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PITTCIN COUNTY
` BOARD OF COUNTY COMMISSIONERS
RESOLUTION #84- /DO .
PROVIDING FOR A PUBLIC SALE OF AIRPORT _
REVENUB BONDS IN THE AGGREGATE PRINCTPAL ,
AMOUNT NOT TO EXCEED $s.i9o,000 ;'REPEALING ������`
ACTION HERETOFORE TAKEN IN CONFLICT HERE-
WI'I'�I;AND RATIFYII�IG ACTION PREVIOUSLY TAKEN �' ��.
IN CONNECTION THEREWITH. ��::� ;
,�.
�r� WHEREAS, the $oard of County Commissioners of the County (the ��
��� "Board")has determined thai it is necessary and desirable to fuzther improve and extend
� the Aspen/Pitkin County Airport (the "Airport") and to refund its outstanding "Airport
"� Revenue Bond Anticipation Notes, Series 198T' {the "Series 1987 Notes") and to cause
,x,,�� airport revenue bonds to be issued pursuant to a resolution of the Board to finance the
'•g;�: costs of such improvement and refunding; and _
i ,
T' �ti WHEREAS, a public sale of airport revenue bonds will be held on
_ ��^;� October 24, 1989.
��� NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
. 4`�� COLTNTX COMMISSIONERS OF P1THIN COUNTY, COLORADO: .
� +� Section 1. Ali action heretofore taken (not inconsistent with the
„��+ provisions of this resalution) by tha Board and the officers of the County in respect of
�=.� the objects and pvrposes hsreinabove stated be and the same hereby is,ratified,approved t
and confirtned. ' ;i
��
.,^`: Section 2. The Board has determined,and hereby determines that the
:'� interest of the County and the public interest and necessity requxre the improvement and r.
�.�.� eactension of the Airport and the refunding of the outstanding Series 1987 Notes. The "��
`` cost of such improvement and refunding wiii ba financed from airport revenue bonds in
;;���� the aggregate principal amount not to exceed $ 3,190,000.
``'��� Section 3. It is hereby further declared to.be the Board�s present
�. intent to sell the bonds by public sate. Therefore,ihe officers and membezs of the Board
;}r and the County be, and they hereby are, authorized and directed to take al� action
,';�?� necessary or appropriate to effectuate the provisions of this resoiution. _
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Section 4. The County Clerk and Recorder shatt cause a Notice oE
� Sale to be published once in The Aspen Times,a newspaper of general circulation in the
County, prior to October 24, 19$9. Such Notice shall be substantially in the following
form: � �
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., (Form of Notice of Saie)
NOTICE OF SALE
Pitkin Caunty, Colorado �.-,;:;;;,,;�
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� $3;190,00o,�rpart Revenue Bonds, Series 1989 ��� -;
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Tuesday, October 24, 19$9 �
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� 10:00 A.M. -.
Denver Time '����:"
F 'F'';
PUBLIC NOTICE IS HEREBY GIVEN that ihe Board of County y
,� Commissioners of Pitkin County wi11 receive sealed bids until 10:00 a.m., on Tuesday, � '
� October 24, Z989,for the purchase of its proposed airpQrt revenue bonds in the principal �,`.�
�" amount of$3.1�>�4 dated October 15, 1989. Bids will be received at the office of Smith ���
.
Barney,Harris Upham &Co.Tncorporated,717 17th Street,Suite 1700,Denver,Colorado -'
�� 80202, the financial advisor to Pitkin County (the "financial advisor").
'+.
� A copy of the O�cial Notice of Bond Sa1e may be obtained from the ��' '
;� financial advisor at the above address or from the Director of Administrative Services, „
ex-officio Treasurer of the County, at 506 E. Main Street,Aspen, Colorado 81611. � '
{_: „
Dated as of October 10, 1989. �
' 't� '
::y� /s/ Tom Oken s+
Director, Administrative Services, k
=�� ex-o�cio Treasurer ' =;.
- �' Pitkin County �'' �';�
- _. ..._.... .._. `�
Publish in: The Aspen Times �
Publish on: October 12, 1989 -
End of Form of Notice of Sa e �
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i � Section 5. ,_ The financial advisor to the County, Smith Barney, Harris
I Upham & Co. Incorporated, of Denver, Colorado, on behalf of the Director of
Administrative Services, ex-officio Treasurer of the County, shall provide an Of6cial
� Notice of Bond Sale to potential bidders to generate the best possible bids for the benefit �:-'
of the County and to those persons or entities requesting such information. Smith a :�_
' Barney, Harris Upham & Co. Incorporated shall keep a Iist of persons or entities to
whom the Of5cial Notice was forwarded. Such Official Notice shall be substantialiy in -
. the following form:
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'y (Form of Of6cial Notice of Bond Sale)
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'• OFFTCIAL NOTICE OF BOND SALE '
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$3,190,p00 ' `
. �:::::':
I PTfIQN COLJNTY, COLORADO ~ :
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aniroxT xEVEr�Borros d., ,
Series 1989 � .� ,
� ,''
,h PUBLIC NOTICE IS HEREBY GIVEN that Smith Barney, Harris , �
` Upham & Co., Incorporated, financial advisor to the County (the "Financial Advisor")
�;i;; on behalf of the Director of Administrative Services,ex-officio Treasurer(the'"Treasurer")
Y�;�: of Pitkin County (the "County") in the State of Colorado,will on Tuesday, ;.' i
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Y �_ October 24, 1989, ,-,:,; ',
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° at the hour of 10:00 a.m, Denver time, at the offices of the Financial Advisor, 717 17th
��-�,"'- Street, Suite 1700, Denver, Colorado, 80202 receive sealed bids and publicly open the F
,;�.r
-�',;� same for the purchase of airport revenue bonds, more particularly described below. �
�,;,�:
� Bond Provisions ;: "
;,�� -
;::�.�� Issue and Maturities. The Pitkin County,Colorado,Airport Revenue$onds,
�x� Series 1989(the"Bonds")will be dated October 15, 1989,will be in fully registered form '�
.:�� in denominations of$5,000 and integral multiples thereof and will mature on December 1 �
,. ��� in each of the designated amounts and yeazs, as follows: j
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� Principal Years
� Amount Maturine* ;.
' �: -
I $ 10,000 1990
45,000 1991 ��'
y;-
45,000 1992 �;;,
j 50,000 � 1993
� 55 000 1994 �t '
� 60,000 1995 '��"�'
75�000 1996 �' �
..`�?;��- 85,000 1997 �-
-� 90,000 1998
95,000 1999
y� 100�000 2000
�� „� . 110�000 2001 �
�`��" , 120�000 2002
�.��.
�-`- 130,000 2003
K`� 135 000 2004 t '
F� =�;,� 145,000 2005
''�:.. 155�000 2006
'j,_y•
-:.,,.� 165�000 2007
_�, 175,000 2008
'4-�,�. 190,000 2009 -
' 200�000 2010
`���' 215,000 2011
,_;,x«.;
,,y��-, ' 230,000 2012
°���� 245,000 2013
`�� 265,000 2014 , i , �
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'��="� Interest will be payable semiannually on June 1 and December 1 of_each
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`�e year, commencing on June 1, 1990.
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;>:'�;�Y Redemption Provisions. The Bonds maturing on and after December 1,
`"x;�: 1998, may be called for redemption prior to their respective maturities, at the option of
-- the County, in whole, or in part in integral multiples of.$5,000, from such maturities or a .
"`Y' portions of maturities as the County determines and by Iot within a maturity in such ;
`'' manner as Central Bank Denver, National Association, in Denver, Colorado, as paying � .
.]'
agent and registrar (the "Paying Agent" and "Registrar"), determines, on December 1,
;� 1997, or on any date thereafter, for the redemption prices (expressed as percentages of ` =
- the principal amount), as sei forth in the table below,�lus accrued interest thereon to ' �
,�, :
= the redemption date: ;::>'�:�
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*Bidders will be given the option of designating certain Bonds as term bonds, subyect
':;<;�;; to mandatory sinking fund redemption.
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Redemvtion Dates Redem�tion Prices
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� ! December 1, 1997 and June i, 1998 102%
December 1, 1998 and June 1, 1999 1�1
December 1, 1999 and thereafter 100
�..�.
Places of Payment. The principal of and prior redemption premium,if any, ��:�,:':
!� on any Bond will be payable by the Paying Agent to the registered owner thereof as
j shown on the registration records for the Bonds kept by the Registrar,upon maturity or ��:��-
! prior redemption thereof, and upon presentation and surrender thereof at the Paying `�
� Agent. Interest on any Bond shall be paid by check or draft (or by such other means ` ' �'
-^;� as may be mutvally agreed to in writing by the Pay'ing Agent and any registered owner)
i mai le d by t he Paying Agen t, on or be for e e ac h in t e r e s t p a y m e n t d a t e, t o t h e r e g i s t e r e d
owner thereof at his or her address as it last appears on the registration records for Yhe
>=:1 Bonds kepY by the Registrar on the fifteenth day of the calendar month next preceding --
;� such interest payment date.
�. � ;..
�, ,,_� Securi - The Bonds are special, limited obligations of the County payable � .,
-- solely from and secured by a first ]ien (but not an exclusive first lien) on net revenues ;
`5;�, derived from the operations of the Aspen/Pitkin County Airport, on a parity with certain `
' outstanding Airport Revenue Bonds and Airport Revenue Refunding Bonds of the County
};�.�� issued in 1983 (the"Prior Parity Lien Bonds").
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:,�r. Under the terms of the Series 1989 Bond Resolution,on the date of delivery ".
^�.:,.
of the Bonds,a portion of the proceeds of the Bonds,together with other legally available
�;4_r? funds of the County, in the aggregate amount equal to 15% of: :he face amount of the
Bonds, vrill be deposited in the Re,serve Accoant. Such moneys, together with amounts �
,� currently on deposit in the Reserve Account, will be avai]able for the payment of
"','� principal and interest on the Prior Parity Lien Bonds and the Bonds.
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�"�'i Payment of the principal of and interest on the Bonds when due will be
°'=^�� guaranteed by a municipal bond insurance policy to be issued simultaneously with the
``�-T� delivery of the bonds by AMBAC Indemnity Corporation.
_� Authorization and Purpose of Issue. The Bonds are authorized by a
-.s�;� resolution to be finally adopted subsequent to the sale of the Bonds and by eiections duly
��` called and hetd in the County on November 2, 1982 and November 8, 1988. The net
��"--'"-'" proceeds of the Bonds will be used to provide funds to improve and extend the airport
�``�� facilities of the County and to refund,pay and discharge the Counry�s Outstandirtg Series ,
;':�� 1487 Airpori Revenue Bond Anticipation Notes. _ ;
Terms of Sale _ _
Interest Rates and Limitations. The maximum interest rate on any of the �' -
Bonds is twelve and one-half percent (12-1/2%) per arinam. There is no limitation as ,,";F4
to the number of rates s ecified exce t that one interest rate onl shali be s ecified for "`
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any maturity. Each rate stated must be stated in a multiple of one-eighth(1/8th) or one- ��;
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twentieth(1/20th)of one.percent(1%)per annum,and the maximum differential between
the lowest and the highest interest rates stated in the bid may not exceed two and one-
half percent (2-1/2%) per annum. A zero rate will not be permitted.
Bid ProQosal. Bidders are required to submit an unconditional bid -.'�:��s:'-
specifying the lowest rate or rates of interest and premium or discount, if any, at which �'::�.;:,,-.
the bidder will purchase all of the Bonds. The best bid�+n71 be determined as the bid �y
which results in the lowest actuarial yield on the Bonds (i.e., using an actuarial or true
; interest cost method), as further described under the caption "Basis of Award,° below. � �
Each proposal must be submitted on the Official Bid Form prepared by the Counry and �:.,
must be enclosed in a sealed envelope marked on the outside "Proposal for Bonds; and
addressed to Smith Barney, Harris Upham & Co. Incorporated, 717 17th Street,
j Suite 1700, Denver, Colorado 80202. -
' Bid Check. Each bid shall be accompanied by a cashier�s check or a �
,j certi5ed check drawn on a solvent bank or trust company having a shareholders� equity
� (i.e., capital, surplus and undivided profits), however denominated, of not less than �::!;,
�1 $30,000,000, made payable to the Treasurer, Pitkin County, in the amount of ;�'``,
[� $63,800 or, alternatively, a deposit in the amount of $63,800 may be wired to the
{ County by the successful bidder to Central Bank Aspen, National Association,
� ABA#102101645, Credit: Pitldn County Treasurer 0028208, by 4:00 p.m. Denver Time.
�� Such deposit will be held as evidence of good faith pending the delivery of the Bonds, or
� shall be promptiy returned if the bid is not accepted. _ _
t .
��# Sale Reservations. The Financial Advisor reserves the right to reject any
and all bids for the Bonds, to reoffer the Bonds for public or negotiated sale, and to j .
��� waive any irregularity or informality in any bid. ;
; Basis of Award. The Bonds, subject to such reservations, will be sold to
� ;� the responsible bidder making the best bid for the Bonds. The best bid will be
� determined as the bid which results in the lowest actuarial yield on the Bonds(i•e•• using ;:
an actuarial or true interest cost method). The actuarial yield on the Bonds will be `'�,
� computed as that yield (stated as an annuai percentage rate) which if used to comQute
� the present value of all payments of principal of and interest on the Bonds produces an
amount equal to the principal amount of the Bonds plus the premium bid,if any,less any
,� discount. Accrued interest shall not be taken into account in such calculation. Su,^?: t
calculation will be made based on a 360 day year and a semiannual interval for
� compounding. If equal bids are the best bids received, the Financial Advisor will ;�`�.
i detetmine which bid will be accepted, subject to rati�cation by the Board of County ,
� Commissioners of the County (the"Board") as provided under'"Time of Award" below.
! Discount: Premium. A total discount not to exceed two percent (2.0%) of '� _
i
i the principal amount of the Bonds may be bid. Bidders may specify a premium but are �
not required to do so. .=: `:�_''':
Time of Award. Bids will be opened at'the time hereinabove speciFed. �w"" ,:X';
The Bonds will be awarded by the Financial Advisor within 24 hours of the bid opening, L,k,.,:._.,.::
..,�::';-,.
� subject to ratification by the Board by adoption of the resolution authorizing the Bonds. ;.>���":;;
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, 'rt�it?�f�t���lk'! .e�.���s.'i,:��:l�N�I�uli..::'�iS��1.:.....,..� � .r:'.�5.. � -• .. . , ..�s �.��'"�s
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a The resolution authorizing the Bonds is expected to be considered on first reading on
� October 24, 1989, and on second reading un October 31, 1989. �,
Manner and Time of Delivezv. The deposit of the successful bidder wilt be
appiied as part payment for the Bonds at the time of delivery of the Bonds. If the ;;:;;+:;'' '_
successful bidder for the Bonds fails or neglects to complete the purchase of the Bonds �'=''-"�
within �ive days after the Bonds are made ready and are tendered by the County for `���'� �
delivery, the amount of this deposit wil( be forfeited (as liquidated damages for
noncompliance with the bid)to the County,except as hereinafter provided. In that event
; the Board may reoffer the Bonds for public or negotiated sale. 'The purchaser will not ` �-'
i be required to accept delivery of any of the Bonds, if they are not tendered for delivery i� , .
a within 60 days from the date herein stated for openittg bids; and if the Bonds are not so
j tendered within said period of time, the good faith deposit will be returned to the
� purchaser upon its request. The County contemplates,however, effecting delivery of the �r�:;;��` .
`;,� Bonds to the successful bidder on or about November 30, 1989. ;;
� Pavment at and Place of Deliven_ The successful bidder or bidders wilt �r„�., '
be required to accept delivery of the Bonds in New York, New York and to make r'; ':
:,�,� paymeni of the balance due for the Bonds in Denver,Colorado. Payment of the balance ! .
'�� of the purchase price due at delivery must be made in Federal Reserve Funds or other �
:� funds acceptable to the County for immediate and unconditional credit to the Covnty.
:.^,� CUSTP Numbers. CUSIP numbers will be issued and printed on the Bonds � , -
at the expense of the County. If a wrong number is impriated on any Bond or if a
� numbec is not printed thereon, any such error or omission will not constitute cause for ; .
`�y� any successfut bidder to refuse delivery of any Bond. ;'
'� L°eal Opinion. The validity and enforceability of the Bonds will Ue r
•;.� approved by: �
•...� �
,��; Davis, Graham & Stubbs i ,
`� 370 Seventeenth Street 3
Suite 4700 . �
Denver, Colorado 80202 �
1
as Bond Counsel. Bond Counsel will also opine to the effect that under existing law and �
_ assuming compliance by the County with certain requirements of the Internal Revenue �
°.;; Code of 1986, as amended, the interest on the Bonds is not includable in gross income �
� for federal income tax purposes,except for any period during which such Bonds are held �
`�3 by a person who is a "substantial user' of the Airport facilities or a "related person," as
those terms are used in Section 147(a) of the Code. $ond Counsel will a]so opine to
the effect that, under existing law and to the extent the interest on the Bonds is not
includable in gross income for federal income tax purposes, such interest is not subject _��:.`:.�.y`;.
� to income taxation by the State of Colorado, subject to the same exception. The legal ;�.-;y
opinion of Bond Counsel will be printed on each Bond at the expense of the County. `-tir'
Interesi on ihe Bonds is an item of tax preference for purposes of the ,�y`��`
"� federal alternative minimum tax imposed on individuals and corporations. The Bonds are :s''� °:
� . , ,r�. �.
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not "quali�ed tax-exemp.t obiigations" within the meaning of Section 265(b)(3) of the
r Code.
r• � Transcrint. Within seven business days following the second reading of the
Bond resolution, the purchaser or purchasers will receive, without charge, a reasonable ;:,;;;i,,,:'
number of copies (not to exceed one copy per Bond) of an Official Statement, to be -;}z i; _:,
'• dated prior to the closing date(the "Official Statement"). At the time of delivery of the � `:--
j Bonds, a certified transcript of legal proceedings will be provided to the purchaser or -
I purchasers and witl include, among other items: , ,`'�
.� •'
� 1. a certi6cate of the Treasurer to the effect that there is no litigation €
pending or, to his knowledge, threatened afFecting the validity of the Bonds as of the
date of their delivery; : ,.k�
I
� 2, a certi5cate of the Treasurer to the effect that,as of the date of the �
,� Official Statement and at all times to and including the date of delivery of the Bonds,
:� the Official Statement did not contain any untrue statement of a material fact or omit �,
any statement of a material fact necessary to make the statements therein, in the light � '`
��� ,.;j of the circumstances under which they were made, not misleading; and �
a
;'�� 3. the opinion, dated the date of the delivery of the Bonds, of Davis,
Graham & Stubbs, Denver, Colorado, Special Counsel to the County, to the effect that _
,� in the course of assisting in the preparation of the Official Statement no facts came to ,
its attention which would lead it to believe that the Of6cial Statement (except for the �• '
3 financial statements, statistical data and projections, estimates and forecasts contained in ' :
the Official Statement and its appendices, as to which it will express no opinion)
'� contained any untrue statement of a material fact or omitted to state any material fact +
; necessary to make the statements in the Official Statement, in light of the circumstances �
� under which they were made, not mi�leading.
�� Information. This Official Notice of Bond Sale, the Prelicninary Of�cial
Statement, the Official Bid Form, and other information concerning the County and the
� Bonds may be obtained from Ann L Sowder, Smith Barney, Harris Upham & Co.
� Incorporated, 350 Califomia Street, 20th Floor, San Francisco, California 94104,
� (415) 955-1593, the financial advisor to the Co�nty.
� The date of this Of6cial Notice of Bond Sale is October 10, 1989. ` �,
� 't'`� >
� ,
+ /s/Tom Oken .�
� Director, Administrative Services, r ,'� : .�
ex-officio Treasurer, Pitkin County
�. .�.,:;::",.,
( (End of Form of Officiai Notice of Certificate Saie) Z � Y;
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Section 6. . All orders, bylaws and resolutions, or parts thereof, in
p conflict with this resolution, are hereby repeafed.
>; Section 7. If any section, paragraph, clause or provision of this
Resolution shall for any reason be held to be invalid or unenforceable, the invaJidity or �_
unenforceability of such section,paragraph,clause or provision shall not affect any of the -
^ remaining provisions of this resolution. " �;
;� �.
�;; Section 8. This resolution sha11 be in full force and effect immediately �'"
F vpon its 6na1 adoption. i. .
� a�-.
:7 Section 9. T'his resolution, immediately upon its passage, shall be �
- •. recorded in the book of resolutions of the County kept for that purpose and shall be
authenticated by the signatures of the Chairman and Deputy Clerk and Recorder.
�. r :
T�4 x , Section 10. This resolution shall be published by title and short outline � i
i i as provided b Section 2-$.1(��the C/�
� ; �
- 7-�s-89
z� '�„�'`� �� OPTED AND APPROVE this October 10, 1989. l'';.
, � �,4 OG f
_ '�;'� 4 :
t .� 'aC. `�^�� 1
v� : �` �
�£ i +JJ�L � �
,`^i' o '�w Q- hairperson of t e Board of County t
F
��tp �o,'" Commissioners ��
,�;f`�:' � � ;
4�.�; A T: �
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� /�� �
! YG�' f/Y � .
Ky,; puty County Cle and Recorder
i.
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'•s%=;�,.�. APPR D AS TO FO M: i �'
�,:�ts,
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1 2` �
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-� "� ` Tho s enton Smii • �
y `�� i��&v�j�' At Y ; .
`'����::� RECOMMENDED FOR APPROVAL: MANAGERS APPROVAL: k ;
- ;.
�;
.. Y� /�/�'I/L L��'/GPn'L - .
-i,`:i�'�- Thomas C. Oken 1te id Haughey _'.?1��
y1 Administrative Services Director County Manager '`'
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