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HomeMy WebLinkAboutbocc.res.171.1990 �,;.. ""�"yS" s �f 4 �e�` (" �. � c v 'a a � p p'{,� "'� � �Y4,` $ ' ' � ;� y`,�r#�A ., h .Y � � �) / ` �j ,e4 1�, -�. � E( .... ., + • � ... A�.,5� .i:. � '��:: N.. i:�.4+',d�i�'��`�"�'t'Ctdt_.�u�atruteti:.�......_.i..�,..ti�::u�`�1e�.. i�°�a';.. .. .. . < _ _ . ,. +t�;r,. '��t,:n�. /��.S.S S introduced the[ollowing resolucion and moved its adopcion: � ; i E; � ; RPSOLU770N REIATTNG TO i.EASE -'�t, PURCHASE AGREEMENT AND DFSIGNA'ITON AS ��� i'..`� ....QUALIfIED TA&E7CEMPT OBLIGATTON �� G%�=/7/ - �"�r'' IIE IT RL•SOLYED by the governing body of ,� " � � _ : ,c. ��y� . j (the[ssuer),u Cotlows: <� � Section l.Recitals and Authoriation.The Issuer,u lessee,has hererofore entered into a Lease Puo- � chaseAgrcementdatedasbf �[/�0 ,299�1(theT,rrse),wichBeilAtlanticTrlConGovemmertt ?�.:'-;"' ' � Finance,Inc.,as les.soc It is hereby determined thac it is necessary and dcsirable and in che best interests of ��;;:-=°- � theTssuercoenrerintotheLease(orthepurposesthereinspeciGed,andtheacecurionanddeliveryof[helr.�se -�';;'-'> '; '.':i by the Issucr are hereby approved,retified and mnfumed. -- _ -.� = ` ! Secciort2. Des7enationasOualifiedTax-ExemptOblieation.PursuanctoSection265(b)(3)(B)(ii)of _j � thelntemaiRevenueCodeof1986(cheCode),cheIssuerherebyspeci&callydesignatestheI.easeasa"quatiIIed - • _ tax-ezempc obltgacion"for purposes ot Secrion 265(b)(3) of the Code. In compliartce with Seaion , - x ':";:j 2�5(b)(3)(D)of che Code, the Issuer herehy mpresents that the Issuer will not designate moce than $10,000,000 of obligations issued by the Issuec in xhe calendaz year during which the Le�se is euecuted and idelivered as such"qualified cuc�cempc obligations." + Section3.issuanceLimetation.InmmpliancewiththerequiremenrsofSection265(b)(3){G)ofthe � ' Code,the Issucr hereby repcesents that the Issuer(induding all"subordinate entities'of the Issuerwithin the ."� meaningofSection265(b)(3)(G)oftheCode}reasonabiyanticipatednoiroissueinthecalendac}�eardvring � which the Lease is executed and delrered,obligations bearing in�erest exempt from[edera!income taxition �,� Iunder Scction 103 of the Code(other than°private activity bonds"as defined in Section 141 of the Code)in � an amount greater chan$]0,000,000.Attached hereto as Exhibit A is a lis[of all such obligadoas issued by �. I the Issuer(including any"subordinate entity'�during such calendar year. i ' + A • T: IC11 P �c�M-Y— /1..� � Signatvre � (Signa[urc} ��� �0��� `�� `��O i , ���r� �.��,� n,� _.. � (Name and citle) �—�1��, 1 �F;,.d • �alF. �� I�f�UE'� �.� '��` '� � �l 1- - -.� ; �: _:.:�: ; ; �:,;:;���',. } '���:.� t - z y'-' ,z. ; _ :: ,.. �:� �' �:.�� 'ti�': :.,,..,...�...,._�...._....,--____....._...�,._.�,.._._..__�_ .. .___-_.._ _ _____ --�.,. __ -y.,n„� ,., _.._..._.�,-._.,.., `! `- � �. y F.�, . . 7 a .. ' . , ... ��.. \'� , � ' � ' ' 6`� r fi�'� � x�, , , . �� k�� '���+� F � �,�'�.H'�,: !"t.,�'?>'� � !fl���'3r(J,� . .F'�,�A s'1"� � '. . � . i's+y•r .. . �'��� ' ' . . . �';��'r.' , ., . • '�'.' �� . , ::,;: , i.� I --.. . �. �`x•� . • � . , �. � .. . '�::s.�' .. � . . • ' ` . . i' \ !t-h_ ��, ,_....�.:��. _ _ _,.e....�....�--- ���'�:�. � �. f�Ct.itY_'�fBl�t � c�� � �` R, � �..',�. � ,f,n..��: }R'�3'� ���ry�ik; Y�' t � . .' . t :. x ���. I t� {,�k,��'3 � > ' � �.,._ ., i:•- -+s";ib�t, n. , �`.....l��k, !'4df:.,.�7r,s1'��;w.�Sh�?.'`�n y�:�:a�� �'c ._ ._,..-.,. .. i . , �. ,w .5;.. ,n� . .,��.��a; . . • ,�4.�EdwardsBcSons,ircc ,6'SB,�',�y S°'`°2'°° Denver,Colorado SD202 INVESTMENT BANKING (303)893-5300 FAX.•(303)893-9313 Novembcr 1, 1990 . i Ms.Aebc Nclson � Pitkin County ��; 506 E.Main �; ix Aspcn,Colorado 8161I �' � Rc: RFTA Lcasc/Purchasc ��• ;� Dcar Debc: t, - Wc have rcviewcd thc bids returned i�responsc to our rcqucst for bids on the abovc rcfcrcnced j project. Four(4)biddcrs respondcd to thc rcquest. Scvcraf othcr potential biddcrs cxpressed �. an intcrest in future financings but werc unable to respond to this request for a variety of ' � '' � rcasons. �.�,, 1 _ :,.:�`'��,-, ', _ �. �x,, Thc foilowing table summarizcs the bids. In addition,I havc gradcd the bids on a I -5 scale =' "-� based on the evaluation critcria established by the County and RFTA. ,}` :riY;f� _j� ,;;y�.� r«o�n�en.leR ; - t.� Muv.rd. , ;4i Critcria li c Sutro Banc ne TriC n S.19% ,_.! PV Cost $649,850(3) 640,579(5) 656,973(2) 640,042(4) f ;:�;ati;z� Capability 3 5 5 i ,' �T::l'l'a�;�c�',` �� 4 -"`*�,•_ Terms 5 5 5 5 ,,;,,.:, '::;>:" Compliance 5 4 4 5 ,�;.:�< �o�d b�...c�«,,d �:, � . '��`-''� Total i6 19 16 19 \`,y� . iA ;.�,� PV cost was computed using a 74b discount rate. This is the rate provided by our trading dcsk �;:Fr� without consideration of any additionat costs. Thc PV technique allows comparison of "�;'� transactions paid in arrcars with transnctions structured to pay principal in advancc. + ��?:' Jinco w�s ratcd a thrcc(3)in capability becausc oC thcir weak Cinancial position_ Sutro and ;'-..: BancOnc werc ranked four bccausc of their failure to submit a guarantce. },� � �;�; I have talkcd with TriCon about the provision in thc opinion of counsel requiring an opinion �' �"�= on Minnesota law. This was apparently an error and should road"Colorado"law. -� .�,� �i`'?� Pleasc do not hcsitate to contact mc if I may be of furthcr assistancc. V ly t � : � ' � � ���� y� �;�=:. William T.Wi dman . Vicc Presidcnt ,�;n ' ++£� , � . 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PAYMENT AND PURCHASE `UPTIOF SCHEDULE � � ` � � i :i�_._:: . Payment Payment Principal Interest il����` Number Amount Component Compohent Purchase option Price* `�""'°:� -------.._�.............._�..-----------------------------------------�-�---- ��;_. :1,:;;:'_� 1 38,560.70 25�710.40 12,850.30 618,747.18 �: ; � 2 38�860.70 26,236.78 12,323.92 591,014.56 �`��`; j �9q � 3 38,560.70 26�773.95 11,786.75 562�796.61 ;`:.,. • � 4 38 560.7R 27 322.11 11 238.59 534 084.85 5 38,560.70 27,881.49 10,679.21 504,870.64 ' ,� 6 38�560.70 28,452.33 10,108.37 475,145.17 f-`j`'` i l99Z 7 38,560.70 29,034.85 9,525.85 A44,899.51 _'._ � ;;i� 8 38,560.70 29,629.30 8,931.40 424,224.55 '; , "� 9 38,560.70 30�235.92 8�324.78 382,811.03 ' 10 38�560.70 30,854.96 7,705.74 350,4h9.53 - .. 19R3 11 38,560.70 31,486.68 7�074.02 318�530.44 _f'� .r:; 12 38,560.70 32,131.33 6 429.37 285,544.03 `' - 13 38,560.70 32,789.17 5,771.53 251,980.35 ?f; . ��`?� 14 38�560.70 33,460.49 5,100.21 227,829.30 '� • "`? i494 25 38,560.70 34,145.55 4�415.18 183�080.62 • � 16 38,560 70 34,844 63 3 716 07 147 723 83 � 17 38,560.70 35,558.03 3,002.67 111,748.29 � .. ° 19�tS 18 38,560.70 36,286.03 2,274.67 75,143.19 '�� �y 19 38,560.70 37,028.94 1�531.76 37,897.49 � ;';i%1 �� 20 38,560.70 37�787.04 773.66 1.00 . -_.---°__--_.._.._......�----- ---- e •771,214.00 627,650.00 143�564.00 1.� � . � ` � *Purchase option available after applicab2e payment has : ";� ,� been mafle. 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