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� RESOLUTION `.
���-�y2� �'..
AUTAORIZING THE ISSUANCE OF PITKZN
COUNTY, COLORADO� GENERAL ��
OBLIGATION HOUSING BONDS, SERIES
1990� IN THE AGGREGATE PRINCZPAL ��'�'.
AMOUNT OF $1,250,000 r :
� i'
WHEREA5, Pitkin County, in the State of Colo=ado (the = .•
� "County" and the "SCate," respectively), is a duly created �
� political subdivision organized and operating as a home rule �
-" 5 county pursuant to the general statutes of the State and the
Charter of the County (the ^Charter"); and
�
��� WHEREAS, the members of the Board of County
��� Commissioners of Pitkin County, Colorado (the "Board"� have been '
dul elected chosen and z:
_ ;;;<.�• y , qualified; and •
'��'� WHEREAS, at a special election of the electors of the
_f. ,..:�s°:. • ',�-
.-_.y� County, duly called and held on Tuesday„ May 2, 1989, in
,,.� accordance with law and pursuant to due notice, a majority of the �
registered �lectors of the County voting at said election voted
for the issuance of general obligation housing bonds of the
. � County in the total principal amount of not more than $6,000,000. t -
� " for the object and purpose of providing funds to acquire land �,
' .' for, produce, finance, or otherwise provide afford�ble housing
';'l�!'�� f for County residents; and
<'i. `
...�h WHEREAS, the electors also authorized the County to
:;;� issue the bonds and other general obligations at a net effective
interest rate not exceeding 10.d8 per annum if tax-exempt or '
�,� �a 12.0$ per annum if taxable, and with the bonds maturing not more
= than 25 years from their date or dates, and to be paid by a
;,,.� general ad valorem tax which may be levied on all taxable
property within the County without li.mitation as to rate or
�'� amount, or from any other leqally available revenues of the
"=� County or the Aspen/Pitkin Housing Authority upon such other
'�;:'
additional terms as the County may determine; and �
_;i,�;� WHEREAS, of the $6,000,000 of general obligation �.
� ,r housing bonds authorized at the election of May 2, 1989 for the
purposes descr.ibed herein, all remain authorized but noC issued; �'!� �
- :;� and �
_~',�
WHEREAS, the Board has determined and hereby declares ���
� that the interests of the County and the public interest and �
�'? necessity demand and require providing affordable housing for �
residents o£ the County; and � � ,:
y� WHEREAS, the Board deems it necessary to issue � �'�
$1,250,000 of its general obligation bonds approved at the �`�`
`:'� election of May 2, 1984, to be designated the "Pitkin County, .'��=�
-� � Colorado, General Obligation Housing Bonds, Series 1940" (the
"Sesies 1990 Bonds" or the "Bonds"), the proceeds of which will •
� �.`.
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! be used to acquire land for affordable housinq for County ` '
� residents� and �
i
:
WHEREAS, the Seriea 1990 Bonda are to be issued i.,=;`;_' :
pursuant to the authorization granted by the electors of the ?..:.^�'"`
? County at the election of May 2, 1984, all as hereinatter found ��'�''�`"
q (.,.;t.
and determined; and `�':r;?. -
k'?�-
i • s `'
WHEREAS, the Board has determined that the interest ,,,�„3i
rates on the Series 1990 Bonds fairly represent prevailing market
rates. ;.:_� ,.
,i �^
NOW, THEREFORE, BE IT AESOLVED BY THE BOARD OF COUNTY �f
; COMMISSIONERS OF PITKIN COUNTY THAT: d
� Section 1. Definitions. The terms defined in this � ��
_ . :� section shall have the desiqnated meanings for all purposes of �.
_ � this Resolution and of any amendatory or supplemental reso2ution, �;.�:
� i except where the context by clear impl.ication .requires otherwise.
=f :=:� Other terms are parenthetically defined elsewhere in this
� Resolution. `.�;`
..-q , . '�,
8
� (a) "bondholder" or "owner" or "reqistered owner" �
means any person who is the registered owner of any.
Series 1940 Bond as shown on the zegistration books i:;
' ^� �. kept by the Registrar.
�';�
�'� C {b) "Bonds" or "Series 1990 Bonds" means the �
"Pitkin County, Colorado, General Obligation Housing
:� Bonds, Series Z990." ��
'�� (c} "Code" means the Internal Revenue Code of 4
1986, as amended, and all regulations and rulings
,,� promulgated or proposed thereunder or (to the extent �'
the same remain applicahle) under any predecessor ;
� thereto.
(d) "Event of Default" means any one or more of
�'$ the events set forth in Section 18 hereof.
`� (e) "Federal Securities" means direct obligations `
-� of, or obligations the principal of and interest on `
�_,�� which are unconditionally guaranteed by, the United '-
States. �"'� s '
��� (f) "Outstanding," when used with reference to -", '�
:;� the Series 1990 Bonds and as of any particular date,
means all the Series 1990 Bonds theretofore duly issued �.;; `•
y� except: f}°. ';:. .
� (i) Any . Series 1990 Sond cancelled or v�'
� delivered to be cancelled by the County, or on the .,,.
w� � County's behalf, at or before such date; i '
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' const_�ct_or. o= a:°c_�a�ze hcuz+ine _..�€�tk�t: 1:.�;::::t�• `` -
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i (j) "�=oject Ces�s" mean� all cc:::s :�z:.: �?�e��tt:%g � �,3'
'E incurred _n connection �ith �;a _rej�.�t.
�
j (k) "Purchase Contract" r,ic�zns Ch�? Gcn�:'a�h
� � between the Count}• and Fit�in Iren ta Gll�' 11X9 S�?l.l ;�a11. ; � •
` 9 � Estate dated Piovember ��' , 1Q90.
`1 �
'� (1) ^Record Date'• means the� CLQ,1�x caf ta�i:�,i n�?:?ra �n
' the fifteenth day (whether or not a bu::iii?:;a c1a�•) nc?�L
� preceding each regularly schodulad i.nC�r�i� f?;t�9nanl: ;�
� date.
�
`? (m) "Registrar" means tha antzty �a�v.i,nq �K -
registrar and transfer agent for tho Saxaa:� 1��10 f.lantly �
� appointed by the County, beinq tha CounCy '1`rtznau�;r�;, 3:n '
� Pitkin County, Colorado, or its succes�ora.
(n) "Special Record Dato" moans t� a@�ci.��, cl7�N
'� fixed to determine the names and nddxe�:ai>:� ul uwnc?t;tt
for purposes of paying defaulted inCare��t. - �
s
jSection 2. Ratification. All rxction (nuC �.TIpp11:3;Lq-
\.� tent with the provisions of this Resolution) haruCoEorce tHkhn I�y -r<;:.J •
the Board and the officers of the County directnd townrcl r�FPHCat;- .
ing the Project and the sale and delivory of Cho sor.iaa :1�190 ".�
• Bonds for such purpose be, and the same ia horoWy, z'a�:l,�,l,acl� 1:
`� approved and confirmed. • �;
-� Section 3. Authorization of Se � �� �� '
�i:..o_.1..._QJJ.,ctcic�. 7n �i.
�� accordance with the Constitution of tho StuL•o� L'hn Cn].pi:�tic� . ,�
`'I County $ome Rule Powers Act, Section 30-25-201(G)(n} nnc! (1�)� . `^
� Colorado Revised Statutes, the Home Rule CharL•or oI Chu C�iunli,y� ; '�'�
and all other laws of the State thereunto enubling, th� Jlonrcl, c�ri
behal# of the County, hereby authorizea thu 1auur�ncU ot' ll:a •��.'
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"Pitkin County, Colorado, General Obligation Aousing Bonds, .
r S•:ries 1990" in the aqgregate principal amount of $1,250,OU0, for
i ` the purpose.of providing funds to defray Project Costs. '
� Section 4. Bond Details. The Series 1990 Bonds shall ?;:z:.� '
be issued in fully registered form (i.e., registered as to ��}i`,�:.:
�� a ent of both rinci al and interest in denominations which y �'�<'�
P Ym P P � �;'�,:;:':..:,..
� are integral multiples of $5,000 but not lesa than $50,000 ,
(provided that no Hond may be in a denomination which exceeds the '`
i principal coming due on any maturity date and no individual Bond �4Y�.'
may be isaued for more than one maturity and subject to the ��
` exceptian set forth in Section 13 hereof). The Series 1940 Bonds �'".'. �•
'; shall be dated December 10, 1990. The Series 1990 Bonds shall be -
,.; numbered in such manner as the Registrar shall determine. The ``
Series 1990 Bonds shall bear interest from their date to maturity
at 7.0$ per annum, payable on December 1 each year, oommencing on �
December 1, 1941, except that Bonds which are reissued upon ; "
� transfer, exchange or other replacement shall bear interest at
_ .;..$ the interest rates shown below from the most recent interest '"
_ i payment date to which interest has been paid or duly provided ��
�� for, or if no interest has been paid from"the date of the Bonds.
=f`:,!:� The Se-ies 1990 Bonds shall mature December 1 of each year and �, 'rt`
- �,`.� bear interest, as follows: �
i
s. HATtIRITY SCSEDULE �,�
� �
°'� � Years Amounts Interest Rate �
� Maturina �faturing fPer Annuml .
�:� !:
.I 1991 $ 9�,0�� 7.0$
,� 1992 95,000 7•0 �.
1993 105�000 7.0 r'
'� 1994 110,000 7•� �;
•� F
°? 1995 120,000 7-0 `�
,,j 1996 125,000 7.0 ;:
1997 135,000 7•0 '
1998 145,000 7•�
`� 1999 155,000 7•0
'.;,
2000 170,D00 7.0 i'
„ The principal of any Series 1990 Bond shall be payable !�
, to the owner thereof as shown on the registration books kept by ~
� the Registrar upon maturity thereof or prior redemption of any � d
_ � Bond and upon presentation and surrender at the Paying Agent. If ,,
any Series 1990 Bond shall not be paid upon suah presentation and -°'�
:~! surrander at or after maturity, it shall continue to draw � �
•.S interest at the interest rate borne by said Bond until the �
,;; principal thereof is paid in full. Payment of interest on any � , ,,.
Series 1940 Bond shall 4e made to the owner thereof hy check o= �_i -;.¢��..�;
y� draft mailed by the Paying Agent, on or before each interest '�
paymEe:t date (or, if such interest payment date is not a business �,�,;;:
� � day, on or before the next succeeding business day), to the owner -�_;�`'.�,'
�4,� there�f at his or her address as it last appears on the >;::;g:^;:
regis::ration books kept by the Registrar on the Record Date; but .•`;' +'.
�� �.'
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� any such interest not so timely paid or duly provided for shall '
cease to be payable to the peraon who.is the owner thereof at the
, close of buainess on the Record Date and shall be payable to the
person who ia the owner thereot at the close of business on a
Special Record Date for the payment of any such defaulted -
interest. Such Special Record Date shall be fixed by the �i�:_ ;.
Registrar whenever moneys become available for payment of the {:•:;.
' defaulted interest, and notice 'of the Special Record Date shall
be qiven to the owneza of the Series 1990 Bonds not less than ten �'%��
� days prior thezeto by first-class mail to each such owner as �:'
i shown on the Registrar's registration books on a date selected by
the Reqistrar, stating the date of the Special Record Date and � '
the date fixed for the payment of such defaulted interest. The � '"
q Paying Agent may make payments of interest on any Series 1990 �
Bond by such alternative means as may be mutually agreed to
between the owner of such Bond and the Paying Agent (provided,
,,S however, that the County shall not be required to make funds . _: �
� � available to the Paying Agent p+rior to the date stated in this b:.
Section). A11 such payments shall be made in-lawful money of the i`
- "�'� United States of America. k
_. .t
,!�� ;':?� Section 5. Prior Redemption. • 'i
. <<� A. Optional Prior Redemption. Series 1990 Bonds• l
shall be subject to redemption prior to their respective
+ maturities, at th<: option of the County, in whole or in part in
� � integral muZtiples of $5,000, in inverse order of maturity and by �
� ;'>, C lot within a maturity in such manner as the Payinq Agent may �
=ti,� determine (giving proportionate weight to Bonds in denominations
:�� larger than $5,000) on any date, at a price equal to the
principal amount of each Bond or portion thereof so redeemed and
�.;'i accrued interest thereon to the redemption date, provided that no
_�: portion of a Series 1990 Bond shall be redeemed if it results in
the unredeemed portion of the Series 1990 Bond being less than
'' � $50,000. In the case of Series 1990 Bonds of a denomination
,� larger than 550,000, a portion of such Bond ($5,000 or any
integral multiple thereof) may be sedeemed, provided that no
portion of a Series 1990 Sond shall be redeemed if it results in
':,� the unredeemed portion of the Series 1990 Bond being less than
"'_=�! $50,000. Upon such redemption the Registsar shall, without
���;;� charge to the ownez of suah Bond, authenticate and issue a
J.� replacement Bond or Bonds for the unredeemed portion thereof.
!w B. Notice of Redemption to Owners. The County shall ' �- .
;i� give written instructions concerning any such prior redemption to �
�-"=` the Paying Agent at least 45 days prior to such redemption date. �'�
` ""� Notice of redemption shall be given by the Paying Agent in the i` �:
,.� e;
name o£ the County by sending a copy of such notice by first- �
;� class, postage prepaid mail, not less than 30 days prior to the p
�� redemption date to each owner of any Series 1990 Sond all or a ,�
portion of which is called for prior redemption at his or her �
address as it 2ast appears on the registration books kept by the E �, '-
j � Registrar. Failure to give such notice to the owner of any :;.�;:
� Series 1990 Bond, or any defect therein, shall not affect the '
.:�;i validity of the proceedinga for the redemption of other Bonds. _� ^;�
. �.
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� Snch notice shall identify the Series 1990 Bonds 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 auch redemption date the principal amount thereof "
and the deaignated premium thereon, if any, will become due and ��>:,.i
payable at the Paying Aqent, and that from and after such date
intereat will cease to accrue. Accrued interest to the redemp- �`� •:
tion date will be paid by check or draft mailed to the owner (or �
by alternative means 3.£ so aqreed to by the Paying Agent and the '
owner). Notice havinq been given in the manner hereinbefore
provided, the Series 1990 Bond.or Series 1990 Bonds so called for `�
iedemption shall become due and payable on the redemption date so �,
designated; and upon presentation thereof at the Payinq Agent,
; the County shall pay the Seri.es 1990 Bond or Series 1990 Bonds so � �
I called for zedemption. :
_ -;_�'^r� Section 6. Execution and Authentication. The Series �` 1
=. �.1 1990 Bonds •shall be executed in the name of and on behalf of the �
"r"� Count and si ned b the Chairman of the Board the "Chairman"
_1 :�.:.:4� Y 4 Y � ).
_ .:,.3� countersiqned by the County. Treasurer (the "Treasurer"), sealed
� �" Y with a manual or facsimi2e impression of the seal of the County ' ��`
"'� and attested by the County Clerk and Recorder (the "Clerk"). The
signatures of the Chairman, the Treasurer and the Clerk may be•
�� manual or by facsimile. The Series 1990 Bonds bearing the manual
- � or facsimile signatures of the persons in offiae at the time of �
J the signing thereof shall be the valid and binding obligations of
:�;'i��� �` the County (subject to the requirement of authentication by the
Registrar as hereinafter provzded) notwithstanding that before
."' the delivery thereof, or before the issuance thereof upon �
�%`J� transfer or exchange, any or all of the persons whose facsimile �
signatures appear thereon shall have ceased to fill their
<°_�•� respective offices. The Chairman, Treasurer and Clerk of the
_� Coanty shall, by the execution of a signature ceztif:icate
;;:;�� pertaining to the Series 1990 Bonds, adopt as and for their
�:�" respective signatures the facsimiles thereof appearing on the
=�`) Bonds. At the time of the execution of such a signature
��`��>� certificate, the Chairman, Treasurer and Clerk may each adopt as
•,�;;;�;'� and for his or her facsi.mile signature the facsimile signature of
*-g� his or her predecessor in office in the event that such facsimile
signature appears upon any of the Series 1990 Bonds.
No Series 1990 Bond shall be valid or obli ator for
,j''�:� g Y
any purpose unless the certificate of authentication, substan- ;4.t •
tially in the form hereinafter provided, has been duly executed �'
1� by the Registrar. The Registrar's aertificate of authentication �
shall be deemed to have been duly executed by it if manuallp .�.
- signed by a duly authorized officer of the Registrar, but it
` '�`" ' shall not be necessary that the same officer sign the certificate �< •.
;k�:'i of authentication on all of the Bonds issued hereunder. By •��`:�*,�
authenticating any ot the Series 1990 Bonds initially delivered �.
pursuant to this Resolution, the Reqistrar and Paying Agent shall �`'�+`
'� be deemed to have assented to the provisions of this Resolution. �"
�;'� � �, _
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Section 7. �egistration. Transfer and Exchanqe of
CSeries 1990 Bonds.
, A. Booke for the registration and tranefer of the
Series 1990 Bonds ahall be kept by the Registrar, which is he=eby
appointed by the County as regiatrar (i.e., transfer aqent) for ,
the Series 1990 Bonds. Upon the surrender for transfer of any
Series 1990 Bond at the Reqistraz, duly endorsed for transfer or E�'
! accompanied by an assignment duly executed by the owner or his or ``
� her attorney duly authorized in writinq, the Registrar shall j'.
� authenticate and deliver in the name of the transferee or
j transfezeea a new Bond or Bonds of a like aggregate principal ��
� amount and of the same maturity, bearing a numher or numbers not
;; pzevsously assigned. Series 1990 Bonds may be exchanged at the
� Registrar for an equal aggregate principal amount of Series 1990 ;�
i Bonds of the same maturity of other authorized denominations. �'•.,
( The Registrar shall authenticate and deliver a Series 1990 Bond
� � or Series 1990 Bonds which the owner making the exchange is � !
';?t entitled to receive, bearing a number or numbers not previously �: ;
�� � assigned. The cost of exchanges and transfers of Series 1990 � •�
Bonds as herein rovided includin an tax or overnmental ` '
_ "�,�`'':� P .. 9 Y 9
'' ,;;Q� charge required to be paid with ::espect to such exchanqes or
_i .; , � transfers, shall be charged to the owner or any transferee.
- t .
H. The Registrar shall not be required (i) to
� trans£er or exchange all o= a portion of any Series 1990 Bond � -
� ��\ subject to prior redemption during the period beginning at the
;_`i �
l opening of business 15 days next preceding the mailing of notice
=�'`� calling any Series 1990 Bonds for prior redemption as herein
provided and endinq at the close of business on the day of such
`:� 'mailing or (ii) to transfer or exchange all or a poztion o£ a
. ;,_.E Series 1990 Bond after the mailing of notice calling such Bond or
-.Y.J,� portion thereof for prior redemption.
,:.;=� C. �'he person in whose name any Series 1990 Bond
shall be registered on the =egistration books kept by the
,::.a Registrar shall be deemed and reqarded as the absolute owner .
��:��`" thereof for the purpose of making payment thereof �and for all
:}r_�� other purposes (except as may otherwise be provided with respect -
�;;=�� to payment of interest as is pravided in Section 4 hereof); and
-c:� payment of or on account of either princigal or interest on any
'��;;:,;`� Bond shall be made only to or upon the written order of the owner
's��t thereof or his or her legal representative, but such registration
;�"f'-1� may be changed upon transfer 'of such Bond in the manner and
` . w subject to the conditions and limitations provided herein. All �. .
-.;<';?* such payments ahall be valid and effectual to discharge the
` � _���,� liability upon such Series 1990 Bond to the extent of the sum or A[[
���'i£� sums so paid. �
;� A. If any Series 199� Bond sha11 be lost, stolen,
;-,:s destroyed or mutilated, the Registrar sha11, upon receipt of such �,::.;';
.� evidence, information or indemnity relating thereto as it or the # ::
'� ( County may reasonably require, authenticate and deliver a 3y,
-� ` replacement Bond or Bonds of a like aggregate principal amount
and of the same maturity, bearing a number or numbers not �
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V".5'��5:h{.�.
� (Form of Bond) �
- UNITED STATES OF AMERICA
STATE OF COLORADO
COUNTY OF PITKZN � ���`
a,
. '�.73�'`r:-;
� 3��
GENERAI. OBLIGATION HOUSING BOND 'i,='•;
�':�t�.
� SERIES 1990 �
� � .
�-1 No. $ �.
�;-���.:...
`- '� INTEREST RATE MATURITY DATE DATED AS OF CUSIP , . ';
7.0$ December 1, �� � �
- •;l .�.',,
_ ...�
- OWNER: ,
�f_ "�3 PRINCIPAL AMOUNT: DOLLARS �`
- ;;� . ,� ' �`
. ' � .
`' � On the faith, credit and behalf of Pitkin County (the
"County"), State of Colorado, for value received, the Board of � �
� Commissioners of the County (the "Board") hereby acknowledges �
'•;,� such County indebted and promises to pay to the Owner specified
above, or registered assigna, the Principal Amount specified
�� above, on the Matusity Date specified above (unless called for �.
earlier redemption), interest thereon payable on December 1 in
_;�? each year commencing on December 1, 1991, at the Interest Rate �'
;;�� per annum specified above, until the principal sum is paid or -
payment has been provided therefor. This Bond will bear interest �':
;,;� from the most recent interest payment date to which interest has
.,� been paid or provided for, or, if no interest has been paid, from
the date of this Bond. The principal of this Bond is payable
'� upon presentation and surrender hereof at the principal corporate
.ti�+� trust office of the County's registrar and paying agent (the
-�°� "Registrar" or the "Paying Agent"), presently the Director of `
-� Administrative Services, ex-officio Treasurer of the County, in `
' ,;; Pitkin County, Colorado. The County may appoint a successor to �
"9� either the Registrar or the Paying Agent or both. Such successor
�.-,..,� or successors will assume all duties of the Reqistrar or Paying p�,-+� '
, ;�_� Agent or both. Interest on this Sond will be paid on each
•,-� interest payment date (or, if such interest paymer.t date is not a � 'O�
�-� business day, on the next succeeding business day), by check or
A draft mailed to the person in whose name this Bond is registered ;;
� (the "owner") in the reqistration records of the County �
;;?� maintained by the Registraz and at the address appearing thereon �
� at the close of business on the fifteenth day (whether or not a �
.,:i bnsiness day) next preceding such interest payment date (the ,,�''�
,.i� "Record Date"). Any such interest not so timely paid or duly ' � .
s:
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provided for shall cease to be payable to the person who is the
� � owner hereof at the close of bnsiness on the Record Date and
shall be payable to the peraon who is the owner hereof at the
close of busineas on a Special Record Date (defined in the ,
resolution of the Board adopted on December 4, 1990, authorizing ��'�:':
this Bond (the "Bond Resolution"}) for the payment of any {J"�;:.:
defaulted interest. Such Special Record Date shall be f9.xed by ��� ` -
A..�.
• the Registrar whenever moneys become available for payment of the I'. `'
defaulted interest, and notice of the Special Record Date shall �r
be qiven to the owners of the Bonds of the series of which this '��`�
is one (the "Sonds"j not less than ten days prior thereto. All � .
such payments ehall be made in lawful money of the United States j ��
-'� of America without deduction for the services of the Paying Agent
or Registrar. •
j .
:.j The Bonds are subject to redemption prior to their ��'-, ;
' f . respective maturities, at the option o# the County, in whole or
in part in integral multiples of $5,000, in inverse order of �
' �':� maturity and by lot within a maturity in such manner as the F ,
�i': •:.?� Paying Agent may determine (giving proportionate weight to Bonds
_ �� in denominations larger than $5,000) on any date, at a price .
i��_� equal to the principal amount of each Bond or portion thereof so �
redeemed and accrued interest thereon to the redemption date, �'
provided that no portion of a Series 1990 Bond shall be redeemed•
jif it resuZts in the unredeemed portion of the Series 1990 Bond
. being less than $50,000. In the case of Bonds of a denomination �
,^_'ti� � larger than $50,000, a portion of such Bond ($5,000 or any
integral multiple thereof) may be redeemed, in which case the �
Registrar shall, without charge to the owner of such Bond, �
J,;� authenticate and issue a replacement Bond or Bonds for the
_;;,-�� unredeemed portion thereof, provided that no portion of a Series
,� � 1990 Bond shall be redeemed if it results in the unredeemed i
�=• ; portion of the Series 1990 Bond beinq less than $50,000.
Redemption shall be made upon not less than 30 days prior mailed
;,:;� notice to each owner as shown on the registration books kept by
,;`� the Registrar in the manner and upon the conditions provided in
� the Bond Resolution.
''�j The Bonds are fully registered (i.e., registered as to
�t;.-�;� payment of both principal and interest), and are issuable in
.:v;.y denominations which are integral multiples of 5,000 but not less
' �> than $50,000 (provided that no Sond may be in a denomination
` '' which exceeds the principal coming due on any maturity date and
--::;:;� no individual Bond may be issued for more than one maturity). `� '
�;;� Notwithstanding the foregoing, the Series 1990 Bonds maturing on �
December 1, 1992 shall initially be evidenced by one Series 1990 ,'7�
'_',� Bond in the principal amount of $10,000 and one Series 1990 Bond (,
� in the principal amount of $85,000. Upon surrender of any of �
such Bonds at the Regiatrar with a written instrument
���z�� satisfactory to the Registrar duly executed by the owner or his � "�"',
or her duly authorized attorney, such Bond may, at the option of ;, � ,
,-j� the owner or his or her duly authorized attorney, be exchanged '
� for an equal aggregate principal amount of such Bonds of the same �,_7e�;�:;
maturity of other authorized denominations, subject to suc h terms 3 '
;;;� and conditions as set forth in the Bond Resolution. .�'
;•_.,
. �.
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� The Registrar shall not be required to transfer or
exchange (i) any Bond subject to redemption durinq a period
beginning at the opening of business 15 days before the day of �
the mailing by the Reqiatrar of a notice of prior redemption of `
, Bonds and ending at the close of business on the day of such .
mailing, or (ii) any Bond after the mailing of notice calling °�,
such Bond or any portion thereof for prior redemption. $:.:`.
�
This Bond is fully transferable by the owner hereof in
; person or by his or her duly authorized attorney on the �'!�'�'
� registration books kept by the Registrar upon surrender of this ,
y Sond tbgether with a duly executed written instrument of transfer �'
satisfactory to the Registrar. Upon such transfer a new fully �; :.
i registered bond of authorized denomination or denominations of i: . '
the same aggregate principal amount and maturity will be issued ��
to the transferee in exchange for this Bond, subject to such
terms and conditions as set forth in the Bond Resolution. The �� �j
�,;;,� County and the Registrar and Paying Agent may.deem and treat the
person in whose name this Bond is re istered as the absol�ite �
_ - •° owner hereof for the purpose of making payment and for all other "
�=
- �'� purposes. ' ' �
'f� }�r�°� .
�"� This Bond is issued by the County, upon its behalf and.
n
� y .� upon the credit thereof, for the purposes of defraying wholly or :°'
in part the costs of the purcliase of land located in the County �
� from Pitkin Tron Corporation, a Colorado corporation, to be used
�� for the construction of affordable housing in the County, all
under the authority of and in . full conformity with the �
��.-{t� Constitution and laws of the State of Colorado, and pursuant to
�;�;?,�
�,�, lF authorization by a majority of the registered electors of the
'r , County voting in an election duly called and held on May 2, 1989,
' �_;`�! and pursuant to the Sond Resolution duly adopted and made a law
_°::-� of the County prior to the issuance of this Hond.
�.''.-�
It is hereby certified, recited and warranted that all
_'' the requirements of law have been complied with by the proper
,;w�;� officers of the County in the issuance of this Bond; that the
���_`� total indebtedness of the County, including that of this Bond,
' does not exceed any limit of indebtedness prescribed by the
-"�`' Constitution or laws of the State of Colorado; and that provision
_Yl'�
•�_^,�;,, has been made for the levy and collection of annual taxes
,'�:.•� sufficient to pay the interest on and the principal of this Bond .
:•:"? when the same become due.
:;.<,
....�
c� The full faith and credit of the County are hereby
�--_' ' irrevocably pledged for the punctual payment of the principal of �
«�� and the interest on this Bond. W�:
F.
� This Bond shall not be valid or obligatory for any �
;� purpose until the Registrar: shall have manually signed the �
� c�rtificate of authentication herein. �
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` � ' IN TESTIMONY WHEREOF, the Board of Commissioners of
,j Pitkin County, Colorado has caused this Bond to be signed and ' '-.
. executed on behalf of the County by the manual or facsimile
signature of ita Chairman, to be countersigned by the manual or ;
facsimile signature of the County Treasurer and to be subscribed ;'�_ -
F and atteated wi.th the manual or facsimile signature of its County :'r":'._
�,..
i C1erk and Recorder; and has caused the manual or facsimile of the c<;•.:,
County seal to be affixed hereon, as of the date specified above. � '
f y•
- � I PITRZN COUNTY� COLORADO �'�-
( Manual or Facsimile Signature )
Chairman '<:i_ti;.
` Board of County Commissioners -�'��
"'" -,i
' `i
, '.�;' 'i
=' Countersigned:. �;_
_1, .'i+
- t:
`�" � ( Manual or Facsimile Sianature ) � -�•
� ��� County Treasurer �
' ..�
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:>,;. County Clerk and Recorder
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� , This is one of the Bonds deecribed in the within- .:�,:�
� , mentioned Bond Resolution, and this Bond has been duly registered -�.:=,
on the regiatration books kept by the undersigned as Registrar �=;::':;,.,
� for such Bonds.
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j TREASURER OF PITKIN COUNTY,
COLORADO, AS REGISTRAR
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Eor value received, the undersigned hereby sells, � ,
" assigne and tranafers unto the within Bond !; �'
' and hereby irrevocably constitutes an appoints
attorney, to tranafer the .same on the books o t e Registrar, �'.�
l with full power of substitution in the premises. �;," ,'
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'�,,� identification number of transferee:
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;� NOTE: The siqnature to this Assignment must correspond with the
�'^� name as wzitten on the face of the within Bond in every
"`,� particular, without alteration or enlarge.ment or any change _
whatsoever. . '�,
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i STATE OF COLORADO ) �`
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COUNTY OF PITKIN ) ss. LEGAL OPINION CERTIFICATE [_;c
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€ "'' ;:
.� I, Silvia Davis, County Clerk and Recorder of Pitkin �� �
County, Colorado, do hereby certify that the following legal b �'
opinion of Davis, Graham & Stubbs, Attorneys at Law, Denver,
`� Colorado, to wit:
' � :
(Insert opinion in submargins, including complimentary
»� closing and "/s/ Davis, Graham & Stubbs") • �•
,-»� ia a true, perfect and complete copy of a manually executed and ��-
dated copy thereof which is addressed to the County and is on �r:
:,f_ :,:1,°,'� file in the records of the County; and that the opinion was dated �.
. and issued as of the date� of delivery of and payment for the � : ;r
. .�� BORdS. r
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,.'I IN WITNESS WHEREOF, I have caused to be hereunto set .°�'
� the facsimile of my signature and the �facsimile of the seal of ':
+�; � the County of Pitkin, State of Colorado. i�
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- (Facsimile Sianaturel 4
County Clerk and Recorder
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, � Section 13. Peliverv of Series 1990 Bonds. When the
Seriea 1990 Bonds have been duly executed and authenticated, the
County shall hold $100�000 aggregate principal amount of
Series 1940 Bonds maturing on December 1, 1991 and December I,
1942 pursuant to the terms of the Purchase Contract and
$1,150,000 aggregate principal amount of Series 1990 Bonds shall t�:�?::"
be delivered to Pitkin Iron. The Registrar shaZl initially 'r:'t�'=.-.
register the Series 1990�Bonds. to be delivered to Pitkin Iron in -��'
the name of Pitkin Iron and the Series 1990 Bonds to be held by �.,�;,-:�.'�
the County in the name of the County. The Series 1990 Bonds ,(:E,-. � �
shall initially be evidenced hy one Series 1490 Bond for each `"�'�
' maturity, in the aqgregate principal amount of such maturity. '
j Notwithstanding the foregoing and the provisions of Section 4 �., ���.
t:,•
hereto with respect to minimum denominations, the Series 1990 ''
Bonds matuzing on December 1, 1992 shall initially be evzdenced ±�:'-<,.:,
� by one Series 1990 Bond in the principal amount of $10,000 and �.::",.
,`.•f one Series 1990 Bond in the principal amount of $85,000. - �
F. t
- �a Section 14. Pavment of Principal and Interest. If ;+..:'�
'f'' � required, the interest to become due on the Series 1990 Bonds
shall be paid from the general fund or from any funds available
� �� for. that purpose, and there shall be levied on all taxable � _
property in the County at the time and in the manner pzovided by � �3'
law, in addition to al]. other taxes, direct annual. taxes.
• sufficient to reimburse said funds or funds and to pay the {
� principal -?f and the interest accruing on said Bonds promptly as
°� the same shall become due. Such taxes when collected shall be
'��� � kept by the County in a separate account hereby created to be �
,,; �
.� known as the "Pitki.n County, Colorado, General Obligation Housing
; Bonds, Series 1990, Interest and Principal Fund" (the "Bond �
.;� Fund"J , to be ased solely for the purpose ot paying the principal
-` of and interest accruing on the Series 1990 Bonds as. the same �,
`,:.� respectively mature; provided that nothing herein contained shall ;�
be so construed as to prevent the application of any other funds -
,,,;,� belonging to the County and available for that purpose, and upon ;:
-� such payments being made, the levy or levies herein provided may .;
thereupon to that extent be diminished. The direct annual taxes
';� levied to pay the principal and interest shall be in addition to
„=.=� any, and all other, taxes levied to effect the purposes of the
�-a�;=] County. The sums herein provided to meet the interest on the
; � Series 1990 Bonds and to discharge the principal thereof for each
- i year shall be included in the annual budget to be adopted and
passed by the Board of Commissioners of the County in each year.
;-%K� No statutory ar constitutional provisi.ons enacted after the
�;�^:� issuance of the Series 1990 Bonds herein authorized shall in any �.!'
:''J� manner be construed as limiting or impairing the obligation of �
the County to levy ad valorem taxes without limitation of rate or �;�
amount for the payment of the principal of and interest on the
� Bonds.
��� �}
Section 15. Tax Lew. It shall be the duty of the b
Board of Commissioners of the County annually at the time and in E ',
� �;� ' the manner provided by law for levying other taxes, if such � *'?'
;:a_�, � action shall be necessary to effectuate the provisions of thzs w�
�%� Aesolution, to ratify and carry out the provisions hereof with
,:-�"'.:
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'1 t ��.. iAf � - L ..r .f.V ,�. �� 1 , � � r�' � Vi.'Kii1 S. 'G��t�t;�,
.r�:l� a }f � t;. I�7 }N, HH,,",,�„ �o �
_ _. _ �:r:►dr....kl....b: tw....i'r <.�w.s`' . . .. °`'�J,.i�{'.``s�t:. . �,. u�Y!� �►". `el�k ._ L}ry, his.
. I��1��,,�,:.
.,� �
� reference to the levy and collection of taxes; and the Board "
shall require the officers of the County to levy, extend and
collect such taxes in the mannez provided by law for the purpose
oi creatinq a fund for the payment of the principal of the Series � :�-•-•> -
1940 Bonda and the intereat accruin thereon. Such taxes when ��"' '`�
4 � a:='-��';-; .:
collected, shall be kept for and applied only to the payment of "��:'
t5e interest and p ��"'`�"`" �'
i princi al of the Series 1990 Bonds as � ' -;
hereinbefore specified. /'�
f��'.�`�t -�� '
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Section 16. General Administration of Bnnd Fand.
A. The Sond Fund shall be maintained as a book ;;'-'
account kept separate and apart from a11 other accounts or funds f.-..
of the County as a trust account solely for the purposes herein �'�'': ' '•
, desiqnated. The Bond Fund shall be continuously secured to the '�r' '� " `
fullest extent required or permitted by the laws of the State for �-i�:>' �
securing publia funds and shall be irrevocable and not
withdrawable by anyone for any purpose other than the respective ���'
designated purposes. Each periodic payment shall be credited to
_ the Bond Fund not later than the date designated therefor, except ;.
_f'':� that when any such date shall he a Saturday, Sunday or legal .
holiday, then such payment�shall be made on or before tlie next �
precedinq business day.
B. Moneys in the Bond Fund not immediately needed may
be deposited or invested and reinvested by the County in deposits '��
. � or investments which are at the time permitted by the laws of the
State and applicable federal statutes and regulations ("Permitted
Investments"), subject to the provisions of Section 17 hezeo£.
Securities or obligations purchased as an investment of moneys in
such fund shall be deemed at all times to be a part of such fund, (�
? and the interest accruing on such investments and any profxt
realized therefrom or any loss resulting therefrom shall be
credited or charged to such fund. In computing the amount in
such fund for any purpose hereunder, except as herein otherwise
expressly provided, such investments shall be valued not less
frequently than annually at fair market value.
C. No payment need be made into the Bond Fund if the
amount in the Hond Fund totals a sum at least equal to the entire
amount of the Outstanding Series 1990 Bonds, as to all debt
� service requirements (both accrued and unaccrued) to . their
respective maturities or to any redemption date or redemption ,� �,� � .
dates on which the County shall have exercised or shall have E�*�
�-� obligated itself to exercise its redemption option. In such case
I moneys in the Bond Fund in an amount which, together with any. - ;.. �
known interest or other gain to accrue from any investment or •
� deposit of such moneys from the time of any such investment or `.°" ,�
deposit to the time or respective times the proceeds of any such _.�� o
investment or deposit shall be needed for such payment, is at ���
least equal to such debt aervice reguirements, shall be used ;�'6,-�� .��,,:
; together with any such gain from such investments and deposits � �,"
; � solely to pay such debt service requirements as the same become �'� .�.?
t due; and any moneys in excess thereof in the Bond Fund may be �� ;;r:.•
j used in any lawful manner determined by the County.
1 —18— ?•�j:.
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� � D. Neither the County nor any officer of the County
i shall be liable or responsible for any loss resulting from any -
inveatment or seinveatment made in accordance with this ;
Resolution.
.;:' .
E. The moneys in the Bond Fund shall consist of f`
lawful money of the United States or Permitted Investments or
.' both such money and such Permitted Inveatments. Moneys deposited
in a demand or time deposit account in or evidenced by a �,,;
certificate of deposit of a commercial bank, appropriately �:
� secured according to the laws of the State, shall be deemed e :•
lawful money of the United States.
3
�:'
Section 17. Tax Covenants. The County hereby �-�_,
' covenants for the benefit of the owners of the Series 1990 Bonds � ,
_;�.;-,� from time to time that the County: (i) shall not make any use of �_;
,, the proceeds of the Series 1990 Bonds, any funds reasonably �`
� �r,�,' expected to be used to pay the principal of or interest on the '!; �
=. ":j� Bonds, or any other funds of the County; and (ii) shall not,take �
;:r;='� (or omit to take) any other action with respect to the Bonds, the � �
:f �"':;`,� proceeds thereof, or otherwise, if such use, action or omission
- �.,;� would, under the Code, cause the interest on the Sonds to be ;'
• included in gross income for federal income tax purposes or be.
treated as an item of tax preference for purposes of the federal .
• ;:� alternative minimum tax and (iii) shall not take any action or � ,
.�--.� � permit or suffer any action to be taken if the result of the same
�.�<'�si� would cause the Series 1990 Sonds to be "federally guaranteed"
`"'`'-f1 within the meanin of Section 149 b of the Code.
•�i:��.:- r 4 ( 1
:� .
,,,�^,� Tn particular, the County hereby covenants for the
benefit of the owners from time to time that it shall not take
''i"� (or omit to take) or permit or suffer any action to be taken if
-'' the result of the same would cause the Series 1990 Bonds to be
� (i) "arbitrage bonds" within the meaning of Section 148 of the
;;;;�,r� Code, including for such purposes, to the extent applicable, the
''•:�.� rebate requirements of Section 148(f) of. the Code; or (ii)
�'�=:.°� "private activity bonds" within the meaning of Section 141 of the
�''='`- Code. Such covenants of the County shall survive the payment of
�>'i�� the Series 1990 Bonds.
.�`"�'��
'�=i
{',;,.r;{ The County hereby designates the Series 1990 Bonds as
' �� "qualified tax-exempt obligations" pursuant to Section 265(b)(3) :
� of the Code and represents that the reasonably anticipated amount
�--- � of qualified tax-exempt obligations (other than private activity 4� '
r bonds) which will be issued by the County during the calendar jl�
year 1990 does not exceed $10,000,000. �
�'�� The Chairman of the Board of County Commissioners is '`�
hereby authorized to execute a ta�c certificate on behalf of the p "�
�,'`i County in implementation of the foregoing covenants, and the s� ;
representations and agreements set forth therein shall be deemed ('�.
t.�,� � the representations and agreements of the County, as if the same
were set forth herein.
u �:
3, c�
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.. �� ' �F�J�;.
. , .
: Section 18. �vents of Default. An Event of Default
� r shall exist if: .'„
t
A. Payment of the principal of or premium, if any,
due in connection with any Series 1990 Bond is not made by the
County when due at maturity or upon prior redemption. ' ` .
f:;:�.
B. Pay^ient of the interest on any Series 1990 Bond is
not made by the County when due. �.�.`�.
�:
� C. The County defaults in the punctual performance of �`:�
its covenants hereunder for 60 daye after written notice sha11
have been given by the owners of not less than 258 of the n
, i principal amount of the Series 1990 Bonds then Outstanding. g
_ � D. A petition in bankruptcy is filed by or against � "�
--�;=,:� the County, which, if filed against the County, is not dismissed �. ;
��i within 90 days after its filing. "
_ '._;:.,:,.,j ,�r�, �
'� ""`'.;�'�� - ` _'
,,r,:�„� Section 19. Remedies. If any Event of Default shall ,
! , 4'�t� .. exist, any owner, or a trustee therefor, may enforce its rights
f;, hereunder by any available legal or equitable remedy, including
mandamus, specific performance, the appointment of a receiver �'��
l ,'� the consent to such a ointment bein hereb ranted in unc-.
( PP 4 Y 4 1, ] ;
,:,� tive relief, requiring the Board to act as if it were the trustee
- of an express trust, or any combination of such remedies. All
�,��,qj proceedings shall be maintained for the equal benefit and protec- "
i;,:�t�� C tion of all owners. Any receiver appointed to protect the rights
� .� of owners may take possession of and operate and maintain the
Project in the same manner as the County itself might do. The
, _� failure of any owner to proceed does not relieve the County or
_ ?'-� any person of any liability for failure to perform any duty
- hereunder. The foregoing rights are in addition to any other
• right, and the exercise of any right by any owner shall not be
- deemed a waiver of any other right.
;.-:��; .
-„�' Section 20. Amendment. The County may amend or modify
r� � any provision of this Resolution without the consent of or notice
.�f*;;;t;"
to the owners, as follows:
,.::,�;�::
f..._;. A. To grant to or confer upon the owners any addi-
, - -:°�:<; tional rights, remedies, powers, authority or security which may
,°"�� lawfully be granted or conferred.
_.r;'!;5< F :
'`�'�- �„�� B. To cure any formal defect, omission or ambiguity
" in this Resolution. �
��
. �•==�',:� �
;.;�,,.,�,. C. To add to the covenants and agreements of the •
'•� County set forth in this Resolution. �;
'•_���^.=Y;{ D. To subject to this Resolution additional revenues,
,S properties or collateral.
� i �
'� E. To appoint successors to the Paying Agent or
;::�;:;z:;;,;.
_ ,;; Registrar.
�r��,'� -20-
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� %21 �.. t.'! . .. .. :{ . .� Yik .. . �1.. i:� .C'���:-Y}� �✓.lL.7tii:.t�RiF�I7F.lWYMfl.kSHt�m�.,�S��I.PYtiIY X�r,�
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C F. To effect, in connection .with the preservation of
the tax-exempt status of the interest on the Series 1990 Bonds,
any other changes in thie Resolution which, in the opinion of an
attorney or firm of attorneys whose experience in matters
i relatinq to the issuance of obligations of states and their _
� political subdiviaions is nationally recognized, do not
, , materially and prejudicially affect the rights of the owners of
any Series 1990 Bonds.
�V
In addition, the County may amend or modify any ���
provision of this Resolution with the written consent of the
owners of not less than a majority of the principal amount of the
+ Series 1990 Bonds then Outstanding; provided that the written
'. i consent of the owners of one hundred percent (100$) of the
I principal amount of the Series 1990 Bonds then Outstanding is `•
- � required to: F':
?i:
;� A. Extend the maturity of any Series 1990 Bond or k'
._.�,,�,.i change the terms of redemption of the principal of any
r�r��j Outstanding Series 1990 Bond;
� '
•{ •'.+�5�...."
- -_<:�f� B. Reduce the principal amount, interest rate or
`._`�i redemption premium of any Series 1990 Bond; .
' ',f
:,-.g ' C. Reduce the principal amount of the Series 1990 •
' t ! Bonds required for consent to any amendment or modifications to ,
� this Resolution; or
� ¢ `
"-��°F�':
�=��� D. Establish riorities between Series 1990 Bonds.
,g, P
� ,>::`,,;,' Section 21. Defeasance. When the principal of,
_s':z�;:p premium, if any, and interest on any Series 1990 Bonds have been
��;;+.;� duly paid, the pledge and lien and all obligations hereunder
•";�:� shall be discharged, and such Bonds shall no longer be deemed to
be Outstanding within the meaning of this Resolution. There i
;;�t!;±'f:� shall be deemed to be such due payment of any Series 1990 Bonds ';�
:�;�;`2,,,�. when the County has placed in escrow or in trust with a
1 commercial bank located within or without the State, and �
�'�� exercising trust powers, an amount sufficient (including the ` '
,.��.::;.
�5:::;'�'��
•�:�,,,, _.,...� known minimum yield from Federal Securities in which such amount
.��;': wholly or in part may be initially invested) to meet all
:=,_r.; requirements of principal of, premium, if any, and interest on
.� . • such Bonds as the same become due to their final maturities or
_r.. ,R upon any redemption dates as of which the County shall have .
• " exercised or shall have obliqated itself to exercise its prior
;�1 redemption option. The Federal Securities shall become due at or F:
r�' prior to the respective times on• which the proceeds thereof shall �,
= be needed, in accordance with a schedule established and agreed
upon between the County and such bank at the time of the creation li,.;
.�;�;����` of the escrow or trust, or the Federal Sewrities shall be `"
� subject to redemption at the option of the holders thereof to s`
�
� assure such schedule. �'
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. �.4'td�'��^����k4tiL•�hi.iiS�i$�'"IFF�F'.�ii,7AYi.�'s�iue�v�'�'.".-s:r..�`.$r' ''����� ���w4, <���"{�+y j:
��.;.
� Section 22. Successor Registrar or PavinQ Aaent. The �
Registrar or Paying Agent may resign at any time on 30 days prior >
written notice to the County. The County may reasonably
determine that such Regiatrar or Payinq Agent has been incapable
of fulfillinq its dutiea and may remove said Registrar or Paying i�-..•.
Agent upon 30 days prior written notice. If the Registrar or :
Paying Aqent initially appointed hereunder shall resign, or if
the County shall remove said Registrar os Paying Agent, the `�'r
County may, upon notice mailed to each owner of Series 1990 Bonds �
at the address last shown on the registration books, appoint a ��
successor Registrar or Paying Agent, or both. Every such <<, :.
; j successor Registrar or Paying Aqent shall be a bank or trust
-'.' ; company located in and in qood standing in the United States and "
having a shareholders equity (e.g., capital stock, surplus and �.
individual profits), however denominated, not less than �ti,
:'-,-•y� $5,000,000. It shall not be required that the same institution -
serve as both Registrar and Paying Agent hereunder, but the �. �1
.rt . �-
_ �<t't< County shall have the right to have the same institution serve as i
- ��'��� both Registrar and Paying Agent hereunder. `z
•.?r
�i�`:;;�:�
_ ,;y Section 23. Direction to Take Authorizing Actio:i. The
. ,`?,,.;� Chairman, Commissioner�, Treasurer and other officers and `;�
- employees of the County be, and they hereby are, authorized and
directed to take all action necessary or appropriate to. ,
:� effectuate the provisions of this Resolution, including without
- limiting the generality of the foregoing, the original or..- '
rM � � additional printing of the Series 1990 Bonds in such quantities
` as may be convenient; such action as shall be necessary to
'.`� ; maintain the exclusion of interest on the Series 1990 Bonds from
i;:;_� . gross income for federal income taxation purposes; the execution �
of such certificates as may be required relating to the execution
of the Series 1990 Bonds, the tenure and identity of the County
<'(.`-� officials, the absence of litigation, pending or threatened,
' affectinq the validity thereof, and the absence and existence of •
;;;;?,f� factors affecting the exclusion of interest on the Series 1990
;;;_ Bonds from grosa income for federal income taxation purposes.
,�>+�
'��;;.� 5ection 24. Findinas.
5.'-
.�,`_.�
�y.;.� A. The Board hereby finds and determines that the �
,;: j Series 1990 Bonds have a net effective interest rate equal to
' ";.•.::� 7.0$. Based upon the foregoing, the Board further hereby. finds >'
� � and determines that the Series 1990 Bonds issued pursuant to the
---�. :^� authorization of the May 2, 1969 election do not exceed the �
--< maxi.mum net effective interest rate of 10.0$ authorized at such
' ,'�:,.:.� election. �
A; B. The Board hereby finds and determines that, after �
�, the issuance of the Series 1990 Bonds by the County, there will � �
'� � be an amount equal to $4,750,000 of authori2ed unissued bonds of
`',L� the County. �s; ,
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1 :.�"' F s_ �-a .-'' ..r ! t1 � ., . - �. � ' �.'.- � : �
L
:if?7� �'��.���i.,'����+�CK�'�i�i��'bt�`t��!lv:�k:.�.7:.+7s.c��•h{y��>4.��T1'`�s�fi5��r...0.�s�l'`� n�,r�� � , 9 . � ri��- � � �_.
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� � Section 2S. Contract with Owners. After the Series
� 1990 Bonda have been issued, this Resolution shall constitute an
irrevocable contract between the County and the owner or owners
of the Series 1990 Bonda and, except as otherwise provided
herein, shall be and remain irrepealable and unalterable until
the Series 1990 Bonds and the interest thereon shall have been
fu21y pa,id, satisfied and discharged. _
Section 26. Parties Interested Aerein. Except as r
otherwise expressly provided, nothing herein expressed or implied , ,
_ is intended or shall be construed to confer upon or to give any � `
,? person, other than the County, the Payinq Agent, the Registrar �.<.
__';`.; and the owners from time to time of the Series 1990 Bonds any
riqht, remedy, or claim hereunder. AlI the covenants, stipula- � �
tions, promises and agreements herein contained by and on behalf
.;:T.,. of the County shall be for the sole and exclusive benefit of the "- ';
'v';':s> County, the Paying Agent, the Registrar and any owner of the '` !
Series 1990 Sonds. ' �
_ '�;��:t; �`- 'i
;'f`^.'. ,z,,�� Section 27. Effective Date. This Resoluti,on shall � '
=,::�.;� become effective immediatelx upon its passage.
- f:D:�R .
� '"=E._ Section 28. Severabilitv. If any section, para- �a'
graph, clause or provision of this Resolution shall for any.
y.� reason be held to be invalid or unenforceable, the invalidity or ..;
unenforceabiiity of such. section, parrgraph, clause or provision
�'�' shall not affect any of the remaining provisions of this
�?4� t Resolution.
. �;4..�::� .
-� . Section 29. Repealer. All acts and resolutions in
� �� conflict w.ith this Resolution are hereby rescinded, annulled and ;,
-. : repealed. This zepealer shall not be construed to revive any act
�`' �;_`.-•� or resolution, or part thereof, heretofore repealed.
7
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, � , i
` ADOPTED AND AP.PRDYED�hi.�s •4th .day of December, 1990. � �
: ` /� t'
. j 1��,�r a.c�� 'GQ�1 z �
� ,�.`;, Chairman of the Boar of County '"
�: Commissioners �'" ''
�
^'._,:
. [S�) H �;'";•�
� �``�c� !.�
� E T: % tib ` > .
_ N .:`:
.
,v_:.
�
_.r-,,
; uty County erk and
corder . ."�i
;i;..i.
i': i
APPRO ED AS TO FORM: � ' y;,•�
%� ` t _ _ �
. ». t�.o �. ' .n. L ' �..,
,f..`i�,rr''. Timo� E. hitsett " �,.: .
_ ;t� Coun y to ney ��
. �Y
� "`� RECOMMENDED FOR APPROVAL: •-i
i'-
� . _ r ^ _ 4.. .. _
i �_ ,,,' � /�.� c rte,,,,� .
Thomas C. Oken �`
''`���� Administrative Services Director �`
;
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� A motion to pass the foregoing resolution on first
reading was then duly made by Commissioner �Uq_ and
seconded by Coaunissioner fy�M��ijG.-� , was put to a vote, and
was unanimously carried, t eTi 'vote beinq as follows:
� Those Voting Yes: � ,� _
i
! ,c' b� @,:.
. . _ ��,,u r�,.�� � �:._...
.�.
e_.
- Those Voting No:
��
� Those Absent: �EI� /.��F�/
�IThereupon, the Chairman declared the motion carried and w-
said resolution duly passed on first reading. �:;
.;t�,.� It was thereupon moved by Commissionez /,,QU� ���
o ;�'"�: and duly seconded by Commissioner ����p�� that the
"�`�� foregoing resolution introduced at this meetin as aforesaid be
_! ,_:':'�ii;�' 4. ,
� considered for £inal passage at a special meeting of' the Board to •
� .-:�� be held on December 4, 1990 at .S�jO�m. The question being
upon the adoption of said motion, the roll was called with the ��
'� following result: �
µ�
: � Those Voting Yes: ti £i" Ewk-E.
h�;1 _
���w.�� �
* ��
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' . `�����ry�..�
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;�; .. ::�� Those Voting No:
,k
Y Those Absent: ��F,�-� �,���„�F,l
�`�.^`�' � members of the Board, constituting a majority of *�•
,3.-';>z:.
?� :�R all of the members thereof, having voted in favor of the motion,
''""'�''��� the presiding officer thereupon declared the motion carried.
t �;g
�� �� T,•
�� � There being no further business, on motion duly made, _
`.,<; seconded, and adopted, the meeting adjouxned.
x �',�
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ty1 F'F�KII�. 'N! . .G/!L��L/L�
.� •_ �%V,P M�l�la
` � �,�;, � '� ��%�y� Chairman of the Board of County
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� STATB OF COLORADO J 4-.
� ) sa
� PITKIN COUNTY )
�
�. The Board of County Commissioners of Pitkin County, �f T
Colorado, met in special seseion in full conformity with law at
the Commissa.oners Room, Pitkin Caunty Courthouse, SU6 E. Main `.�
St., in Aspen, Colorado, on Tuesday, Decembel 4, 1990, commencing %`'
at 5;�/1�D.m. There were present at said meeting the following: �:Y '
' Present: ° '�
Chairman: Aerschel Ross �
Commissioners: Fred Crowley =`,j
Wayne Ethridge '
Colette Penne
�' Jim True E�
' ���';� Absent: �
;�, - z> �,
-��_.;y:c� constituting a quorum of the members thereof. �`
Thereupon, the followinq proceedings, among others, ..
were had and taken: ;�
The Chaa.rman placed on final adoption a resolution !�
�%��� � introduced and passed and approved on first reading on
'?;� . November 27, 1990, which resolution was titled as follows: �
-� �:;,� AUTHORIZING THE TSSUANCE OF PITKI21 COUNTY,
.;•,� COLORADO� GENERAL OBLIGATION HOUSING BONDS� �; i
,1;� SERZES 1990, IN THE AGGREGATE AMOUNT OF rs -4,
$1,250,000. 'S
.....
- The resolution was thereupon read by title.
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- Whereupon Commissianer 55 moved and
CCommissioner _ �7-/�,a/�j�� secon ed t at t e resolution be
finally passe ad—n�opt�—The question being upon the passage
and the adoption of the resolution, the roll was called with the
following result:
, � n'
j Those Voting Yes: �,p �,.,��,
� • pSeNt� Oss �:,....
—l�1.—sd.��.r—��-E. T ic,vt� �;
-�!�Vn.� I la U . �i .
� Those Voting No: (s��-rc � �,, wc :
h_.
'r) Those Absent:
' The presiding officer thereupon declared that � �'
°•'�:' Commissioners having voted in favor thereof, constitutin a
-�°'�+`� majority of the members of the Board, the motion was carried and
'� ����'t the resolution duly and finally passed and adopted. `,
's• �;�� - �
� �' On motion duly ad pted, it was ordered that the `-�
. ;�j,{: resolution be numbered 90- J�/� and after signing by the Chairman
of the Board be finallp pu��ished by title and summary, in The �
Asoen Times, a newspaper of general circulation in the County,
' ' �.and be recorded according to law.
�F� Thereupon, the Board considered other business and took
�;;.,y',�.�
�,,Q:•.�. � other action not concerning the Project.
,���::-
, k�'�. Thereafter, there being no further business to come
3�` i; before the Board, on motion duly made, seconded and unanimously
;:�; =�; carried, the meeting adjourned.
��,.� +�C7✓�`L4 �%(�e.L� I/.r',��_
,, ,� Chairman of the Board of County
-�Y� �.+.a.,,,} Commissioners
.�„r� � �D� p)�d�,� .
�'`� ��'a� Z�` '���o
� �sa�u,� �o � �. .
,� �� �� ��P
� ��. Attest: 'c•'Fty 1#� . +
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; STATE OF COLORADO )
r � ) ss.
� COUNTY OF PITKIN )
i I, Jeanette Jones, Deputy County Clerk and Recorder,
s Pitkin County, Colorado (the "County"), do hereby certify: �,�•
� 1. At a regular meeting of the Board held on Tuesday, �; ,
� November 27, l990, Resolution No.4��-/�/(J was int=oduced for the ' „
� £irst time and at a regular meeting of the Board held on Tuesday, �e.
_ . .i December 4, 1990� Resolution No.�p-�yD was then finally passed, ;r.
' J adopted, approved and ordered published by title and summary in �
"� The Aspen Times. �`
�
2. The members of the Board voted on the passage of '
_i._;$ Resolution No.�n_ O as in the minutes set forth and the �'�,.
'""�' resolution was_ o�December �, 1990 published by title and u
ti.� summary, as evidenced by Appendir_ I attached hereto, in The Asnen ��:
�:• Times, a newspaper of general circulation in the County. ,� ,
` : ,_+,�.f` .
f.: N�''� 3
:;� � 3. The foregoing pages numbered �1 to 28, inclusive, P
:._t.:�.r.j
are a true, full and correct copy of the proceedings of the Board
insofar as the proceedings relate to the consideration and final
adoption of a resolution, a copy of which ia set forth in full in �
• the minutes of the meeting held on Norember 27, 1990, and is
I; � - numbered consecutively in xegular numerical order from 2 to 24
t�' inclusive.
��„
�, .�,
�'%�;���;�'{ 4. The original of such resolution, upon final
- •" adoption, was signed by the Chairman of the Board, sealed with
=:i^�` the seal ot the Hoard, attested by the Deputy County Clerk and
" ,:; Recorder and was otherwise completed.
� � � IN WITNESS WHEREOF, I have hereunto set my hand and
;,,�y'�;i�� affixed the seal of the County this December �, 1990.
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