �
; •:,.�,'
: required tn pay intcrest on the Series 1993 Bonds,the Payina A�ent sbal] (A) >:.. '
� execute and deliver to Citibank,N.A., or its successors under tlu Series 1993 ">%` �
� Insurance Policy (the "Inaurance �aying AgenY�, in form satiafectory' to the �`;�
! Insuratice Paying Agent,an instrument appointing We Bond Insurer es agent for
; such holders ia eny legal proceeding related to the payment of sucft interest aad �,,;
; • an essigament to the Hond Insurer of the claims for interest to which such ��•'
. ; deficiency relates and which are paid by the Hond Insucer, (B}'reeeive as
; designee of the respective boldets (and not as Paying A�ent) in accordance
• i with the tenor of the Series 1993 Insurance Policy paytaent from the Insiusuce
! Paying Agent with respect ta the claims for interest ao assi�tted, attd (C)
� disburse the sazne to such respec$ve holderc; aud
� -
i (B) If and to the extent of a deficiency 9n amounta required to :%
pay principal of tlte Series 1993 Bonds,the Paying Agent ahall(A)execute and -
, deliver to the Insurance Paylug Agent in fotm satisfsctory to the Insuance
• ! Paying Agent an instcument appointing the Bond Ineurer as agent for such
i holder in any legal proceeding relating to the payment of such principa[and an
assignmcnt to the Hond Insurer of any of the Serics 1993 Bpnda sorrendered to
� the Insurance Paying Agent of so much of the principel,emount thereof as hes _
` not previously been paid or for which moneys are not heW bq the Paying � i
� Agent end available for such paymont(but such assignm�nt shall be delivered
_�� ; only if payment&om the Insurance Paying Agent is receivcd), (B)receive aa
' designee of the respective Series 1993 Bondhpldexs(and not as Paying Ageat)
+ in accordauce svith the tenor of thc Series 1993 r�m+*a�� Policy payment � ��
therefor from tho Insucance Paying Agent, and (� disbf�rse t6e seme to such
� � Series 1993 Bondholders.
� ; . : �
� (v) Payments with respect to claims for interest on end principal of
� � Series 1993 Bonds disbursed by the Paying Agent&om proceeds of the Series 1993
i I Insurance Poticy shall nat bc considered to disoharge the obligation of the County with � ?
� respect to such$eriea 1993 Bonda, and the Bond Instuer shail beeome the owncr of ��::�
� such unpaid Series 1993 Bands and ctaims for the interest in accordence with the tennr �? :�_.
� of the assignment made ta it uader We provieions of this subseciion or otherwise. ,, x'
� . � ! ' t
; (vi) Irrespective of whethex any such assignment is executed end ��r�" �
delivered, the County and the Paying Agent hereby agree for tlie benefit of the Bond fr'.
: .:
i Insurer that, •��
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�. DEC 21 '93 05�59PM HOGtaN & FIARTSON DENVER ,.�P.2� - -
. ' ,�,}'J i-
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_ � ' ' �s ',�"r ;:��
`• (A) They recognize that to the cxtent the Bond Insure'r melces
� ayments directl or tndireett
j P , Y Y �� bY PsY�B �TOUgh the Payipg Agent), on
j account of principat of or interest on the Series 1993 Bonds,the Bond Insutes
will be subrogated W the iights of such holders to receive the amount of such ,"''r�'°�
� principal and intorost from the County, with inteteyt thereon as prnvjded and
;,y_Y; ;
' solely from the sources stated in the Sa3es 1992 Itesolution,this Supplemantal
� Resoluuon and the Series 1993 Bonds,and �:_;:::'; .
� n<,,.: :
' (B) They will accordingly pay to the Bond Insurer the �;;�'�
� amount of such principai and interest(including principal and interest recovered ��. �
` ! under subparagraph (ii) of the first paragraph of the Series I993 Insuraace `�'%` �
; � ' ii,.;
, Policy, which principal and interest shall be deemed paat due end not to havo .�;;
f been pai�, with interest thereon as provided in this $upplemmtal Respluaoa �`
' and ihe Series 1993 Bonds, but only &om tIu sour"aes and in �he manner �;yP
' provided herein for the payment of principal of and intuest on the Series I993 �•"��•
Bonds to holders, and will otherwise treat the Bond Ins�aer as thc owner of �,� ,,,-',
� such rights to the amount of such principal and interest a
( (vit) In connection with the issnance of Sales Tax Parity Obligations, � ,
� the County shsll deliva w the Bond Tnsurcr a copy of tbe disclosure document;if eny,
! circulated with res,pe;ct to such Sales Tax Parity Obligations. .
. � •.
i (viii) Copies of any amcadmcnts made to tl�e dacumcnts exaputul in ,'''�
� conaection with the issuance of the Series 1993 Bonds which are consented to by the
�
• Bond Tnsurer shell be sent to Standard 8t Poor's Corporat{on. ,
� .
�
(ix) The Bond Insurer shall receive notice of the resignstion or '�
! removal of the Paying Agent and the appointment of a successor thereto. ' , !T
� �� �...
' (x) The Bond Insurer shall reeeive copies of all notices required m
� ' be delivered to Series 1993 Bondholders and, on an annual bavis, copies of the
i ; County's audited financial statements and annual budget '
i '�
�.. � (xi) Any notice that is required to be given to �.holder of the Sedea
�, ; 1993 Bonds or to the Paying Agent pursuant w the Resoludon shatl t�Iso 6e�Srovided
� ; to the Bond Ineurer. All notices required to ba g9ven to the Bond Insurer under the
' Sades 1992 Iiesoludon or this Supplemental Resolution shall b4 j,n writing and shall he �, -
j sent by registered or ce.rtified mail addressed to Muz►icipal Bond InvesEors Aysurance " ,,,
' Gorporation, 113 Kixig Stree;Armonk,New York 10504,Attention: Surveillance. ;��
�;::;:
� (xii) All approvals or consents required of the Bond Insurer under the �f 1;-�=.
' Series ]992 Resolution or this Supplemental Resolutio�shall be requind only.so long �♦ �'E
as the Series 1993 Insurence Polic �., � �
: y is in effect and thc bond Iifsurer is not i�p default �� �
i thereundec.
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� • . DEC 21 '93 06�00Ph1 HOGFY�I & HRRTSON DENVER � P.21 � •
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� Secdon 16. De asance. When the pzincipal o� premium, if any, end
; i�erest on any Series 1993 Bonds have been duly paId,the pledge and lien and sll obligabions
• hereunder shall be discharged, and such Series 1993 Bonds shall no loneer bo deemed to be �
� Outstanding tvithin the meaning of this Supplemental Resolution. There shell be deemed to
• be such due payment of eny Series 1993 Bonds when the Coucrty]�ee pleCed in escrow or in ="r.�
: truat with a commercial bank located within or without the Sffite,aad oxereisina hvst powcrs,
• an amaunt sufficiart(including the lmown minimum yield from Federal Securities iut wlrich 's?.;.�"": -
_ � such amouttt wholly or in part may be iuutielly invested, which Fcdcral SecuriHes sha11 not �Y'' •
• contain provisions permiiring the redemption theceof other thau at the option of the holder)to ;'i:�,
meet all requirements of priacipal of, premium, if any, snd interest on such Series 1993 ,:;; ;
Bonds as the same bccome due to their final maturities or upon eay re�}empdon dates as of '
whicl� the County shall 6ave exercised or ehall have obligated itsclf�to e�cercise its prior '=�
, : redetnphon option Tho Fedaal Securitics shall become due ai or prior to the respectivc
' times on which the procecds thereof shall be needad, in accordaoce w'sth s echedule �:��
' established end agreed upon between the County snd such bank at the time of the creation of '
. the escrow or tn�st, or the Pederal Securities sl�alt be subject to redemption at the option of � ,
; the holders thereof to assure such scfledule. So long av the Series 1993 insurence Policy is in
effect attd the $ond Insurer is not in default thcreunder, any defeasance of the Series 1993
; Bonds shall not be effective until the Bond Insurer shall have received (i) the final official
statement delivered in connection with the refunding bonds, if aay, (n) a copy of an
� indepeudent certified public accountant's verification report with tespect bo the suf6cicncy of =
. the escYOw; and (ill) an opinion of bond counsel, dated the date'of closing and eddressed to `� :,'r-
�the Bond Insiacr, to the effect that such bonds have been paid within the meaning�d with
, the effect expressed in this Supplemental Resolut�on, and thai the covenants, egrcements and
- • other obligations of tho County with respect to the 5eries 1993 Bonds have been discharged
and satisfied. �
, Section 17. Amandment of Certain Resolutiori's: Continuance and Collection `� ��
s�f Taxes:Apnlication of Pledged Revenues,
�
,>.'=:'
� j A. All resolutions concerning tlie Sales Ta�c are now in full force and effoct
, and have not beeu repealed. Unless the pledge sud lien herco£on the Sffies Tex shall l�ave
been released as pernutted hercby, the Couaty will not repeat or amend such resoluHous In
' any mauuer which would diminish the Pledged Revenues to a level below the level designatrd
��\ . in Section 29(a)(v)of the Serles 1992 Resolution. In addition,the County will tal�e wbatever �
- � actions it deems necessary to effectuate the Sales Tax. •
+
� The County will continue to levy, impose, administer, enforce and u lect the '�
� Sales Tsx within the County ia accordance with the Selos Tax Resolution,without�duction 4 r ��
� in the percentage rate of the Sales Tax or the items and/or transacdons subjeet thereto,except yr'" .� '
i av set forth above and herein. �s ;�`:.
E;�t ' -
The foregoing covenants are subject to compliance by the Couti� with any #�fi i
i le slation of the Uniteci States or the State or an re ` '�
gi y gulation or other action t:lcen by the r.�:,
• federal government or any State agency or any political subdivision of the State•pursnaut to `:5,:�
• such legislntion, in the exercise of the police power thereof for the public welfare, which
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. _ �'
� • DEC 21 '93 66�61PM FEOGHN & HARTSON DENVER • P.22 •
' •i� ''
. � � 4���
ti.
� IegialaBon, regulation or scdon applies to the County aa a Colorado home rule�county and ���`�:�
� limlts or othernvise inhtbits the amount of such tax revenues tlue to the County. AA of the ! '�
, Pl.edged �t,evenues resulting &om the imposition and collection of the Sa1e9 Tax shaLl be ."';;
aubject to the payment of principal of, premium, if any, and interest on Seles Tax Pazity
; Obligatioas end the use thereof to remedy deficiencies ln the Reserve Account ead otherwlse f.',?' .�
as provided herein or in any instnunent supplementsl or amendatory hereof. ��.'.. _
� B. Defense of Legalitv of Pledged Revenues. There is not pending ar i'� -'
; threatened any suit, action o� proceeding against or affectin the Co �� '
g imty bofore ar by any �?, :
' court, arbitraWr, administrative agency or other governmental authority which affects the r'
• val3diry or legality of the Series 1992 Resol¢tion,this Supple,mental R.esolu6on,the Sales Tax �=�'
' Resolution,or the imposition and collection of the Sales Tax,any of the County'e obligadons �, `
' under the Series 1992 Resoludon, this Supplemental Resolution or any of the �ensactiona '
contemplattd by the Series 1992 Ttesolutton, thIs Supplemental liesolution or the 5ales Tax ';:p
, i Resolution. .
' The County shell, to the extent pemdtted by law, �efend the validity and
legeGty of thc Series 1992 Rcsolution, this Supplemental Resolution and the Sales Tax Reso-
• luflon, and all amendments thereW or substituNons U�ereof against all claims, sutts and -
' prcoceedings Which would diminish or impair the Pledged Revarues as security for the Sales
Tax Pazity Obligations. Furthermore, the County ehall amend from bme to time the
i provisions of the Series 1992 Resolution, this Supplemeatal Resolution, the Sales Tax -~'
• Resolution and any other resolu4ion of the County,av necessary,to prevant Impairment of the
' Pledged Revenues as zequired to pay principal of,premium,if any, and'vnterest on the Sales
. Tax Parity Obligations whon due. r
! Except es specified in this Supplemental Resolution, the County has not
� prcviously essigned or pledged the Pledged Revenues in any manner except with respect to � �
the Series 1992 Bonds av set forth in tt�e Series 1992 Resolution.
Scction 18. Tax Cov�nants. The County hereby covenants for the benefit of
the 5exies 1993 Underwriter and the owners of tlu 3eries 1993 Bonds£rom time W time that
,� . the County shal!not: (i)meke any use of the praceeds of the Scrics 1993 Sonds, any fw�ds
reasonably expected to be used to pay the principal of or interest on the Series 1993 Honds,
�� - � or any other funds of the County;and(ii)make any use of the facilities comprfsidg the Serles
` , 1943 Pioject,or take(or omit to take)any other action with respect to the Scries 1993 Bonds, _
the procecds thereof, or otherwise, if sueh use, acdon or omiesion would, undar the Cbde,
causc thc iaterest on the Series 1993 Boads to be imcluded in gross incame for fedcral income !
tax purposes or be ueaud as en ium of tax preference for purpQSes of the federal al�mative i: ±
: m'tnimum tax. . s . �,: ;
. �� .
• In particular. the County hereby covenanta for the benefit of the Series 1993 4#'`. ' ;��-�
� Uuderwriter and the owners of tho Series 1993 Bonds�om timo to time that it shall not take ?;f� �
, (or omit to take) or penmit or suffer any action to be taken if the result of the 9eme would �` ��
. cause the Series 1993 Boads to be(i) "srbitrage bonds"with9n the meaniny of Secflon 148 of :�.1.�
the Code, including for such purposes, to the extent applicable, the rebate requircments oF
,
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, ^ • DEC 21 '93 06:61PM HOGAN & HARTSON�DENVER . T P.23 �',: -
:;7:;. .�
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. � .;y:. , .!,
'. i ♦ • .
; Section 148(�of the Code; or(ii)"private aciivity boads"witb3a the tneaniny of Secdon 141
of the Code. Such covenants of tho County shall survive the payment of the Seriea 1993
Bonds.
� '
. The County hereby destgnates the Serles 1993 Bonds aa "quatitIed tax-exempt '';r- `
. obligations" purauant to Section 265(b)(3) of the Code and represmts that tbe reasonably
snticipated amount of qualified tax-exem,pt obligattans (other then private activity bonds) °�:,,` '";: -
' which will be issued by the County during the ca(endar yeaz 1993 does not excocd '''' .
$10>000,000. '•.�.}`-
. The County hereby additionally represents that',the reasonably anticipated ���' `
-.,:; .
amount of qualified tax-exempt obligadons (other t�en private activ�ty bonds)wluch will be '�::
issued by the County during the calendar year 1993 does not exceed$S,OOO,OpO.
. �,�
The Chairman of the Boerd is hereby suthorized to execute a tax certiflcate on '• '�f
• behalf of the County in implementation of the foregoing covenaats, end the representations �' .:��';
' and agreements xt forth therein shall be decmed the representationa end agreements of the
. County,as if tha same ware set forth herein.
.:.
Section 19. Direction to Take Authorizing Action. The Cl�air�an of the
Board, the Commissioners, the Treasurer, the County Clerk and Recorder, the Deputy Clerk
and Recorder, the County Attorney, the Assistant County Attomcy and other officers and '�' ` ��=
employees of the County horeby ere suthorized and directed w take all action necessery or
appropxtate to effectuate thc provisions af this Supplem«rtal Resolution, including without �
. limiting the generality of the foregoing,the original or additional printing of the 5erIes 1993
, Bbnds in such quantities as may be eonvenient; such action as shalt be'hecessary�lo maintajn
• the exclusion of interest on the Series 1993 Bonds from gross income for federel income T� '�
' taxation purposes; the executioa of the Series 1993 Pnrehase Contract; and the ex�ution of , ;� ��
' such certificates, letters,opinians and agreements a9 may be required to effect tl�e Serioa 1993
� Project or relating to the issuancc of the 3eries 1993 Bonds and the Series 1993 Insuraz►ce
� Policy, iticluding but not]imited to certificatcs, lettera, opinions ead>eements wncerning:
i , ' the book entry form of the Series 1993 Bonds; the cxccutioa of the Series 1993 Bonds; the
tenure and identity of the County officials;the receipt of the purchase price of the Seriee 1993
Bonds;the absence of Htigaflon,pending or threatened,affecting the valldity thereof; end the
�\ ' absence and e�cistence of factors affecting the exclusion of interest on the Series 199t Bonda .
` from gross income for£ederal income taxation purposes. "
� Section 20. Amendments to the Series 1992 Resolution. �_
; {�
; (a) (3eneral Amendmenu. Thc following provisions of the Series 1992 s�:;
; . Reaolution aze hereby.etaended so tBat ell references itt euch provisions to "Bonda" or"Seriea i� ��`
` �- :
� 1992 Bonds" aze changed to "Sales Tax Pazity Obltgations", and all referpncea in such � ' � -=
� provisions to"Bond"oz"Series 1992 Bond"are changed W "Salee Tax Pllrity Obli�adon" ,��.�. i
:L; ,
(b)and(o):: s;��.
(i) Section 1,subsections :v„�
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�� . . DEC 21 '93 06�02PM HOGAN & HARTSON DEM�ER P.24 �:�. --
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(ii) Section 4,aub�ection(c).
(iii} Sectioa S,subsection(S). ��'_ •
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� (iv) Section 7. "':� '
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� (V� $CCtIOA B. ��"'- �
Ss:
�Yl� SCC130D 11. . '`��'::;,.�'
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vu Secdon]7 second sragraph of subsectian onl '��'�``'
( ..) � P �) Y)• �- .
�:�;
; i (viii) Sections 23 and 27. �",
'"'�P,
(ix) Section 29,subsections(b)and(c). r' ` :
- • ■' .4"
(x) Section 32. �
� � ' (b) �iinendments to Section 1. Subsections(p)and(v) of Section 1 of the
: Series 1992 Rosolution are hereby amended w read as follaws:
- . (p) "Paying Agent" meens the artiry or entitIes appointed by the '� ;;;:���".
� County to serve as paying agent for the Sales Tax Parity Obligations,being the i
_ • Bank of Cherry Creek, N.A„ im Denver, Colorado oi ita successors, or such '
. � other entity ar entities appointed by the Couuty to ser�rc as P8Y�6 aSent for '°
� any seriea of Sales Tax Parity Obligations.pursuent to a supplemental
` resolution. �
� � • -
? �. �;
(v) "Registrar" meaas the entity or entities appointed by the County
1 � w serve as registrar and trnnsfer ageut for the Sale9 T�c Psrity Obligafloffi,
� , being The Bank of Cherry CYeek,N.A., in Denver, Colcredo az its successors,
� • or auch oWer eatity or entities appointed by the County to serve as registrar and
transfec agent for any series o� Sal.es Tax Parity Obligationa pvraual�t to a
. st�pplemental resolution. �
�.\ , ,
_` j . (c) �}Pndme�t to Section 4. Scation 4, subsection(c) of th�S�rles 1992 _
Resoludon is hereby ammded by the addtt[oa of the phrase "Unless otherwise provided ia a �, �
� . supplemental resolution relating to any series of Sales Tax Parity Obligadone," ai the �.
beginning of the fust sentence theteof. ' k
��y:� .
(d) Amendment to Section 24, Scction 24 of the Seriss 1992 I�solution is '� «
. �
hereby amcnded to read as followe: � � -
t;z� � i^'
• d't �
, If any Event of Default shall exist, any owner, or • � �
. a tcustee thecefor,may enforce its zights hereunder �1~
th -. -
i by any available legal or equitable retnedy, `�`"�
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' DEC 21 '93 06�02PM HOGFlN & FiARTSON DENVER P•� .
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-. � �ACllldltlg IdBIIdRIIIL3� 3�7GCI�C }1CTf0YIf19IlCC� �1E .,%�.:., •.
' appointrnent of a receiver (tho consent to such
, appointment luing heaeby granted), Iajuactivc '�,.
relicf; requiring the Hoazd to act es if it were the �' ':``�`�
� hvstee of an expross tivst, or any combination of ���:r'�
� such zemedies, except that, with respect W any
� Salos Tax Parity Obllgations in9tued by the Hond �
at
` ; Insurer, tb.e approval of the Bond Insurer shelI be ''='`� ~
i i required priar to aay such action so Long es the �:.��'.5
� ins�uecice poticy with respect to any such Sates -_'`::.
Tax Parity Obligations is in effect and the Bond �_'�`'
' Insucer is not ia default thereuadet. All k`�''�
' proceedings shall ba maintained for the equal
� benefit and protoction of all owners. Any receiver ��p
� appointed to protect the cights of awners�may t�ice ' '
�� : possession of an operate and maintain the Projeet ..s:�';
in the same manner as the County itself might do.
i � The failure of any owc►er to proceed doea t►ot
� ' • relieve the County or any person of any liability
� , for failure to perform any duty hereunder. The
; foregoing rights are in addition w any othea sight, ;.
and the exercise of any right by any owu4�r ahall ;?y,*?`-
not be deemed a waiver of any other right. So
� long as any insurance policy issued by the Bond
Insurer with respect to any Seles Ta�c Perity
� Obligations is in effect and tha Bond Insurer is nof
in default thereunder, the Boud Ineurer shal! '
� ; control alt default proceedings with respect to any ' .��
, Sales Tax Perity Obligations insured by thc Bond
� . Insurer. � •
` .�..
- (e) �tnendment to Scction 25. Section 25 0�the 5eries 1992 Resolution is
. hexeby amended to:ead es follows: '
`� ; , (a) The County may amend or modify any provisioa of this .
_`. � , Resolution without the conseat o�or notiee to the owaetis as followa:
± . (i) To grant to or eonfer upon the owners�any additional rlghts, .a;
! • remedies, powcrs, authority or security which may lawfullq��be granted , (,
or conferred, r
.�:;. ,
. ��f _,,',
. (u) To cure any formal defect, o�is5ion�or aa►big�ity ia this f �=�
�.` �
Reeolution. �� -. �
i (iii)To add to the covenants and agceements�of ttu County sct •�` �
. :1�,�
forth ia tliis Resolution. •
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;� . . DEC 21 '93 06�03PM HOGAN 8, HqRTS01d DENVER P.26 - -.
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• (iv)To subjeet to tkus Resolution addidonal revenues, propert(es '
or wllateral.
..�.:�::; '.
� (v) To appoint successore to the Paying Agent or Registrar,
� :!.::Y.:-:.: .
' (vi)To effeot, in wnncctioa with the preservation of the tax- ���r:,.:;`':'.
exempt status of the intereet on any Sales Tax Parity Obligation, any •�_;�`:-,: .
. r• other changes in this Resolution wiuch, in the opinion of an attorney or 'z=: ` '.
- firm of attomeys whose experience in matters relating to the issuence of ��?�'.`
obligations of states end their politital subdivisions is nationally •;;'; `
. reeo zed, do not matcriall end re'udieistl affect the ri '�' �
B� Y P ] Y gErts of the • �;.':
owners of any Sales Tax Parity Obligetiotts. �?;' ,
, ' (vIi)To effect any other chauges in thia Resolution whicE�,in ftu '�',,f,
opinion of an attomey or firm of attorney6 whose experience in metters `'.�i
- relating to the issuance of obliga6ons by statea end their political
subdivistons is nationally recognized,do twt materially and prejudictally
� affect the dghts of the ownexs of eny Sales Tax Pai'ity Obligations.
' :-.
. (b) The County may amend or modify any provision of this
Resolution with the written consent nf the owners of not less thsu a mRjority of
the priacipal emoimt of the Sales Tax Parity Obligation3 then Outstaading(and, `��•%��
,.,i;,.
• so long as any insurance poliry iseued by the Bond Insurcr with respett to any i _
• Sales Tax Parity Obligafion9 is in effect and the Bond Insurer is not in default
. thereunder,the written consent of the Bond Insurer);providcd that the written
consent of the owners of one hundred percent(100%),of the principai amount
of the Sales Tax Parity Obligations then Outstaeding (and, so lon� as aay �
. insurance policy issued by the Bond Insurer with iespect w any Sates Tax `' ,
'� Parity Obligations is in effect and the Bond Insurer is not in defautt thercunder, '.��
the vtritten consent of the Bond Insurer),ie tequired to:
i
1. (i) Extcnd the maturity of any Sales Tax Pazity Obli�ation or
' , chsnge the terma of the redemptlnn of the principal of sny Z3uLvtanding
.`
Sales Tax Parity Obligation;
\� i � , =
(ii) Reduce the principa] amount, intefest rate or redempflon
premium of nny Outstanding Sales Tax Perity pbligation; �, �
i -
i (iii)Creete e]ien upon or pledge of Ple{�gcd Revenues rauking i`�
' prior to the llm or pledge created by this Reeolution; ��s;; ,,
� i �t.',
�:':
� (iv)Reduce the principal amount �f tht Sales Ta�t Parity �' ' � --
' Obligations required for consent to any amendment or modifications to �. �
; thie Reso[ufion;ar �
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. ��. � .� :'i�. . . . . l. - p.
�� " DEC 21 '93 96�93PM HOGRN& HpRTSON DENVER P.27 �:`• -
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' (v) Modify or otherwise affect tiu ti�hts of the owners of less '_�`
than all o£the Sales Tsx Parity Obiigatlons tben outstandio�;
(vi)Establish prioriries between Sales Tax Pazity Obligations.
. `:x;
(� Amendment to E�ibit A. Paragreph(3 of Exlu'bit A to the Resolution '` ��
— ;.t..;,,:..,
is hereby amended to read as follows: 7�;'_.--: .?
��..�. -`
• G. Inveshnent Agreements, including guacsnteed -;:�. ::;
iavest�nent contracts acceptable m the Hond .
Insurer and Staadazd&Poors Corporation. :`'+�`'
�_:
Section 21. �g.
� �°r
,• (s) The Board hereby finds and determines that the Seriea 1493 Bands have �
• a maximum net effective interest rate per annum not ia excese of 8-1l2% per ennum, the °`'�
• maxitnum net effective interest iate suthoiized at the Special Election.
@) The Boazd heceby finds and determines that all of the psovisions and ��
Iimitatious of the Act and any other applicable laws have been met and siattsfiod.
�:;:.
Section 22. Contract with Ownere. Aftcr the Setles 1943 Bondv hsve been ��i�
� issued, ihe 5eries 1992 Resolution, ag supplemented by the SupplemeAtal Resolution, shall `
wnstitute an irxevocable contract between the County and the owner or ownera of the -
- � Series 1993 Bonds and, except as otherwise provided herein,shaii be and remein irrepealable
- . and unalterable until thu Series 1993 Bonds and the intereat thereon shalf have been fully � ,3
, paid,satisfied and dischatged. "
• �
• Sectiott 23. Pacties Interested Herein. Nothing herein expresaed or implied is
intended or shall be wnstrued to confer upon, or to give tn, any person or entity, other tb.w
� the County, the Paying Agent, the Registrar and the'owners from time to time of tka
� Series 1993 Bonds anq right, Yemedy oc clalm hereunder. All the c0.veueDts, slipulatioas,
� promises end agreements bercin contained by end on behalf of the County shall be for the
. sole and exclusivc benefit of the County, the Paying Agent, the Registrar and any owner of
� the Series 1993 Bonds, ' '
a
Secdon 24. Effecfive Date. This Supplemental Resolution st�all �become ''
effective immediately upon its passage. � � ''�
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': � P. �P�+ clause or provision of ��`�` "�
Scctron 25, ,S,gverabilitv. If any secttoa ar a anse �,
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this R,esolution shati for any reasan be held to be invalid or wnarforceable,the tlrvatidity or �:;
unenforceability of suah soction, pazagraph, ciause or provision shall not affect eny of the .�; ` t "
' remaining provisions of ttds Resolution. ��'� •. �
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. µ Section 26. $�gl. All act� and resolutions •iu conflict with this `;��,.,y j
�� S u p p l e m e n t a l R e s o l u t ion aze h e re by rescin d e d,ann u ll e d a n d repealed, s r ealer shall not �"x�
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� be constived tn nvive atty act or resolutfon,or psrt thereof,heretofore repealed. •
� Section 27. �, This Supplemental Resolution eha11 be publlshed by �:�
� fltle and short outline as provided by Secflon 2.8.2.5 of the County's�Iome Rule Charter. (��;., :. .:'
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' INTRODUCED,FIRST I2EA.D,AND S$T FOR PUBLIC HEARIN(}AT THE i�;�i;'' '�
REGrLTLAR MEETII�I(3 ON THE 21at DAY OF DEC$MBER, i993. �
• NOTICE QP PUBLIC HEA.RING PUBLISHED IN 'TI�.ASPEN TIMES ON "'��` '""
' THE lOtb DAY O�DECEMHER, 1993. :+::.°i'��•_
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" APPROVED ANA ADOPTED AFTER SECOND READINQ AND PUBLIC "
HEARINC3 ON THE 21st bA'Y OF DECEMBER, 1993. ;,�Yx`;.`•.
,�.�:...; ..
� PUBLISHED AFTER ADOPTIpN IN THE ASPEN TIMES ON THE 24th r"• `
DAY OF DECEMBER, 1993. E:�`-,
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° ATTEST: BOARD OF COUNTY SSIONERS OF �.�
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� PITKIN COUNTY, O �.`..
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. 5 d /fi�d/ G��1,6/ By:
t "
� �- s,twn �AUlS $i T�i ,Chatr�man �
.D�pvt�Clerk 8t Rccorder
Date: December 27, 1993
• `^_'�s
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I APPTiO'VED AS TO FORM: MANAGER APPROVAL: � !�'
� �---- . ----� �( ,�____ '`
, � ---T—�-.� �r .
. i
!� John Ely Reid Haughey • i, ;
i ' Assistant ty Attorney County Manager - �
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— � APPROVBp AS TQ CONTENT: ;�.
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