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• _ 5ilvia Davi.s, F•itF;in Cnty Clerk.� Doc �.0�� -
A RESOLUTION OF THE •
' BOARD OF COUNTY COMMISSIONERS i .
OF PITKIN COUNTY, COLORADO ADTHORIZING � .
EXECUTION OF THE PITKIN IROA REAI� ESTATE CONTRACT
Resolution No. 90 - � "�•°"='
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WHEREAS, the Board of County Commissioners of Pitkin County, � ��
Colorado wishes to provide affordable housing for its residents; �•,:
WHERF,AS, through the purchase of the Pitkin Iron Site, the y�'
County intends to develop affordable housing at this site; and �
�_s WHEREAS, attached as Exhibit A is the Pitkin Iron Real ��
Estate Contract between the County of Pitkin and the Pitkin Iron �6�';;.,,.,
Corporation regarding the purchase of such property; -
I{ NOW THEREFORE BE IT RI3SOLVED, by the Board of County ''
, ,_i Commissioners that: ;`
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_!�': Section 1. The Board of County Commissioners of Pitkin �'
_ .=:� County hereby grants approval of the purchase of the Pitkin Iron �; :
- - ,;� Site for development of affordable housing. � �,3`'
Section 2. The Board authorizes its Chairman to execute
the Real Estate Contract attached hereto as Exhibit A. �
�a INTRODUCED AND FIRST READ OR THE 13TH DAY OF NOVEMBER, 1990. ' �
F:�k
~� APPR VED AND ADOPTED UPON SECOND READING ON TAE �7�' �
DAY OF �i.�,i � 1990. +�t
�;
;.�� PUBLI HED AFTER ADOPTION IN THE ASPEN TIMES ON THE ��'
,.�� /'/�DAY OF , 199 0. �;,3
�.;,
� BOARD OF COUNTY COMMISSIONERS
A ST: OF PITKIN COUNTY, COLORADO
: � BY: n� e11,��0 ��
�`" eanette Jon Herschel Ross
A� Deputy Cler & Recorder Chairman
�' APPROVED AS TO FORM:� APPROVED: �
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?�� Timo hy E. Whitsitt Reid Haughey �.'�
County tt rney County Manager
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� #33U555 C��/^b/91 SJ7 JJ Fec �.UC> ffK 640 PG 401
�'� ' Silvi.a Davis, PitF:in Cnty Cler�ky Doc 3.�5�7 ..
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CON`PRACT Ii�+: :
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TO BTJY AND SELL REAL ESTATE �:
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THIS CONTRACT is made and entered into this � day of `��
' November, 1990, by and between Pitkin Iron Corporation
� ("Seller"), a Colorado corporation, with offices at 818 Colorado
� Avenue, Glenwood Springs, Colorado 81601, and the Board of County
=� Commissioners of Pitkin County, Colorado ("BUyer"), a body
corporate and politic, 506 East Main 5treet, Aspen, Colorado, `�
81611, wherein Buyer and Seller shall sometimes he referenced ;; ;
,:._� jointly as "the Parties". �� �
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+ WHEREAS, Seller wishes to sell and Buyer wishes to buy a �.
certain parcel or parcels of real property of approximately 38.25
� , ,_j acres located within Pitkin County, Colorado, referenced �� _$,
_ `• ! hereinafter as "the Lands", and more particularly depicted on the � �`
'•:�� attached "Exhibit A", all upon those terms and conditions and for �
the considerations set out herein below;
NOW, THEREFORE, in consideration of the premises and of the �'ro�
- ,:� mutual covenants, representations, obligations, terms and Q
;ti; conditions hereof, the sufficiency of which is hereby �
;�;;{ acknowledged by the respectiive Parties, it is agreed as follows: �'
� M
,:� I. PURCHASE PRICE S;
'� � 1.1 seller agrees to sell and Buyer agrees to buy the 6_
� Lands, as set out in Exhibit A, in consideration for the sum of �
`� One Million, Four Hundred Thousand Dollars ($1,400,000.00), which
shall consist of the Earnest Money Deposit paid in accordance
� with Section II hereof, Payment of Balance at closing in
` accordance with Section V hereof, and of the Holdback Amount, to
�� be paid in accordance with Section VI hereof. 4
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� II. EARNEST MONEY DEPOSIT c`
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2.1 Buyer shall, contemporaneous with the execution i�ereof, "?F��"r'd� �
-?:e� deliver to Max Marolt (!!Agent"), in cash or certified funds the �,'�"�'
-. sum of Fifty Thousand Dollars ($50,000.00) , to be held by Agent '�
:`�� in a separate escrow account, as earnest money and part payment �.'``
for the sale of the Lands. Said escrow funds shall be held by R1
�� Agent and disbursed only as agreed and specified in the Escrow �� � �'
'� Agreement executed among Buyer, Seller and Agent of even date •
,�' herewith. _ ��;?�
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rti t dk330555 t12/�b/91 15:55 Rec �.UO 5F: 640 FG 402 µ�h�`
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• Silvia Davis, Pitkin Cnty Clerl:, Doc $.���]
2.2 In addition to the amount referenced in Section 2.1,
Suyer shall, upon execution hereof, deliver to Seller in cash or
certified funds the sum of One Hundred Thousand Dollars ;
($100,000.00) as additional earnest money, to be held by Seller �
until Closing, provided that Seller may utilize all or any ,
portion of this amount prior io Closinq in payment of actual "
costs of site cleanup, environmental audit costs, and other �`?--
compliance requirements under this contract. It is understood
and agreed, however, that should this Contract be terminated in '�
any manner wherein Suyer is to be repaid or refunded its earnest I" ' '
money, the entire sum of $100,000.00 shall be returned by Seller, `;��
regardless of amounts which it has paid or committed.
� :.
_ 2.3 In the event that Buyer refuses or is unable to Close
on the sale of the Lands in accordance with the terms hereof, �
the entire Earnest Money Deposit shall be forfeited to Seller and -
_ Buyer shall have no further rights or interest in the Lands %
�.`;=�i pursuant to this Contract. It is agreed by the Parties that such '' '
~:��r� sums are held as LIQUIDATED DAMAGES and are the SELLER'S ONLY ¢ �
° �"��; REMEDY for Buyer's failure to perform its obligations of this { �
;.!i� Contract. Seiler expressly waives the remedies of specific
'!'; ;;'`��� performance and additional damages.
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"=`�� 2.4 in the event that Seller fails or refuses to timely and
fully satisfy all Conditions for Closing, as set out in Section '
• III hereof, or if Seller_ fails or refuses to close in the absence
�� of contractual justific3tion therefore; then Buyer shall have the � -
��'±:� election to (1) treat the Contract as terminated, in which case
`�a+�� the entire Earnest Money Deposit of One Hundred Fifty Thousand ;
�''�:->; Dollars ($150,000.00) shall be returned immediately to Buyer and
� ,^;�c Buyer may recover such damages as may be proper, or (2) Buyer may
;_'�:� elect to treat this Contract as being in full force and effect
= "? and Buyer shall have the right to an action for specific
,ry_��i performance or damages, or both.
„?�3,;� III. CONDITIONS OF CIASING
•-��{ 3.1 Seller shall, as a condition to Closing of the sale of
_`"`�; the Lands herein, satisfy the following requirements.
:r;.;=': . . .
�`=��' A. Seller shall at its own sole cost and liabilit
Y,
,��? undertake the removal�of all underground storage tanks now
� �``'' in place on the Lands, in conformance with all requirements
'' �'� of 40 CFR Part 280..72: C.R.S. 1973, Section B-20-501 et
�����`� seq.; and any regulation promulgated thereunder, and to �.f
-'`�:q provide to Buyer, prior to Closing, the certification of i�-
�`�� Enocotech or any other qualified environmental consultant ��
: acceptable to Buyer, confirming the removal of said tanks ��
and all soils contaminated thereby. After removal of said s `
��'^' underground tanks, Seller shall restore the site to its � ":�
� ; original contours, using clean fill dirt. � �
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' #33�7555 O�/�6/91 15:55 Fec �.90 E�k' 640 F•G 403
• ' Silvia Davis, Fitk:in Cnty Clerk:, Doc $.00�
e. Prior to Closing, Seller shall, at its own sole
cost provide to Buyer a complete boundary survey of the
� Lands, certified by a registered professional sutveyor.
;
C. Seller shall provide to Buyer an abstract of title '�� , '
to the Lands, certified to the date of delive or a �'��'�``'
rY• �:.,::
, �,,
current commitment for title insurance policy in an amount �%'::.?:��
� equal to the purchase price, at 5eller's option and esrpense. �;_``
The same shall be furnished to Suyer at least fifteen (15) �t;;f�
days in advance of the date set for Closing as set by the 4�
Parties pursuant to Section IV hereof and shall deliver the �,,:•, •
policy to Buyer after Closing and pay the premium thereon. � . '
; upon receipt of said abstract or commitment, Buyer shall
_ have seven (7) days in which to review title and provide
Seller written notice of defects. Upon receipt of such '�
notice, Seller shall exercise reasonable efforts to correct F�:. ;
',<� said defects on or before date of Closing. At Seller's
option and upon written notice to Buyer on or before the
_ ;,,.� date of Closing, the date of Closing shall be extended no R
� more than thirty (30) days for the purpose of correcting
'f�: said defects. If title is not rendered merchantable as !''
__ `;'Y� provided for herein, at Buyer's option, this Contract shall � � �
be voidable and of no further effect and each party hereto
shall be released frQm all obligations hereunder and all
'I payments and things of value received hereunder shall be
� returned to Buyer.:, ! � "
D. Seller shall retain Enocotech, or another qualified �
ti;; environmental consultant acceptable to Buyer, to undertake ��
the £ollowing analysis: (1) shallow soil sampling of the t;
entire site, and (2) PCB and hydrocarbon fluid testing in `�
;.i the specific locations indicated from the initial
' investigation of the I,ands undertaken by Enocotech and as
�;�; set out in its report dated, September 13, 1990. Seller c
shall present to Buyer, prior to Closing, the statement or
�;,� certification of said consultant confirming that oomplete
cleanup and remediation of the Lands from all hazardous -
� materials, hydrocarbons, and PCB's may be completed at a
"'� cost of less than One Hundred Thousand Dollars
.�� � ($10D,000.00) . In the event that the certification received
from the consultant pursuant to this paragraph indicates f;
� that its estimate of cleanup and remediation will be in �"
� '� excess of One Hundred Thousand Dollars ($100,000.00); then d
1 at Buyer's sole op.tion, this Contract may be treated as �
-�_.� voidable and of no further effect and each party hereto
shall be released from all obliqations hereunder and all -'�. "�
; payments and things of value received hereunder shall be .;
.i . returned to Buyer. � :
' � ;,�.
E. Seller shall remove from the site, at its own sole tiM•� ` = <�
r cost, prior to Closing, the conveyor system (excepting the "'<°�4-�
�,,,
° bridge superstructure associated therewith which crosses the �'-r::.;�:-:
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Silvia Davis, F'itk:in Cnty Cler•k, Doc �.C���
Roaring Fork River) . The two buildings currently on site on
the north and east side o# the River shall be conveyed to " .
Buyer with the Lands, as is without adjustment in the
; purchase price for the Lands set out herein.
3.2 The parties hereto agree that Buyer's obligation to ���'_�' '
close on this contract is s ecificall contin ent u on riar `i�'"
P Y 5 P P �,,�,�
; payment of all real estate and personal property taxes due to the f ; '
Pitkin County Treasurer by Mid-Continent Resources with all C.' •
I interest accrued thereon. ��� �
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� IV. CTASING
j
,I 4.1 Closing shall be the time of delivery of the deed to �^f
� the Lands by Seller to Buyer. Y:•.':�;�'-.
` . ,i
4.2 Closing shall be at a date and time mutually agreeable ', i
,: � to Buyer and Seller to be held in the City of Aspen, but in no �l `;
"! event later than December 11, 1990. !'�'-
; .
_ ;i -
' :' � V. PAYMENT OF SALANCE OF PURCHASE PRICE F .
=f_.:-:i -��
5.1 Buyer shall at Closing pay to Seller the Balance of the
". . ";{ purchase price, less the Earnest Money Deposit and Holdback as �
provided for herein. Said balance shall be One Million, One �
Hundred Fifty Thousand Dollare ($1,150,000.00). € � .
.i 5.2 Payment of the Balance at Closing shall be by delivery �
;� to Seller of Buyer's 1990 Issue General Obligation Bonds, in the
principal sum of One Million One Hundred Fifty Thousand Dollars
� ($1,150,000.00), backed by the full faith and credit of Buyer. �
:� Said Bonds shall be in accordance with the provisions and E
�� maturity schedule which is set out on the attached Exhibit B.
'd 5.3 Seller has elected to have the Bonds of Buyer supported -
by zn attorney's opinion, and such opinion shall be obtained by `'
;f Buyer, but at the expense of Seller, which expense shall not
exceed the sum of Seven Thousand Five Hundred Dollars
,; ($7,500.00). Seller shall pay such amount to Buyer at Closing.
',; VI. HOLDBACK AND POSSESSION
, - 6.1 Buyer shall retain after Closing its own Bonds in the
{ � principal sum of One Hundred Thousand Dollars ($100,000.00), with �,, � ,
` � the earliest dates of maturity set out on the schedule contained F' �.
in Exhibit B, as a Holdback to insure delivery of possession and �
"� compliance with Seller's cleanup and remediation obligations
hereunder. ,' �
' ,,':
6.2 Seller shall deliver possession of the Lands to Suyer ``.�_ ;.,�•:;
>� on or before June 1, 1991. At the time of delivery of ' '
possession, said Lands shall be cleared of all iron ore tailings � >
and restored to their ori inal contours and condition, exce t for �-" '���
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� the portion of the lands under lease to Mountain Mobile Mix. ,_
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" ' �#��OJJJ ��2/26/91 15:55 Fec �.U�� E+Y.. 640 F'G 405 �1�'....
, Silvia Davis, F'itE�in Cnty G1er4:, Doc �•��t�
Upon delivery of possession, Seller shall provide Buyer the
certification of Enocotech, or such other qualified environmental �
consultant as is acceptable to Buyer, that any remediation or
cleanup efforts required as a result of the presence of
contaminants on the Lands has been completed. Upon delivery of � .:'';
possession along with the required certification, Bu;�er shall
immediately deliver to Seller the Holdback Bonds described in r
Paragraph 6.1 hereof. �_� '
� �,;,.,.:. .:..
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' 6.3 In the event that Seller fails to deliver possession in (...�����r_;�
; accordance with the provisions of sections 3.1. E.,6.2, and 6.4 ��
i hereof, within the time set out, Buyer is authorized to use the ,
� proceeds of the Holdback Bonds to fund its own remediation
efforts on the Lands and the entire Holdback amount shall be � t�
,4 forfeited by Seller. In the event that a dispute ariseE as to f =-
� the discharge of Seller's remediation obligations hereunder, the
? Parties hereby agree to submit said dispute to arbitration !
_ i pursuant to the commercial arbitration rules of the American `;;.," '
,.� Arbitration Association, with the arbitrator to assess the costs �.
.,.i of such arbitration to the losing party. i.;, .
`'^ -� ' 6.A In the event that Seller is unable to complete the �
f_ •-;'� removal of its iron ore and site remediation in order to give ��' ' �t°`
. ):q possession to Buyer by June 1, 1991, then it may elect by written �
� notice to Buyer to remain on site for a period not to exceed four , �
(4) additional calendar, months. Seller shall pay to Buyer the
sum of Eight Thousarid Three xundred Thirty Three Dollars �
($8,333.00) for each calendar month or part thereof beyond June 1 �
_;� while it continues to occupy the site. �
��' 6.5 Upon execution of this Contract, and up until the
delivery of .possession by Seller hereunder, Buyer, its agents and
employees shall have free and unrestricted access to the Lands, ��
except that they shall not during said period have the right to
-� install any permanent improvement upon the Lands without the �
' express consent af Seller and shall refrain from interference of
,�, any kind with the opezations of Seller on the Lands, and provided
that agents and employees of .the County desiring to enter upon
� the premises shall take reasonable efforts to identify themselves
� • to Seller's caretaker and shall enter upon the premises and
perform their functions at the sole risk of the County and the
�" County shall save and hold Seller harmless on account thereof. '
{.�
, "� VII, TITLE AtTD DEED
� �_:,d :
� .i 7.1 Title to the Lands shall be marketable in Seller at the �
_ ;� time of Closing, and subject only to the following encumbrances: , �
IA. Easements and rights-of-way shown of record; �
� B. Lien for general taxes for 1990, due January 1, . �''�. ��
j 1991; _`
, :'
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� � ' �.� #33OJJJ 02/26/91 S J:✓J Rec �,t�U Fil. 640 PG 406 " '���`'
Si.lvia DavisY Fitkin Cnty C1erL:� Doc �,f.�0
5
, C. Lease agreement dated February 17, 1987, with ,
Mountain Mobile Mix;
�
_ D. Existing .Ditch easements. � -
j,r='..�
t'�
7.2 At the time of Closing, the Lands shall be free of all - 1.=�:,':•
liens for special improvements, whether or not currently "ti�'�' ,��
assessed. � �
� 7.3 Title to the Lands and all improvements and ~�'
, appurtenances shall be conveyed to Buyer at Closing by Seller's
- General Warranty Deed.
_� 7.4 Seller has provided Huyer with the report of the Wright _
Water Enqineers, Inc, dated June 3, 1988, concerning the ,
-'{ prorating of ditch rights in the Walthen Ditch relating to the 1
d Lands. Seller represents that the Lands have a total allocation, '
as represented in the referenced report, of 1.152 cfs from the tt'
�S �_..-� Walthen Ditch (.72 cfs in Priority 65 and .432 cfs in Priority S .�
:..� SB). Seller's sale of the Lands to Buyer includes the sale of �
=,,;� said allocated water rights. � . ��q
VIII. TAXES
� .
;� 8.1 Seller shall ,remain liable for payment of all general ;� -
_,;;.� taxes levied against the Lands in 1990, insofar as said Lands
y� shall be removed from the general tax rolls from and after the �
'=? date of Closing. Buyer and Seller shall estimate said 1990
�:;; taxes, which estimate shall be paid by Seller to Buyer at the
_��-� time of Closing, however, Seller shall remain liable to pay any
further amounts actually levied as taxes for 1990. In the event
��.i general taxes on the Lands for 1990 are less than the amount �
estimated and paid by Seller at Closing, Buyer shall refund to �
,:;�y Se�ler the difference. -
,r�1
�,.F_� IX. MISCELI,ANEOUS
_'t:
�':h,;:j 9.1 Anything to the contrary herein notwithstanding, in the
<,��4 � event of any litigation arising out of this Contract, the Court
, ,��:;� may award to the prevailing party all reasonable costs and �
_ expenses, including reasonable attorney's fees.
_ � �1
�,1 9.2. Seller agrees_.to give Buyer access at reasonable times - �.d •
to all prior planning, engineering, and water riqhts studies, �
�� estimates, maps or other documents in Seller's possession u
regarding the I�ands. :�
9.3. This Contract shall become effective upon execution by �
'��' Buyer and Sellez. As further inducement to enter into this �
Contract, Seller represents that the person executing on its r� f '
behalf has full authority tp take such action on Seller�s behalf ,`,s+
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• • #33��JJJ ��Z/�b/91 IJ:JS F7ec 9c.U�� SK 640 F'G 407 �1��3'��t.�
� Silvia Davis� PitF:in Cnty Clerk, Doc �.�7C�
; and to bind 5eller hereto. �
' 9.4. Any notice permitted or required by the terms of this '
I Contract shall be delivered hy hand, or deposited in the t3.S. � �
- Mail, first class postage prepaid, addressed to the respective ;� �x.'.:
' parties as follows: � "
�
��:'�f��:
I. ;4+...
i SELLER: BUYER: ,•'�%���"''
; ;�s;;`:;.'r'
Pitkin Iron Corporation Pitkin County, Colorado r�- `y
� 818 Colorado Avenue 530 East Main St., 3rd Floor �'��;
! Glenwood Springs, CO 81601 Aspen, CO 81611
i attn:' Robert Delaney Attn: Mark Fuller
.;� -
; 9.5. Either Party hereto may from time to time change its i
respective address for notices hereunder by delivery of a written !
,<';�, notice of said change pursuant to the terms of paragraph 9.4. '`� �
�.
= ''•:i 9.6. This written Contract constitutes the entire aqreement
' of the Parties with respect to the subject matter hereof and �`'
}� � i integrates all prior offers, negotiations, drafts or agreements I .
with respect thereto. This Contract may not be amended or ', '�
. � ":� modified except in writing, executed by both Parties. � �
y -
; IN WITNESS WHEREOF, the respective parties have executed �,
' this Contract as of the:;date first set out herein above. �
` ::i �
a.:
� SELLER: "
"j PITKIN IRON CORPORATION �� . 4
,� By. � �� � ..
: Vice-president a 5ecretary �
i;;
`� BUSCER:
:�
1�1 BOARD OF COUN'PY COMMISSIC)NERS OF
t PITICIN COIINTY� COIARADO
TTE T: '�
- - BY: �en��.(� (�.o�-.�..- - .::..d :
` uty Clerk Recorder � Chairman �
. �I,i,:` �:
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� � EXH�BZT rrAn ?3;�'
. . J . .
�33C�5;�5 02/�bl91 15:55 Fec �.OU BK. 640 PG 408
5ilvia Davis, Fitkin Cnty Clerk., Doc �.r��
Tract 1 �
' A tract of land f�e�,ng pazt o� LGts 6�• .7�� 8� lU and 14, o£ � .
Section 8, Townshi�� 4 South� Range 85 HTest o� the 6th. PZ7.nci.Qd1 t�
Mezxdian. �aid Txact xg maxe �u11x descz�,hed a� .�ollo�t�: '
;`:�.`�.
i.*;;;.. ,
Beginni,ng at a poi.nt on the NPxtheastexlx zxght-o�-��y l�tne
; of Colorado Highwa.� 82� Wthence tha No7:th�est CQXnex of 5a�.d `;`':�.
; Section 8 bears N, 54°11�22". W. 460.6.Q9. �eet7. thence N. � :
{ 18°48' E, 134.85 fe.et; thence N. 1°23' E, 318.64 �eet to the `��
center line of the Roarj,ng Fork'R�,Vez; thence S. 86°24' E.
j 116.57 feet alonq the center izne of the Roaxing Pork R�ve7c; '
,,__;� thence N. 0°38' W. 466.25 feet; thence N, 10°39' E. 21.R1 .
feet; thence N. ].5°A5� E.. 15.42 �eet; thence N, 0°17' W.
� 53A.28 feet to the SouthWestexly x],ght-q�--waX line o� the 3'.'
i !
, :� Denver and Rio Grande Western Raxlrodd; thence S, 47°03' E. �
181.55 feet alonq said Southwestezly right-of-way line to
`; the East line of Lot 6; thence South 301.20 £eet along the ,
= y '�',� East line of Lot 6 to the Northwest .COrner of Lot 8; thence
,;; East 323.54 feet along the North line of Lot 8 to the SouthweSterly � '
s. .� right-of-way line of the D.&R.G.W. Rd7.lroad; thence S. � . -��
,,;;7 47°03' E. along said Southwesterly r7,ght-o�-way line, 784.15 1
� �`=ti feet; thence S. 42°57� W. 80.00 feet� thence S. 47°03' E. y !
225.00 feet; thence N. 92°57'.. E. 20,00. �eet to the Sauthwestezly "'
, right-of-wa,y line of the D.6It.G.W. Railroad zight-of-way; i;, .
- thence S. 47°03' E. 185.45 feet along sa�,d Southwesterly '�
''=' riqht-of-way line to the East lxne af said Lot 8; thence 5. �
,���='; 386.72 feet along the East line of Lot 8; thence N. 86°28'57"
`�'�, W. 672.17 feet to the Center of the Roaring Fork River; ;
� - ;--i thence along the centex of the zivex as follows: '
'Y I
-�j�1 S. 28°49'07" E. 211.41 feet; thence S': 32°54'19" B. 215.70 i
feet; thence 5. 45°04'37" E. 116 feet; thence S• 48°29' .W. j
" 454.80 feet to the Northeasterly zight-of-way 17.ne of Cvlorado
,,;� Highway No, 82; thence Northwesterly along sd�d Northeastezly
highway right-of-way lxne to the poznt o� beginnxng, contaj,n�nq
;;.:� 38.25 acxes more ox less. ,
'�;�
'`� Tract 2
•v�.
.�;� Those porti.qns of Lots 1 and 6� Sectxan 8� Town$h�,p 9 S., ;
, "'' Range 8� �I, o� the 6th �xj,nci.pal l�ex7.di�n a$ descxxi�ed �n •
"` Deed xecpxded j�n SoQk 145, ,�'d4e 3�a4r �'2,tic�,n Cpuntx RecoXd�, �;:,! �
, `y`; de.scxi,hed bx lgeteS and bounds ds �Pllqt,is: �
� Hegi.nn�ng a_t the 9,ntexsection o� the nox'thea�texly r�;ght-o�-�vaX �
,i�,ne a� the Denyex 3nd R�,a Gxande y�este.xn �ia�,iroad CAspen branchl
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h.�.
c ' � ' #��QJJJ 02/26/91 �.5:JJ Rec �.OU E+K. 640 FG 409 ''``•
. Silvia Davis, PiE�;9.n Cnty C1erM, Doc �,��0 I��'�
'. EXHIBIT "B"
�.
$1,250,000 PITKIN COUNTY GENERAL OBLIGATION BONDS '
i '�
•:� Security: General obligation pledge of Pitkin County
Rating: Non-rated, but County agrees to cooperate to p�:A.:�
obtain a subsequent rating at holder's
j�, e�ense if desired
�:;?�.�-
� Legal Opinions: Bonds issued with legal opinion as to ��.`�; ,
i validity and tax exemption at Pitkin Iron's �f`;
i expense of $7,500 �;�,,.
::_'=) Registrar/Paying Bonds will be fully registered on books �r
� Agent: maintained by the Pitkin County Treasurer, as
� registrar and paying agent. County may
--F� appoint a bank as registrar and paying agent •' �
if bonds are transferred.
, `�
} Transferability: Bonds may be transferred through the
_f : .,,±� Registrar; however, initial and subsequent
°�"� holders must execute a sophisticated investor
- � '� letter in lieu of substantial disclosure �
"'•`'l obligations on the part of the County and pay
any transfer wsts. �
- Call Provisions: Callable in whole, or in part, at any time at � °
�'�' par at the option of the County.
;;:;,
:�,.y'.� �
'?}�. Interest Rate: 7.0$ !
�=,¢`' Dated: Date of closing
':7
,, +�� Payments: Principal and interest is payable annually on F
, a December lst. �
f'� Maturity Schedule: '
-°`�'� Maturitv Princival Interest Total
_�,.
�� 1991 $ 90,000 $ 85,312.50* $ 175,312.50
�°�"� 1992 95�000 81,200 176�200
y� 1993 105,000 74,550 179,550
1994 110,000 67,200 177,200
.t::;; 1995 120,000 59,500 179,500 ;`f
-.,., • 1996 125,000 51,100 176,100
1997 135,000 42,350 177�350 �;
1998 145,000 32,900 177,900 '�
1999 155,000 22,750 177,750
� 2000 170,000 11,900 161,900 �
--------- ----------- ---------- :
��� $1,250,000 $528,762.50 $1,778,762.50 r '
? * Assumes closing on December 10, 1990. Will be adjusted to � ��''
reflect interest from actual closing date. If closing takes �` `
�""�� lace after December. l8 1991 the maturit schedule will be
k4� P . . Y
._�; postponed by one year since property taxes will not be
�4��
levied then until 1992 for collection in 1993.
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