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PITKIN COUNTY CAPITAL LEASZNG CORPORATION 1 � •'•>"''
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CENTRAL BANR OF DENVER� A BANICING CORPORATION, � {�� �
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AS TRUSTEE i,r,-.- ., : .
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MORTGAGE AND INDENTURE OF TRUST �'� ''
Dated as of
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-; :�i November 15, 1988
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�� This is a security agreement with respect to chattels, �-
as well as a mortgage on real estate and other property.
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TABLE OF CONTENTS
(This Table of Contents is not a part of this Mortgage and '
Indenture of Trust and is only for convenience of reference)
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ARTICLE I � � �
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DEFINITIONS ,,.�;.-'. -::-
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Section 1.1 Definitions . . . . . . . . . . . . . . . . . 16 �rr_�!
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' ARTZCLE II i"'"'
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AUTHORIZATION, TERMS, EXECUTION AND ISSUANCE � � :
OF CERTZFICATES � 4
Section 2.1 Authorized Amount of Certificates . . . . . . 23 j� '
Section 2.2 Issuance of Certificates . . . . . . . . . . 23 +.? �
Section 2.3 Certificate Details. . . . . . . . . . . . 24 '.�,
Section 2.4 Limited Obligation . . . . . . . 24
Section 2.5 Execution and Authentication of the
V:� Certificates . . . . . . . . . . . . . : : : 25
�� Section 2.6 Effect of Execution and Authentication 25
:; Section 2.7 FoTm of Certificates . . . . . . . . . . . 25
Section 2.8 Delivery of the Certificates . . . . . . , 25 �
Section 2.9 Mutilated, Lost, Stolen or Destroyed
Certificates . . . . . . . . . . . . . 26
Section 2.10 Registration of Certificates; Persons �.
Treated as Owners; Transfer and ^•��
Exchange o£ Certificates . . . . . . . . . . 26 `
Section 2.i1 Cancellation of Certificates . . . . . . . 27 ,y
Section 2.12 Issuance of Additional Certificates . . . . . 27
Section 2.13 Negotiability . . . . . . . . . . . . . . . . 29
ARTICLE III
REVENUES AND FUNDS �
j section 3.1 Source of Payment of Certificates . . , . . . 30
Section 3.2 Certificate Fund . . . . . . . . . . . . . . 30 �
Section 3.3 Reserve Fund . . . . . . . . . . . . . . . . 31
Section 3.4 Projects Fund . . . . . . . . . . . . . 34 • �-.
• section 3.5 Creation of the Extraordinazy Revenue Fund . 34
_ , Section 3.6 Nonpresentment of Certificates . . . . . . . 35
Section 3.7 Moneys to be Held in Trust . . . . . . . . 35
Section 3.8 Repayment to the County from the Trustee . . 35 � ,+�
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ARTZCLE IV
• REDEMPTION OF CERTIFICATES
Section 4.1 optional Redemption . . . . . . . . . . . . 36
Section 4.2 Extraordinary Redemption . . . . . . 36 -
section 4.3 Application of Moneys upon Termination .
of the Lease Term by Reason of
Certain Events . . . . . . . . . . . . . . . 36 ' --�
Section 4.4 Notice of Redemption . . . . . . . . . . . . 37 �'.'�' �'
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Section 4.5 Redemption Payments . . . . . . . . . . . . . 38 � +�•,
Section 4.6 Cancellation . . . . . . . . . . . . . . . 39 s;s`�?
Section 4.7 Partial Redemption . . . . . . . . . . . . . 39 '•'���;'�.
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ARTICLE V
INVESTMENTS �r-
Section 5.1 Investment of Moneys . . . . . . . . . . . . 39
� Section 5.2 Tax Certification . . . . . . . . . . . . . . 40 :.�
i Section 5.3 Rebate Fund . . . . . . . . . . . . . . . . . 41 {:__
ARTZCLE VI t `�
DISCHARGE OF IND£NTURE �.
Section 6.1 Discharge of the Indenture . . . . . . . . . 42 �
ARTICLE VII
.� DEFAULTS AND REMEDIES
Section 7.1 Events of Default . . . . . . . . . . . . . . 44
Section 7.2 Remedies on Default . . . . . . . . . . . 44
Section 7.3 Majority of Participants May Control � d3
Proceedings . . . . . . . . . . . . . . . . 46 !..'< '
Section 7.4 Rights and Remedies of Participants . . . . . 46 �" -e
Section 7.6 Waiver of Appraisement, Valuation, ;'�
' Stay, Execution and Redemption Laws . . . . . 47 i��,l.
Section 7.7 Trustee May Enforce Rights Without
Certificates . . . . . . . . . . . . . . . . 48
Section 7.8 Trustee to File Proofs of Claim in �, ,
Receivership, Etc . . . . . . . . . . . . 48
Section 7.9 Delay or Omission No Waiver . . . . . . . . 48
Section 7.10 No Waiver of one Event of Default to
Affect Another . . . . . . . . . . . . . 48
Section 7.11 Discontinuance of Proceedings on Event
of Default; Position of Parties Restored . . 49 y
Section 7.12 Waivers of Events of Default . . . . . . . . 49
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ARTICLE VIII '
CONCERNING THE TRUSTEE
Section 8.1 Duties of the Trustee . . . . . . . . . . . . 49 � 4
Section 8.2 Fees and Expenses of Trustee . . . . . . . . 52 ' �'z�:
Section 8.3 Resignation or Replacement of Trustee . . . . 53 •.'� � .
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Section 8.4 Conversion, Consolidation or Merger of
� , Trustee . . . . . . . . . . . . . . . . 54
Section B.5 Intervention by Trustee . . . . _ , . . . . . 54
ARTICLE IX
SUPPLEMENTAL TNDENTURES AND AMENDMENTS OF THE
MASTER LEASE AND GROUNU LEASE
Section 9.1 Supplemental Zndentures Not Requiring � ' �
Consent of Participants . . . . . . . . . 55 ���''.±""
Section 9.2 Supplemental Indentures Requiring � y�
Consent of Participants . . . . . . . . . . . 55 t �
Section 9.3 Execution of Supplemental Indenture . . . . . 56 , ;��;:,;=..
Section 9.4 Amendments, etc., of the Master Lease i.11,;.:;;;"
and Ground Lease Not Requiring �;',•;,.;.�:
Consent of Participants . . . . . , . . . . . 57 �;`-•. .
Section 9.5 Amendments, etc., of the Master Lease
and Ground Lease Requiring Consent
� of Participants . . . . . . . . . . . . . . . 57
' ARTICLE X �
i MISCELLANEOUS � � _
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� Section 10.1 Evidence of Signature of Participants ' r: •
and Ownership of Certificates . 58 _
+ Section 10.2 Covenants ot the Corporation . . . . . . . . 59 "
� Section 10.3 Inspection of the Leased Property . . . . . . 59 .
::� Section 10.4 Parties Interested Herein . . . . . . . . . . 59
) Section 10.5 Titles, Headings, etc. . . . . . . . . . . . 59
`i Section 10.6 Severability . . . . . . . . . . . . . . . . 60
:j Section 10.7 Governing Law : : . . : : : . : : : : : : : : : 60
� Section 10.8 Execution in Counterparts . 60
a Section 10.9 Notices . 60
� Section 10.10 Payments Due on Holidays . . . . . . . . . . 61 ,r
APPENDIX i: Description of Corporation Owned Sites . . . . i-1
APPENDIX II: Description of County Owned Sites. . . . . . . II-1
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MORTGAGE AND INDENTURE OF TRUST dated as of November 15,
, 1988, (as amended or supplemented from time to time, the
"Indenture") by and between PITKIN COUNTY CAPITAL LEASING
CORPORATION (the "Corporation"), a nonprofit corporation duly
organized and validly existing under the laws of the State of
Colorado (the "State"), and Central Bank of Denvc<_', a banking ,
corporation, as Trustee (the "Trustee"), havinq an office and
principal place of business in Denver, Colorado, duly organized '
and existing under the laws of the State, being authorized to '
accept and execute trusts of the character herein set out under
and by virtue of the laws of the State. iti.�;;`..,
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WITNESSETH: ii-�
WHEREAS, Pitkin County, Colorado (the "County"), ji; -.
'' pursuant to the general statutes of the State and the Charter of I;.::'.
� the County adopted pursuant to the Colorado County Home Rule !
� Powers Act, and its plenary grant of powers as a home rule county, -
; has the authority to purchase, se11, convey and lease, as lessor �'
i or as lessee, real and personal property and is authorized to a�
enter into lease-purchase agreements for the purpose of financing
j real property and personal property, including buildings and
� equipment, for governmental purposes and to' purchase, receive,
� hold and enjoy,• or sell and dispose of, real and personal ,
property, as lessor or lessee; and
j` wHEREAS, the Board of County Commissioners of the
1, County (the "Board") has determined, and hereby determines, that
'; ��� it is in the best interests of the County and its inhabitants �
- ' that new County motor vehicle fleet maintenance facilities,
� including a building (the "Fleet Maintenance Building") and all
� necessary incidentals, be constructed, otherwise acquired and �
equipped, to be located on certain real property heretofore owned
� by the County and conveyed to the Corporation (the "1988 Site"), r
' and that certain eguipment (the "1988 Equipment") be acquired, �
'• including vehicles for use by the Roaring Fork Transit Agency
; " (collectively, the construction, acquisition and equipping of the
+ Fleet Maintenance Building and the acquisition of the 1988 Site
? and 1988 Equipment is referred to herein as the "1968 Project");
j and �
WHEREAS, for the purpose of financing the construction,
� other acquisition and equipping of the Fleet Maintenance Building
and any other buildings to be constructed, otherwise acquired and ,
1, equipped as provided herein (collectively, the "Buildings"),
'' which Buildings are to be located on the 1988 Site or on certain .;'
other real property to be owned by the Corporation (collectively,
the "COrporation owned Sites•) or on certain real property owned "'
� by the County and leased to the Corporation (collectively, the
- "County Owned Sites"), and for the purpose. of financing the
acquisition of the 1988 Equipment and any other equipment to be �i
acquired as provided herein (collectively, the "Equipment"), the � 'l
Board has determined and hereby determines, that it is in the q
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best interest of the County and its inhabitants that the 1988
t Site be sold and conveyed to the Corporation, and that the
Corporation and the County further enter into this Master Lease;
and
WHEREAS, the County and the Corporation have entered -
into an annually terminable Master Lease Purchase Agreement dated .
as of November 15, 1988 (as amended or supplemented from time to
time, the "Master Lease"); and
WHEREAS, in the event it is necessary and desirable to [ 'iY'::�` •
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construct any Buildings on County Owned Sites, the County and the �'�.
Corporation shall enter into a certain Ground Lease Agreement (as ';'�}fF:;:
amended or supplemented from time to time, the "Ground Lease"), in �!%'- :;�
substantially the form of Exhibit G to the Master Lease, under 1-�_`�"
which the County shall lease to the Corporation the County Owned �':'=
i Sites on which such Buildings will be located; and �>"•
i�-`
! WHEREAS, pursuant to the Master Lease, the County has �:r[''�-:' ' �.
; subleased from the Corporation any County Owned Sites leased � i
� under the Ground Lease and has leased from the Corporation the 1
� Corporation Owned Sites, the Buildings and the Equipment (the �j �
County Owned Sites, the Corporation Owned Sites, the Suildings, ` �� .'
and the Equipment, being collectively referred to herein as the
"Leased Property^); and +
WHEREAS, the Corporation is a nonprofit corporation
_ . ,� arganized, existing and in good standing under the laws of the
' State, is duly qualified to do business in the State, and, under
� its articles and bylaws, is authorized to own and manage its
properties, to conduct its affairs in the State and to act in the
manner contemplated herein; and
�
WHEREAS, pursuant to the Master Lease, and subject to ��
the right of the County to tertainate the Master Lease and other ���•
limitations as therein provided, the County will pay certain Base SS;
Rentals to the Corporation in cansideration for the County's right
to use the Leased Property; and
WHEREAS, pursuant to this Indenture, the Corporation's �
zight to receive the Base Rentals, and rights to receive certain
other payments as provided herein and in the Master Lease, and
the Corporation's duties under the Master Lease and the Ground
Lease, have been assigned to the Trustee; and - �
WHEREAS, pursuant to this Zndenture, the Corporation ��.
has also granted to the Trustee an assignment of the Corporation's
interest in the Ground Lease and a martgage and a security
� interest in the Corporation Owned Sites and the Bui2dings and a
. security interest in the Equipment; and � ,��
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WHEREAS, there will be executed and delivered by the
Trustee pursuant to this Indenture one or more "Pitkin County,
� Colorado, Certificates of Participation, Series 1988" (the
"Series 1988 Certificates'), evidencing assignments of
proportionate interests in rights to receive certain revenues
under the Master Lease and the Ground Lease, which rightS have
been assigned to the Trustee by the Corporation; and
.:.;� ,.
WHEREAS, the proceeds from the sale of the Series 1988
Certificates will be disbursed by the Trustee, at the direction :{�:+.•��`.•.
of the County (as further provided in the Master Lease), to defray ?�
the costs of the 1988 Project, including the acquisition of the " �" .,,
1968 Site, and the other purposes set forth herein; and €!�": '`
i
'� WHEREAS, the Series 1988 Certificates shall be payable ,
solely from the sources provided herein and in the Master Lease,
and shall not constitute a general obligation or other
�' indebtedness of the County or a mandatory payment obligation of
� the County in any Fiscal Year beyond the then current Fiscal Year; ,-
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� WHEREAS, the Trustee has entered into this Indenture for �; z .'
- and on behalf of the Participants (i.e., the registered owners of �
the Certificates), and will hold its rights hereunder, including ,
its rights with respect to the Leased Property, except as
otherwise specifically provided herein, for the equal and .
• proportionate benefit of the Participants, and will disburse
- � .`� moneys received by it in accordance with this Indenture; and
WHEREAS, the Series 1988 Certificates are to be in
substantially the following form, with such necessary or
appropriate variations, omissions and insertions as required by
the circumstances or as permitted or required by this Indenture: �
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(Form of Fully Registered Certificate)
CERTIFICATE OF PARTICIPATION
Evidencing Assiqnment of a
' Proportionate "
Interest in Rights to Receive Certain �
' Revenues Pursuant to the �
Master Lease Purchase Agreement
Setween PITKIN COIINTY CAPITAL LEASING CORPORATION, ?:. �:
as Lessor, and `� '`'''
PITKIN COUNTY, COLORADO,
as Lessee ��•'•
No. R- $ ' .
IMATURITY f'q: :.
i INTEREST RATE DATE DATED CUSIP
� •��
November 15, 1988
I
REGISTERED OWNER: , i ,
;� PRINCIPAL AMOUNT: DOLLARS `
� THIS CERTIFIES THAT the registered owner specified
_ � above, or registered assigns, has a proportionate interest in _ _
� '_� rights to receive certain revenues, as described below, pursuant
� to an annually terminable Master Lease Purchase Agreement dated
� as of November 15, 1988 ( as amended or supplemented from time to
� time, the "Master Lease"), between PITICIN COUNTY CAPITAL LEASING _
CORPORATION ("the Corporation"), a Colorado nonprofit corporation, E+
? as lessor, and PZTKIN COUNTY, COLORADO, as lessee. The !?�
iproportionate interest of the registered owner of this "Pitkin
� County, Colorado, Certificate of Participation, Series 1988" (the
"Certificate") is secured as provided in the Master Lease and in
� the Mortgage and Indenture of Trust dated as of November 15, 1988 .
(as amended or supplemented from time to time, the "Indenture"),
between the Corporation and Central Bank of Denver, a banking
� corporation, Denver, Colorado, as trustee (the "Trustee") for the
� registered owners of the Certificates (the "Participants"), ,
whereby certain rights of the Corporation as lessor under the
Master Lease have been assigned by the Corporation to the Trustee � ;�
� for the benefit of the Participants. Under the Indenture, the , "
Corporation has also assigned to the Trustee, for the benefit of �a':
the Participants, a mortgage and security interest in the
_ Corporation Owned Sites, the Buildings and the Equipment (all as
defined in the Master Lease). Pursuant to the Master Lease and � j
� the Indenture, the registered owner hereof is entitled to receive, �.;���
' solely out of and to the extent available from the sources ���„
, hereinafter identified, on the Maturity Date specified above (or ti:_
earlier as hereinafter provided), the Principal Amount specified ���
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above and interest thereon at the Interest Rate per annum �TM
specified above, payable on April 1 and October 1 in each year,
commencing on April 1, 1989. Principal of, and any premium on,
this Certificate are payable to the registered owner hereof in
lawful money of the United States of America upon maturity or
prior redemption hereof and upon presentation and surrender hereo`_�� .
at the principal corporate trust office of the Trustee in Denver,
colorado. Interest on this Certificate is payable by check or �
dzaft of the Trustee to be mailed on or before each interest
payment date (or, if such interest payment date is not a business
day, on or before the next succeeding business day) to the person �;::;;,�`..
in whose name this Certificate is registered in the reqistration :FS.r::
records of the Trustee, and at the address appearing thereon, at ,,�.i;;. .
the close of business on the fifteenth day of the calendar month ;i,�;,;'
� (whether or not a business day) next preceding the interest
payment date (the "Record Date"). Any such interest not so timely ._
paid shall cease to be payable to the person who is the "{�<
registered owner hereof at the close of business on the Record -
Date and shall be payable to the person who is the registered
' owner hereof at the close of business on a Special Record Date, as :'� � :,
i provided in the Indenture, for the payment of such defaulted �,.;,;
! interest. Such Special Record Date shall be fixed by the Trustee f>`��" �'
whenever moneys become available for payment of the defaulted '�'�� '
interest, and notice of the Special Record Date shall be given to � ,
. the registered owners of the Certificates not less than ten days �"'� .,
prior to such Special Record Date. Alternative means of payment
of interest may be used if mutually agreed to in writing between
the registered owner of any Certificate and the Trustee, as
�-�� provided in the Indenture.
This Certificate is one of an issue of Certificates �
evidencing assignments of proportionate interests in rights to � �
receive certain revenues, as described below, pursuant to the !::�_
Master Lease and the Indenture, in an aggregate principal amount ' 'c
of $2,49Q,OQ0, issued pursuant to the Indenture for the purpose, �,.�,`
among others, of providing funds to defray in part the cost of the ::;�',
1966 Project (as defined in the Master Lease). Under the Master
Lease, the Cprporation owned Sites, the Buildings and the f• !
Equipment have been leased by the Corporation to the County; and
� the County has agreed, to the extent provided in the Master �
Lease, to pay directly to the Trustee rental payments (the "Sase
Rentals") in consideration for its right to use the Corporation
Owned Sites, the Buildings and the Equipment (collectively, the
"Leased Property"), which Base Rentals are required by the .
Indenture to be distributed by the Trustee to the payment of the
Certificates and interest thereon. In addition to the Base :.'+'�,,
� Rentals, the County has agreed, to the extent provided in the
'• Master Lease, to make certain other payments (the "Additional
- Rentals"), including the reasonable expenses and fees of the
' � Trustee and the Corporation, certain taxes, insurance premiums,
'; utility charges, costs of maintenance, upkeep, repair, �
irestoration, modification, improvement and replacement, certain ��,
! payments to the Reserve Fund and Rebate Fund (as defined in the � 1
i � � .•.`'
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Indenture) and all other charges and costs expressly required to
. be paid by the County under the Master Lease with respect to the
' Leased Property. The Master Lease is subject to annual
termination at the option of the County as provided in the Master
Lease. The obligation of the County to pay Base Rentals and
Additional Rentals under the t4aster Lease will terminate in the �
` event that the County, fails, for any reason, to budget and �
appropriate moneys to pay all Base Rentals and such Additional �
Rentals as are estimated to become due (as provided in the Master
Lease), and will also terminate upon the occurrence of certain '' .=
`,,,�::':..
other events as described in the Master Lease (such events being .r;.:;
coltective].y referred to herein as an "EVent of �`�.�t.:,
c Nonappropriation"). In the event that the Master Lease is �,.,.;
terminated by the County by reason of an Event oE Nonappropriation ��'-: '
1: .:. .
or is terminated by reason of an Event of Default (as defined in �:
the Master Lease), the principal amount of this Certificate and ��
interest hereon will be payable from such moneys, if any, as may
be available for such purpose, including any moneys received by �:'
the Trustee from subleasing the County owned Sites (as defined in +
the Master Lease) and the Buildings located thereon or any portion
.� thereof, from sale of the Corporation owned Sites and the
Buildings located thereon or any portion thereof, from leasing the 'i'�; .
Corporation Owned Sites and the Buildings located thereon or any
� portion thereo£, from selling an assignment of its interest in the
% Ground Lease (as defined in the Master Lease), or from
j repossession, liquidation or other disposition of the Equipment.
i Under certain circumstances, this Certificate aad the interest
_ i hereon may also be payable from the Net Proceeds (as defined in
�'� the Master Lease) of title or casualty insurance policies,
! performance bonds or condemnation awards, or from Net Proceeds
� received as a consequence of breaches of warranty or defaults �
under certain contracts. The Master Lease may also be terminated �
in the event`that the County shall exercise its option to purchase ;_r.
; the Corporation Owned 5ites, the Buildings and the Equipment by 4
� making payment of the Purchase Option Price (as defined in the a'
� Master Lease). In the event that the County shall pay the
Purchase Option Price, the proceeds thereof are required to be
� used to pay the Certificates and interest thereon.
It is provided in the Zndenture that there may hezeafter
j be issued additional Certificates ("Additional Certificates")
� from time to time under certain terms and conditions, and if
j issued, such Additional Certificates will be equally and propor- '
� tionately securesi under and entitled to the protection given by
I the Indentnre with the Certificates. Reference is hereby made to ;'
the Master Lease and the Tndenture Eor a description of the "
rights, duties and obligations of the County, the Corparation, the
Trustee and the Participants, the terms upon which Additional �
! . Certi£icates may be issued, the terms upon which the Certificates
• and any Additional Certificates are secured, the terms and �i
conditions upon which the Certificates will be deemed•to be paid ° 1
, � at or prior to maturity or redemption of the Certificates upon �?�, .
' the making of provision for the full or partial payment thereof, , i:.
� _� ` •
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and the rights of the Participants cpon the occurrence of an
Event of Default or an Event of Nonappropriation.
NONE OF THE MASTER LEASE� THIS CERTTFICATE, THE ISSUE OF
CERTIFICATES OF WHICH IT FORMS A PART, �R THE INTEREST HEREON
CONSTITUTES A GENERAL OSLIGATION OR OTHER INDEBTEDNESS OF THE '
' COUNTY� WITHIN THE MEAI3ING OF ANY CONSTITUTIONAL, CHARTER OR .
STATUTORY DEBT LIMITATION. NONE OF THE MASTER LEASE, THE .
INDENTURE OR THE CERTZFICATES HAVE DIRECTLY OR INDIRECTLY ,
OBLIGATED THE COUNTY TO MAKE ANY PAYMENTS BEYOND TAOSE
SPECZFICALLY BUDGETED AND APPROPRIATED FOR ITS THEN CURRENT FISCAL ' "'" '
!, .y,:..:. .
YEAR. EXCEPT TO THE EXTENT PAYABLE FROM TSE PROCEEDS OF THE SAL£ F "
OF THE CERTIFICATES AND INCOME FROM THE ZNVESTMENT THEREOF, NET ������'';
PROCEEDS OF CERTAIN INSURANCE POLICIES� PERFORMANCE BONDS AND
CONDEMNATION AWARDS, NET PROCEEDS RECEIVED A5 A CONSEQUENCE OF
BREACHES OF WARRANTY OR DEFAULTS UNDER CERTAIN CONTRACTS OR NET
PROCEEDS OF SUBLEASING THE COUNTX OWNED SZTES AND THE 9UILDINGS
LOCATED THEFtEON OR ANY PORTION THEREOF, SALE OF THE CORPORATION
OWIQED SITES AND THE BUILDINGS LOCATED THEREON OR ANY PORTION ; d
THEREOF, LEASING THE CORPORATION OWNED SITES AND THE BUILDINGS � � -`
LOCATED THEREON OR ANY PORTION THEREOF� SALE OF AN ASSIGNMENT OF ��-;':�,'.`"
THE TRUSTEE'S INTEREST IN THE GROUND LEASE, AND REPOSSESSION, b:'� �
LIQOIDATION OR OTHER DISPOSITION OF THE EQUIPMENT� OR SUCH OTHER .
FUNDS AS MAY BE HELD THEREFOR UNDER THE INDENTURE� THIS "
CERTIFICATE, THE ISSUE OF WHICH IT FORMS A PART AND THE INTEREST
HEREODI WILL BE PAXABLE IIURING THE TERM OF THE MASTER L£ASE SOLELY
FROM BASE RENTALS TO BE PAID BY THE COUNTY UNDER THE MASTER LEASE.
_ ; ; � ALL PAYMENT OBLIGATIONS OF THE COUNTY UNDER THE MASTER LEASE,
� _ INCLUDING� WITHOUT LIMITATION, THE COUNTY'S OBLIGATION TO PAY BASE
RENTALS, ARE FROM YEAR TO YEAR ONLX AND DO NOT CONSTITUTE A
� MANDATORY CHARGE OR REQUIREMENT IN A1QY ENSUING FISCAL YEAR BEYOND
' THE THEN CURRENT FISCAL YEAR AND ARE SUBJECT TO THE ACTION OF THE
COUNTY IN ANNUALLY SUDGETiNG A13D APPROPRIATING MONEYS OF THE `
COiJNTY FOR SUCH PAYMENTS AND FOR THE PERFORMANCE OF ALL 1
OBLIGATIONS OF THE COUNTY UNDER THE MASTER LEASE DURING THE FISCAL i
YEAR FOLLOWING SUCH APPROPRIATION. THE MASTER LEASE IS SUBJECT TO
ANNUAL TERMINATION AT THE OPTION OF THE COUNTY AND WILL BE
TERMINATED UPQN THE OCCURRENCE OF AN EVENT OF NONAPPROPRIATION.
IN 5UCH EVENT, ALL PAYMENTS FROM THE COUNTY UNDER THE MASTER LEASE
WILL TERMINATE, AND THIS CERTIFICATE AND THE INTEREST HEREON WILL
j BE PAYABLE FROM SUCH MONEYS, IF ANY, AS MAY BE HELD BY THE TRUSTEE
! UNDER THE INDENTURE AND ANY MONEYS MADE AVAILABLE FROM SUBLEASING
� OF THE COUNTY OWNED SITES AND THE SUILDSNGS LOCATED THEREON OR ANY
j PORTION THEREOF, SAI,E OF THE CORPORATION OWNED SITES AND THE
SUILDINGS LOCATED THEREON OR ANY PORTION THEREOF, LEASING THE �
CORPORATZON OWNED SITES AND THE BUILDINGS LOCATED THEREON OR ANY -
PORTION THEREOF� SALE OF AN ASSIGNMENT OF THE TRUSTEE'S INTEREST `'.+`.
IN THE GROUND LEASE, AND REPOSSESSION, LIQUIDATI�N OR OTHER '
DISPOSITION OF THE EQUIPMENT (AFTER PAYMENT OF ALL FEES AND '
- EXPENSES DUE TO THE TRUSTEE AND THE CORPORATION). THE CORPORATION
HAS NO C�HLIGATION TO MAKE, AND SHALL NOT MAKE, ANY PAYMENT OF ANY �.
, OF THE CERTIFICATES OR THE INTEREST THEREON. NO DIRECTOR OR I�3�
; OFFICER OF THE CORPORATION SHALL BE PERSONALLY LIABLE ON THE � � ; '
� .�.� t •
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CERTIFICATES. OR TNCUR ANY OTHER LIABILITY BY REASON OF THE
CORPORATION HAVING ENTERED INTO TKE MASTER LEASE OR THE
� INDENTURE. UPON THE OCCURRENCE OF AN EVENT OF T70NAPPROPRIATION OR
AN EVENT OF DEFAULT, THERE IS NO GUARANTY OR ASSURANCE OP ANY
PAYMENT BY THE COUNTY, THE CORPORATION OR THE TRUSTEE OF THIS
CERTIFICATE�9R THE INTEREST HEREON.
The Certificates are issuable only as fully registered •
Certificates in denominations of $5,000 and any integral multiple
thereof. Certificates may be exchanged for an equal aggregate
principal amount of fully registered Certificates of the same ;;.�?`.;�;`"
maturity of other authorized denominations, but only in the =� :
manner, subject to the limitations and conditions, and upon pay- '�`t•�:':
ment of the charges provided in the indenture. �`�' "�'�
This Certificate is transferable by the registered owner �;':','
hereof in person or by his attorney duly authorized in writing on ';�z;. -.. .
the registration records kept at the principal corporate trust
office of the Trustee upon surrender of this Certificate together p �
with a duly executed written instrument of transfer satisfactory f -.`�
to the Trustee. U on such transfer a new full re istered '�"' {'' °``
P . Y 9 r.,. �
Certificate or Certificates of the 5ame maturity, of authorized �:- ; ,
denomination or denominations, for the same aggregate principal ` i
amount, will be issued to the transferee in exchanqe therefor, all '
upon payment of the charges, and subject to the terms and condi-
tions, as set forth in the Indenture, The Trustee may deem and
treat the person in whose name this Certificate is registered as
�} the absolute owner hereof, whether or not this certificate sha11
_. be overdue, for the purpose of receiving payment and for all other
purposes, and neither the County nor the Trustee shall be affected
by any notice to the contrary.
' ��
The Trustee will not be required to transfer or exchange �,:�
(i) all or any portion of any Certificate during the period i
, beginning at the opening o£ business fifteen days before the day ��
of the mailing by the Trustee of notice calling any Certificates `;��
for prior redemption and ending at the close of business on the r �
day of such mailing, or (ii) all or any portion o£ a Certificate � �'
after the mailing of notice calling such Certificate or any
portion thereof for prior redemption.
Zn the event that this Certificate is called for
redemption in part only, upon surrender and cancellation of this
Certificate, a new fully regietered Certificate or Certificates
of the same maturity, of authorized denominations, in an aggre- �
� gate principal amount equal to the unredeemed portion thereof �+"
shall be executed and delivered by the Trustee to the zegistered
owner hereof.
The Certificates are subject to redemption prior to 'i
their respective maturities as follows: .:t '�
i•: _
� :
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(a) The Certificates maturing on and after
•, October 1, 1499, may be called for redemption prior to their
respective maturities, at the option of the County, in whole
at any time on and after October 1, 1998, or in part on any
interest payment date thereafter in integral multiples of
$5,00�, in inverse order of maturity and by lot within a , �
maturity, in such manner as the Trustee may determine (giving ,
proportionate weight to Certificates in denominations larger
than $5,000), at a redemption price equal to par plus accrued
interest to the redemption date. j.;,-;; ...
;;y ,�
(b) The Certificates shall be called for ;�'.��:
redempCion in the event that the Lease Term is terminated by ':f� ':''
reason of the occurrence of an Event of Nonappropriation or
an Event of Default under the Master Lease. Such redemption >�
of the Certificates shall be made upon full or partial "'
payment of the principal amount of the Certificates then 1���
,.::,.
outstanding and accrued interest thereon, all in accordance �
with the Indenture. IN THE EVENT THE CERTIFICATES ARE TO BE j
' REDEEMED SUBSEQUENT TO THE OCCURRENCE OF AN EVENT DESCRIBED
IN THIS PARAGRAPH BY PAYMENT OF AN AMOUNT LESS THAN THE `� � `�
OUTSTANDING PRINCIPAL AMOUNT THEREOF AND ACCRUED ZNTEREST TO
THE REDEMPTZON DATE, NO FYIRTHER CLAIM FOR PAYMENT MAY BE HAD � •
; BY THE PARTICIPANTS AGAINST THE COUNTY� THE CORPORATION OR
THE TRUSTEE. If called for redemption pursuant to this
paragraph (b), the Certificates shall be redeemed in whole on
such date or dates as the Trustee may determine to be in the
= ,--.� best interests of the Participants for a redemption price
� equal to the principal amount thereof plus accrued interest
- to the redemption date (provided, however, that if the funds
available to the Trustee therefor are insufficient to
completely redeem all outstanding Certificates, the Trustee ,�
shall apply the available funds to such redemption on a pro �_t
rata basis).
� If the Certificates are to be redeemed by reason of
events described in (bj above, the Participants shall have no
right to payment from the County, the Corporation or the Trustee,
� � in redemption of their Certificates or otherwise, except as '
� expressly set forth in the Master Lease and the Indenture.
i
; In the event any of the Certificates are called for
� redemption as aforesaid, the Trustee shall cause notice of the
� call for redemption, identifying the Certificates or portions �
thereof to be redeemed, to be given by mailing, at least thirty �,
days prior to the redemption date, as provided in the Indenture.
Failure to give such notice, or any defect therein, shall not ,
� affect the validity of any proceedings for the redemption of any
Certificates as to which no such failure has occurred. Further ` ��
notice shall also be mailed to registered securities depositories �
in the manner and upon the conditions provided in the Indenture. v�j
� , All Certificates so called for redemption shall cease to bear � -'
interest after the specified redemption date, provided that such � } �`:.
; � �,'
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funds as may be available for their redemption pursuant to the ��
Master Lease (which, in the case of mandatory redemption in whole
pursuant to (b) above, may be less than the full principal -amount
of the outstanding Certificates and accrued interest thereon to
the redemption date) are on deposit at the place of payment at
that time. Payments in full ��emption shall be accompanied by a
written designation prepared by the Trustee stating the portions
of the payment representing principal, interest and premium, if �
any.
; Upon the termination of the Master Lease by reason of ;.�::
the occurrence of an Event of Nona ro riation or an Event of `"`" -
PP P :f:..;
Default, the Trustee may (or, at the request of the owners of a ;t;.; ,
majority in aggregate principal amount of the Certificates then ��tf:'`
outstanding, and upon being indemnified as to costs and expenses '`"
as provided in the Indenture, shall) commence proceedings for � '`'.
subleasing of the County Owned Sites and the Buildings located ' ;>�
' thereon or any portion thereof, sale of the Corporation Owned :1:..
Sites and the Buildings located thereon or any portion thereof,
leasing the Corporation Owned sites and the Buildings located •.�_'�{:: =:
thereon or any portion thereof, sale of an assignment of its ' I,
� interest in the Ground Lease, or repossession, liquidation or t' i
other disposition of the Equipment, and the Certificates then ��'+.'� ;
outstanding shall be redeemed by the Trustee from the Net Proceeds• `, ;,
thereof and other moneys, if any, then on hand and being held by '
the Trustee for the Participants. In the event that such Net
, Proceeds and other moneys are insufficient to redeem the
� �� Certificates at 100$ of the principal amount thereof plus accrued
interest to the redemption date, such Net Proceeds and other
moneys shall be allocated proportionately among the Certificates,
according to the principal amount thereof outstanding. In the
event that such Net Proceeds and other moneys are in excess of the � '
amount required to redeem the Certificates at 100� of the � �
principal amount thereof plus accrued interest to the redemption ' ''�
date, then such excess moneys shall be paid to the County. Prior ��
to any distribution of such Net Proceeds in redemption of the ?�1`
Certificates, the Trustee shall be entitled to payment therefrom
of its reasonable and customary fees for all services rendered as
well as reimbursement for all reasonable costs and expenses �
incurred thereby, including its reasonable attorneys' fees. ,
t
A PARTICIPANT SHOULD NOT ANTICIPATE THAT IT WILL BE
' POSSZBLE TO SUBLEASE THE COUNTY OWNED SITES AND THE BUILDINGS
LOCATED THEREON OR ANY PORTION THEREOF, SELL THE CORPORATION OWNED
SITES AND THE BUILDINGS LOCATED THEREON OR ANY PORTION THEREOF,
LEASE THE CORPORATION OWNED SITES AND TAE BUILDINGS LOCATED y�
THER£ON OR ANY PORTION THEREOF� SELL AN ASSIGNMENT OF THE '
TRUSTEE'S INTEREST IN THE GROUND LEASE OR REPOSSESS� LIQUIDATE OR "��"
OTHERWISE DISPOSE OF THE EQUIPMENT AFTER THE OCCURRENCE OF AN
EVENT OF NONAPPROPRIATION OR AN EVENT OF DEFAULT FOR AN AMOUNT
EQUAL TO THE AGGREGATE PRZNCIPAL AMOUNT OF THE CERTIFICATES THEN i
� 7 OUTSTANDING PLUS ACCRUED INTEREST THEREON. IF THE CERTIFICATES � '.
ARE REDEEMED SUBSEQUENT TO THE OCCURRENCE OF AN EVENT OF �. .
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NONAPPROPRIATION OR AN EVENT OF DEFAIILT, FOR AN AMOUNT LESS THAN
'� THE AGGREGATE PRINCZPAL AMOIINT THEREOF PLUS ACCRUED INTEREST TO
THE REDEMPTION DATE� SUCH PARTIAL PAYMENT SHALL BE DEEMED TO
CONSTITUTE A REDEMPTION IN FULL OF THE CERTIFICATES, AND UPON SUCN
A PARTIAL PAYMENT, NO OWNER OF ANY CERTIFICATE SHALL HAVE ANY •
FURTHER CLAIM FOR PAYMENT AGAINST THE COONTY, THE CORPORATION OR .
THE TRUSTEE.
i
The Trustee may waive an Event of Nonappropriation or an �� -.` '
i ;;;;`.
Event of De€ault under certaitt circumstances as provided in the :±e.!
� Master Lease and the Indenture. �* � -
+ `�� ,
' The Zndenture permits amendments thereto, to the Master �!� .
; Lease and to the Ground Lease, upon the agreement of the County, �
� the Corporation and the Trustee and with the approval of the -
owners of not less than S1B or, in certain instances, 100$ in
� aggregate principal amount of the Certificates at the time `; -
outstanding, as defined in the Indenture. The Indenture also ;
4 contains provisions permitting the County, the Corporation and the �j
` Trustee to enter into amendmente to the Indenture, the Master � � :
Lease and the Ground Lease without the consent of the owners of ;' l
! the Certificates for certain purposes, including, without � t :
limitation, the issuance of Additional Certificates. The ' � �
Indenture requires the written consent of the Trustee to any
amendment of the Indenture, the Master Lease or the Ground Lease
which modifies the rights, duties or immunities of the Trustee. ,
- n F� Any consent or request by the owner of this Certificate
;� shall be conclusive and binding upon such owner and upon all
� future owners of this Certificate and of any Certificate issued
upon the transfer or exchange of this Certificate whether or not
notation of such consent or request is made upon this Certificate.
.r .
? This Certificate is issued with the intent that the laws `
� of the State of Colorado shall govern its legality, validity, ��
� enforceability and construction.
� This Certificate shall not be valid or become obliqatory _
for any purpose or be entitled to any security or benefit under
�1 the Master Lease, unless it shall have been manually signed on
{ behalf of the Trustee.
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IN.WITNESS WHEREOF, this Certificate has been executed
with the manual signature of an authorized representative of the
Trustee and has been authenticated by the manual or facsimile
signature of the Chairman of the Board of County Commissioners of
the County, all as of the 15th day of November, 1988.
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� CENTRAL SANK OF DENVER, a banking = "``
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corporation, as Trustee r;,y:;
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(FACSZMILE OF B.ANK SEAL) 9y: �Manual Siqnature) _ -
4 Authorized Representative '
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• CERTIFICATE OF AUTHENTICATION
This is one of the Certi£icates of Paiticipation
evidencing a proportionate interest in rights to receive certain
revenues pursuant to the within-mentioned Master Lease and
� indenture.
� 1`.
i PITKIN COUNTY, COLORADO f:'+i;i::�
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' By: (Manual or Facsimile Siqnature) {
� Chairman of the Board of County f... .-
� Commis s ioners
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� (FACSIMILE OF COUNTY SEAL) _
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� . (Form of Legal Opinion Certificate)
STATE OF COLORADO )
) SS. LEGAL OPINION CERTIFICATE
COUNTY OF PITKIN )
�:- .
The undersigned, Chairman of the Board of County '. "�
Commissioners of the County of Pitkin, Colorado (the "Cou�ty"},
; �t'.'c.,.
;� does hereby certify that the following approving legal opinion of 1'F,?
Davis, Graham & Stubbs, Attorneys at Law, Denver, Colorado: ' "
i ���'
i (Attorneys' opinions are to be inserted in
' submargins, including a complimentary closing
, , and "/s/ Davis, Graham & Stubbs"), �
,''..
� s� ��
is a true, perfect, and complete copy of the manually executed and ">
;:j dated o inion on file in the records of the Count � that manuall F`' '"
P Y. Y �. ;:`, :
.� executed and dated copies of the opinion were addressed and
delivered to the undersigned Chairman of the Board of County �
'`� Commissioners and to the initial purchasers of the Certificates t '
referred to therein, and that the opinion was dated and issued as (
of the date. of delivery of and payment for such CertificaCes. '�:�.
� IN WITNESS WHEREOF, the undersigned has caused to be �
hereunto set a facsimile of his signature as Chairman of the Board
of County Commissioners and a facsimile of the seal of the County. ;
- '.� z� . . .
.� (Fac5zm11e Slqnature)
Chairman of the Boarfl of County
Commissioners
R �
'"a (FACSIMILE SEAL OF THE COUNTY) r
Y
� (End of Form of Legal Opinion Certi£icate)
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(Form of Transfer)
(The Trustee may require the payment, by the owner of
�- any Certificate requesting transfer, of any reasonable charges,
as well as any taxes, trans£er fees or other governmental charges ,
required to be paid with respect to such transfer.) ,
i
' FOR VALUE RECEIVED the undersigned hereby sells, assigns
j and transfers unto the within �.n�
Certificate and all rights thereunder, and hereby irrevocably i�-�,.�`
; constitutes and appoints attorney to transfer #'
� the within Certificate on the records kept for registration '
; thereof, with full power of substitution in the premises.
�:.' i:;:'. .
1 Dated:
� 3
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� :.
i Signature Guaranteed: ' �
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, � _. Address of transferee:
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Social Security or other tax "�
identification numher of transferee:
NOTE: The siqnature to this Assignment must correspond with the
name as written on the face of the within Certificate in every
` particular, without alteration or enlargement or any change •
` whatsoever. - 1
.
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(End of Form of Fully Registered Certificate)
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WHEREAS, all things necessary to make the Certificates,
when authenticated and delivered by the Trustee and authenticated
by the CounCy as in this Indenture provided, legal, valid, and
binding assignments of proportionate interests in rights to
receive Hase Rentals and certain other revenues, as herein -
provided, and to constitute this Indenture a valid, binding and
legal instrument for the security of the Certificates in ,
accordance with its terms, have been done and performed;
130W, THEREFORE, THIS MORTGAGE AND IIdDENTUR£ OF TRUST ';;�::e' ...
WITNESSETH: �`"3
��.�•'-:.
That the Corporation, in consideration of the premises �:.:�.::.';'
' and the mutual covenants herein contained and for the benefit of
the Participants and the sum of One Dollar to it duly paid by the ;-�!
' Trustee at or before the execution of these presents, and for
+ j `.;
other good and valuable consideration, t�e receipt of which is !�'
hereby acknowledged, in order to secure the payment of the �;- .'.
'` principal of, premium, if any, and interest on all Certificates }� ...
� at any time outstanding under this Indenture, according to their
� tenor and e£fect, and to secure the performance and observance of , �., :
o a11 the covenants and conditions in the Certificates and herein
j contained, and to declare the terms and conditions upon and sub- . ' .
_� ject to which the Certificates are issued and secured, has :
executed and delivered this Indenture and has granted, bargained, �
sold, warranted, mortgaged, alienated, remised, released,
� conveyed, assigned, pledqed, set over and confirmed, and by these
;� presents does grant, barqain, sell, warrant, mortgage, alien,
remise, release, convey, assign, pledge, set over and confirm unto
i Central Bank of Denver, a banking corporation, Denver, Colorado,
as Trustee, and to its successors and assigns forever, all and
�� singular the following described property, franchises and income: �;�.
I .v
(a) All rights, title and interest of the ��
� Corporation in, to and under the Ground Lease.
i
"� (b) The Corporation Owned Sites, as more
I fully described in Appendix Z hereto, and all buildings,.
1 additions and real property improvements now or
hereafter located thereon and the tenements,
.� hereditaments, appurtenances, rights, privileges and
immunities thereto belonging or,-appertaining (subject
� to Permitted Encumbrances, as defined in the Master
, Lease, and subject to the provisions of Sections 7.1, ,
} 9.2, 11.4 and 12.3 of the Master Lease). '.
i (c) The Buildings and Equipment, as defined �
R in the Master Lease and as described in Exhibits C and
� D, respectively, to the Master Lease, as the same may be
? amended, constituting a part of the Leased Property 1
(subject to Permitted Encumbrances, as defined in the �1
. � Lease, and subject to Sections 7.1, 9.2, 9.3 and 12.3 of '� ,.
+ the Master Lease). � �
� _� .:.�
' >:�r„ ::�,-.�
_16_ 5,.r�.;
.4'`�,,y;:�,`
j _ �=::.'`:�C'.'
� 4' .
j . r :4'`
dII r.
�' .._ '_'__'._ ._... _�. . • .. . . . , ._. ... .. ... . _��
. :� t � .r.. . . . . ... - . � .. ., ` ./.�
.F L ' � . '�. . .
�"�t;. ' .,�' ' � [;.
���:'r� �i _ . _
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:=:�;;_ ,
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',� � .
iv;��._1 S �, .
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I. .....� . _ . . . . . .._".. ... . ... .. .. � . _ L •. _�.. . ....._...+.�._....r.�,rr��M��arwM.'.-OL�YIYlrlW!�l'YiF4
1�,�. �h�
��
-� �, (d) A11 rights, title and interest of the
' Corporation in, to and Under the Master Lease, other
than the rights, title and interest of the Corporation ,
with respect to certain payments or reimbursements to
t�:a Corporation thereunder for its costs, fees and '
' expenses.
(e} All Lease Revenues and any other
receipts zeceivable by or on behalf of the Corporation �"`� �
puzsuant to the Master Lease including, without �'
limitation, (i) all Base Rentals (as defined in the ��'
Master Lease) to be received from the County gursuant to �+'•":':
the Master Lease and pursuant to the terms of which Base �'��
i Rentals (as defined in the Master Lease) are to be paid
directly Co the Trustee; (ii� all Extraordinary Revenues _•
� received pursuant to the Master Lease; and (iii) all ;i .
rights to enforce payments under the Master Lease when 4"��
i 1';:�;�;'�,`
t due (other than the rights of the Corporation with r.�.. .
� respect to certain payments or reimbursements to the
r �'
' Corporation thereunder for its costs, fees and expenses) ;
� or otherwise to enforce rights under the Master Lease i `�-.
j for the bene£it of the Participants. � �
'� (f) All money and securities from time to �
� time held by the Trustee under this Indenture (except
� the Rebate Fund and except as otherwise expressly
_ i , _} provided herein and in the Master Lease) and any and all _
- � _. other real or personal property-of every name and nature
� from time to time herea£ter bp delivery or by writing of �
any kind specially mortgaged, pledged, or hypothecated,
� as and for additional security herennder, by the ''�.�
} Cosporation, or by anyone on its behalf, in favor of the �f
Trustee, which is hereby authorized to receive any and
all such property at any and all times and to hold and
� apply the same subject to the terms hereof.
� TO HAVE AND TO HOLD the same with all privileges and .
4
! appurtenances hereby conveyed and assigned, or agreed or intended
to be, to the Trustee and its successors in said trust and
� assigns forever; . :
� IN TRUST, NEVERTHELESS, upon the terms herein set forth
� for the equal and proportionate benefit, security and protection �
' of all Participants, without privilege, priority or distinction �±
as to the lien or otherwise of any of the Certificates over any ��'
other of the Certificates; -
PROVIDED, HOWEVER, that if the principal of the I �1
Certificates and the premium, if any, and the interest due or to y �
become due thereon, shall be paid at the times and in the manner
mentioned in the Certificates, according to the true intent and z ,. _
� meaning thereof, and if there are paid to the Trustee all sums of ;
1 `
. ,
74M
_�.'_ i.+}�
t � tp
L� � C
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.
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money due or to become due to the Trustee in accordance with the
terms and provisions hezeof and of the Master Lease, then upon
such final payments this Tndenture and the rights hereby granted
shall cease, determine and be void; otherwise this Indenture is
to be and remain in full force and effect.
THIS INDENTURE FURTHER WITNESSETH and it is expressly �
declared, that all Certificates issued and secured hereunder are
to be ' executed, authenticated and delivered and all said
property, rights, interests, revenues and receipts hereby �
pledged, assigned and mortgaged are to be dealt with and disposed
of under, upon and subject to the terms, conditions, stipula- Y
tions, covenants, agreements, trusts, uses and purposes as
hereinafter expressed, and the Corporation has agreed and ��'-
covenanted, and does hezeby agree and covenant, with the Trustee ' f
for the benefit of the Participants, as follows: -
ARTICLE I '`�'
DEFINITIONS ���`'
ty �
Section l.l Definitions. All words� and phrases �" ��
defined in Article I of the Master Lease shall have the same �,,, ; ,;
meanings in this Indenture. In addition, the following terms, `�'• �
excegt where the context indicates otherwise, shall have the r_:' �. .
j respective meanings in this Indenture set forth below.
, ,�.<µ� "Additional Certificates" means any
Certificates hereafter issued, in addition to the Series
i 1988 Certificates, as provided in Section 2.12 hereof.
�
"event of default" means any of the events
specified in Section 7.1 hezeof. �
i
"Federal Securities' means Permitted �
Investments which are direct obligations of, or �:`
obligations the principal and interest of which are ��
unconditionally guaranteed by, the United States of fi • '
America. � •
"opinion of Counsel" means a written opinion
of legal counsel, who may be counsel to the Trustee, the
� County or the Corporation.
"outstandinv• or "Certificates outstandinq" �
means all Certificates which have been executed and
delivered, except: ,�<<�
:.�
(a) Certificates canceled or which shall
have been surrendered to the Trustee .for
� cance2lation; � '�� �
. �
� � ��
i -18-
� � ,,o f
�� '"
i 5� �x
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0
� (b) Certificates in lieu of which other
� Certificates have been authenticated under
Section 2.9 or 2.10 hereof;
(c) Certificates which have been
redeemed u�� provided in Article ZV hereof
(including Certificates redeemed on payment of �
an amount less than the outstandinq principal �
thereof and accrued interest thereon to the ���'""'
redemption date under certain circumstances, �,
as provided in Sections 4.2 and 4.3 hereof); � e. �
and
.:f;....
(d) Certificates which are paid or -
� otherwise deemed discharged pursuant Co
i Section 6.1 hereof. �
�
erson• means natural persons, firms, ���-'
S associations, corporations and public bodies. �
�
� "Permitted Investments' means : �. ,
� , .
J (a) Obligations of, or guaranteed as to ' ``
principal and interest by, the U.S, or any agency �..
� or instrumentality thereof when such obligations -
are backed by the full faith and credit of the
� U.S. These include, but are not necessarily
_ ,� ��� limited to:
'� -U.S. Treasury obligations
; All direct or fully guaranteed
i obligations .� �
� -Farmers Home Administration �
� . Certificates of beneticial ownership
i
I -General Services Administratiqn
Participation certi£icates
� -U.S. Maritime Administration
� Guaranteed Title XI financing '
� -Small Business Administration �
, Guaranteed participation certificates �
Guaranteed poo2 certificates ='
•:��
-Government National Mortgage Association (GNMA)
GNMA-guaranteed mortgage-backed securities
GNMA-guaranteed participation certificates • ' ,�'y
-U.S: Department of Housinq & Urban ,�3j ,
, Development �
Local authority bonds � � �>.,
� ;::fz::�:i`;�;.�;
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• ���.���:6�:��
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...v.-.—.... ..,.. _ �. � .
�i ,.: - : _ _ ; s 1�_..Y.v_.�....._ ,
�•�
,* _ ,����i ..
. :��t.;`,:
,�;:'«::' .
. -Washington Metropolitan Area Transit
Authority
Guaranteed transit bonds
(b) Federal Housinq Administration
debentures. '
(c) Obligations of government-sponsored ��•''•.�'-
agencies which are not backed by the full faith (%=��•:..
and credit of the U.S. government: =
_�'';;;.
! -Federal Home Loan Mortgage Corporation
(FHLMC) -
� Participation certificates
Aebt obligations
� a
� -Farm Credit Banks (Federal Land Banks,
Federal Intermediate Credit Banks, and Banks ''
for Cooperatives)
� Consolidated systemwide bonds and notes �'.�`_'
; i .. .
-Federal Home Loan Banks (FHL Banks) � �`.`
Consolidated debt obligations � .
Letter of credit (LOC)-backed issues �
-Federal National Mortgage Association (FNMA)
_ � �+•f� Debt obligations
� Mortgage-backed securities (ExcLuded are -
� stripped mortgage securities which are
valued greater than par on the portion
� of unpaid principal).
.�
� -Student Loan Marketing Association (SLMA)
.i
{ Debt obligations .
i LoC-backed issues
a
� ,(d) Federal funds, unsecured certificates of
deposit, time deposits, and banker's acceptances
(having maturities of not more than 365 days) of
j any bank the short-term obligations of which are
� rated "A-1" or better by S&P.
�
4 (e) Deposits which are fully insured by the �
Federal Savings and Loan Insurance Corp. (FSLIC) .-�,E
or Federal Deposit Insurance Corp. (FDIC). ;�;
(f) Debt obligations rated •A" or better by
S&P. Excluded are securities that do not have a
fixed par value and/or whose terms do not promise ��
a fixed dollar amount at maturity or call date. Q,��'
. �
3 �
� -
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Ih:fit�
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F�y�
h1.��d7,��.,"
'{i
. (q) Commercial paper (having original
' , maturities of not more than 365 days) rated "A-1"
or better by S6P.
(h) Investment in money market funds rated
,• "Am" or "Am-G" or better k'y S&P.
(i) Repurchase agreements: ;
_?:.;�`...
(i) with any institution with debt =-'�,
rated "A" or better or commercial i � „
paper rated "A-1" or better by
S&P. '��'
. :�l,:,;:
(ii) With any corporation or other ` y'
?,.:
entity that falls under the j���:; : .
jurisdiction of the Bankruptcy (
Code provided that: jF':
� �
(A) The term of such repurchase �;i4
agreement is less than one }
year or due on demand. ' j'.? '
r
(B) The trustee or a third party
acting solely as agent for
� the trustee has possession
� of the collateral.
;-� (C) The market value of the
collateral is maintained at
' levels acceptable to 5&P. j �
' � .:
� (D) Failure to maintain the � r �
j requisite collateral levels '
! will require the trustee to (�.
iliquidate the collateral
j immediately.
(E) The repo securities must be
either obligations of, or
� fully guaranteed as to
i principal and interest by,
! the U.S. or any U.S.
� agency, certificates of
deposit or bankers' .,�
i acceptances. `.�`
; '-+`:
- (F) Repo securities are free and
clear of any third-party
lien or claim. 1
i
' (iii) With financial institutions � j:;.: °
� insured by the FDIC or FSLIC, or _Y, �:
: �
_21_ '+�y�:.
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.��� • ;,�� � �.
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.����. . � � �
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.':•��fa
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f _: �F..r�
,�.�r;�
����;�
,
. 'H Y'�'Y,='_
- any broker-dealer with "retail
' customers" which falls under the
jurisdiction of the Securities
InvesCors Protectian Corp.
(SIPC):
(A) The market value of the
collateral is maintained at
levels acceptable to S&P. �
�r•:;:;.:_i,. ..
(B) The trustee or a third party �ri -
acting solely as agent for (,, b .".
Che trustee has possession. k;.#�;.::_;..
(C) The trustee has e perfected ���
first priority security
interest in the collateral.
(D) Collateral is free and clear
t of third-party liens and in �
the case of SIPC bcoker was
!� not acquired pursuant to a
repo or reverse repo.
,: ; ..
� (E) Failure to maintain the ,
; requisite collateral
� percentage will require the .
t,,.
trustee to liquidate
, i collateral.
_ -p �- .
� (j) Colorado Local Government Liquid Asset
Trust, Poitfolio A.
"Record Date` means the fifteenth day of the :'�
; calendar month (whether or not a business day) next
� preceding an interest payment date.
I "Special Record Date' means a special date
fixed to determine the names and addresses of
i registered ownezs of Certificates for purposes of '
� paying defaulted interest, all as provided in Section
2.2 hereof.
i "S&P" means Standard & Poor's Corporation or
1 its successor. ��
"Trust Estate• means the property mortgaged, �y,
pledged and assigned to the Trustee pursuant to the
_ granting clauses hereof. The Trust Estate does not
include the Rebate Fund or any escrow accounts
established pursuant to Article VI hereof. ,i
��1�-
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ARTICLE II
AUTHORIZATION, TERMS, EXECUTION AND ISSUANCE
OF CERTTFICATES
Section 2.1 Authorized Amount of Certificates. No
Certificates may be issued hereunder except in acc�::rdance with .
this Article II. The aggregate principal amount of Certificates ..
that may be issued hereunder shall not be limited in amount.
Section 2.2 Issuance of Certificates_ The � "�� :'.'
Certificates shall be issued, sold and delivered hereunder, for ' ' r'? '
the purpose of defraying the Costs of the Projects. The "�!'�; :;
Certificates shall evidence assignments of proportionate �•'!� <'-
, interests in the right to receive Lease Revenues under the Master
Lease. "��-
The Certificates shall be issuable only as fully �
registered Certificates in the denominations of $5,000 and any �
integral multiple thereof (provided that no Certificate may be in �',1 , '�
a denomination which exceeds t he principa l coming due on any �''�
maturity date and no individual Certificate may be issued for � j; �
more than one maturity). The Certificates shall be numbered in '. �
such manner as shall be determined by the Trustee.
The principal of and premium, if any, on any
Certificate shall be payable to the registered owner thereof as
shown on the registration records of the Trustee upon maturity or
- prior redemption thereof and upon presentation and surrender at
�� the principal corporate trust office of the Trustee. Payment of
interest on the Certificates shall be made by check or draft of
the Trustee mailed, on or before each interest payment date (or. � t
i£ such interest payment date is not a business day, on or before � .
the next succeeding business day), to the registered owner ;�
thereof at his address as it last appears on the registration ,
�
records of the Trustee at the close of business on the Record t�,
Date. Any such interest not so timely paid shall cease to be
payable to the person who is the registered owner thereof at the Y '
close of business on the Record Date and shall be payable to the
person who is the registered owner thereof at the close of
business on a Special Record Date for the payment of such
defaulted interest. Such Special Record Date shall be fixed by
the Trustee whenever moneys become available for payment of the
defaulted interest, and notice of the Special Record Aate shall
be given by the Trustee to the registered owners of the •
Certificates, not less than ten days prior to the Special Record '
Date, by first-class mail to each such registered owner as shown ":,;
on the Trustee's registration records on a date selected by the
- Trustee, stating the date of the Special Record Date and the date
fixed for the payment of such defaulted interest. Alternative I �,
means of payment of interest may be used if mutually agreed to in �
writing between the registered owner of any Certificate and the (��
' _ Trustee. [ � ;
S�� •
� � �,.�
r: .
A
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Section 2.3 Certificate Details.
� A. The Certificates designated as the "Pitkin County,
Colorado, Certificates of Participation, Series 1988," (the
"Series 1988 Certificates") shall be iseued in the aggregate
principal amount of $2,990,000. The Series 1988 Certificates
shall be dated November 15, 1988, shall mature on October 1 in '
the years and amounts set forth below and shall bear interest '
from November 15 1988 to maturit at the rates '""�:
. y per annum shown � • �
below, payable on April 1 and October 1, of each year, with the �"-:-':;":.,
first interest payment to be made on April 1, 1989; except that i:+y:3 _
: Series 1988 Certificates which are reissued upon transfer, i�.},-�
exchange or other replacement shall bear interest at the rates '""�`�'=
; �,, ,.
per annum shown below from the most recent interest payment date
to which interest has been paid or duly provided for, or if no
interest has been paid, from the date of the Series 1988
Certificates:
i
Years Maturing Interest Rate �
(October 1) Amounts Maturinq (Per Annum)
1984 $150,000 6.00$ ��'�; ':
1990 160,000 6.25 ''
1991 170,000 6.50
� 2992 180,000 6.65
1993 195,000 6.80
1994 205,000 6.90 �
:� 1995 220,000 7.00
' _, 1996 235,000 7.10
� 1997 255,000 7.20
` 1998 265,000 7.30 �
j 1999 165,000 7.40 � �
2000 175,000 7.50 �, �
2001 190�OD0 7.60 �'
2002 205,000 7.65 � :�!'.
' 2003 220,000 7.70 S
`....
t
Section 2.4 Limited Oblicfation. Each Certificate
shall evidence an assignment of a proportionate interest in the �
right to receive Lease Revenues under the Master Lease. The
Certificates are payable solely from Lease Revenues as, when and
if the same are received by the Trustee, which Lease Revenues are
to be held in trust by the Trustee for such purposes in the .
manner and to the extent provided herein. The Certificates shall
not constitute a mandatory charge or requirement of the County in _.'.
any Fiscal Year beyond the then current Fiscal Yes�x, and shall � '�
not constitute or give rise to a general obligation or other � '"
indebtedness of the County, within the meaning of any
' constitutional or statutory debt limitation. No provision of the
Certificates shall be construed or interpreted as creating a � �
delegation of governmental powers nor as a donation by or a ' �t1
,, lending of the credit of the County within the meaning of '4 : �
� sections 1 or 2 of article XS of the State Constitution. The _. ,.�,•...�:.:
� � Certificates shall not directly or indirectly obligate the County =`:
Ito make any payments beyond those specifically budgeted and � �
I � f;
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appropriated-for its then current Fiscal Year. The Certificates
shdll not constit�te a debt or liability of the Corporation, and
the Corporation shall have no obligation with respect to the
Certificates except to the extent of its assignment of the Trust
Estate to the Trustee pursuant to this Indenture; and neither the
Master Lease nor this Indenture shall create any pecuniai•y
liability on the part of any director, officer, official or
employee of the County or the Corporation.
Section 2.5 Execution and Authentication of the ��:_.;��
Certificates. The manual siqnature of a duly authorized t��,'3 :
representative of the Trustee shall appear on each Certificate. :r'�,,
Any Certi£icate shall be deemed to have been executed by a duly
r; authorized representative of the Trustee if signed by the Trustee
Representative, but it shall not be necessary that the same
i representative sign all of the CerCificates issued hereunder. In �. .
�! addition, each Certificate shall be authenticated by the manual -
or facsimile signature of the Chairman of the Board and shall ',;::::.
have the seal of the County or a facsimile thereof affixed �:� ,:.,•_�•
�; thereto. In case any official of the Trustee or the County whose
:� siqnature shall appear on the Certificates shall cease to be such ;1; � '
� official before delivery of the Certificates, such signature � t
i shail nevertheless be valid and sufficient for all purposes, the
� same as if he or she had remained in office until delivery.
� Sectioa 2.6 Effect of Execution and Authentication.
No Certificate shall be valid or obligatory for any purpose or
_ � ';:� entitled to any security ar benefit hereunder unless and until
executed and authenticated in the manner prescribed by Section
Z 2.5 hereof, and such execution and authentication of any
� Certificate sha21 be conclusive evidence that such Certificate
has been properly issued and delivered hereunder. .�. •
t
� Section 2.7 Form of Certificates. The Series 1988 '
� Certi£icates shall be substantially in the form set forth in the
! preambles of this Indenture and any Additional Certificates shall
be substantially in such form or in the forms set forth in any
amendments or supplements hereto relating to such Additional
` Certificates, (provided that any portion of the Certificate text _ �
! may, with appropriate reference, be printed on the back of the
� Certificates), with such appropriate variations, omissions and
� insertions as may be required by the circumstances, or as may be
t permitted or required hereby. Temporary Certificates may be
� executed and authenticated and delivered pending the availability
of Certificates in definitive form.
Section 2.8 DeliverY of the Certificates. Upon the ��'
execution and delivery of this Indenture, and, with respect to
- any Additional Certificates, the execution and delivery of any ' �1
required amendment or supplement hereto, the Trustee shall �
execute and deliver the Certificates to the Initial Purchasers �
thereof, as hereinafter in this Section provided: � i�:
. �.
� (a) Prior to the delivery by the Trustee of `
any of the Certificates, there shall have been filed � :
: .�+� <
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received by the Trustee under this Indenture accompanied by
directions from the County that such moneys are to be
deposited into the Intezest Account of the Certificate Fur.�.
(c) Payments into the Principal Account of the •
Certificate Fund. There shall be deposited into the
Principal Account of the Certificate Fund (i) that portion
of each payment af Hase Rentals made by the County which is ±-
designated and paid as the principal component thereof under
Exhibit E to the Master Lease, as it may be amended; ��=;�. -
(ii) any portion of the Reserve Fund to be deposited into ::. �. '
the Principal Account of the Certificate Fund, as provided ;;(';�;�:{:
in Section 3.3(b) hereof; (iii) any moneys transferred to �!� ` '
' the Principal Account of the Certificate Fund from the
Projects Fund pursuant to Section 3.4(b) hereof; and �
(iv) all other moneys received by the Trustee under this
� Indenture accompanied by directions from the County that �
such moneys are to be deposited into the Principal Account �.i:::.;.'
of the Certificate Fund. � S�
' (d) Dse of Moneys in the Certificate Fund. Moneys
1 in the Interest Account of the Certificate Fund shall be
used solely for the payment of the interest on the '.
� Certificates, except as provided in Section 5.3 hereof. In
� the event there are any remaining moneys upon payment of the
,
i interest due on the Certificates, such moneys may be used
'i for the payment of the principal of and premium, if any, due
_ � ��:=?3 on the Certificates. Moneys in the Principal Account of the
�� Certificate Fund shall be used solely for the payment of the
principal of and premium, if any, due on the Certificates,
' except as provided in Section 5.3 hereof. In the event the
I Certificates are to be redeemed in whole pursuant_ to •�
Sections 4.1 or 4.2 hereof, any moneys remaining in the -r
Certificate Fund shall be applied to such redemption along `
with other moneys held by the Trustee for such purpose. t
(e) Custodv of the certificate Fund. The
Certificate Fund shall be in the custody of the Trustee.
The Trustee shall withdraw sufficient funds from the '
Certificate Fund to pay the principal of, premium, if any,
and interest on the Certificates as the same become due and
payable, which responsibility, to the extent of the moneys
therein, the Trustee hereby accepts. �
Section 3.3 Reserve Fund. The Reserve Fund is <<.
established and shall be maintained and applied as follows: :,:
_ (a) Creation of the Reserve Fund. A special fund
is hereby created and established with the Trustee to be ' ��,
designated the "Pitkin County, Colorado, Certificates of
Participation, Reserve Fund" (the "Reserve Fund"), which x+
. shall (except as otherwise expressly provided herein) be �
� maintained in an amount not less than the Reserve Fund j .?
_. } .TM�
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Requirement and be expended in accordance with
Section 3.3(b) hereof. There shall be deposited into the
Reserve Fund, from the proceeds of the sale of the
Certificates, an amount sufficient to establish the Reserve
Fund Requirement, unless such amount would exceed 108 of the
proceeds of the sale of the c�rtificates, in which case '
investment earninqs will accumulate in the Reserve Fund to '
equal the Reserve Fund Requirement, and from time to time
thereafter moneys paid by the County, pursuant to the last �y,�:;,;;',_:
paragraph of this Section 3.3. .�::j .
°`i'i;�.-.
Nothing in this indenture shall be construed as -,,.,. :,
; limiting the right of the County to augment the Reserve Fund
with any other moneys which are leqally available for %
; payment of the principal of and interest on the Certificates ��
i or to substitute for the cash deposit required to be
maintained hereunder a letter of credit, surety bond,
i insurance policy, agreement guaranteeing payment, or other �+�
undertaking by a financial institution to insure that cash
� in the amount otherwise required to be maintained hereunder ;;.�_
will be available to the County as needed, provided that any
such substitution shall be submitted to Moody's Investors �
Service, Inc. ("Moody's"), if the Certificates are then �
� rated by Moody's, and to Standard & Poor's Corporation
("S&P"), if the Certificates are then rated by 5&P, and
shall not cause the then-current ratings on the Certificates �
to be adversely affected.
' .�_`i (b) Use of Moneys in the Reserve Fund. Any
moneys held in the Reserve Fund shall be invested and �
reinvested by the Trustee in accordance with Article V
hereof. ExceQt as provided in Section 5.3 hereof, income .�
derived from the investment of the Reserve Fund shall be )
retained in the Reserve Fund to the extent the amount
therein is less than the Reserve Fund Requirement and may,
at the option and direction of the County, to the extent the
amoilnt in the Reserve Fund exceeds such Reserve Fund
Requirement, be used to pay any fees and expenses of the
Trustee, to make payments into the Rebate Fund established
pursuanC to Section �5.3 hereof or be transferred to the
Interest Account or the Principal Account of the Certificate
• Fund, or any combination of the foregoing.
Moneys held in the Reserve Fund shall be applied ;
to any af the following purposes:
i. =+�.
' (i) To the payment of the principal amount
- of the Certificates and interest thereon, as the r•� �'�
same shall become due, to the extent of any 1
deficiency in either the interest Account or tAe ':-.� i
Principal Account of the Certificate Fund for such �' �.-: ;
' purpose; �
_l�
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(ii) At the option of the Trustee, upon the
occurrence of an Event of Nonappropriation or an
Event of Default, to the payment of any cost or
expense necessary Co preserve or protect the
Leased Property or the interest of the 2rustee or
the Participants therein, or necessazy to make any
repairs or modifications to the Leased Property in '
preparation for sale or other disposition thereof, '
as the Trustee may deem to be in the best "
interests of the Participants; '�=.
':'Yti s:,:..!.
I.•i;.•ga.'.
(iii) Except to the extent applied pursuant 4;�fi::��;. .
to (ii) above, upon the termination of the Lease �'j;.;.-.
Term by reason of the occurrence of an Event of �"
• Nonappropriation or an Event of Default, propor- ���`�.` .'�
p-.
tionately to the redemption of the Certificates
then outstanding and the payment of interest -
thereon;
(iv) in the event that the County sha11
I
exercise its option to purchase the Corporation
Owned Sites, the Buildings and the Equipment and �'�;'; `.
terminate the Lease Term upon payment of the �
Purchase option Price, to the County, or, at the
option of the County, as a reduction of such
� Purchase Option Price;
� ._A-� (v) At the option of the County, to the
extent the amount therein exceeds the Reserve Fund
Requirement, to be used to pay any fees and
` expenses o£ the Trustee, to be used to make �
! payments into the Rebate Fund established pursuant i �
to Section 5.3 hereof or to be transferred to the �;.�,
Interest Account or the Principal Account of the �''
! Certifj�cate Fund, or any combination of the Ju.
foregoing; '�';.
F
j 4
(vi) At the option of the County, in
reduction of the payment of Base Rentals payable
by the County under the Master Lease on certain
payment dates as set forth in an appropriately
amended Master Lease and, to the extent moneys in
the Reserve Fund exceed the amount of any final
payment, a reduction of the next preceding payment
or payments of Base Rentals; or y'
-;.�
(vii) To be deposited in escrow for the � "
_ payment of the Certificates to effect a discharge
of this Indenture pursuant to Article VI hereof.
I � y
Whenever the Trustee has applied moneys held in Che � z;
, Reserve Fund to the purposes specified above, the Trustee shall 'ti
give notice to the County of such application. To t he extent � � ,: :
i � -33- C�; �,�;�
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that Reserve.Fund moneys are applied pursuant to paragraph (b)(i) �
of this Section 3.3 or to the extent that, for any other reason
(other than as described in paragraph (b)(vi) above), the amounts
in the Reserve Fund are less than the Reserve Fund Requirement,
the County has agreed to pay to the Trustee, as provided in .
Sections 6.2 and 6.6 of the Master Lease, for deposit� �in the
Reserve Fund, as Additional Rentals, to the extent amounts for
such Addition�l Rentals which have been specifically budgeted
and appropriated by the County are available for such payment,
such amounts as are required to restore the amount on deposit in ��_,»:-.;� ..
; .r, .:.
the Reserve Fund to the Reserve Fund Requirement, unless the .,. 3.
Master Lease has theretofore been terminated by the County. '�'�f:f:-;�
. �';;,
Section 3.4 Proiects Fund. The Projects Fund is -
established and shall be maintained and applied as follows: ,:-
::
r:.:- :
(a) Creation of the Projects Fund. A special
fund is hereby created and established with the Trustee to
be designated the "Pitkin County, Colorado, Certificates of '� ��
Participation, Projects Fund" (the "Projects Fund"). The
Trustee may establish from time to time such subaccounts :;1},�, ��' �
within the Projects Fund as may be necessary or desirable. `i� ;
The balance of the proceeds of the sale of the Certificates .
remaining after the deductions provided by
Sections 3.2(b)(i) and 3.3(a) hereof have been made shall be -
deposited in the Projects Fund in such amounts as the County
Representative sha11 direct. Any moneys held as part of the
' :-v� Projects Fund shall be invested and reinvested by the
Trustee in accordance with Article V hereof; and, except as
- provided in Section 5.3 hereof, the income therefrom shall
be retained therein. Moneys held in the Projects Fund shall �
be disbursed in accordance with the provisions of :.�
Section 7.2 of the Master Lease. '��
,
(b) Application of the Pro�ects Fund Subsequent �
to Completion of the Projects. Upon receipt of the
certificate required by section 7.3 of the Master Lease, the
Trustee shall retain in the Projects Fund a sum equal to the
amount estimated by the County Representative to be
necessary for payment from the Projects Fund of the Costs of
the Projects not then due and payable, and shall transfer
} � any balance remaining in the Projects Fund to (i) the
Reserve Fund to such extent as shall not cause the amount in
! the Reserve Fund to exceed the Reserve Fund Requirement or f
(ii) the Principal Account or the Interest Account of the ,+,�
Certificate Fund, or any combination of the foregoing, as zy.
the County may determine and direct.
_ �
Section 3.5 Creation of the E�ttraordinarv Revenue ` ��
� Fund. A special fund is hereby created and established with the
Trustee to be designated the "Pitkin County, Colorado, � i
' Certificates of Participation, Extraordinary Revenue Fund" (the 4
"E x t r a o r d i n a r y R e v e n u e F u n d"), i n t o which shall be de posited all l � <•
j �, ;�
� �, ,�
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Extraordinary Revenues. Moneys on deposit in the Extraordinary ��
� Revenue Fund shall be disbursed as provided in Sections 4.2 and
4.3 hereof or, with respect to the payment of the Purchase Option
Price, as provided in Section 4.1 hereof. In the event of
exercise by the County of its purchase option under circumstances
�. such that the Certificates either are not subject to redemption
or are not called for redemption, as provided in Section 4.1 �
hereof, the Extraordinary Revenue Fund may be maintained as an �
escrow for the payment of the Certificates to effect a discharge •
of this Indenture pursuant to Article VI hereof.
Section 3.6 Nonpresentment of Certificates. In the `"�-�` °
; event any Certificate shall not be presented for payment when
:,w_�y_.
due, if funds sufficient to pay such Certificate shall have been ' ���'if� "
made available to the Trustee for the benefit of the owner '�'- ``�
thereo£, it shall be the duty of the Trustee to hold such funds -';,'
without liability for interest thereon, for the benefit of the ;-�`: ,
owner of such Certificate, who shall be restricted exclusively to -
such funds for any claim of whatever nature on his part under the :��':i.• `
Master Lease or this Indenture or on or with respect to such ;. .,
Certificate. �. �
'-f
Section 3.7 Moneys to be Held in Trust. The 5F?���
Certificate Fund, the Projects Fund, the Reserve Fund, the
Extraordinary Revenue Fund, and any other fund or account created ��� ,,"
hereunder shall be held by the Trustee, for the benefit of the
j Participants as specified in the Indenture; provided, however, �'
i `,.-� that, during the Lease Term, the Projects Fund shall also be
subject to the beneficial interest of the County, as provided
herein and in the Master Lease; and provided further that the ,
moneys held in the Rebate Fund pursuant to the provisions of
Section 5.3 hereof shall be held and applied solely for the
; purposes and in the manner described in Section 5.3 hereof. Any i
I escrow account established pursuant to Article VI hereof shall be 1;f �
held for the benefit of the owners of the Certificates to be paid ��
• therefrom as provided in the applicable escrow agreement. t;�!;
� Section 3.8 Repayment to the County from the ,
Trustee. After payment in full of the Certificates, the interest ; '
thereon, any premium thereon, the fees, charges and expenses of
the Trustee and the Corporation and all other amounts required to
be paid hereunder, any amounts remaining in the Certificate Fund,
the Projects Fund, the Reserve Fund, the Extraordinary Revenue
Fund, or otherwise held by the Trustee pursuant hereto shall be
paid to the County upon the expiration or sooner termination of
the Lease Term as a return of an overpayment of Base Rentals, y�
except that amounts remaining in the Rebate Fund shall be applied
. j
as provided in Section 5.3 hereof. �'
I :: .
�
• � � �
1 .
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� ARTICLE IV
REDEMPTION OF CERTIFICATES
Section 4.1 Optional Redemption.
A. The Series 1988 Certificates maturing on and aftelr ,
October 1, 1999, may be called for redemption prior to their
respective maturities, at the option of the County, in whole at
any time on and after October 1, 1998, or in part on any interest
payment date thereafter, in integral multiples of $5,000, in ;.+-.;i� -.
inverse order of maturity and by lot within a maturity, in such ��= '+
manner as the Trustee may determine (giving proportionate weight ��if{.:.�-
to Certificates in denominations larger than $5,000), at a ��.'�.�” -
redemption price equal to par plus accrued interest to the �
redemption date.
� Section 4.2 Extraordinary Redemption. The
! Certificates shall be called for redemption in the event that the �" '
Lease Term is terminated by reason of the occurrence of an Event € ''-� � ;
E of Nonappropriation or an Event of Default under the Master �t'`''`�
; Lease, as furCher provided in Section 4.3 hereof (provided that �t�:t;' ';
� the Lease Term shall not be deemed to have been terminated in the �
� event that the Event of Nonappropriation is cured or waived as ' `.
provided in Section 6.6(c) or (d) of the Master Lease). If
� called for redemption pursuant to this Section 4.2, the
! Certificates shall be redeemed on such date as the Trustee may
determine to be in the best interests o£ the Participants, and
� shall be redeemed for a redemption price equal to the principal
_ amount thereof plus accrued interest to the redemption date
(subject, however, to the provisions of Section 4.3 hereof).
�
Section 4.3 Application of Moneys Upon Termination
of the Lease Term by Reason of Certain Events. The Certificates �%-?
sha11 be called for redemption as provided in 5ection 4.2 hereof .�:
in the event that the Lease Term shall be terminated by reason of ;;��
the occuzrence of an Event of Nonappropziation or an Event of ;. �
Default. If the Certificates are to be redeemed by reason of any i �.
such event, the Participants sha11 have no right to payment from �
the County, the Corporation or the Trustee, in redemption of �;-.
, their Certificates or otherwise, except as expressly set forth in
this Section 4.3.
Dpon the termination of the Lease Term by reason of the
occurrence ot an Event of Nonappropziation or an Event of Default
(if moneys available under this Indenture are insufficient to
� provide for the payment in full of all outstanding Certificates ! `
and interest thereon), the Trustee may commence proceedings for j �,
the subleasing of the County Owned Sites and the Buildings
located thereon or any portion thereof, the sale of the �
Corporation Owned Sites and the Buildings located thereon or any !
portion thereof, the leasing of the Corporation Owned Sites and , � �
the Buildings located thereon or any portion thezeof, the sale of �.
, an assignment of its interest in the Ground Lease, and the 1
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repossession, liquidation or other disposition of the Equipment,
� as provided in Section 7.2 hereof. The Certificates then
outstanding shall be redeemed by the Trustee from the Net
Proceeds of such subleasing, leasing, liquidation and sale, and
all other moneys, if any, then on hand and being held by the
TrustP.� for the Participants (including any moneys in the •
Projects Fund). In the event that such I3et Proceeds and other .
moneys shall be insufficient to redeem the Certificates at 1008 ,
of the principal amount thereot plus accrued interest to the
redemption date, then such Net Proceeds and other moneys shall be
allocated proportionately among the Certificates, according to :�:-^: ':
the principal amount thereof outstanding. In the event that such ��.�'>.
Net Proceeds and other moneys axe in excess of the amount ;���.(_
required to redeem the Certificates then outstanding at 1008 of !� '
', the principal amount thereof plus accrued interest to the
redemption date, then such excess moneys shall be paid to the =
County. Prior to a»y distribution of the Net Proceeds in
redemption of the Certificates pursuant to this Section 4.3, the
Trustee shall be entitled to payment therefrom of its reasonable "
and customary fees for all services rendered as well as � �
; It ::
reimbursement for all reasonable costs and expenses incurred
thereby, including its reasonable attorneys' fees. If the � � •
� Certificates are to be redeemed for an amount less than the '
� aggregate principal amount thereof plus accrued interest to the � •
� redemption date, such payment sha11 be deemed Co constitute a
redemption in full of the Certificates, and upon such payment no
Participant shall have any further claim for payment against the
� County, the Corporation or the Trustee.
I "�:�
- rx section 4.4 Notice of Redemption.
' A. The County shall give written instructions
! concerning any redemption pursuant to Section 4.1 hereof to the I � •
� Trustee at least 60 days prior to the redemption date. Notice of ^?
` the call £or any redemption, identifying the Certificates or
portions thereof to be redeemed and specifying the terms of such �
redemption, shall be given by the Trustee, upon receipt of =
amounts necessary to pay exgenses, by mailing a copy of the i
redemption notice by registered or certified £irst-class, postage L
prepaid mail at least 3o days prior to the redemption date to the
registered owner of each Certificate to be redeemed at the
address shown on the registration booke; provided however, that
failure to give such notice by mailing, or any defect therein,
shall not affect the validity of any proceedings for the
redemption of Certificates as to which no such failure has
occurred. Any notice mailed as provided in this Section 4.4 �.
sha11 be conclusively presumed to have been duly given, whether
or not the registered owner receives the notice. E �µ
- Such notice shall identify the Certificates or portions
thereof to be redeemed (if less than all are to be redeemed) and � ;
the date fixed for redemption, and shall further state that on ' `1 ,.
such redemption date the principal amount thereof and the ; � �
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designated premium thereon, if any, will become due and payable
at the principal corporate trust office of the Trustee, and that
from and after such date interest will cease to eccrue. Accrued
interest to the redemption date will be paid by check or draft
mailed to the Participant (or by alternative means if so agreed .
to by the Trustee and the Participant). Notice having been given
in the manner hereinbefore provided, the Certificate or ,
Certificates so called for redemption shall become due and
payable on the redemption date so designated; and upon
presentation thereof at the Trustee, payment of the Certificate :r�:=r -
or Certificates so called for redemption shall be made as herein �{�'�'s
#i..:
provided. �+fi
' B. In addition to the notice provided for in
' paragraph A of this section 4.4, further notice of any prior
' redemption shall be given pursuant to this paragraph, but failure €,`._
' to give such notice by means provided in this paragraph, or any f:"
defect therein, shall not affect the validity of any proceedings E:•?
? for redemption if notice thereof is given as provided in '�'" �"'
� paragraph A of this Section 4.4. Each such further notice of
� redemption shall:
�
, : V.
� (a) cantain the information required for a notice � •
� of prior redemption under paragraph A of this Section 4.4,
plus (i) the CUSIP numbers of all Certificates being
� redeemed; (ii) the date the Certificates were originally �
3 issued; (iii) the rate of interest borne by each Certificate
_ i �;.� being redeemed; (iv) the maturity date of each Certi£icate
ibeing redeemed; and (v) any other descriptive information
determined by the Trustee in its sole discretion to be •
� necessary to identify accurately the Certificates being �
�
redeemed; and �
i
i (b) be sent at least 35 days before the
� redemption date by registered or certified mail or overnight
t delivery service to all registered securities depositories
( then holding any Certificates (including, to the extent such
� depositories hold any Certificates, Depository Trust Company
of New York, New York, �idwest Securities Trust Company of
� Chicago, Illinois, Pacific Securities Trust DepositoTy of
San Francisco, California and Philadelphia Depository Trust
Company of Philadelphia, Pennsylvania) and to one or more
1 national information services that disseminate notices of
� zedemption of obligations similar to the Certificates. '
�
" Upon the payment of the redemption price of Certificates being
redeemed, each check or other transfer of funds issued for such
purpose shall bear the CUSIP number identifying, by issue and
maturity, the Certificates being redeemed with the proceeds of y �';
' such check or other transfer. �
tij
• � Section 4.5 Redemption Payments. Prior to the date � '-
� fixed for redemption, funds shall be deposited with the Trustee �:1 ''�`.:
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to pay, and the Trustee is hereby authorized and directed to `.�.T}•x:'='?`�`+��
apply such funds to the payment of, the Certificates called,
together with accrved interest thereon to the redemption date,
and any required premium. Upon the giving of notice and the
deposit of such funds as may be available for redemption pursuant
to this Indenture (�:Zich, in the case of redemption pursuant to
Section 4.2 hereof, may be less than the full principal amount of ,
the outstanding Certificates so called for redemption and accrued
interest thereon to the redemption date), interest on the '
Certificates or portions thereof thus called shall no longer ; '
accrue after the date fixed for redemption. Payments in full '
redemption shall be accompanied by a written designation prepared '.;�-:`j�.:.
by the Trustee stating the portions of the payment representing r'-•s..
rinci al interest and ,�; •�`
p p , premium, if any. .;.�..f,.::
:f�,: : .
Whenever the Certificates are redeemed in part pursuant
to Section 4.1 hereof, the Trustee shall also recalculate the :-:�' . ,
schedule of Base Rentals set forth in Exhibit E to the Master -��:`..
Lease to reflect the reduction in the outstanding principal '
amount of the Certificates by reason of such redemption. Upon
surrender and cancellation of any Certificate for redemption of ,, �
only a portion thereof, a new Certificate or Certificates of the J 1
same maturity and of authorized denominations in an aggregate �
principal amount equal to the uriredeemed portion thereof shall be i��`• �
executed on behalf of and delivered by the Trustee. The expenses ;�,. .
of such execution, delivery and exchange shalZ be paid by the
_ County as Additional Rentals, to the extent that Additional
� � Rentals which have been specifically budgeted and appropriated by
_ the County are available for the payment of such expenses.
Section 4.6 Cancellation. All Certificates which
have been redeemed shall not be reissued but shall be canceled �, .
and cremated or otherwise destroyed by the Trustee in accordance ,�
with Section 2.11 hereof.
r �
- Section 4.7 Partial Redemption. Nothing in this �{
Indenture shall prevent the Trustee from applying any moneys f:�;
available therefor hereunder to partial payments in redemption of i: •
Certificates ratably according to the amounts of principal and
interest outstanding, on more than one date, if the Trustee shall
deem such application of moneys to be in the best interests of
the Participants.
j .
ARTICLE V
INVESTMENTS •
Section 5.1 Investment of Moneys. All moneys held =`-.
as part .of the Certificate Fund, the Projects Fund, the Reserve
Fund, the Extraordinary Revenue Fund, the Rebate Fund or any �
other fund or account created hereunder shall be deposited or
invested and reinvested by the Trustee, at the direction of the
; County, in Permitted Investments to the extent the same are �i i
. � permitted by the laws of the State and the Charter of the County, ; y j
:� ` 1,i_. _1�.
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as amended from time to time; provided, however, that the Trustee
shall make no deposits or investments of any fund or account
created hereunder which shall interfere with or prevent
withdrawals for payment af Costs of the Projects or for payment
of the Certificates, or i.nterest thereon. Any and all such
deposits or investments shall be held by or under the control of �
the Trustee. The Trustee may make any and all such deposits or ,
investments through its own bond department or� the bond
degartment of any bank or trust company under common control with � 1•'
the Trustee. Except as otherwise provided by Sections 3.3 and `
5.3 hereof, deposits or investments shall at all times be a part �;.�''
of the fund or account from which the moneys used to acquire such #
deposits or investments shall have come, and all income and �`•:'`�. :
� profits on such deposits or investments shall be credited to, and �'':
� losses thereon shall be charged against, such fund or account.
Pursuant to Section 5.3 hereof, any interest or other gain from i
� any fund created hereunder (except defeasance escrows established ��•
1.'-:;`.;:
pursuant to Article VI hereof) shall be deposited to the Rebate , :
' Fund to the extent required by section 5.3 hereof; buC no such �
� transfer shall be made if such transfer would cause the amount �, ''
then on deposit in such fund to be less than required by the
� provisions of this Indenture or the Master Lease, unless the � �
� Trustee consents to such transfer. The Trustee shall sell and � �
� reduce to cash a sufficient amount of such deposits or g
� investments in the respective funds whenever the cash balance in q
the Projects Fund is insufficient to pay a requisition when
S presented, whenever the cash balance in the Certificate Fund is
_ � L� insufficient Co pay the principal of and interest on the
Certificates when due, or whenever the cash balance in any fund
? or account created hereunder is insufficient to satisfy the '
;i purposes of such fund or account. In computing the amount in any
� fund or account created hereunder for any purpose hereunder, ,:.�
j except as herein otherwise expressly provided, investments shall �'
be valued at cost (exclusive of accrued interest) or par,
� whichever is less.
1 Section 5.2 Tax Certification. The Trustee
� • certifies and covenants to and for the benefit of the
4 Participants that so long as any of the Certificates remain
i outstanding, moneys in any fund or account held by the Trustee
� under this Indenture, whether or not such moneys were derived
from the proceeds of the sale of the Certificates or from any
� other source, will not be knowingly deposited or invested in a
� manner which will cause the portion of Hase Rentals which is ,'
designated in the Master Lease and paid by the County as interest ��"
to be included in gross iacome for federal income tax purposes;
provided, however, that the Trustee has no investment discretion
under this Indenture and will rely both on the County's direction '
of investments, as provided in Section 5.1 hereof, and on the
County's covenant in Section 11.8 of the Master Lease; and q;
provided further that, to the extent the Trustee relies upon the 3�,
. County's direction of invesCments, as provided in Section 5.1 � `
� � '. .
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hereof, the Trustee shall not be deemed to have breaahed the
covenants set forth in this section 5.2.
Section 5.3 Rebate Fund. A special fund is hereby
created and established to be_ held by the Trustee, and to be •
designated the "Pitkin Count�, Colorado, Certificates of .
Participation, Rebate Fund" (the "Rebate Fund"). There shall be .
deposited into the Rebate Fund investment income on moneys in any
fund created hereunder (except defeasance escrows established
p�rsuant to Article VI hereof) to the extent necessary to comply +i`>``'
with the County's tax covenants relating to the Certificates. In `�s`''3.
order to ensure that the moneys on deposit in the Rebate Fund ;�.i��;;
1 will be suf£icient to fulfill the County's rebate obligation even i:+`:;:_
if the Master Lease has been terminated, there shall be deposited
into the Rebate Fund moneys rece�.ved from the County as
Additional Rentals for rebate payments; income derived from the ;
investment of moneys in the Reserve Fund, as provided in �-: `
Section 3.3(b) hereof; and all other moneys received by the ' � "
�..`' ':.:
Trustee when accompanied by directions not inconsistent with the �1�
Master Lease or this Indenture that such moneys are to be paid
� into the Rebate Fund. The County shall cause amounts on deposit : i :.
in the Rebate Fund to be £orwarded to the United States Treasury l
at the address and times required and in the amounts calculated
by the County to ensure that the County's rebate obligations are
� met. Amounts on deposit in the Rebate Fund shall not be sub}ect
i to the lien of the Master Lease or this Indenture to the extent � �
! that such amounts are required to be paid to the United States
- f '� Treasury.
� If at any time it is determined that the moneys on �
� deposit in the Rebate Fund are insufficient for the purposes s�
thereof, and if the Trustee does not receive Additional Rentals � '
or cannot transfer investment income so as to make the amount on -�
deposit in the Rebate Fund sufficient for its purpose, the
Trustee may transfer moneys to the Rebate Fund from the following
funds in the following order or priority: the Reserve Fund, the
Extraordinary Revenue Fund, the Principal Account of the
Certificate Fund and the Interest Account of the Certificate
Fund. Any moneys so advanced shall be included in the County's
estimates of Additional Rentals for the ensuing Fiscal Year
pursuant to Section 6.2 of the Master Lease and shall be repaid
to the fund from which advanced upon payment to the Trustee of
� such Additional Rentals. Upon receipt by the Trustee's
determination that the amount in the Rebate Fund is in excess of ;�
the amount required to be therein, such excess shall be ,-,,,`'
transferred to the Interest ?�ccount of the Certificate Fund. �'
- Notwithstanding the-foregoing, in the event that the
Master Lease has been term.inated or �he County has failed to �;
comply with the provisions hereof so as to make the amount on .Y ';
deposit in the Rebate Fund suf£icient for its purpose, the �'-�
' ` Trustee shall make transfers of investment income or of moneys � , ,. _:
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£rom the above-described funds in such combination as the Trustee
shall determine to be in the best interests of the Participants.
ARTICLE VI
DISCHARGE OF INDENTURE �
Section 6.1 Discharqe of the Indenture. If, when ' �'�'
the Certificates secured hereby shall become due and payable in `.•e:r::� r.
accordance with their terms or otherwise as provided in this �Y':i :
Indenture, the whole amount of the principal of, premium, if any, %;.r�,,
and interest due and payable upon all of the Certificates shall {;!�'s:j::,
be paid (or, in the case of redemption of the Certificates
pursuant to Section 4.2 hereof, if full or partial payment of the -
Certificates and interest thereon is made as provided in
, Section 4.3 hereof), or provision shall have been made for the
� payment of the same, together with all other sums payable ;.;::.;:. ',
hereunder, then the right, title and interest of the Trustee in y
and to the Trust Estate and all covenants, agreements and other � �
obligations of the Corporation to the Trustee and the
Participants shall thereupon cease, terminate and become void and ?� ` '
be discharged and satisfied. In such event, the Trustee and the ' �
; Corporation shall transfer and convey to (or to the order of) the
County all property assigned, pledged or mortgaged to the Trustee
by the Corporation then held by the Corporation or by the Trustee
� pursuant to this Indenture, and the corporation and the Trustee
' shall execute such documents as may be reasonably required by the
'='?� County and shall turn over to (or to the order of) the County any
� surplus in any fund created under this Indenture, except the
� Rebate Fund and any escrow accounts theretofore established �±
pursuant to this Article VI. � •
.�
i
All or any portion of the outstanding Certificates
shall prior to the maturity or redemption date thereof be deemed
to have been paid within the meaning and with the effect
expressed in this Section 6.1 if (i) in case said Certificates
! are to be redeemed on any date prior to their maturity, the
County shall have given to the Trustee in form satisfactory to
i the Trustee irrevocable instructions to give notice of redemption
of such Certificates on said redemption date, such notice to be
' given on a date and otherwise in accordance with the provisions
� of Section 4.4 hereof, and (ii) there shall have been deposited •
i in trust either moneys in an amount which shall be sufficient, or
, Federal Securities which shall not contain provisions permitting ' -
the redemption thereof at the option of the issuer, the principal
of and the interest on which when due, and without any
� reinvestment thereof, will provide moneys which, together with
the moneys, if any, deposited with or held in trust at the same �
time, shall be sufficient to pay when due the principal of, �
, ' premium, if any, and interest due and to become due on said �� ,.
Certificates on and prior to the redemption date or maturity date �
� thereof, as the case may be, and (iii� in the event said �
, � Certificates are not by their terms subjecL �o redemption within ;
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the next 60 days, the County shall have given the Trustee in form
satisfactory to it irrevocable instructions to give, as soon as
practicable in the same manner as the notice of redemption is
given pursuant to section 4.4 hereof, a notice to the owners of
such Certificates that the deposit requized by (ii) above has
been made and that the Certificates are deeined to have been paid
in accordance with this Section and stating such maturity or
redemption date upon which moneys are to be available for the •
payment of the principal of, premium, if any, and interest on the i-•:,.;:;....
Certificates. Neither the Federal Securities nor moneys
deposited in trust pursuant to this Section 6.l or rinci al or � `"'''`•
P P t.�:::
interest payments on any such Federal Securities shall be �.;t':,�''
,:.t�::
• withdrawn or used for any purpose other than, and shall be held ',:�•,�••. ;:.
in trust for, the payment of the principal of, premium, if any, ��''. ' -�'
and interest on said Certi£icates; provided any cash received �`'�-'''
from such principal or interest payments on such Federal
Securities deposited in trust, if not then needed for such
purpose, shall, to the extent practicable, be reinvested in �•.'
Federal Securities of the type described in clause (ii) o£ this ?': ':
paragraph maturing at the times and in amounts sufficient to pay ��
when due the principal of, premium, if any, and interest to �
' become due on said Certificates on or prior to such redemption �
date or maturity date thereof, as the case may be. At such time .:. �•
� as any Certificates sha11 be deemed paid as aforesaid, such
� Certificates shall no longer be secured by or entitled to the -
benefits of this Indenture and the Master Lease, except for the
i _� purpose of exchange and transfer and any payment from such moneys
- j or Federal Securities deposited in trust.
�! Prior to any discharge of this Indenture becoming
�i effective, there shall have been delivered to the County and the �
� Trustee an opinion of bond counsel, addressed to the County and
the Trustee, to the effect that such defeasance will not ;Y.
constitute a violation by the County of its tax covenants in �
Section 11.8 of the Master Lease. �;
� The discharge of the Indenture pursuant to this Section
� shall be without prejudice to the rights of the Trustee to be
paid reasonable compensation for all services zendered by it .
hereunder and all its reasonable expenses, charges and other
} disbursements, including reasonable attorneys' fees, incurred
j with respect to the administration of the trust hereby created
t and the per£ormance of its powers and duties hereunder: ,
; In the event that there is a defeasance of only part of ;�
the Certificates of any maturity, the Trustee shall, if requested
! by the County, institute a system to presesve the identity of the
- � individual Certificates or portions theseof so defeased,
I regardless of changes in Certificate numbers attributable to
transfers and exchanges of Certificates; and the Trustee shall be �!
entitled to reasonable compensation and reimbursemenCs of t
• expenses from the County in co�5nection with such system as '+,
� Additional Rentals under the Master Lease. J .�-
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AR.TICLE VII
DEFAULTS AND REMEDIES
Section 7.1 Events of Default. If any of the �
following events occur it is hereby defined as and shall be �
deemed an "event of default" under this Indenture:
(a) Default in the payment of the principal ,�` � '
�.:ti�,',��:.;:
of or premium, if any, on any Certificate when the same �;�;_�°
shall become due and payable, whether at the stated g'
;':�.i;�;.
maturity thereof or upon proceedings for redemption. ;,:,�. .
(b) Default in the payment of any �i,;� `.
installment of interest on any Certificate when the z`
same shall become due and payable. #-��
(r) The occurrence of an Event of �
Nonappropriation as provided in SeCtion 6.6 or 10.3(c) `
of the Master Lease (subject to waiver by the Trustee �
as provided in Section 6.6 of the Master Lease); or the
occurrence of an "Event of Default" as provided in • �� ,
Section 14.1 of the Master Lease.
Section 7.2 Remedies on Default. Upon the
- ,� occurrence of an event of default described in Section 7.1(c) of
this Indenture, the Trustee may, or at the request of the owners
i of a majority in aggregate principal amount of the Certificates
then outstanding and upon indemnification as to cost and expenses
as provided in Section 8.1(m) hereof shall� without any further �
demand or notice, take one or any combination of the following � .
remedial steps: �
(a) The Trustee may terminate the Lease �`
Term, become entitled to possession o£ the Leased �:
Property, and give notice to the County to vacate the �
Sites and the Buildings and to surrender the Equipment
; as provided in Sections 6.6, 10.3(c) and 14.2 of the
Master Lease, as the case may be.
(b) The Trustee may proceed to foreclose
through the courts on or otherwise sell, liquidate or .
otherwise dispose of the Leased Property, including a
sublease of the County Owned Sites and the Buildings
located thereon or any portion thereof, sale of the s``,,Y
Corporation owned Sites and the Buildings located "�
thereon or any portion thereof, a lease of the
Corporation Owned Sites and the Buildings located ,` �`,
thereon or any portion thereof, or sale of an . ?
assignment of its interest in the Ground Lease; and the �y 1
• Trustee may exercise with respect to the Equipment, all zi
� the rights and remedies of a secured party under the y:,;;�5;__.`�:�
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Colorado Uniform Commercial Code, or may otherwise
. repossess, liquidate or otherwise dispose of the
Equipment; provided, however, that the Trustee may not
recover from the State any deficiency which may exist
following the liquidation or other disposition of the
Equipment. <>� .
' (c) The Trustee, on behalf of the �`�:? ,
I Corporation, may recover Prom the County: �: :•-
(1) the portion of Base Rentals and Additional ,
Rentals, to the extent amounts for such ���:�
Additional Rentals have been specifically C<:.•?_
budgeted and appropriated in accordance with �' '? °_
i the provisions of section 6.2 of the Master !
Lease, which would otherwise have been payable t
r,.,. ..
under the Master Lease, during any period in �
? which the county continues to occupy any of >� -
� the Sites or the Buildings or retain �� , -'.�
possession of the Equipment; and �;j,".'`�`
� (2) Base Rentals and Additional Rentals, to the :i ��.'
A extent amounts for such Additional Rentals °
,.� 'i .
have been specifically appropriated in
accordance with the provisions of Section 6.2
of the Master Lease, which would otherwise
� have been payable by the County under the
�� Master Lease during the remainder, after the
County vacates and surrenders the Leased
� Property, of the Fiscal Year in which such
� event of default occurs.
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� (d) The Trustee may take whatever action at +�
K law or in equity may appear necessary or desirable to
' enforce its rights in and to the Leased Property,
� subject, however, to the limitations contained in the
i Master Lease with respect to the County's obligations •
a upon the occurrence of an Event of Nonappropriation. �
�' The Trustee shall also be entitled, upon any event of
�" default described in Section 7.1(c) above, to any moneys in any
funds or accounts created hereunder (except the Rebate Fund and ;
; any esczow accounts established pursuant to Article VI hereof).
� Upon any event of default described in Section 7.1(a) or '�
(b) of this Indenture, the Trustee may take whatever action at
law or in equity may appear necessary or desirable to enforce the
_ rights of the Participants, subject, however, to the limitations
contained in the Master Lease with respect to the County's 1
� obligations upon the occurrence of an Event of Nonappropriation. q�i
h
. No right or remedy is intended to be exclusive of any � l; �;
� other right or remedy, but each and every such riqht or remedy
fL� 4.'.
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shall be cumulative and in addition to any other remedy given
hereunder or now or hereafter existing at law or in equity or by
statute. However, notwithstanding any other provision of the
Master Lease or this Indenture, any and all remedies against the
County under the Master Lease or this Indenture shall be limited
' as provided in Section 14.3 of the Master Lease. �
if any event of default under this indenture shall have
occurred and if requested by the owners of a majority in ��
aggregate principal amount of Certificates then outstanding and '''y"'
indemnified as provided in Section S.1(m) hereof, the Tzustee �....
shall be obligated to exercise such one or more of the rights and ;#`"'
owers conferred b this Section as the Trustee bein advised b �' ., �
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counsel, shall deem most expedient in the interests of the
� Participants.
�
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Section 7.3 Majority of Participants May Control
, Proceedinqs. Anything in this Indenture to the contrary �
� notwithstanding, the owners of a majority in aggregate principal �
amount of the Certificates then outstanding shall have the right, � ' ��
� at any time, to the extent permitted by law, by an instrument or
instruments in writing executed and delivered to the Trustee, to i'.
i direct the time, method and place of conducting all praceedings i
to be taken in connection with the enforcement of the terms and '
conditions of this Indenture, or for the appointment of a
receiver, and any other proceedings hereunder; provided that such
direction shall not be otherwise than in accordance with the
provisions hereof. The Trustee shall not be required to act on
�i any direction given to it pursuant to this Section until the
indemnity described in Section 8.1(m) hereof is furnished to it by �
� such Participants. �v
1 Section 7.4 Riqhts and Remedies of Participants. No ��
+ Participant shall have any right to institute any suit, action or
Sprocseding in equity or at law for the enforcement of this
1 Indenture or for the execution of any trust hereof or for the
� appointment of a receiver or any other remedy hereunder, unless ;
an event o.f default has occurred of which the Trustee has been
; notified as provided in Section e.l(h) hereot, or of which by
� Section 8.1(h) it is deemed to have notice, and the owners of not
; less than a majority in aggregate principal amount of
� Certificates then Outstanding shall have made written request to
� the Trustee and shall have offered reasonable opportunity either
to proceed to exercise the powers hereinbefore granted or to
j institute such action, suit or' proceedings in its own name, nor
unless they have also offered to the Trustee indemnity as provided
� in Section e.l(m) hereof nor unless the Trustee shall thereafter
- fail or retuse to exercise the powers hereinbefore granted, or to
institute such action, suit or proceeding in its own name; and , �1
such notification, request and offer of indemaity are hereby �1
declared in every case at the option of the Trustee to be �, : ;
, conditions precedent to the execution of the powers and trusts of � _ 1�,,;;
} this Indenture, and to any action or cause of action for the
�L .�'�.
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enforcement of this Indenture, or for the appointment of a
receiver or for any other remedy hereunder; it being understood
and intended that no one or more Participants shall have any
right in any manner whatsoever to affect, disturb or prejudice
the lien of this Indenture by his, her, its or their action or to �
enforce any right hereunder except in the manner herein provided '
and that all proceedings at law or in equity shall be instituted, �
had and maintained in the manner herein provided and for the equal
benefit of the owners of all Certificates then Outstanding. �
;r.-:,,,..
Nothing contained in this Indenture shall, however, affect or ;F:.�3 .
impair the right of any Participant to enforce the payment of the ���,�;.
principal of, premium, if any, or interest on any Certificate at
and after the maturity thereof. jl?�_� ;
� Section 7.5 Purchase of Leased Property by �
Participants or Trustee• Application of Certificates Toward �:. '
Purchase Price. Upon the occurrence of an event of default under � '
i';..:; . '
this Indenture, the lien on the Leased Property created and vested ;:� ...;._:�
in the Trustee hereunder may be £oreclosed either by sale at 4;-
� public auction or by proceedinqs in equity. Upon any such sale, �•
1.,;: ,..
1 any Participant or the Trustee may bid for and purchase the Leased
Property (provided that with respect to the County Owned Sites the ,
interest sold and acquired shall be the rights of the lessee under
� the Ground Lease); and, upon compliance with the terms of sale,
may hold, retain and possess and dispose of such property in his,
i her or their own absolute right without further accountability;
� and any purchaser at any such sale may, if permitted by law, after
C.� allowing for the proportion of the total purchase price required
� to be paid in cash for the costs and expenses of the sale,
i compensation and other charges, in paying purchase money, turn in �
Certificates then outstanding in lieu of cash, to the amount which
� shall, upon distribution of the Net Proceeds of such sale and any •v
other moneys available hereundez, be payable thereon. If the '
, Trustee shall acquire title to the Leased Property as a result of
any such foreclosure sale, or any proceeding or transaction in �
� lieu o€ £oreclosuze, the Trustee shall thereafter sell the Leased
� Property (provided that with respect to the County Owned Sites the
interest sold and acquired shall be the rights of the lessee under �
the Ground Lease); and may take any further lawful action with
respect to the Leased Property which it, being advised by counsel,
• shall deem to be in the best interest of the Participants,
� including but not limited to the enforcement of all rights and
remedies set forth in .the Master Lease and this Indenture and the
taking of all other courses of action permitted herein or therein. +,
Section 7.6 Waiver of Appraisement, Valuation,
; Stay, Execution and Redemption Laws. The Corporation agrees, to
� Che extent permitted by law, that in case of the occurrence of an
event of default under this indenture, neither the Corporation ;
nor anyone claiming through or under it shall or will set up, �� ,
claim or seek to take advantage of any appraisement, valuation, �
� stay, extension or redemption laws now or hereafter in force in =, .���•'°.-
� order to prevent or hinder the enforcemenL or foreclosure of this ;
�.I
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Indenture, or the absolute sale of the Trust Estate to the extent
permitted hereunder, or the final and absolute surrender of
possession, immediately after such sale, to the purchasers; and
the Corporation, for itself and all who may at any time claim ,
through or under it, hereby waives, to the full extent that it
���may lawfully do so, the benefit of all such laws, and any and all "
right to have the estates comprised in the security intended to '
be hereby created marshalled upon any foreclosure of the lien
hereof and agrees that the Trustee or any court having *;`;;.,.,
jurisdiction to foreclose such lien may sell the Equipment, the �Fi_�a .•
interest of the Trustee in the Ground Lease the Corporation Owned t�3j::.
Sites and the Buiidings located thereon as an entirety. ti;%';..'?,.
Section 7.7 Trustee May Enforce Riqhts Without
tiCertificates. All rights of action and claims under this
; Indenture or any of the Certificates outstanding hereunder may be •
enforced by the Trustee without the possession of any of the j�.;-;: .
Certificates or the production thereof in any trial or 's�'�
� proceedings relative thereto; and any suit or proceeding �
1 instituted by the Trustee shall be brought in its name as i "�`
Trustee, without the necessity of joining as plaintiffs or '
s defendants any owners of the Certificates, and any recovery of �''.
� judgment shall be for the ratable benefit of the Participants,
i subjeot to the provisions hereof. -
f
� Section 7.8 Trustee to File Proofs of Claim in
' Receivership, Etc. In the case of any receivership, insolvency,
- ! "`�� bankruptcy, reorganization, arrangement, adjustment, composition -
+ or other judicial proceedings affecting the Leased Property, the
z Trustee shall, to the extent permitted by law, be entitled to file
,1 such proofs of claim and other documents as may be necessary or � .
i advisable in order to have claims of the Trustee and of the -Y
; Participants allowed in such proceedings for the entire amount `
� due and payable on the Certificates under this Indenture, at the
� date of the institution o£ such proceedings and for any
additional amounts which may become due and payable by it after
such date, without prejudice, however, to the right of any
Participant to file a claim in its own behalf. _
Section 7.9 Delay or omission No Waiver. No delay
or omission of the Trustee or of any Participant to exercise any
i right or. power accruing ugon any event of default shall exhaust �
� or impair any such right or power or shall be construed to be a
; waiver of any such event of default, or acquiescence therein; and +,
� every power and remedy given by this Indenture may be exercised �.
,.;.,
from time to time and as often as may be deemed expedient.
- Section 7.10 No Waiver of One Event of Default to
Affect Another. No waiver of any event of default hereunder, ;
whether by the Trustee or the Participants, shall extend to or Q�
affect any subsequent or any other then exiscing event of default � ..
' or shall impair any rights or remedies consequ�nt thereon. t.,,..1-;-_:':.
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Section 7.11 Discontinuance of Proceedinqs on Event
of Default; Position of Parties Restored. In case the Trustee
shzill have proceeded to enforce any right under this Indenture
and such proceedings shall have been discontinued or abandoned
for any reason, or shall have been determined adversely to the �
Trustee, then and in every such case the Corporation, the County, �
: the Trustee and the Participants shall be restored to their
former positions and rights hereunder with respect to the Trust �': �`
Estate, and all rights, remedies and powers of the Trustee sha11 �i:~'�'' '
continue as if no such proceedings had been taken. I+:.:j:.
;i�;...
Section 7.12 Waivers of Events of Default. The �":.''"'
�• Trustee may in its discretion waive any event of default T
hereunder and its consequences, and notwithstanding anything else E
� to the contrary contazned in this Indenture shall do so upon the ;;-: .
writte» request of the owners of two-thirds in aggregate principal ` '
amount of all the Certificates then Outstanding; provided, ra
: however, that there shall not be waived without the consent of the ; , �
j owners of 100� of the Certificates then Outstanding as to which q`.�` ' �
the event of default exS.sts (a) any event of default in the
i payment of the principal of or premium, if any, on any outstanding
Certificates at the date of maturity specified therein or (b) any
� event of default in the payment when due of the interest on any
, such Certificates, unless prior to such waiver or rescission, all
arrears of interest and all arrears of payments of principal and '.
; premium, if any, then due, as the case may be (including interest
at the maximum interest rate of the Certificates per annum on all
���'� overdue installments), and all expenses of the Trustee in
connection with such event of default and all Additional Rentals
' shall have been paid or provided for. In case of any such waiver, �
or in case any proceedings taken by the Trustee on account of any
such event of default sha11 have been discontinued or abandoned or �
determined adversely to the Trustee, then and in every such case
the Corporation, the County, the Trustee and the Participants
shall be restored to their former positions and rights hereunder
respectively, but no such waiver or rescission shall extend to any
subsequent or other event of default, or impair any riqht
consequent thereon.
ARTICLE VIII
CONCERNING THE TRUSTEE ,
Section 8.1 Duties of the Trustee. The Trustee + _,v
- hereby accepts the trusts imposed upon it by this Indenture and .:���
agrees to perform said trusts, but only upon and subject to the
following express terms and conditions, and no implied covenants
_ or obligations shall be read into this Indenture against the
Trustee: • ��
�
' (a) The Trustee, prior to the occurrence of ;�, _
an event of default under this Indenture and after the
• ' ih_:�..�.,�.:'��:�.���:.
, curing of all events of default which m::;: have occurred
� •� under this Indenture, undertakes to perfo:m such duties � .�:;
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_ and only such duties as are specifically set forth in
1 this Tndenture. In case an event of default under this
indenture has occurred (which has not been cured or
waived), the Trustee shall exercise such of the rights
and powers vested in it by this Indenture, and use the ,
same degre€- of care and skill in their exercise as a
reasonable and prudent man would exercise or use under '
the circumstances in the conduct of his own affairs. '
_<.,,:._.
(b) The Trustee may execute any of the trusts 't�:r:'
or powers hereof and perform any of its duties by or s:�.�'
through attorneys, agents, receivers or employees but ::��.-•�'
_f,,,.
• shall be answerable for the conduct of the same in �?�,. ;.�:
accordance with the standard specified above, and shall j::�:-",': .
�,..,,
be entitled to act upon an Opinion of Counsel concerning
all matters of trust hereof and the duties hereunder,
and may in all cases pay such reasonable compensation to -
all such attorneys, agents, receivers and employees as
may reasonably be employed in connection with the trusts ;
hereof. The Trustee may act upon an Opinion of Counsel 5
and shall not be responsible for any lose oz damage �
resulting from any action or nonaction taken by or
omitted to be taken in good faith in reliance upon such
Opinion of Counsel.
(c) The Trustee shall not be responsible for
any recital herein or in the Certificates _(except in
- h.'�� respect of the execution of the Certificates on behalf
of the Trustee), or for the recording oz rerecording,
filing or refiling of the Ground Lease, the Master Lease
' or this Indenture or any amendments or supplements �
! thereto or hereto or instruments of further assurance or
collecting any insurance moneys or for the validity of � �
the execution by the Corporation o£ this Indenture or of �,�,
any amendments or supplements hereto or instruments of a"
further assurance, or for the sufficiency of the y'�
security for the Certificates issued hereunder or
intended to be secured hereby, or for the value of or
title to the Leased Property, and the Trustee shall not �
' be bound to ascertain or inquire as to the performance
or observance of any covenants, conditions or agreements �
on the part of the Corporation or the County, except as
provided herein; but the Trustee may require of the
Corporation or the County full information and advice as
to the performance of the covenants, conditions and _+
agreements aforesaid. The Trustee shall have no %•rW
obligation to perform any of the duties of the County
under the Master Lease; and the Trustee shall not be
responsible or liable for any loss suffered in �'` ��
' connection with any investment of £unds made by it in
accordance with Article V hereof. Qy�
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(d) The Trustee shall not be accountable for
the use of any Certificates delivered to the initial
Purchasers hereunder. The Trustee may become *he owner
of Certificates with the same rights which it would have
if not Trustee. �
(e) The Trustee shall be protected in acting .
upon any notice, request, consent, certificate, order,
affidavit, letter, telegram oz other paper or document
believed to be genuine and carrect and ta have been �'++-�: -
signed or sent by the proper person or persons. Any �r�•�?
action taken by the Trustee pursuant to this Indenture 1.";t;f;;,
upon the request or authority or consent of any pe�son ►;;�.,,�;.,'
who at the time of making such request or giving such !:`-''`
authority or consent is the owner of any CerCificate -
shall be conclusive and binding upon any CertiEicates
issued in place thereof.
(f) As to the existence or nonexistence of �
any fact or as to the sufficiency or validity of any
, � .
instrument, paper or proceeding, the Trustee shall be ;
entitled to rely upon a certificate signed on behalf of �, ;._
the Corporation by the Corporation Representative, or on •
behalf of the County by the County Representative or
such otiher person as may be designated for such purpose
by the County, as sufficient evidence of the facts _ �
' therein contained, and, prior to the occurrence of an
�-_� event of default of which the Trustee has been notified
- as provided in subsectioa (h) of this Section or of
which by said subsection it is deemed to have notice,
shall also be at liberty to accept a similar certificate �
to the effect that any particular dealing, transaction , � �
or action is necessary or expedient, but may at iCS �
discretion secure such further evidence deemed necessary i�
or advisable, but shall in no case be bound to secure f�jx,
i the same. �' �
i,
(g) The permissive right of the Trustee to do I
things enumerated in this Indenture shall not be
i construed as a duty and the Trustee shall not be
' answerable for other than its negligence or willful act.
! .
(h) The Trustee shall not be required to take
notice or be deemed to have notice of any event of i Y �
default hereunder except failure by the County to cause +
to be made any of the payments to the Trustee required �
to be made by Article III hereof and Article VI of the ! ^~
� Master Lease, unless the Trustee shall be specifically
notified in writing of such event of default by the � �
Corporation or the Count•r, or by .the owners of at least i
25+k in aggregate principal amount of Certificates then • �T� .
' Outstanding, and a11 notices or other instruments _� .
' required by this Indenture to be delivered to the '
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Trustee must, in order to be effective, be delivered at
the principal corporaCe trust office of the Trustee�
and, in the absence of such notice so delivered, the
Trustee may conclusively assume there is no event of
default except as aforesaid.
(i) All moneys received by the Trustee shall, .
until used or applied or invested as herein provided, be -
held in trust in the manner and for the purposes for
which the were received but need not be se re ated from ;��"=='`-
Y 4 9 ,;r .:;
other funds except to the extent required by this ;�:�-.
, indenture or law. The Trustee shall not be under any ��t�s'{;
liability for interest on any moneys received hereunder '�Si:"`
except such as may be agreed upon. :�
:'.' :'.
(jj At any and all reasonable times the �,:'•- .
Trustee, and its duly authorized agents, attorneys,
; experts, engineers, accountants and representatives, �-'::=': _
shall have the right, but shall not be required, to �
• inspect any and all , of the Leased Property (subject to �
. such regulations as may be imposed by the County for
, security purposes), including all books, papers and ' f
; records of the Corporation or the County pertaining to
� the Leased Property.
� (k) The Trustee shall not be requ.ired to give
� any bond or surety in respect of the execution of the
� �'°�� said trusts and powers or othezwise in respect of the
� premises.
I �
� (1) Notwithstanding anything in this �
Indenture to the contrary, the Trustee shall have the
� right, but shall not be required, to demand in respect ���
of the delivery of any Certificates, the withdrawal of
any cash, or any action whatsoever within the purview of
this Indenture, any showings, certificates, opinions,
appraisals or other information, or corporate action or
. evidence thereof, in addition to that by the terms
hereof required, as a condition of such action by the
Trustee.
;
� (m) Before taking any action hereunder, the
Trustee may require that satisfactory indemnity be
furnished to it by the Participants for the reimburse- ;
ment of all expenses which it may incur, including
reasonable attorneys' fees, and to protect it against
all liability, excegt liability which may result from
its negligence or 'willful default, by reason of any
action so taken. i )
�
, Section 8.2 Fees and Expenses of Trustee. During �� �:,
the Lease Term, the Trustee shall be entitled to payment and � � , i::
� reimbursement for its reasonable fees for its services rendered •' ;
- '�'
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hereunder as and when the same become due and all expenses
reasonably and necessarily made or incurred by the Trustee in
connection with such services as and when the same become due,
including reasonably attorneys� fees, as provided, and to the
exCent permitted, in Section 6.2 of the Master Lease. In no event
shall the Trustee be obligated to advance its own funds in order
to take any action hereunder. '
Section 8.3 Resiqnation or Replacement of Trustee.
The present or any future Trustee may resign by giving written '
,.`.
notice to the County and to the Corporation not less than 60 days .•�:.; `.
be£ore such resignation is to Cake effect. Such resignation '1 •�
': �; :.
, shall take effect only upon the appointment of a successor ;;;.;:.
qualified as provided in the third paragraph of this Section 8.3; �
provided, however, that if no successor is appointed within _
60 days following the date designated in the notice for the
Trnstee's resignation ta take effect, the resigning Trustee may -
petition a court of competent jurisdiction for the appointment of
� a successor. The present or any future Trustee may be removed at '-.:''��."
any time by the Corporation, at the direction of the County, in ',""
� the event the County reasonably determines that the Trustee is not ;:'.'�`_`
! duly performing its obligations hereunder or that such removal is �
in the best interests of the County or the Participants, or by an . `
j instrument in writing, executed by the owners o£ a majority in
! aggregate principal amount of the Certificates then Outstanding. -
i In case the present or any future Trustee shall at any
- i ,� time resign or be removed or otherwise become incapable of
�" acting, a successor may be appointed by the owners of a majority
` in aggregate principal amount of the Certificates Outstandinq by
! an instrument or concurrent instruments signed by such
� Participants, or their attorneys in fact duly appointed; provided �.
, that the County may, by an instrument executed by order of the :�
County, appoint a successor until a new successor shall be �'.
appointed by the Participants as herein authorized. The County
upon making such appointment shall forthwith give notice thereof
to each Participant and to the Corporation, which notice may be
given concurrently with the notice of resignation given by any
resigning Trustee. Any successor so appointed by the County shall
immediately and without further act be superseded by a successor
appointed in the manner above provided by the owners of a
majority in aggregate principal amount of the Certificates
Outstanding.
Every successor shall be a bank or trust company in good -%�
standing, qualified to act hereunder, and having a capital and
surplus of not less than $10,000,000. Any successor appointed
hereunder shall execute, acknowledge and deliver to the County and
to the Corporation an instrument accepting such appointment ` ��
° hereunder, and thereupon such successor shall, without any 1
further act, deed or conveyance, become vested with all the 3�
estates, prope=ties, z�ights, powers and trusts of its predecessor
j in the trust hereunder with like effect as if originally named as �
� ...;r4:'
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Trustee hezein; but the Trustee retiring shall, nevertheless, on
the written demand of its successor, execute and deliver an
instrument conveying and transferring to such successor, upon the
trusts herein expressed, all the estates, properties, rights,
powers and trusts of the predecessor, which shall duly assign, ,
transfer and deliver to the successor `all properties and moneys
held by it under this Indenture. Should any instrument in •
writing from the County or the Corporation be required by any
successor for more fully and certainly vesting in and confirming -
to it, the said instruments in writing shall, at the reasonable •
discretion of the County, be made, executed, acknowledged and >�'" ''�
delivered by the County or the corporation on request of such t.�`
successor. �
' The instruments evidencing the resignation or removal of ;
� the Trustee and the appointment of a successor hereunder, {-
itogether with all other instruments provided for in this Section '=
shall be filed and/or recorded by the successor Trustee in each ?'��,: .
^� recording office, if any, where this Indenture shall have been ��s
� filed and/or recorded. �� °,
� Section 8.4 Conversion Consolidation or Mercrer of
w Trustee. Any bank or trust company into which the Trustee or its �� �1 �.
� successor may be converted or merged, or with which it may be ? � -
� consolidated, or to which it may sell or transfer its trust �
� business as a whole shall be the successor of the Trustee under
this Indenture with the same rights, powers, duties and
; :•;�'� obligations and subject to the same restricCions, limitations and
- ' liabilities as its predecessor, all without the executiott or
� filinq of any papers or any further act on the part of any of the :
,� parties hereto or thereto, anything herein or therein to the �
contrary notwithstanding. In case any of the Certificates to be
� issued hereunder shall have been executed, but not delivered, any �.�
successor Trustee may adopt the signature of any predecessor
Trustee, and deliver the same as executed; and, in case any of
F such Certificates shall not have been executed, any successor
}� Trustee may execute such Certificates in the name of such
j suCCessor Trustee.
{ Section 8.5 Intervention by Trustee. Tn any judicial
� proceeding to which the Corporation or the County is a party and
� which in the opinion of the Trustee and its counsel has a
substantial bearing on the interests of the Participants, the
S Trustee may intervene on behalf of Participants and shall do sa
� if requested in writing by the owners of at least 25� in ,:�
aggregate principal amount of Certificates outstanding; provided ;�,
� the Trustee receives indemnification pursuant to section e.l(m) ,
; hereof.
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ARTICLE IX
SUPPLEMENTAL INDENTURES AND AMENDMENTS OF THE
MASTER LEASE AND GROUND LEASE
Section 9.1 Supplemental Indentures Not Requirin4 •
: Consent of Particiaants. The Truetee and the Corporation may,
with the written consent ot the County, buC without the consent �
of, or notice to, the Participants, enter into such supplemental �
indentures or agreeme�ts supplemental hereto for any one or more
or all of the following purposes: � �=:�:��...
I;r_
(a) To add to the covenants and agreements of ;';'a'�?i.
the corporation contained in this Indenture other .�f
covenants and agreements to be thereafter observed by �
the Corporatior,; �
(b) To cure any ambiguity, or to cure,
correct or supplement any defect or omission ar '
inconsistent provision contained in this Indenture, or ;-j�'; ,':��
to make any provisions with respect to rnatters arising �" '
under this Indenture or tor any other purpose if such i�,y�� ,�'
provisions are necessary or desirable and do not �� '
adversely affect the interests of the Participants; ' ` •
(c) To subject to this Indenture additional
; ,� revenues, properties or collateral (including release �
and substitution of the County Owned Sites or portions
' thereof pursuant to Section 11.5 of the Master Lease and
} the substitution of Equipment pursuant to Section 9.3 of
! the Master Lease);
1
i (d) To set forth the terms and conditions and �.q
other matters in connection with the issuance of ,
Additional Certificates, pursuant to Section 2.12 •
hereof; or ��.;
; (e} To effect any change in connection with
the preservation of the exclusion from gross income for
federal income tax purposes of the portion of Base �
Rentals which is designated in the Master Lease and paid
by the State as interest or to effect any other changes
in this Indenture which, in any such case, in the
opinion of an attorney or firm of attorneys whose
experience in matters relating to the issuance of f
obligations of states and their political subdivisions
is nationally recognized, do not materia�ly and ",^
i prejudicially affect the rights of the Participants. ! ��
Section 9.2 Supplemental Indentures Requirinq '�
Consent of ParticiUants. Exclusive of supplemental indentures or +
agreements under Section 9.1 hereof, the written consent of the ry:1 ,.
' � County and the written consent of the owners of not less than 51$ ti `
i _
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of the aggregate principal amount of the Certificates Outstandinq "' '
shall be required for the execution by the Corporation and the
Trustee of any indenture or agreement supplemental hereto;
provided, however, that without the consent of the owners of all
�he Certificates Outstanding nothing herein contained shall
permit, or be construed as permitting: °
(a) A change in tha terms of redemption or .
maturity of the principal amount of or the interest on � .
any Outstanding Certificate, or a reduction in the � -
pz'incipal amount of or premium payable upon any .. �:
redem tion of an Outstandin Certificate or the rate of '' ' "
P Y 9 ; :T_ :� :.
interest thereon, without the consent of the owner of '
such Certificate; '�•���`.`:<
�;'i,.
(b) The deprivation as to the owner of any
Certificate outstanding of the lien created by this {;',
Indenture (other than as originally permitted hereby);
(c} A privilege or priority of any x ,�
Certificate or Certificates over any other Certificate � 1
or Certificates; or �
i�=: , :`
(d) A reduction in the percentage of the ,
aggregate principal amount of the Certificates required �
for consent to any supplemental indenture.
:`� If at any time the County and the Corporation shall
_ request the Trustee to enter into any such supplemental indenture
or agreement for any of the purposes of this Section, the Trustee
� shall, upon receipt of amounts necessary to pay expenses, cause
notice of the proposed execution of such supplemental indenture
or agreement to be mailed to the registered owners of the �
Certificates at the addresses last shown on the registration �;�
records of the Trustee. Such notice shall briefly set forth the �,
nature of the proposed supplemental indenture or agreement and �;�1,
shall state that cogies Chereof are on file at the principal ^�..
corporate trust office of the Trustee for inspection by all �. �
Participants. If, within 60 days or such longer period as shall
be prescribed by the County following the mailing of such notice,
the owners of not less than 51� or, with respect to the matters
specified in paragraphs (a), (b�, (cj and (d) above, 1008 of the
aggregate principal amount of the Certificates 0utstanding at the
time of the execution of any such supplemental indenture or
agreement shall have consented to and approved the execution
thereof as herein provided, no Participant shall have any right ,,%
to object to any of the terms and provisions contained therein, =
or the operation thereof, or to enjoin or restrain the Trustee or
_ the Corporation from executing the same or from taking any action
pursuant to the provisions thereof.
�
Section 9.3 Execution of Supplemental Indenture. The � �
Trustee is authorized to join with the Corporation in the ��� •
. � � , ,,.
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execution of any such supplemental indenture or agreement and to
make further agreements and stipulations which may be contained
therein, but the Trustee shail not be obligated to enter into any
such supplemental indenture or agreement which affects its
rights, duties or immunities under this Indenture. Any
supplemental indenture or agreement executed in accordance with ,
: the provisions of this Article sha7.1 thereafter form a part of
this Indenture; and all the terms and conditions contained in any '
such supplemental indenture or agreement as to any provision •
authorized to be contained therein shall be deemed to be part of •
this Indenture for any and all purposes. In case of the '
execution and delivery of any supplemental indenture or ,F�:.;I '
- agreement, express reference may be made thereto in the text of ,.�+:�.'.
the Certificates issued thereafter, if any, if deemed necessary ;,:�,: . �..
or desirable by the Trustee.
Section 9.4 Amendments, etc., of the Master Lease :'��,�
and Ground Lease Not Requirinq Consent of Participants. The
Corporation and the County may, with the written consent of the '.'�`
Trustee, but without the consent of or notice to the ;`
.! � �'
Participants, consent to any amendment, change or modification of �;,,
the Master Lease or the Ground Lease as may be required (i) by �`.� i '
the provisions of the Master Lease or this Indenture (including, �'�' �
without limitation, amendments to .Exhibit E of the Master Lease ,
to reflect any partial redemption of Certificates), (ii) for the
purpose of curing any ambiguity or formal defect or omission in �, •
,,�� the Master Lease or the Ground Lease, (iii) in order more
precisely to identify the Leased Property or to add additional or
substituted improvements or properties acquired in accordance
with the Master Lease and the Indenture (including the
replacement, substitution or deletion of Equipment pursuant to
: �� Sections 7.1, 9.2 and 9.3 of the Master Lease, the release of ; �
certain Sites, Buildings and Equipment pursuant to Section 12.3 of �
the Master Lease and the release and substitution o£ portions of L�7
the County Owned Sites pursuant to Section 11.5 of the Master !''
Lease), (iv) in order to provide for the acquisition, construction !�
or installation of additional buildings, equipment or sites under ��
the Master Lease (including, without limitation, amendments to the
; Exhibits to the Master Lease and Ground Lease), (v) in connection ` �
with the issuance of Additional Certificates, (vi) in connection
with any other change therein which, in the judgment of the
Trustee, is not to the prejudice of the Participants, or (vii) to
j effect, in connection with the preservation of the exclusion from
gross income for federal income tax purposes of the portion of
Base Rentals which is designated in the Master Lease and paid by
the County as interest, any other changes in the Master Lease or .;:._
the Ground Lease which, in the opinion of nationally -recognized
. bond counsel, do not materially and prejudicially affect the "�,
I rights of the Participants.
i
; Section 9.5 Amendmettts, etc., of the Master Lease �'
• � and Ground Lease Requirinq Consent of Paf:_icipants. Except for �� �'
i � the amendments, changes or modifications pei::._�ted by Section 9.4 i� .;
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hereof, neither the Corporation nor the Trustee shall consent to
+ any other amendment, change or modification of the Master Lease
or the Ground Lease without notice to and the written approval or
consent of the owners of not less than two-thirds in aggregate
principal amount of the Certificates outstanding given and
procured as provided in section 9.2 hereof. If at any time tiie �
County and the Corporation shall request the consent of the •
Trustee to any such proposed amendment, change or modification of �
the Master Lease or the Ground Lease, the Trustee shall, upon '
receipt of amounts necessary to pay e�enses, cause notice of such
'k.?.;'.�'...
proposed amendment, change or modification to be given in the ,s= 3.
same manner as provided in Section 9.2 hereof. Such notice shall ,,'f'�.::
briefly set forth the nature of such proposed amendment, change ::l; ,. :
or modification and shall state that copies of the instrument
embodying the same are on file at the principal corporate trust '�-�
office of the Trustee for inspection by all Participants. ";;`, � .
..,.,..
ARTICLE X `} � ;,.
MISCELLANEOUS
'��:� •.. `...
Section 10.1 Evidence of Siqnature of Participants '��".
�+� :
and Ownership of Certificates. Any request, consent or other '�• ! ,
instrument which this Indenture may . require or permit to be
signed and executed by the Participants may be in one or more
instruments of similar tenor, and shall be signed or executed by �'
such Partiicipants in person or by their attorneys appointed in
. �� writing. Proof of the execution of any such instrument or of an
instrument appointing any such attorney, or the ownership of
`; Certificates shall be sufficient (except as otherwise herein
; expressly provided) if made in the following manner, but the ' �
Trustee may, nevertheless, in its discretion require further or � �
! other proof in cases where it deems the same desirable: '''•� �
Y
��
(a) The fact and date of the execution �'.'�
by any Participant or his attorney of such instrument �"'`
may be proved by the , certificate of any officer
� authorized to take acknowledgments in the jurisdiction
in which he purports to act that the person signing such
request or other instrument acknowledged to him the �� "
execution thereof, or by an affidavit of a witness of
such execution, duly sworn to before a notary public;
and �
- (b) The fact of the ownership by any � :
person of Certificates and the amounts and numbers of
such Certificates, and Che date of the ownership of the �' "•
same, may be proved by the registration records of the
Trustee. �
]
Any request or consent of the owner of any Certificate ' q�
, shall bind all transferees of such Certificate in respect of i
� 'J
f� :� �
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anyChing done or suffered to be done by the County or the Trustee � +
in accordance therewith.
Section 10.2 Covenants of the Corporation. The
Corporation hereby covenants to the Trustee for the benefit of
� the Participants that the Corporation will observe and comply
with the covenanCs of quiet enjoyment contained in Article V of
the Master Lease, and with all of its representations and •
warranties under the Master Lease and the Ground Lease. The
Corporation agrees that wherever in the Master Lease or the
Ground Lease it is stated that the Corporation will notify the •:Y_';:`.
Trustee, or whenever the Master Lease or the Ground Lease gives ,•%;�;
the Trustee some right or privilege or in any way attempts to ',;�t..f.:_
confer upon the Trustee the ability to protect the security for ,
payment of the Certificates, such part of the Master Lease or the
Ground Lease shall be as if it were set forth in full in this
Indenture. The Corporation agrees that the Trustee as assignee
of the Corporation under the Master Lease or the Ground Lease may
enforce, in its name or in the name of the Corporation, all
rights of the Corporation (other than the rights of the � � '.;:
Corporation with respect to certain fees and expenses under
Section 6.2 of the Master Lease) and all obligations of the County ��'`�
�� � .'
under the Master Lease and the Ground Lease, for and on behal£ of
the Participants, whether or not the Corporation is in default ,
under this Indenture. The Trustee and the Corporation hereby
agree that the Corporation shall not be obligated to, and shall _
:,� not, make any payments under the Master Lease or the Ground
� '-:_� Lease.
� Section 10.3 Inspection of the Leased Property. The
Trustee and its duly authorized agents shall have the rights, on
reasonable notice to the County, at all reasonable times, to �
examine and inspect the Leased Property (subject to such �
regulations as m�y be imposed by the County for security �'.v
purposes}. The Trustee and its duly authorized agents shall also
�,.
be permitted, at all zeasonable times, to examine the books, 3,�
records, reports and other papers of the County wiih respect to ;`:
� the Leased Property.
� Section 1�.4 Parties Interested Herein. Nothinq in ;
this Indenture expressed or implied is intended or shall be
construed to confer upon, or to give to, any person other than
the County, the Corporation, the Trustee, and the Participants,
any right, remedy or claim under or by reason of this Indenture or
, any covenant, condition or stipulation hereof; and all the
covenants, stipulations, promises and agreements in this _
Indenture contained by and on behalf of the Corporation or the
Trustee shall be for the sole and exclusive benefit of the County,
the Corporation, the Trustee and the Participants.
Section 10.5 Titles, Headinqs, etc. The titles and �'
headings of the articles, sections and subdivisions of this 44 �
' � Tndenture have been inserted for conveniur.ce of reference only ' � : ;
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and shall in no way modify or restrict any of the terms or
, provisiar.s hereof.
Section 10.6 Severability. Zn the event any
provision of this Indenture shall be held invalid or
unenforceable by any court of competent jurisdiction, such
holding shall not invalidate or render unenforceable any other �
provision hereof. '
Section 10.7 Governin4 Law. This Indenture shall be �M=�-!''�
governed and construed in accordance with the laws of the State. !s2_3 .
' Section 10.8 Executioa in Counterparts. This ��}' '
��i.;.,,.?:.
; Indenture may be executed in several counterparts, each of which
shall be an original and all of which shall constitute but one
and the same instrument.
Section 10.9 Notices. All notice5, certificates or
y other communications required to be given pursuant to this a ,
I Indenture shall be sufficiently given and shall be deemed given ; `
j when (i) made by telephone and confirmed in writing; �
! (ii) delivered by hand; (iii) in writing (which shall include
communications by telex and bankwire); or (iv) mailed by certified '
`� or registered mail, postage prepaid. All notices and other
1 communications shall be given to the person to whom addressed at
the following respective addresses and telephone numbers:
t �,�
_ � (a) If the notice is to the Corporation, then it shall
be addressed to the Pitkin County Capital Leasing
� Corporation, c/o Pitkin County, 506 East Main Street, Aspen,
'i Colorado 81611, Attention: Finance Dizector, Telephone No.:
{ (303) 920-5220; �.
(b) If the notice is to the County, then it shall be ,`
addressed to 506 East Main Street, Aspen, Colorado 81611; +
Attention: Finance Director, Telephone No. : (303)
920-5220; and
(c) If the notice is to the Trustee, then it shall be
addressed to Central Bank of Denver, P.o. Box 17289 T.A.,
1515 Arapahoe Street, Floor 5, Tower 3, Denver, Colorado
80217, Attention: Cozporate Trust Department, Te2ephone No.:
(303) 893-3456.
The County, the Corporation, and the Trustee may, by -'.
written notice, designate any further or di£ferent addresses to �y>�
which subsequent notices, certificates or other communications
shall be sent.
The County, the Corporation and the Trustee, may, by I �
written notice, designate any further or aifferent addresses to ���
, which subsequent notices, certificates or other commuaications �.-
'� shall be sent. � �� `,.
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Section 10.10 Payments Du� on HolidaYs. If the date
for making any payment or 'the last day for performance of any act
or the exercising of any right, as provided in this Indenture,
shall be a legal holiday or a day on which banking institutions
in the ci�;' in which the principal corporate trust office of the
Trustee is located are authorized by law to remain closed, such .
payment may be made or act performed or right exercised on the .
; next succeedinq day not a legal holiday or a day on which such
j banking institutions are not authorized by law to remain closed � �
with the same force and effect as if done on the nominal date � '��'�,'`>
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� provided in this Indenture. I ;f:;'g_.'
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ZN.WITNESS WHEREOF, the Corporation and the Trustee have
�'; caused this Indenture to be executed in their respective
corporate names and their respective corporate seals to be hereto
a££ixed and attested by their duly authori2ed officials or
officers, all as of the date first above written.
PITKIN COUNTY CAPITAL LEASING '
CORPORATION •
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� ATTEST: },,..
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Secretary � �. �
CENTRAL BA13K OF DENVER, a �� �
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� By. � � �
_'�� Title: '.
(SEAL) " _
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STATE OF COLORADO )
) ss.
COUNTY OF PITKIN )
The foregoing instrument was acknowledged before me this � •
15th day of December, 19�d, by Thomas C. Oken, as President of � ,
Pitkin County Capital Leasinq Corporation, and by susan Murphy, as +
Secretary of Pitkin County Capital Leasing Corporation. � _
WITNESS my hand and official seal. � �;{r�:�� -
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STATE OF COLORADO )
� CITY AND ) ss.
COUNTY OF DENVER )
The foregoing instrumen as a k wledged b e me this
15th day of December, 1968, by /���������as �� i
of Central,Bank o D.enver a ba king or oration, as ' .
trustee, and by ' • , as sst de of f •
Central Bank of Denver, a ba ing corporation, as t us . I ��'•`'
i .;'�R-:,�;��_.
� wITNESS my hand and official seal. � =�'-�3�.:
° /t�Y P(�e F,i�.�.. .
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� DU1lC�M �p Nota Public for the State of ;',�;.;.; �
' �}'•, �P Colorado ry�
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. APPENDIX I
"�y
DESCRIPTION OF CORPORATION OWNED SITES
PART I `
(1986 PROJECT) �
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; � � �:':..
; A tract of land situated in Section 34, Township 9 � � s.•
i South, Range 85 West of the 6th Principal Meridian, being more i f�" �•
particularly described as follows: 'f _
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Beginning at a point on the easterly right-of-way line of State r-
Hi hwa 82 also bein the northwesterl corner of a tract of land �.�"-
; B Y . 4 Y t cs:;:• :_
described as an exce tion to Tract B-4 As en Center whence the +�''- �
i P P �
Southeast corner of Section 34 bears South 46 degrees,�35 minutes, ,
' 47 seconds East 2668.35 feet, with all beazing contained herein ° '"
being relative to a bearing of North 03 degrees, 29 minutes, ���:�
39 seconds West on the east line of said Section 34; thence ��;��.. �'.
Noith 31 degrees, 07 minutes, 00 seconds West 450.00 feet along { • = '
the easterly right-of-way line of Colorado State Highway 82 to the •
point of beginning;
'� thence North 31�degrees, 07 minutes, 0o seconds West 300.00 feet;
;..� thence North 31 degrees, 07 minutes, 38 seconds West 175.00 feet;
� � thence North 58 degrees, 55 minutes, 10.6 seconds West 905.53
feet;
- thence South 62 degrees, 23 minutes, 57.4 seconds East 204.85
feet; �
thence South 49 degrees, 00 minutes, 14 seconds East 310.00 feet; � �� •
thence South 56 degrees, 53 minutes, 00 seconds Y7est 950.00 feet �i
to the point of beginning, containing 9.53 acres more or less. �'!fi`
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, APPENDIX II
. -�,i
� DESCRIPTION OF COUNTY OWNED SITES �
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APPENDIX II
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� DESCRIPTION OF COUNTY OWNED SITES
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