HomeMy WebLinkAboutbocc.con.092.1990 _'���,', _
, � ,
� +�''�+ �}� , —
� ..:��.,,`��sk,��.�" t.�9rt':izk��. fi;l�, ! y.?7;t fi-�.,�:. v iM1..,;� ' �r ...i;. .� ,lrr._+�I���1R1bl�OAx3c?HO.' `5'�= .
. . « .._. . . . �
, .. _ ...t� ��;�i�'H r
. .. ' ' .. .-.. '� ;`;*f ry� .
. . 1 � �.ya�
�q4- 9Z- .° .� ,; `�f";�.:;::
���G�__1?� .
TH[S LGSG/I'URCHASG AGRGfiMHNT is dated ys o(November 75,799Q,by and bctwecn Betl �
AUanNc TrtCon Government Financc,Inc.,3G01 Minnesota Drivc,Suite 9G0,B�oomingwn,Minnesoca 55435, ..
u lessor(I.essor),and PitWn County,Colorrclo,as Icsscc(Lcssce),whose acldress is S�G�isc Main Street,
4
2 Aspen,Coiorado S]Gll; ;•'-T •
�'y1�'�.
� .:.a� .
I T1iG LGCSOR AND LGSSEG AGRGE AS fOLLOWS: �s":._-�.
� sa `
� J � �
( �:�.�'' .
, nxTTCr.�r
DEFINI7'IONS AND EXIIffiITS .���;:-:`..•, �•
1 Secllon 1.7.AeOMtions.Ilnlesq[heconles[otherwise rcquircs,the termc clefinecl in this Sectbn shall,Cor �,f
: ull purposes oC this l.casc,havc thc mcanings hcrcln spccificd. � �
;. lr�, i
, �;� i
' Coc1c:71�c Intcrnal Rcwcnuc Coc1c of 19AG,as now on c�rcaftcr amcndcd,and thc rcgulauons ancl rcvcnue � �;
'^ rulings and procecfures issucd pursuane diercio from cime co eime. i `� " -
=f� Contnctor: Euch of thc manUGlcturcrs or vendors from whom Irssec(or Lcssor at Lessee's requesc)►i�s
;�' _ ..
' + orcicrcct or wil l ordcr o�with whom[.csscc(or Lessor at Lessec:s rcquest)h�s mntncted or will contract Coc
thc manuCacwrc,dclivcry ancl/or iactallation of thc Gquipment. `�
Commcnccmcnt Datc: Novcmbcr 75,7990 .''' �
�
! 1'�.�c uinment: 77�e Ixrsonal pmperty dcscribed in the auachccl Gxhibit A which is lxing Iezscd with op[ion �
'.; to purehasc by I,css[tc pursuant lo thi.¢I.caSC.
i;
. Int rest: T'hc portion o(rrch Rcntal Paymcn[idcntifiecl as intcrcst on Pxhibit II to this Icasc.
r3 Lc.tse'['crnt: 71ic Pcricxt during whicl�this I.casc is in cffm as spccified in Scction Q.1. ,'
,' �
Net Prtxeeclv:My lnsuranee pmcec�or mndemnation awrrcl paid with resjx.-ct ta Q�e Gqulpmen[,altcr
subtncting all txpcnscs incurred in thc coUcc�ion�hcrcot
Non-aoomnriaiion: "I'hc failurc of thc I.csscc's govcrning bcxly,or,i(applicablc,ihc grncrnmcntal cntity
`? from which thc I.csscc:c�Inains i�K opencing ancl/or capical Tunciti,to appropriatc moncylorany Gsc�l ycar of
;' l.e�sec sufiidem Cor the continuecl performance of this Ic�se by I.cssee.
Cavmcnc Datc: 1'hc datc upon which any Ren�al 1".iymcnt Ls duc and payrblc as providccl in Gxhibit B.
Purchase Ootion Pricc: �th mspect[o thc i�.quipmenc,as of a Paymcnc Date sneclfied In[he attached �
" Gxhibit C(and after making thc Rcntal Payment duc on such cL1tc),the amount so�esignaccd and set Corch �
� opposltc such cfate in Gxhibit C. '��.;.,,f .
F'.
Rcntai I`rvment: Thc payment due from Lessce to I.cssor on each Payment Dace during the Icase Term, �+s�
�j mmpNsing pdnctpal arM irttcrcst�s shown on Facltibit II. `� -i°
� S��ecificaUons: '['he bkl speciGca�lon ancl/or purcl�ase ocrler pursuant co which Lcssee hu orcicccc!chc �
;' Bquipmenc Crom a Conuaclor. -�
-�.,.. .
; Siacc: Thc Stacc ln whlch the I.ascc is situa�ed. . �:�.>`;t�
�: - ':.
1 l �,� :
s *,s:- -
' �z.�
:
s�;
-•-. _.�.._._.....t .;...as.
:.:�1,.��- ;:.�:.._ :.._........_.:.,,.._.<..:__.. . ._. - ,c�i�
. .,::...
. . _ . .s; .
f
'�f��__..�� . .�A�}�',� :Y) . . _ . . fti-..'
_,� . §�' . . .
` .. ti7 _ .
. �` �, ; , ` � 1Y
. •,�,1K'� NP'�'��"�3''ry.,,f�.'�!.
' ,i���S�,', . , t rT. . � z�k'.� ' . , .
. Y���F ti. ' ��� �.: hLy�'�.., . � _
ia,e ,�'„ � . � i.,a.:'L`�'` ,�'(�� �:�� , , .
. �.,.
� a a�.: � . . . . .
. y�H.. .. . . � ,
c �� . . . ;y,�. . , • :
� a�.''.r' � . . , ' , .
. - � . . .�;r , � ... .
. .,ti� ., � .
' S `
�.f ' '
$j]'r
,��.
✓ ... .__._..-_._,....._. ._..:_.. .._. . _ . . .. . ' � '
I�.
• , `�!,�,��I
# �.
��<<�?r:!;
�,s�,�Sr,.,
SccNon 1.2. Exhibi�s. The(ollowing Exhibics are attached to and by reCemnce made a part of thLs I.e�se: ��'�°'^�`
Exhibit A: A descriptlon oC the Gquipmcnt which is the subject of this Lcase. � ,
IBxhbitII:AscheduleindicatingthedatcandamountofeachRcntalPaymentcomingdueduringthcicase
'fcrm and the ponlons ot cach Acnul Payment comprising principal and interes[. . �•
f:xhibltC:AxhedulcshowingasoCeachPaymcncDatethcPurchzscOpUonPdceinaccordancewithArticic
X.
Gxhibit D: A Ccrtilicrte oCAcccptance oC Lessee indicating that thc L•quipment has been delivered and }'� .
installed in accorclance wlth the Specifications,and has been accepted by Iessee,the date on which Rental �,�� .•
Payments shown in Exhibit D shall commence,and that certain other requtremencs have bcen met by Lcssec. =;.�j.;_;: ;'-�
1�AF�
13xhibit G:An opinion oCcounscl to Lessee u ta the powers oCLessee;the validity,occcution and deiivery '4�r��4��
of this tcuc and various rclatcct documcn�s;and relatcd mauers. �'`:^'::
���:
[ixhihit G: A Certificate oC Incumbency oC I.cxsee rclating to the oliices or posicions,signaturcs and /
qualifications oC thc penons cxccuting on IxhalCof I.cssce this I.c�sc and other documents rclaUng hercto. � t' ;.,
���� ; I
Sccdon 1.3•A�j�icndum. '17ic additional terms and mnditions of this t.ease,iCany,statecl in thc attichcd � � �
Addcndum 1,if any,nrc incor�rrtcd hercin by this rcfcrcncc,as Cuily u though the same were sec forth in ����j , �
' thc main tcxt hcrcoL ��' :'.
•s~'+ wxrtc�n "'` .
I REPRESENYATIONS AND COVEIYANTS OF LESSEE - ,.4
1 I.csscc rcpresen�s,covcnants and crrrrrn�s�s Collows: �
�
` (a) Lcsxc ts authorb.ed to issuc ux occmpt obli�tioas,and ls au�horPi.cd undcr thc Constiwtion and laws �
; of thc Sutc to cntcr inio this Itasc and thc irrnsactlons mntcmplatcd hercby,and to perform a11 of i�s
obligations hcrcundcr.
j (b)77icofliccrofl.cssccc�cccutingthis[.cacchasbccnJulyauthor'•u.cdtoocccureanddclivcrthisl.caseundcr �1
f �hc tcrms and pmvlsions of a rcsolution oC I.csscc's govcrning bocly,or by othcr appropriatc official accion.
E.
� (c) In authoriring and cxttuting thts I.ease,I.csscc has mmplicd with alI public bidding and other laws
• applicrUlc to this Irrse 1nd thc acquisition oC thc liquipmene by I.cssec. •
i
j (d)Upon clelivery and Installation of Uie Gquipment,I.essee will provicle to Icssot a completecl and ocecu[ecl '
� Ccnificaic of Acccptancc in thc fonn oC Exhibit D.
I (e) Upon thc cxecution oCthis I.nsc,Icssce will provicic to I.cssor an opinion of its Iegal counsel in thc form
i oC[:xiiibit G,and a Ccriificatc oC Incumbcnry in thc form of Gxhlbit�.
�
� (�Tlils l.ease iv dctii�nateJ as a"quaflfied ux-exempt obOgation"within the meaning ofSecNon 2G5(b)(3)of
1 the Coc1e. Lcssee does not reasonably oepec[eo issue in c�lendar year 1990,more than i10,000,000 of ,
��� o�ligaiions which f[muld ciesigtiate as"qualified tax�ocempt obligations."Lessee wi11 timely executeand Ole •K �
.'{ allinformatlonalGlingsrequircclundertheTaxReCormActot]98G(includingrorm8038G)soastopreserve .�t `
S thc�ax�ccmpt status of this obligadon to Lessor and its assigns. ��s
..'S: .'i�.. .
(g)Dudngchctcrmo(thcLcase,LcsscewillnottakcorpermltanyoCitsolficerstotakeanyuUOnwlthrespect
' to lhe Lcase or the Bqulpment wlilcli would cause the Interest to become subject to tedenl income taxaUon ';:
undcr thc Cocic and will takc all acUons Icgally and rrrsonablywithin I.cssee's powers ncces�ry co ensure that �
,
_ a,,' '
�: _..';;>.
,L Y,..�,y�'::
'�.,:.:,.:'''
� '�r�--.
i .t< �:
,��..' _- ..a�..._...:,.,,e . .. . - ...,-...__.,,_, _..._._,.... ... ,._ __.__ . .... .......... _._....._. ...__..__ .__,.._. {1+.
� � a.. . :q. �
;�,.. _ � 't. - , �
u,�,��=: . _ . - - �Y:
r.'7�.N.cY � fi t _ ��l,
. ����:. � � r` . - .. � �
. Li�
�. Y�:., � . . . .
� - i�,�'G '',�'�r� m
,��.� ' . � x� N � ��M„'C ' '
����y��• ' � . ... ' . . ���'^y,'� �� �� . � •
<��R �;: � . . . .
�':. . . . .'/� " l,}•'� ' � • ~1� � .
' ��� � . . .� . .. - .. . .
. . •��• • � ' .
. _ . ��.4�� .. . -
�.' • '
b�y s
,.-.���;�. - `
� .
. y�,,.
wy�{�}�ry,4,�.�;:'.�5:�.
;�tL±"t�,?:
.'...cy ik.1i1.':
�.,�.yz����d'l1�;•.,
5;1;�,♦MYl'!;h.i.�•.
Interest will not bcxome subjcct to fcdcral inmmc taxation u�der thc Code. This specillcally Includes,but Y ��,:,:
!s not llmlted ro the occcution otan 8038G form�.s uitcd for fnformation rc "���'j"`
+r4 porting purposcs with the IRS.
(h) No lease,mntai,lease-purchase or contract!or purchase,to whfch Lcssee has bee�a party at any Nme, • .
a
during the past tcn years,has been tcrminacccl by Lcssce u a result of insullicient[unds being appropriated
in any fiscal yc�r.No event hu accured whlch would cons[itute an event ofdeCault under any debt,revenue
or purehasc obligation which Lcssec has issued dudng thc past tcn years. �
ART[CLE III . `
LEASE OF EQUIPMENT' i":';.
�,
.�,tF .
SccUon 3.1.�. Lesson c�rcby Icas�s and sells the Cquipment to i.essee,and lessee hercby leascs and ;','-
purchases die fqulpmcnt from Lcxsor,upon che terms and mnditlons set fonh in d�is Lease. �
`�j'/
Section 3-Z.Possccxion and Fniovment.Lcsson c�rcby mvenants to provide Lcssce durins tlie Lc�se Tcrm 4!f�`J �
widi the quict use and cnjoymcnc oCthe Gquipmcnt,ancl t.cssce shall during the icase Term peaceably and •
y�icQy havc and hold and cnjoy the Cquipmcnt,witliout suit,troubic or hindr.�nce Crom Lessor,exccpt as
cxpressly sct forth in Qiis l.c�sc.Icssorwill,at dic requcst of I.cssee and at Lesscc's cost,join in any legt action �
In which Lcsscc asscr�ti its right ta such�wsscssion anJ enjoymcnt to thc octcnt I.cssor lawfully may do so, ;;f
: L(:;iCG � /, j��� ` �t
; SccUon 3$. �+c�sor Acccss�o t°auioment l.e.rs6r agrecs that Lessor shall have dic Hght at all reasonable t � ', �
= dmcstocxamtncandinspec�thel?quipmrnt.lrssccfurchcragrc-esthazirssorshailhavesuchrightsofaccess �j�n � : .
' to tlic Equipmcnt as may lx rcasonably ncccssrry to causc thc proper maintcnancc of thc Gquipmcnt in the ����• �'"�'
=� ILY '�,
cvcn[o(failurc by I.cssee to pc�Corm i�s obligationK hercuncler. :�•�� � .,
7:�':. � .
Secdon 3.4. Governmentat Ux of�auipmcnt Lessec rcpresenis and warnnts diat the Leue does not
constlwtc a"prlvatc ac�Ivitylxmd"within thc mcaning ofSectlnn 741 of q�c Intcrnal Rcvcnuc Cale of]98(. �
I.c+scc luriher rcprescnis and wrrnn�s tlut thcrc wiil Ix no sublcase oC thc 8quipmcnt nor any output ''�,,
',.-`� mntrace,marulgement contrrct,orother underlying atrangement wherehy more than ten percentotthe pro- -
'`� ccccfs of thc I.casc will bc uscd Cor onc or mon:priva�c business uses or whereby more than ten percent oF
dx total inierest or total principal duc undcr lhe i.case w111 be secured direcdy or indtrccUy by paymencs, y�
pmperty or borrowed money by private busincss users. A private business use means use(directly or �R
indirccUy)in a trrcic or business carricd on by any�xrson other tlwn a su[e or loc4 govcrnmencal unic(a
prirrte use incl ucics use by the Feclera!Governmentoranyagency thenmfand use bynonprofitco�oracions).
ARTICLE IV �
ra TERM OF LEASE
SccQon 4.1. I.casc 7'crm.71iis Lcasc shall bc in c[fcct(or a'Cerm mmmendng upon N�c occcution hcreof
_ andcndtn�andudatcoftttcfinalRentalPaymcncasshawninCxhibltii,occeptaseariicrtcrmtruictMpursuant �
io ticcUon 9.2.
Scction 4.2. �rmination�ollowine Non-Aonronriation, In thc sole evenc of Non-appropdation,Lessce
! shall havc the right ro tcrminatc this I.ease,in wholc but not in�arc•t the cnd oCan fiscal year of I.essee,in '
thc manncrarul subjcct io d�c tcrms spcciGcd in U�ls Scctlon an ''n"�'s 4.4�Ixssec may citatsucl� �
itcrminationbygivingLessorawrittennoticcofterminationandbypayingtoLcssoranyRentalPaymentswlilch � w-
; arc due and have not bccn patd at or bcCorc thc cnd of fts chcn current fiscat year. Lessee shall endeavor to J�(�.
'� give nodce of terminatbn not Icss than sixty(GO)days pdor�o the end oC such Rual year. In the event ot ti'" �+- �
tcrminadon otthis Icasc as provided 1n this Scction,Lessce shall deliver�w�C.sslonof the Equipment to Lcsspr �;
in accorcLlnec wlth Section 12.3,and shall convey to Icssor its intercst in the Equlpment wi[hin un(10)days ., �
a(tcr Uic termina[ion oC thc Icasc.
':
_ �i �� y
3 '
�'- ��i,
'j �':.i.�"
. `.�.".r�-
� ._.._.._.. -..-.�,�..... ...... . . _. ..,.. ,... ........._ ; ......_._ ..._...__..._.. . . -, _ _� �'
�+Fe' .. "'c.�. ....r ? '.
a'
�Ry�r�.�" �. . . f . • ...
��+h 7'�.� � . � "!F , . � _ � :
:vb,�a��y'�I��� . . �- � . , .:
,-.
�tyr� yy� ~ _ _ 4 '
� ,. .>
��� ra .. _ - �_
' 4�'^i�. -� - r.M . � . . . �:T...
�' �_
�}� � . _� . .�-- 1..: _
(i ` �
�^�n";.Sj{ . .. , . . _ .. �''�'Y Y�'• . .
. � �. , . � ..�f �� . .
. :lyl� .r'��. f ('�� . � . ..
� M }:'
. ee . , . . Ny�}7` �K.' �., • .
lA.`#���{+„�1,-t�.' - �. . � � .. � • -. 9. .
�y�iG�'�.1�. . � �w`.• . • , '- � .
}�� � � ' . . � .
K.
.. .. . ��-.F'� ,. . _.
f. • . `
tAi"�.`: ..
-�-�x''-
�',. .
, ,
� `ri2t. � ' c . � - ... � . �� .
�t }��t�#;s-. �... . �+ '� �. . . t ,ir:''r � .
� e' ��r f t� �r ,.. ...�.. �.. . lL.iSen I�.., .. zr. ._... r.t-w..... .�x�:1��'��+�Ii1N��,s.' w���.` �,�'�
y�F�r
�
y-f�ti� p':!<
��i:,s,.. •
' .a�j�1`e.,.
Sealon 43• Incent to ConNnuc Lease Tcrm:AonrooriaUons. Lcssec presendy inccnds to continue thts
Lcasc ior the entire I.eaze Term and to pay a(I Rcntal Payments speciCed in Exhbit B.Icssee witl incfude in
i�s budset requcst Coreach Osca]year ducing the Lease Term the Rental Payments to become due in such Gscrl �
` ycar.I.�ssce reasonably belicns that moneys in an amount sulTiclent to make all such Rental Paymencs can
and w1111awtully be appropriatcd and madeavailablc Cor this pur�seand that the L•qulpmentwill be requlred
�o perform essentiai govemmenut functlons oC I,essee during the entire Lease Teem. _ .
;y ..
Section 4.4. fRect oFTcrmination.Upon cermination of tl�is Lease as provided ln Section 4.2,Lcssee shall
not be r�po�sible Cor the payment o[anq additional Renta11'ayments coming due with respcct to succeedFng � .�:-' •"
fiscal ycars,but!f Lcssee tus not dclivered posscssion of the Gquipment to Lessor In accordance wlch SecNon ' +:?•`:^<�" '�`
' �,"•i:��„
' 72•3�nd convcyecl to Lessor or rcler.4ed i�s interest 1n the Fyuipment within ten(10)days aCcer H�e cermina- h ,
� don of the I.ease,the tcrminadon shall ncvenhcles4 be eRective,but I.cssee shall be responsiblc for che . .;'��'��'
? payment ofclamages In an amount equal to the amount of the Renul Paymenls thereaCrer comingdue under .
' Gxhi�it II which arc attd6utabk to t4�e numberolcSays after such tcn(S O)day periodduringwhkh Lessee fails :
to�akc such actions and(or anyothcr loss suffered by Lssor a4 a result of(csseek falium to takc such actlons "
j=_:..,,
as rcqufrcd. r
� �I�l�.:� �� �7
ARTICLE V
1''. 1
RENTAL PAYMEN7'S ��'r:'�.
: � ,. .
_� y• ��ai '
�% Section 5.1. Ren�al I'avmen�s.Sub�ect to Secdon 4.2 hereof,I.essee agrecs to pay Rental Payments during �a� "
3:...
thc Icasc Tcrm,in tlu amountc and on�hc dutcs spcci�ccl in Pachibit Il.All Rcnial Paymcnts shall be pald to .a
I.r.sxx at thc address spcclficd in ihc Orst paragraph o[this Lcasc,or to such othcr pccson or entity to whlch �1 .
I.cssor has acsigned such Renul 1'aymcn�s u spccificd in Mtidc JQ,at such ptace u such usignee may Crom °°i' �
iimc�o dmc cicsignatc by written noticc to I.csscc.
Sec�ion 5.2. Curmnt F.xncnsc.'ilic obligations of I.csscc undcr U�is[rrsc,including iu pbli�tion to pay �
�hc Rcnta!Payments duc wlth ccs�x.�ct io�he Equipmcnt,in any fiscal year forwhicli thLs I.easc Ls in c�cct,shall �
constitute a current expense of I.casec for such fiscal ycar and shatl not constitu[e an indebtedness oCLessee
withln Qic mc�ning of thc Constltu�ion and laws of the S�ate. Nothing herein shall constitute a plcclge by
I.cssec of any taxes orothcr moncys�o the�ymcnt of Ren[al 1'aymcn�s orocher sums mming duc hereunder.
Scctton 5$• Inlcresc Comrx�ncnt.A porUon oCcach Rcntal Payment is�aid u and represen�s ihe payment �
of intcrest.13xhibit D scts lonh thc intcrcst componcn[of r.�ch Rcntal{'aymcnt.Also referrccl to in this Lease
'� as"Intcrest."
i=
Scction 5•�• Rental!'avments to bc Umm�ditional. G�cccpt as providcct in Scction 4.2,thc obligation oC �
Ic:csee to make Rental Payments or any other paymen�s rcyuirecl hercuntler shall be absolute and uncondi-
tkxwlinallevents.Notwithstanctin�anyd'upu�ebetweenitsseeancfl�essor,Con�ractorocanyotherpecson,
I.csscc shall makc alt Rcn�al Paymcnis anJ othcr payments required hercundcr whcn due and shall not
wlthhold any Rental Paymcntorothcr paymcnt pcading finat resol utlonotsuchdispute,rwrshall l.essce asscn
uny dght of scaoRor muntetclaim against its obll{ptian to makc such Renial Payments or other paymcnts
rcquircA under this I.eysc. I.csscc's obligation to make Rcntal Paymenis or other paymcnts during thc Lcasc w•
,� '1'erm shall not be abated hy rcason o[clamage to the Cquipment,accident or unforeseen drcumsrances,
� `�,
ARTICLE V! ; ''�
INSURANCE AND RISK OF LOSS
Sectlon 6,1. Proxrcv insunncc. Upon receipt o!posscssion o(the Equlpment,Irssee shall have and ��
assume all cisk of toss with ccspcct thcreta.Lcssec shall procure and maintain ooncinuously tn etTect during �
ihe I.ease Term all-risk fnsunnce,sub(ecc only to the s�andard exctusions conrained ln the pollcy,in such ��. � .
! amount aswill be at Inst sufticicnt so that a ciaim maybe made for thc then applicable Purchase OpUon Prke � -� �,'�'.
u identlfed on Exhibtt C plus acctucd intercs��icrcon a[qse ntc oC8.17%pe[annum.Such insunncc may "%�Y'%
4 - ;r
,;� _
,a
yr !' :
4�;
���,wA-P- --- -- --__�, ,,...,.:... � ...� ..^..�. . _ __ -,. _ . _. - . ,
�yn�°�'s•., � 'a
��_. . t t� �
.. �� �y � . .,. -. :`.a . . 'r i.,' ._ -
��iG��� , :'�. . Y .- �yy� ' . .
!tL.�'Y'i/�. '1
� ,
��'
S'�R�5.�, - � -;�r-�4
7�+��:� � � . � , .. � . �-��4�'�Y.. �"`"� ,�'. . ' . � � � �
.. ���� . � � - • . � � . . . . ' " . .
v S.'+�3�r � . I � . - � �� . _. ..
�� ' � ,,i�� , � . � .
- . � _•�:c' . . `
i. .
,4p�`e''� . .
�..��``
��� .
y �
1 ,t�l���+��x�f � ; , `, u � " • ,;. `
,: r ,; t,�,y
.. ..,.. . .r�J.4e�.v.Y+ v .. n. ,r.. .. .. . . .,e, �!•..ri. . K.:�.t{s:ii����2i3i'L:������1 'y�hp.�-� .j',
�.�,�x9�
:�.,yF.y1M
�� ,
. �r A#tit.:,'t,;��.
�n�;' `�Y:;.
. . ''L�TP`j�i i'`,
Ld�.�i..,.
it�..ti:-.
bc providcd by a ddcr m an c�clsting policy or undcr a se�xinte policy. Such Insunnce may be wrltten wl[h -
customary cfeductible amounu. The Net Procceds of insurance requlred by this Sectbn shall be applied to
the prompt repair,restontion,modificatbn or improvemcnt oC die Equipment by Lcssce.
SecUon G.2. Liabtlitv Insu�ance. irssee shall rake such measures u may be necessary co ensure elmc any
liablllry for Injurics o0 or death ofany person,or damage to or lou oCproperty,arising out oCor relating ro the
condltion or operaeion of the 8quipmenc or any part thereof is covcred by a blanket or other�enerat liability � .
insunnce policy maintained by L�ssee.To the extent that llability insurAnce is maintained by L�ssee(or this ':';;r:r-, :
purpose,the Net Pcocecds aCall such insurance shatl be applied toward octinguishmenc orsatisfacHon oCthe ',?�;,t;?.;
liability with respect to whicti dic iasunnce procecds may be paid.
S«tion G3. Worker's Comoensatton Insur.�nce. if required by Srate law,Lessae shall nrry Worker's �+t�,,t , .
Compcnsationlnsurancecovcringallcmployeeson,in,nearorabouttheHquipment,anduponrcquest,slu111 "��'�=•"=�'.
furnish to I.essor certificates evidencin�such covcrage throughout the Term oC the I.ease. .��''`: ._, •
Scction G.4. Reauircmen�s for all Insurrncc.All insurrncc policies(or ridcrs)requircd by thls Article shall f
he�aken out and maintained with responsible insurance companics organized under the laws of one of the ,` �.;•`-
s�aux oC thc Unitccl Statcs and quatifial to do busincss in the State;and shall contain a provLsion chac the � ti ' i
insurcr will not cancci or revise crncrage thercunder without giving written notice to the insured parUes at � ' �
_ , Icast thirty(30)cfays bc(orc Uic rrnccllation or rcvlsion bcmmcs c(Tectivc;and shall name Lessee and Lessor ��'�� ,` :
� ac insured partics. l.c.ssee shull deposit with l.cssor policics(ancl riders)evidencSng any such insurance i�
!j prcxurcdbyit,oramrtifinteorccrtificatcsoCthcrcspcctivcinsurcrsstatingthatsuchinsunnccisinfullCorcc
and cRcct.13cforc thc czpirrtion oCanysudi poli�y(or ridcr),Icssec shatl furnish to f.essor evidcnce that tl�e ��a ' '
incurrnceh�sbeenrcnewedorrcplacedUyotherinsursnceconforming[otheprovisionsofthisArticle,unless � ,{F
� such insurrncc is no longcr ob�ainablc in which cvent i.csscc shall notify Uic Lcssor oC this fact.
i��i`� '
Section G.S. Damaee to or DestrucUon of Gquinmenc. If,after delivery oC die Equipment to I.cssee,all or
- any part ol�hc Equipment fs Iost,stolcn,destmycd or clamagcJ Fxyond rcpair,Lcssc.•c shall replace the samc
a�I.essee's sole cost and ocpense prompdy aftersuch event and such rcplacementshall besubstlmted in this
Ic�se by appropriate enclorsement. If I.essee lails or rcfuscg to rcplace the Gquipment within the rcquireci �
period,I.cssor may,at i�s optk�n,declare the applicablc�l'rcpayment Price of thc Gquipmcntset for[h in f�clubit
C immcdiatcly duc and payable,and Irsscc shali bc obligated to pay the sam�`.'"'On such payment,this I.case
shall�erminate and►cssee diercupon sha11 become entitiecl to the GquipmcntAS IS,W[77tOUT WAItRAN1TGS,
IiXPRGSS OR IMPLIED,INCLUDING WAItRAN77ii5 OC MERCIIAN'PAIIILI7YOR�ITNr.SS�ORANY PAR7'IGU- �
IAR 1'URPOSG OR�I7'NGSS FOR'l7 iG USH CONTGMPIATGD ilY LGSSGG,except U�at ihe Gquipment shall not
lx subjcct to any licn or cncumbrrncc crcated by or�rising Qirough I.essor.
ARTICLE VII �
OTIIER OIILIGATIONS OF LESSEE
SecUon 7.].Use:Permi�s.Lessec sIu111 exercise duecarc in thc installaUon,use,opendon and main[enancc i
of thc 8qulpment,and slull not insmlt,usc,operaie or maintain ihe Equipmcnt improperty,camlessly,in
vlolation oCany Smte and�ecicrel law or[or a purpose or in a manncr rnntnry to that contemplated by this
Lesise. I.cssec slull obtain all permits and licenses necessary for the installation,operation,possession and -
�i usc of thc Gquipmcnt. Icssec shall comply wllh all S�ate and Fcdcrai laws appliczble to the Installation,
r operation,�sion and use of thc Gquipmcnc,and iC compliancc with any such State and rederal law � •• �
` rcquireschangcsoradJiUonstobcmacictothcGquipment,suchcluingesoradditionsshallbemadebyl�ssee �
at ils czPense. '�
. Seccbn 7.2.Maintenance ofEauinment bv Icssee.Lcssee sha11,ac lts ownocpcnse,main[�in,preserve and
i kcep thc Cqulpmcnt in good rcpair,working ordcr and condition(In accordancewlth the recbmmen�ations " �1'..
of the Equipment manufaccurcr),and shall from ume to time make all repairs and replaccments necessary to --
kecp the Equipmcnc in such mndltion. I.cssor shall have no msponsibiiity Cor any of these rcpairs or i`� .
replaccmenis. >';.:.;;`3
_ ;`w�•
5 <�q,.
* percentage of the •
** The applicable percentage shall be calculated as the proportion of the acquisition `'^`�
price of the Equipment not replaced to that of all the Equipment.. ��
' .. . - - _.
.. ,_.., _:.,. . . . . . ..
.. � �''
t t+y , sf _ S,� .
Yr-R b�a �
�i �4 ..d .. _ �
. � �,,. �;.
. , �. I. .
�,. .
' . ., ,.��, tk3n�" Y �.: .
,��� �` • x " . "'�'�.
� �s' M r�'a� '
„"�•�'st- �.K � v , . ' ' .
`Y�`�`��� . F •. � w.• ' • . �
�� � •
N *��' 1 .
��a�� '.
.�;-
♦t�:
�� • • � `
4�y-#.�.. .
s�:��_
�^l�.
_ '�y�2�)'��ta � . . . � �.i� ; . . l . . . , . . .. .
..._ . . � � r���� ! 3u�►' 'I'�`�'� &'•
� . . ...1.� , ... . a . { �!. .. . , ::�Y� .l�r�,w'.J�.�.�uYe�i���.... ... i' d,�y��i�
r{ ��
hh'�%�.s1. {
- ���������:
. , t�:�'�u c'�.
' Scctlon 7.3•Taxes Other Govemmentat Char¢es and Utilitv Char¢es. Faccept as expressly limitcd by this
Seccion,I.cs.sce shali pay all taxes and other cUarges o[any kind whatsoever which are at any time lawfully _.
as�ssed or icvicd againct or with respect to ihe Gquipment,or any part thcrcof,or which become due during
the lcrm oC ihls Lrrsc,widi respect to thc Rental Payments,assessed against Lessee or Lcs.soc provided,
howcver,Lessecshall notbe rcquired to payany�edenl,Srdceor tocal income,inheritance,esrrte,successbn,
trans(cr,Cranctttse,gi2,gro5s teceipts,protit,occcss profit,npital stack,corpontc orother similar ux payabfe '
6y Gessor,lis succcssc�rs or a�csigns,uniess such tax is made in lieu of or as a subsdtute for any tax,assessment '"';�r;<': :
or ch�rge which is thc obiiga[fon oC d�c l,cssec.1'he partles ancidpate that ihis Agrcxment and che provLsan ,;� .� �'
oCthe Equipment hercunder will be ezempt from federal,staie and Iocal sales,use and personal pmperty tvc. ° ,; '
:' ;:t:.,..:':: '�
Section 7.4. Advances. If,duNng any fiscal year,f.�xsce shall Cail w perCorm any af its obligations under �;-�;�`�.'
tl�isArucie,t.cssor may,bucshall noc bco6ligatai to�akc such acdon as may be necessary to cumsuch failum,
inc(uding thc advsnccmcntofmoney,and Lcsseeshall be obNgated to repay all such advances on demand with '
intcrest at thc rrtc of]2a6 per annum trom tttedate otthe adwncc to the date o(repayment butonly trom funds -•
lawfuffy appropdated for such purposc. , f -,_
�t� ,
( '� i
ART[CLE Y� r'�
TTCLE ��i'�
Settlon8.7.Titic.DuringtheTcrmof�hisl.cuc,andsolonguicsseeisnotinclefaultuprovidedinMticle 1�� ,
;_f X11,Icgal titic to ihc Cquipmcnc and any arx!all rcpairs,rcpiaccmencs,substimtions nnd modilications w It �I:
shali lx:in Icsscc.U�ron tcrminatlon oCihis tcysc undcr Scciion 4.2 or 12.2,full and uocncumbered lcgal Ucte F ��
io the Cqulpmcnt sluill pass io icscor,ancl[csscc sha[l lulve no Curther intecesc�hercin.In such evenc Lessec �,:
s1u111execu�eanddelivcrtoL�,.'sorsuchclocumentsaslcssormaycequ�stwevidencethepassageoCle�ItlUe `� �
oCUic[iquipmcnt to Icssor and thc terminationofl.c�scc's Intcrest thcrein,and I,essccsiulll dclivcr possession
I:..
of thc Equipmem to Icssor in accorctancc with Scction]2.3• -
Section 5.2. 3ecuritv Interest. ►.cssor shall have and retain a Rrst lien securily inrerest under ttie UniCocm ��
Commcrcial Gocic in�he Gquipmcn�,Uic Proccccls ihcrcoCand ali rc fwics,rcplaccmencs,substituUons and
mocliGrrtions Utcrcwot thcreoCmacfc pursuan��o Scccion 6.4,in orcicr to securc I.essec's�xiymentofalf Rental
` Paymcn�ti duc during thc Lease 9 crm and thc performancc o(afl otticr obligations hercin to be performed by
r; Isssec. Ica+cc wifi je>in with l.cs.wr in executing such financing statcmcnts or odier documen�s and will �
pcdnrm such acts as lcssor may rcqucst to cs�ibiish and maintain a valid first lien sccurlty intcrcst in chc
liyuipment.U�nl.cssee'spaymentofallRentall'aymentsduehercuncier,oriheocerciseoCL�see'spurchase
option as providcd in Miicle X hcrcof,Icssor'ssccurky or ochcr intcrest in the P.qutpment slultl terminate,anct
I.c:wx�r shall cxccutc and cicliver io Lcsscc such dcxumcn�s as lcsscc may rcqucst co cvicte�c thc terminadon .
of I.cssor's sccurity or othcr intercst in the Gyuipment.
Sectlon 8.3.l.icns. During the Irase Term,I.essec shall not,directlyor indirec4y,crcate,fncur,usume oc
sulTer tn exi.ct any mortgage,pledge,tien,charbe,encumbnnce or claim on or with respec[to the Gquipment, '
o�hcr dian thc respcaive rlghts of Lcssnr and tcsscc u herein provichYi. Exccpt u ercpressly pmvicicd in
Seciion 73 and ehis Article,Lessoe shall prompily,at its own expense,iake such ac[ions u may be necessary
duly�o discharge or remove any sudi mongage,pledge,lien,chargc,encumbnncc or claim o[the same shall `!
u'r,:e at any timc:Itsvice sl�all rcimbursc Lcssor(or a�y expensc incurrccl by I.cxsor tn oidcr to discharge or � �•� �
rcmove any such mortgage,plcclge,Uen,chargq encumbrance or claim.
�
SecUon 8.4. Installation of I,c+sec's Gauiomcnt. (.essee may�t any tlme and from dme to dme,at i[s own � '�
cxpensc,insiall ocher itcros o[equipmcnt in or upon chc Gquipment,which itcros shall bc idcncificclby uss �
or athcr sym6ots attirzcd thercto as pmperty of lessec. NI such itcros so identified shaif remain in thc solc :
pmpcny of thc I.cssce,in which Lcssor shall l�ave no interest,and may be modificd ot removed by Ixssec at . ,l� �
any time provldcd diat I.c.cSCC shall re�ztirand restpre anyand alI�magc to ilic Cquipment resulting Gom thc �
inswilation,moditication or rcmovrl of any such Itcros. Nothing in this Lcasc stu111 prevent Lessce from _ '
' purcbasing I[ems to be Instalicd pursuant to ehis Scction undcra mnditional sale or Icue-purcluse conrntt, � � ;:
; _ 4
G 3�`:.?
: �•'
'd
"y,
,
,�. ..._,_.�_.. ---
�.�:
_ __ .. ____ .__.�._. .._: _ __ _
;�afi�3'., .3" _,. ;�.
�����' �,. J, . . _ . T _ -t
_ ��t��� tr,ti " � --�' �'�'•• -.
� '
G� v
y���' . . ' _�.''p p�
(K f� i'y�•.. ., . " . .•�. .... ���Y: � . � .a
!
. �� � � ,i'z}.:'.' ,. . . ' .
' 1��,'�.���-,: . ; o-H'� ��. � � .. � .
�k�t�r • •
��'�iRs,�h,..- ` . . , .. ,µ:. . ... . ,
;�`•ti�r a
, .rfixlj
t<' �
. .� ':- � " � . ` .
►.
�q`;:i:.
. .,�,5..' ♦
t.��"...
f �
4�Jf.";��'.Yti�,�+T�."N,�.-"l.,.."t<� ,it.,.5 ..�.- � � - ' ' . - � � � � .
. ... . .... . r..i.�. n..�.t�._L4S.'� .. .�. ..�.. � ..:
� .�. ... . . .. ........ .... � r ... 1�. . ... .
. �41� .�,\��
t
� � ' �����;:.
.��;t;��;::�
�
.����;SU:�
°�_
or subject to a vendor's lien or sccurity agrcement,u sccurity For the unpnid porUon o[the purchase price -
thereof,provided that no such Iicn or security interest shall attach to any patt of the Equlpment. � ,.
SecUon 8.5. Pcrsonal Prooer►v. 77ie Equipmenc is and shall at all Nmes remain personal property �
notwithstanding[hattheEquipmentoranypartthcrcofmaybecomeinanymannerattacliedtoorembedded . •
in or permancntly rcstcd upon rcat property or any building thereon by means ofccment,pluter,nails,botts, _
scrcws or oihcrwise.
i
f -
ARTICLE IX :•.v1;:�'='.
IIII'MENT WARRAN7'II?S •.t,-•.
H(2 �.:k.,
, _r
Sectlon9.7.SelectlonofEauiomentandDlsclaimeroCWarrantles.TheEqulpmentandtheConvactorhave �1e:� � '
bCCn selecteci by Lessee,and[.cssor shall have no rcsponsibiliry in connectbn with the selecNon of the -� ;�?,�';�"?�
Cquipment,lts suitnbiltty for the use Intencled by Lessec, the aeceptance by the Contrutor or lts sales '.'�„;`%,:.,`,� „
rcpmsernative of thc ordcr submltted,or any dclay or Cailure by the Contnctor or lts salcs representative to '�`>:•
manufacwrc,delivcror insmll thc Gquipmcnc forusc by Lcssce.T[IE GQUIPMENT IS DfiLIVERGD AS IS,AND �
I.ESSOR MAKES NO WARRAN7Y OR RGPRGSHNTAITON,HIT[IER G?0'RGSS OR IMPL[GD,AS TO THG VALUE,
DESIGN,CONDITION,MGRC[iANTAiIII.ITY OR R17'N6SS rOH ANY PARTICUTAR PURPOSG OR rI7'NESS POR ��' � `
• �,'v-....,- i
. ���.,.e�• -
'ITIG OSG CON'1'IiMPIA7'GD I3Y LIiSSGC O�71iG GQUIPMGN7', OR ANY OTHGR RGPR65ENTAT[ON OR t='.:- !
� WARItANTY WI7Y1 RGSP&C'['TO'171E GQUIPMGN7'. �� ' �.
_; �� '`.`
Scction 9.2. Insu111ation 1nd Maintenance of Hauinment. Lcssor slultl have no obli�tion to insrall,erect, q
f tcct,inspcct,xrvicc or mainiain thc Gquipmcnt uncicr any circumstanccs,and such actions shall be thc ��- � �` •
obligatlon of Lcssce. L'':-• '
.�i
Scciion 9.3. Contractor's Warrrntics. Lcsson c�rcby assigns to I.essce for and during thc Le�se Tcrm all oC ��
i�s interests In all Contnctor's warrrnties,express or impliccl,issuecl on orappticable to Uie Equipmenc,and
Irssonc�rcbyauthorizcs Lcssec toob�ain thccustomaryscrvices furnishccl inconnection withsuchwarrandcs
�i at I,csscc's cxpcnse. � ..
+
ARTICLE X �' �
OPTION TO PURCHASE � :•
(cxsec shall luvc thc optlon to purchasc I.cssors intcrest in�hc Gquipmcnt on any Payment Date for tlie �
ttxn applicablc Purchasc Option Pricc sct forth in Gxhibit C,but only i[Lessce is not indcfaulwnder this l.ease,
ancl only in die manner provickd in tht4 Artide X.I.esseeshall give noUce to I.essor ofits intention toexercise
i�s optton not Ic:�.s A�an thiny(30)clays prior to Qie I'ayment Date on which the option is to be ezercised and
�, s1u111dcpositwidiLcssoronihcclatcofcncrciseanamountcqualioallRcntalPaymcntsandanyocheramounts
thcn duc or�ast duc and thc appUcablc Purchase Option Pricc sct fvrth in Gxhibit C.
ARTICLE XI
ASSIGNMENT,SUBLFASING,MORTGAGWG AND SELLIIVG
ti
ia Section 17.7. Assienment bv Lessor. Itssor shall not assign i[s obligallon nndet thtv Itise,and no �
:� purpor�cduslgnment�hercofshallbeetfcctivc.NIoCl.cssor'srights,Utleand/orinteres[Inand[othisitue, in �,,.,, �- .
thc Rcn�al Paymcrns and othcr amounts duc hcrcunder and�he Gquipmcnt may be�signed and reassisned �fG;,,�
in wholc or in part to one or more assignccs or subassignees by Lcssor at any time.Lessor or its assignoe may �"¢t
alsoassignallofltsdghts,tidca�dinterestlnandtothisLease,theGqulpmcnt,theRernalPaymentsandothcr ��. �
; amounts due hercunder to an agent,which agenc,shall issue certificates o[parUcipauon in this Leise.Lcssee
shall cooperrtc wlth[.cs.sor or iu usigncc either now or hereaRcr by acknowledging any ag[eement relating �' •
4 thcreto whkh ln no vr�y will a(tcr or aRcc[thc[crms and conditions oC this Leasc and che assignmcnt of thc � �.
Lerse by Lessor.No such assignmentshall bec(fective as against Lessec unless and until theuslgnorshall have °
<;;
;i 7 x ;;�"�y:
.'.i . . ."ri� i.
" .."__--_•,..—,. �
.. .. . .w_��....�:. ...:.._�'_"_." '_�..:..._
.�..� . . _�_,.,:-...�..:_ ....:..,,�r�............._......_____.. ... �
._. ._� '.. ��.
�l .~� .. - , . . ,. � . _. . 1 � ... ��N ��.
�� ._, �
..��.. 7d ` 'r _ z:
§ -F.` . 4.. . � .
, �„'w���' - '" , _�- i. _
C"'q �
�.;`r.s :", .>s��' y�+ 2, •
t
F �
���y{�3 . � . � �'z� . . . .
� ,���f`Z¢^ . . .. ' r � W�.�t' ' �+ , � ` .
\'
�,�� , � .. , . � �. . � ' . • . .
�N�..
�X .
�..
:.�. . . ... . . . . .
f' . �1��-. .. ' 1� r. . .. . . ' ' . .
'. . '.��' � . . � '
..F�� .
I.: . •
�;4):::
,+�.li:r•. . .
ca�,n%
'r � t�� :..� � .. . . ' . . .
i
'+.3„�9ora ; :i -'�. .. . ., . .. ._.. .
_.a�.._v _ ..-- . �;,:. ..�:?r 'r ..,�,•: y, ri:.t.. L�... ....�. .. . . .., -
. ,..`. 1 '::.. , .. . ,
.. . . „. . �__...,.._.._y'.'_'..,.....: . �:-� ' . . .
f
hr �y�w��,�r�-�`
� ..
. . ,,�-y+�Y t }�
��t�,.'i�.
G�ed with Lesseeor its agenca copy orwritten notice thereoCidcntifying the assignee.Mysuch usignee shall '
have all thc rights oCthc Lasor tiereundcr,u fully as though such assignee were che orlginat Lessor hereun- •
cler. During chc Lease Term,Lessee shall keep a recorcl of all such assignments in form necessary to mmply
" wiihSecdon]48(a)oftheIntemalRevenueCodeoE1986,andtheTrcasuryRegulations,ocistlngorproposecl,
from timc ro dme promulgated thcreunder. �
Section 71.2.Assi¢nment bvi.essce.Lessee wlll notsublease,mortga�e,sell,assign,transferor convey the
Cqulpment or any portion thercofdudn�the I.ease Tcrm,or rcmove the same(rom irs boundarles,without .
die wdtten consent oCLessoc. "�=
�•t}c
AR7'ICLE RII '•;"'�'�`�:�...
EVENTS OF DEPAULT AND REMEDTES ��� '
Scction 72.1. Gvents of Dcfault Defincd. 7'hc foltowln�shall be'even�s o(default"uncler tl�s Lease and �����
• :s:.:,
the terms"cvents of default"and"de(au1P shall mean,whenever they are usecl in this Lease,wlth respect to :i;'.-:..., ,•
: Uic Gquipment,any one or more oC the Collcnving evenis:
� a �ailurc b Lc..�ssce to a an Rcnial Pa ment orother ment uircd to bc id uncter this I.ease at tlie �
O Y P Y Y Y t�Y �1 Ixi. ',.�F,'':`1,..
timespccified hercin and lhe continuaUon of.said failure(ora period of frve(5)businessdays after tclephoNc � �� s,.
or tcicgnphic notice given Hy Lcs.x�r or ils assignee diat the payment referred to in such noticc has not Ueen � : '
r �,. !
rc�ccivccl. SY�',
� (b)failurcbyl.csscetoobscrvcandperformanycovcnant,mnditionoragrcemcntoni�sparttobeobservcd • �•
; or performccl,othcr than as rcfcrrcc!�o in clause(a)of this Scction,Cora period oCthirty(30)days af[cr wdttcn �,. � '
notice spccifying sucli Cailurc has bcen given to I.cssec by Icsux ar its assignce. _,p�
(c)'17icfilingbyl.cssccoCavolun�arypcUUoninbankruptcy,orfailurcby[cssccpromptlytollftanyocecution, ��' r
i
garnishmcnt or atwchmcnc oC such mnscqucncc ati would tmpair dic ability oC Icsscc to carry on i�s
qc�vemmentai or proprietary function or adjudicn�ion ofl.cssee ys a bankrupt,or usignment by I.essee fot the
lxncfit o(crcclitors,or thc cntry by[tssec into an agrccmcnt ofmm�x�siqon with crcclitors,or d�c approval - �
by a court olcompctcnt jurisdtction of a pcUtinn applicablc to Irsscc in any procecdin�s insiitutccl under the �
pmvisions of thc Pcdcral Ilankruptcy Coc1c,as amcndcd,or undcr any simitar ac�s which may hcrcaCtcr be
rnactcd. .
Scctionl2.2.RcmcclicsonDcfault.Whcncvcranycvcntofdcfaul[rcfcrrcclroinSectionl2.lhcrcofslull �
have happencd and be continuing,I.essorshall have Qie right,at i�s option and witlwut any furdier clemand �
or noticc,�o�akc onc or any mmbination of du following rcmcctial stcps: �
(a) I.cwsor,with or without terminatYng this I.c�se,may declarc all Rental Payments due ot[o become due • -
during the fiscal ycar in eRect when the de(ault accurs to be Immediatcly duc and payable by Irssce, �
wlicrcupon such Rental Paymcnts shall Ix immaliatcly duc and payable.
(1>) Icssnr,with or without�erminaUng this Irrse,may reposscss the Gquipment by givins I�ecsee wdttcn
notice to ddiver dte Gqulpment to I.essop whereu�wn Irssee shal!do so in the manner provkleci in Section
]23:or in the event Lessee Cails to do so within ten(]0)cfays aRer receipt oCsuch no�ice,Lessor may enter _
upon I.ccscc',c prcmLscs whcre thc Gquipmcnt is kcpc and take possession of the P.quipment and ctulrge i.essec ��•
for msts incucred in rcpossc.ssing the Gqulpmcnt,including rcasonablc auomey fees. Lessor may Icase Uie
�yuipment or may scll thc Gquipment or any portion thermf in a mmmcrclally reasonable manner at public �" ,�..� �
or private salc in acmrclancc with applicablc law,and shall apply the salc procecds in thc following orcler oC �
priorlty:(i)toreimburselis.sorfora(locpcnscs(including,wlthouNimltaUon,legalCecs)incurredtnobtaining � �
posscssion of thc Gqulpment and completing sale thcrcof,and(ii)to pay all unpaid Renral Paymencs due or
tolxcomeduedudngthel�scoc'sfiscalycarincffcccatthcdateofdefault,und(lli)thebalance,ifany,toIcssor. ' _
` �':
; (c)IftheprocecdsofsaleoftheGquipmentarenotsu�cicnt[opaythebalanceofanyRentaiPaymen�sowed ' ?!
by I.csscc during thc fiscal ycar thcn In c(fcct,I.cssor may[ake any othcr mmccly ariilable at law or in equity � �•,
to require I.esscc co perform any of i�s obligcions hereundcr. „�.,: �',
B - ..:1��.,.t k'i(.'.
.. .-a `•i�"�,7�.
. � .....�._... ..._..,._ .
..... � -•.a,_.._ :._:._._.�'w. ..:...�_"'_ ' '
.-... . .....�...�.........�,•. .. ..._...:. ........
.... _.. .._...."... � ..
��' . . � ' .. �y�,y �.
�t }
��J�.'�Y.. . . . . . - . . .. !
t
r}'� }f _ - i
� ,t j �
;� �F" . . _ T . . � � . �,�.
y�
��'V �
L .,�,y��,s �r�" o � . .
��'�'�c`�' s °��
`�2u' �•
" ��,, re tr
�: � �i..
� . .. . H�,� ,�.' � . . . .
<:y��-��y,:;�.• � .
,� ,K;.,
�,r �„ . �. . .
I��' f. . ,
7��`�'�!���+t: �
.�� .
i.' . , �
4�y:.'
-�'-'``,. .
,
�t' }y 1 LSt.�r"+ ` . . . ...
IS y N l � :� _1 ..•.. :�,' .. .. \} :..' � . . . �
' �fi�y��k��4�,�fi . 3^^� ... x . , � . :� �'� �-�;,,. ��:.s �.v, -�}!�.� , „_. .
. . .., e'•'�`a����?t���'N�G:If:::.�,:sf �...i..+e�...v�'Si�� �. _ ...� y t��r�+�r
�.�� { Ks..
. . aS�::
. � . ���-}�;
Secdon 123.Retum ofEauinment,ICLe�ee becomes obligated to retum che Equipment to Les,wr pu�suant
to any provision oC this I.case,I.cssee shall recum the Equipmenc in the mndidon,repair,appearrnce and '
working order required in Section 7.2,in the following manner as may be speci[ied by[cssor(�by deltvering
ihc Gquipmcnc at Lessae's cas[and acpensc to such place as L�xor shail speciCy,or(ii}by loading the �..
C•quipment at Ixssee's cost and expense on bozrct such carrier�s Iessor shatl speci[y and shipping the same,
� freight pmpatd,ro the place specifiecl by Lessor. .�V j�,-'
i Sectton]2.4. No Remedv Gxclusive. No renxdy contemed upon or reserved to Lessor by this ArNcle is ��`�'�
I in�ended to be exclusive and every such remecly shall be cumulative and shall be in addition to every oHier ` ' ' �
aj� r'
� rcmcdygivenunderthisLease.NodelayoromissiontoacerciseanyNghtorpoweracceuinguponanydeCault x�r.S�
shallimpaicanysuchdghtorpowerorshallbcconstrucdtobcaavaiverthercofbutanysuchdghtandpower "'�r�`'
may bc cxercisccl from time to Nme and as often as may bc deemed ocpedient by I�-ssor or its assig�ec. .''�`:'' -
�
j SecUon12.5.lateCharnc.WhencveranycvcntofdefaultrcfcrredroinSection]2.],dause(a)hcrcotshall
y havchappencdandbemntinuingwiihrcspecttathcGquipment,tessorshafihavetheright,atirsoptionand ��f '
3 wiUtioutanyCurthcrdemandornoticc,tocequircalatepaymentchargefqreachthiny(30)daypedoclorpart � �,;. �
thercofdurin whichsuchcvcntofdeCaultoccurs ualtofour rccnt 476 ofthcdclin uentamount,and i'e� ' �
�i P �1 Ix � ) 9 �,:` `, 1
I.csscc shall be obllgatcd�o�y thc stmc immcJiately upon reccipt oC Icssors written tnvoicc thcrcot; a` -
�•a pmvidcd,howcvcr,Q�auhisScc�ion72.5s1ia11notbeapplicablcifor�oiheexten�Uiattha[applicaUonthercof '�: ,-
, .� �
_f:' woulda(fcctthcralFdityoCthts[rase.
_ �
ARTICLE ILTII
, ADMINISTRATIVE PROVISIONS x'
;t .k.,.
' Scct[on]3J• NoUccs.A11 noticcs hcrcundcrshall be sulTcicnQy givcn and shall be decmed given when
i� dcliverccl or dcpositcd in thc Unitccl Statcs nuil in ccrtificcl or c+egLstcrcct form witli postngc Cully prcpaid to ' gr
thessddressspecificdonthcfirstpagehcrcof;pmvicicdthatLessorandl.essee,bynoticegivenhereuncicr,may �`�
dcsignatc diQcrcnt addrcs,xs to which subcc.�ucnt notices will bc sent.
' '• Sccdon 13.2• Pinancial InformaUon. During the I.casc Tcrm,Lcssee,u�n lrssors writren requcs[,will
`'" pmvlcic Lcssor wlth currcnc tnandal statcmcnu,budgc�s,prootof appropriation for the cnsuing fiscal year �
andsuchothcrfinancialinformationrelatingtothcabilityofLcssce[ocominuethisl.rrscumaybcrequestecl -
by Lcssor or I�s a,csignce.
i'i
��
Scciion 73$.MLcccllanrnus,77iis I.ease shall inurc to thc bencfitoCandshall bebinding upon Les.sor and
lccscc and thcir respcctivc succcssors anJ assigns.In thc cvcnt anyprovisionof this Irrse siu111 bc hcid invalid
or uncnforccablc by any court of rnmpctcnt jurisdicUon,such holdins slmll not inrrlicLltc or rcndcr unen-
lorccabic anyothcr provisk�rt hcrcof.77�Ls I.casc may bcamcntkYl or anyof 1�s tcrms moclificd only bywritten
document duly authorizcd,executecl and dclivcrccl by I,�sor and I.cssc.'e. Lcssor and I,essee agree that thcy
wiil,from time to iime,execute,acknowledqe and ciefiver,or cause to be ocecuced,actcnowleclged and
dcliverecf,suchsupplcmen�s hereto and such furiher instrumenesas may reasonablybe rcquired Corcorrecting
anyinadequateorincorreetdescdptic�noCtheGquipmentherebyleasedoNntendedsotobe,andforearrying N"
� out t1�e cxpresscd Intention of thts Irase.71»s Ic¢seshall bc govcmcd by and construed in accordance wlth � �t � :
, thc laws of thc Slatc. �
C?
`{ _ �
�'.
Y �
V�. �
; y�'.
il .
'�,+..�..�i.
�; - 9 :;,; -
... ���r
�. � ..._. �.- -----r-.�. �r;..,:��:< .......<r.,�_.i....... __.. , u._ _ _....... 3: ___..._. ....----
. . r ._ .
....;, . . . .;.,_: � .. _ .....:_. . . . �
,� r� _
.. ,r� . , . . ,
G ',1 `� �.,.'
: •. ,
r, � . _ �� Y�"��, ,
,v
� ,�i,��A��. . . � .._j't.x.�+ ' •
� �y , � xF'i :,�
�5� r ��� rM`- ��.�t.,
.L �Xte$a^S"'... ay� , � ' ..
��f, .. •. .. . . ��� . . . .. � �' .
.. �, � � � }`a',u;:... .. . . ' `�, ,�..
:�.4:' . . �. . . . . . - . . ..
' �+'. . . . 1 . ' -. -. � - ' .
. . . ..,i'w f` , , , .
J. •
.Ysi7.
,."�� ` ' � �
' ,/ ` . . s+i�"�.�y ,.'x5'� ' .�. �-.
„�����i7(�,���rn7.�.•ti ���.n�id!'t►���..C...,.�'.�nr, �.t�. .. ,w..e tt 47!ha»�iA.`�� �:w+E 'e�ay;,���.
�e. .;, , �<k:�S.c � N t
41,✓f
�y:_
' � . ':�'.�.'
IN WITNPSS WHEREOP,the parHca have c�cecuted this Icase as of the date llrst above wrltten.
�j 7 �
.: � 4
'� BE TLAN C N GO MSN7' PITKTN COUNTY,COLORADO
r
A ANCE, C. - Lesaee T i •
��t
� ny' K � �L.'L �., t�.
`- B: L ' � ��$��s
! /� ." e o CL �s+s a,'
0/%��• Its: X .f1DU/ n1J � ,�.�.��.i% �.
. Ils: F�a P, �s:
o��• �1 'J.7'f� nac�a:�!��20�90 �::�r`Y,:.M1�`:
,f':.--::::�:,•
' Appr ed as to form '� �'s,� .�,.
� . .� ` 1�"ial 1. � �l��;�N�'% � ��{ :'+
\ Y
�� Timo hy E Whitsitt J �.�`
Pitkln Co aty Attorney i` ;
_S.� • �:
s .��
�.'c � � ..
�
� ,�.
��
�'
Ti k
g
t�
?
j '
`i '�
.�� � � . . YR. ,� .
�-"� �
i i. �.
�� � `� �:.
� � -'
;j ..
� � '�a
., ..�..,,.
�� _ � ' �,yN`
+...
� 10 � , -�.
� ��,
> � - - -
�r ' .�...k...c:,.S:a.].---+�_'""_r.-�-�_ ....�'..�'u.,..� ��
.,.«�-.�_ ` ._._.. r.�� -,�"". .LSqx+:Wa*i=AAF�i.#'a!C� i .
F� � `
`►� ?r.a � -- � , '`! - . i ;�:
.,;
. _ �, } h7�� ` . , ' . . .. '^ .�°n�_ . . . . -� _
_ � ,� ` �`t n �3 _ . ` , . , . _ - . .
� ¢r. M - nY� . � � . � �. . � . ,. �
��`��� y+:
° . .-. . , ^� :
}
�:�;��� �';��:�c ' , � �.� .
� �� "�� '4��; . _ �. � u ' � ' - F . . - t��j � � .. .� �i' .
� . .t:. - � � , - ..
� I� c.F, '
r, ,
, ,i:,r i .
� ... .:�,�' ., ; �
i;
,."s��"�=� " � .
,��� �;s��t,�*'s'�,�n. �' � �� , , _ •
� s� P k�'. �y +S; t �t i , rA� �t � � ' �.- ,
;yz�^ r�y$�'y "�,hG�, «. r t � y ,:* +� �ic 1 �TP t� ,a-t��'t
i,���s �ay� i��I�����1��x�5� �+���1�r � ►r� � y�;..
��?e�? .. � ..n�L ,.a. , Ck��:�'.3�.�.y.3 ..����r�, xr n..
. . �:
��
L ' �Y~«tl� .
j .
.. . + �Yi,_ ; . ,
i
E7CSIBIT A ;�F
� EQUIPIIffiN'f �A:i;:
.5(:.'.��'
� ':'fi'
1�`:'.
. ti.a".•':-r.,
... . '� + ���_.��.
._��o.:�. .
�f LESSOR Bell Atlandc TciCon Govemment Flnance,Inc.
1 .x�-,:��;
- `'� LESSEE: PItldnCounry ,;..,.,:I
' i
The Equipment which is the subjec[of the anached Ieue/Purchase Agreement ls as foIIows: i:.`�c,. :
�l.� N�-
;=�. �,�:.
. -- � .
`,i uanti Modtl Desctiotion Seria!Number �
' "' 1 BV-4 ]986 Met[ollner Bus 1N9HAl2�GIA13250 R;� :..
- K�� �
-'� i Bv.6 i9s6M��a�rs�s iN9xn�2n3Gi.oi3z33
1 $V 9 1984 Meunliner Bus 2N9TA52A5EL0236i8 '
t�:� 1 BV-11 198G Metcnliner Bus 1N9FIA12A7GL013252
'X
1 BW-24 198G Metzoliner Bus 1N9HAl2AOGL013111
a.'
�.
;;�� Model#AN340 ?
;;• , ;
� :i
'k�.s �
�
, �" �
t
�a �.
. �'+�� � � ���'�
;f.rt.
. . . �,,y: . ,�,���- .
i"y
� e t,
. � ��a.
�
..t�. .
Q -
b -
' .�wuw.�...e......�. ��..�•-�.�r.:......r.:�:�v�:�. .����,....�._..��.r�j . - -.-."�
F�� - a��'�:
, � � •�
`; s. , �. ., t
� � ; A y _ �� . - �� i'�.w�. '. .� - x � � `
� � � �f'
- � f r��.�+�� � . . . � ' _
. � '�.t'� .. .. . . � . � � .
' '. p _"`^�� �p �`. . , - � d . . . . . '
sj w
.. .�. ��r � �. � - � ,
i� ' - '" . � . . , . � � . .. � . v
> .._ . � . , ^ .
.. . . -J�;� .. . . . +..;'. . . t
�' . . } . . � . , . - . .
4
�?' . � �1� .... f � . . . � . . ' �.ti.
. �' . � . . . � -. ,,``i \ . ; , � . � . .
, �G� . .N�' ' ' �. • ' .
� �; - � . :� ' .. � � � � :
l��
. '��_.-. , .
r
� �ar�s e:t� � i5 r:;, , � l f � ` ,; ..
�b # � > a� , � , ,,, ` ,��+ i L� � ,�,c`�r��4
y � y a �
��t��1�-...4 r��� .:. .�.�...•"'�,��.i..rK;n.,r '�._.., ��i tik . , i :�� 1 IF' '��.
nMnPr I(.._j_...... �:�.Gl_1 .L�w 4AL.�!-• rT.� � �w•
';�'� ��5,� .
. . ,, ,�a�
EXHI8I7 B
Scheduie of Rental Payments �- :
; � .4¢i:_
�" Commencement= 12/1/90 f� ?�E
r �r,+�+�' y ,.
^ Payment Payment Payment PYincipal Interest � ` �s
t Number Date Amount Component Component ';����t , �
ix��:
1 1 - 15 - 91 154,240.00 147,830.12 6,409.88 � �,;''.�;;.
2 1 - 15 - 92 67,325.10 28,123.82 39,201.28 "� `=''` ' .
'i 3 7 - 15 - 92 67,325.10 48,873.32 18,451.78 � �
� 4 1 - 15 - 93 67,325.10 50,869.79 16,455.31 � r� -•
:� 5 7 - 15 - 93 67,325.10 52,947.82 14,377.28 �> �.r.._`]
' � 6 1 - 15 - 94 67,325.1 O 55,110 J4 12,214.36 �, �;�, !;�
7 7 - 15 - 94 67,325.1 O 57,362.Ol 9,963.09 -.:1'�,..:,�'�.
� . ._ ,
8 1 - 15 - 95 67,325.10 59,705.25 7,619_85 ,.'',;.`
' 4 9 7 - 15 - 95 67,325.10 62,144.21 5,180.89 �' '-
:f_,� 10 1 - 15 - 96 • 67,325_10 64,682.91 2,642.30 �
760,165.90 627,650.00 132,51C+,.01 �
��.
;;. � . _
r,
(. ��
�
... .. I. .;, .
� '
' �
� �•.
'�,� . . •�.���:
f. � .
� 4 �
&
� �r
� � 4'"
JM'�
. . . _ . . T �h:�����'
i.if
�
��
}��•
� �y
.. -y� .. ' �rrv `ra3[h.�..--���--..���.r-J3W:.a:.::L�ur.�la�.r'�....w _r..�.�.....��------�^i�a� _Ct`'
� Y ;� . . . . � . _ . .�.
. .. A . ... � . � ,..� . � t'F{2�._
` ` � ��. � . _ ^� y • _.. j-r
. .y '. ��. .. .. . . . ti'iT . .
,
� ~ia �.; � � . . . � . . - . .
_ +! �
:`. _ ``� F�'�'�..��'''�,�, .
� � , ��X�.�' ��� �_ . = a�
k '- ti
, ,
� ,„•` ti '� ' - ,
:�� ; ` '.
:<• w, .
, , ��:
{ r .`f • ' , ' '
i , - . ,
y ' •�`, , . . '
. .. —rr`� ., . . . `
. � .
C�. '
W.�..��. �.__
.��, • _ , _
. t�
' ��iY . " .�"r{rffb �i{ i i ' „ � � � .�tt 1 .i�t.�,,[ i,�_ G �.�' •-� ,��r.�� '-- ..�.
1� � f ; �� � � � �"� �� ; .�s9 h p . ': '� � .��.
r_ � k 1 • . {� .�'; * : l� d '��.� -a i � , �
C 1 �,u ,. �F;o � ,���� , r��, �
Z.M;��5_'..���ti...�ue�f °�'��Y1��lt:]�nM�w.��.`=:,._.�., G �s..f. ,..,«3.:..SeNkttMr'.`�a«r�!"?:6x�i�F� a� �.
-'`4�U,,�y t�,.
�� ^.s%,',
«��
��:� ' � :.
i;
;�s
':�
F:F
� ;
EXHIBIT C !,� �1 _,=
�
�} -� �.�
� �,�:
; � y�r
+� Pa ment Purchase � �� � .,
;j Number Option* ;��.
F �
i� �� '' .
1 495,434.44 M
� 2 462.789 J5 ` �,
3 411,662.29 . ,
q 358.745.37 t �.t� :'!
-� 5 303.976.36 I ���}_ 't
i
6 247,290.44
� 188,620.50 y �
,_1� g 127.897.12 :-,C '': `..
�;� 9 65,048.42
10 1.00 �
„ i
*PUr,'chase option available after
,.� applica6le payment is made : � -
.Y
s .
ei
C.
# ''
" i
. " � � w . �'�:
�� t�
� ': �
. . � � . �'..�,� �.�.
�.-r a�-'� .
. . . y �}ay�;.
'j':
� _ ,`
�
'' �
. ` . � . . ,,;_
' ' . ' ""'� � � �M
�.... ..� . k..: .,;� �' . . . - _ . ' t��
..,.
�._� .,.:" -.:` -.7 Yi �.' - �`..- : . � .� � . . t -
!'f �. � � . � .
. _ � i ,:.� 'k:, � - . , .. . � � - - �i;.^' . '—� � � '
' ,, T_ .,y, _.,
� i. - -:� ' . , - - � � . . . : a
¢ .y � '' '> f .f.��w�`�`. ' -
� , � ` "; .. -. ' �?
+�, �,�`:�,� , '� ,. , ` # ��w
� , . ^ � .
. , i :
:y • 3 a �t�� - } , �
:c ,i.
c ' :: " i. .�
•�.: ; , , .
. .I' .c...i, • . _
, , ' .. . ' . _ . ,'�. . . � . - � .
t,. � � . ' . .. . .
i
,.,�,z�,::. - `
,,�K, .�� ;"trf � :; e ,., . - ' .
� y • y 4 t
� { , k t t' � ' � ,
� �� � � .: ��. ' .� Il..� ' , .. . F� :
�L��ya� .,r r"•.b��M� ��i61:.^IfrYSy'.��.u�.i.fc..ira�aGr��'t'��. t •� i��h'�+.
.�Y� �a..r . r � Y
. . . . .. . 'S°r��t"y1t'R�k+,.
,'`"'����k;,
ERHIBIT D
CERTIFICATE OP ACCEPTANCE
I,the undersigned,hcreby certi(y that I am the duly qualificd and uting¢Transit A�encv.Genera] Manager . �"''��;:g:; �.
otPi[lctr:County,Coloiado,(fessec):ancl,wieh rrs�x'ct to the Lease/PutchascAgreement dated November]5. '';..��
1990,(the Icase),by and 6etween Lcssec and Bcll AUan[ic TriCon Govemment Plnance,Inc.(i.essor),thae .'t �"
-- 1.11ie Equipmen[(u that term is defincd in thc I.rase)hu been delivered and installed in acmrdance with
a�4, > .
I.essee's SpeciGcadons(as chac rerms Is defined in ihe I.ease)and has been accepted by Lessee. •�t:;;`.'`�
2. The Rental Taymenis(as that term is defineci in Hie Icase)shalt mmmence and be due and payable
' January],1997,subsequcntly U�ercafter,as iclen�ified on Pachitrit D to Nie Icrse.
4;
' i.I.cssec has a ��_'� .'i
ppropriated anct/or iaken other lawful actions necessary to prrnide moneys suRiclent co pay
t hc Rcnta l I'ayments rcquircd to bc paid undcr ihc I.casc duNng the current fiscal year. , ��{ �
:, •���;. .
� 4. Irssec has obtained from an insurancc company qualified to Jo busincss In the Srate(as diat term 3s
defined tn the I.c�se)insuranee with respcet�o all risks required to be crnered theceby pursuanc toArticle VI ��.
o(thc l.rrsc. �K r�
� 5.I.essce is cxcmpt from a11 personal pco�crty taxes,and is ocempt from salcs a�ci/or usc taxes with respect � '�
io dic Gquipment and ihc Rcntat Paymcnts. : '��"A �
G. During thc li�ase Tcrm(as tl�t tcrm Is dcllncd ln�l�e Irasc)U�e Equipmcnt will bc uscd by Lessee ro
perform csscniial govcrnmcntal functions. Such functions arc: �
�PUBLIC TRANSIT SERVICGS r0R DOWNVALI.GY SERVICr FOR
� PITKIN COUNTY, COLORADO
y7. 7'tierc is no Iitl�ation,action,suit or procecdirtq perxlin�o�bcforc any court,admin7stncive a�ertry, �
arbitrator or govcrnmcntal ixxly,that challengcs thc auQiodty oC i�ssce or i�a ollicers ot employccs co enrer ` r `
into d�c Itasc; thc pmper autfiori•ration, approval and cxecution of thc [casc and othcr documents
` contemplated thercby;the availability of moneys,or any other action iaken by I�cssee m provlcie moneys,
suflicienttomakeReatai Paymcnis;orUicabitityoCLccseco�henviscioperl'ormitsobligationsunderthcI.e�sc
nnd thc transac�ions cc�rncmpla�cA thcrcby. .
a
Daccd: .11/20/90 '
� ;
s PITKIIV COUN77',COLORADO,Lessee
y �_..
; �,Y: � �,,��A�,U,�,s lz�,
, --1 � '�. ,�
i I�S: xGeneral Manager, Roaring Fork Transit �
° cy
� , .* �.
�':
, i� -
s �
� �. .
� �'n.,r
� ..-ri r.:
. Y ,'�i•;::Y:�,�j,.
_ _ .��:.y:i
''`:.
S=
;•
! .:.
��.
yn.`... _�'^'iF�-wr�.arXUSw�ii:.+u.'^��'aw.wnu. -w.+h.... .. ..�_..�.... � ..'__�__._'- . ""'_ '
� ..'1u:�..t _�.... .�.....,�-_�..a......�..�._.....�. _.__....,.�.... t. .
1�
ti i� . - ° ' � `:
, � . .�
.`
� ,t ! . ;>..
6a f„4 ' �':� . E':^ _ .
��-° � .� . . . , . �'h" s,�'�� � .
� .+t fi,yi z � , . r m r . . .
� .'�r.� i��"_ . _ . .. ( ��?p'Qx�. .
���i"'�': ... t' � i�i` . . • � . �
� �!�•.� �. - �. 4�,�y`t� ,f.H'�- \-.. � ��Y'Pr
�� ��•: .. ' , �. . " ' .
�
� '. . v ., �~�}�l.. • . . . . .
d.
`}� . . . . � .c . � }. - `�t.,
. . I' ��r . .. ' � -
. . .,; ' • . . ..
y � !�kt� .. ` . . .. ' ` .
���"��.
��:`;�
:�.
�& .,s������r� - - .
+�"" . � : .: � _ a . .
� t fi� r r.lG u
, ,
. :. -,r! .... ....;�� �`"J� � .r.. .� .,,;4 � . .�.�..: .,..:,...�.o.:.. . . ., __ � � -
.._ ... . . . _...�..-�..... .._.. , . ., � ,.;..' .� :
- —- . .. .. , .. .. - .- ��,��a ii,;
r.
���.
��'k`•A*'.�n:,
' ;�c�y�t r�y����_
..'.'..�'",."l�t1.5s..Y:.
� '� / Pitkin County ' ,
�]JY
�
EXHIBIT S �; '
'w
::F :
OPTNION OF COUNSEL • �'�,.., .
� ::, .
Lessee: Pitkin County Colorado '�f�r , :
506 E Main Street �.��:�
• �,.�:
- Aspen, CO 81612 •�Sr';��; .<, ,•
Lessor: Bell Atlantic TriCon Government Finance, Inc. �
3601 Minnesota Drive, Suite 96� �,��
Sloomington, MN 55435 � �� �.: ,+
3
Re: Lease/PUrchase Agreement dated as of November 15, 1990 by ' �'
and between Bell Atlantic TriCon Government Finance, �����
Inc., (Lessor) and Pitkin County, Calorado, (LesseeJ . • �,P.'"
�� .
�.;�
Ladies and Gentlemen:
�f
� r
I have acted as Counsel to Lessee with respect to the `r;;
'. ; Lease/Purchase Agreement described above (the Leasej and various •
'..1 related matters, and in this capacity have reviewed a duplicate
original or certified copy of the Lease. I also have examined � �
various other documents, including a Uniform Commercial Code . �
Financing Statement (UCC-1) executed by Lessee as debtor and Lessor
_ as secured party, evidencing Lessor's interest in the Eguipment (as
that term is defined in the Lease); and a Certificate of
Acceptance, executed by Lessee. �
Based upon the examination of these and such other documents , ' -
as I deem relevant, it is my opinion that:
1. Lessee is a Body Corporate & Politic and political
subdivision of the State, duly organized, existing and operating
under the Constitution and laws of the State.
2. Lessee is authorized and has power under State law to
enter into the Lease, and to carry out its obligations thereunder .
and the transactions contemplated thereby, and to execute and "
� deliver the Finaacing Statement described above. �, �` d ,
3. The Lease and the other documents described above have ��
been duly authorized, approved and executed by and on behalf of t, '�
Lessee. `
i:
^y'.
. �=`
�;`,
�, Adminlstralbn Counly Commissioners Counry Aflorney Persomel arW Rnance Road and&idge ,£; p-� -
- 530 E Main,3rd Floor Suile B Sufle I Sul(e F FleetManagameat + ���:�
; Aspen,CO 81611 506 E.Maln Streat 530 E.Maln Streel 530 E.Main SVeet 20210 W.Highway 82 � ��'���-'
(303)920-520D Aspen,CO 81611 Aspen,CO 81611 Aspen,CO 81611 Aspen,CO Bi611 ��� '�`'
j FA7(920�5196 {303)920•5150 (303)920�5190 (303)920-5220 (303)920�5390
i OppR��
; �pnntedenrecycleApepel
,.,_...__ .... ...>..:� . . ...... .. .. __. ._... . .. .. . _..... _..... .. . . ...
����y, . 1 .a..... _�...<�....� �.. .,_. ` �..._ .. .... . .. . . ` . ��
jg)air4.,�.�V^�.. � .�. ' ^ ` '..
� �y • yt
i
����.� � . M1 4' . . . ��. . _ .
�.F :� i>
m
���,,4����3� ;' y .
S ��k, . . ��,� . x.R y�. `A' � .
�y.R '�k, � ta-�..:.?� �. . ,
1�'•.. .;� �.a.
�s r'4.� . . ,� _ „� ' . , . _ •
i���k�'�F'� � , . . -- �..�..���'� .',K". .� , ,
���.. .�� . � ' �.- 'M�4•.. . � . • .�
� . . . . . . . . . .
�W.s- � .. .. .
�..� �' it;; , . : -. . •
�^, � . .i�` . . .. .
� ,. .. - . -z��;�` ., . . . ` . ..
r
�
t>��
'��*�., _ .
. Fs'4+�R�,�`4 1� r 1��t 1 it .. +c .�t ; .. : � ,.�.
wt �13!! y � ' a^ � 1 �i �. -q � _ .. _
( ���-b'k�„� �S A�.. S" �.-' t .. ' ��.. j � .. M.•p � 'i � .� � * ,}� �.
� ... , �V � �'
b YS � } i°n,..* �,- t r � d, ,�. c J �'i ��i
.. ,� - y � I
.:
�.. ��p� . ..
,_, . , ti . .
_. ..+.��.�'. . � �'�w���:7.iSti.'�ic+ar.r'S:4i:•�d};�? i.'. - - . 5���,F
.... __.. :►, ��•#�,
,�i�'�;�E-
4. The authorization, approval and execution of the Lease
•= and all other proceedings of Lessee relating to the transactions
contemplated thereby have been performed in accordanae with all
open meeting laws, public bidding laws and all other applicable ��
laws of the State of Colorado. _�,;�;:f;?.I
�' �-�
5. The undersigned has been provided no notice oP the � �
institution of any litigation, action, suit or proceeding pending p �
�� '
or before any court, administrative agency, arbitrator or ' `
S
_ governmental body, that challenges the authority of Lessee or its
officers or its employees to enter into the Lease; the proper
authorization, approval and execution of the Lease and the other -
� documents described above; the appropriation of monies to make
Rental Payments under the Lease for the current Fiscal Year of � �'
Lessee; or the ability of Lessee otherwise to perform its ;� � '`, � r�
obligations under the Lease and the transactions contem lated ��1t � ' !
thereby.
P ,t:..
; 6. Any assignee or subassignee of all or part of the �
3 Lessor's right, title and/or interest in and to the Lease shall be ` �``
� entitled to rely on this opinion as though it were addressed �
directly to any such assignee or subassignee. ,i„* ,
t
� �l�(�,2r 199� .
- Dated: , � ..
� Ve truly your -
� �o �. � �
� Timo y . Whitsi �.
; Pi�tki .0 unty Attorney
� .� :
�
�
�
�
�
k
� � .,�
� �:
$ �:
� , }:� �s
� E � ��,
` � ��� -
� � K
i; :i��'.
. I:Y' �-����+f
'nF's
�..-�.-.�. '«w..+..,ursvrwve.�+c+xr...ei..:.c�... ..,_. .,...........�_w...............�......�..- -_-,;.:..._..:.+...:,.._:.�,.,�.�...._.__.......-,—""".'
yi�
� 1 `:
. }�. ' . . � .. �_„`�'w"-.+w
_ Idp �� � �• y `. . „ . " �` . y"n� . �.. . ^�f. t
\
�- . '� � . . . . . ..
�, �' . N � " . . . �
- _ K 7 t,Z'�'�J'���`�LT'� . . . . . _
�f' !���i(I V�P
.. �^ `�, . ., �_�;�'T�^�' ./+{r• \'.>n • .. � , 1 . .
t �.. . .. .. - . J . . ` . . . . . . .
. 4 i'.\�w. . . ..
� .. �, , . ' ,
t }� . i . ., . � .. _ ,
- ' •.s,
..�y' .
-r,` „ .' . `
+. .
�fk
•':�$"�"�� �
�
. � ���'�,l!.__ 1?.f:','-�.�+��i:.f'��e��7m��+�`yd'�M.t�f.Y�^}'�t...�..:. 56;�_�_��:✓d;Q k..�tic:.R. �.y.na.., �, ...�:.,���--i����''�3�i'Cr��� ��.
��,_.
— r�
ri�
` ;�
. � , • ' '�•�+� �~�El�.
� �`���,'�':
- E7ffiIBIl'F
"'� CERTIFICATE OF INCUMBENCY
r
' 1,the undersigned,hereby certify that I am thc duly qualtfied and acting�t gOCC RECORDS MANAGER ,���'
, oCPitkinCounty,Colondo,(I.essee);and,wlthrespecccothet.easeJPurchaseA�nentdateduofNovember '���- -
15,1990,(theLe�u),byand between I.essee and IIel!ANantic TriCon Govemmen[Flnance,Ine.(I.essor),that
jI am well acquainted wIth the persons listed below and with their sigrutures;that said pe[sons hold the �`r �
; respective otCwertor�osictons set Corth opposice theic signatutes below;chat the signatures belowwritten are '� y.�,.��, � .
� trueandcorrectsigmwresofsaklpersons;andthatasofthedateofocecutionoftheLeaseoro[herdocuments �'Ff�-���
relatin g theretob y and otsaiJ p etsons,such persons wcre duly qual i�ed and acNn�as the office[s or posicion
� holders indicated below anc!duly auchorizecl to ocecute the same: ��� '�
�
i s
} r•::
Name Sienature Titte ' I��� {
�l)kHERSCH&L ROSS 1�.10�SA.II Q. I(.�(/i1.�-- CHAIRMAN. BOARD OF COUNTY I �1.� �
COP44ISSIONERS, PITKIN COUNTY, .���; ,
COLaRADO � .
,t
.�� rl�"}C ' -
? Datccl• k ,79'7C • i.;
� -. i:* t
=< � PITKIN COU TY,COLORADO, e •-
� ;;. �
a � ���J .
� �z>�'y° �
r>
- � t�s: R • �� . c« �•t ✓ ; .
; �,
r �jC�C.C: � �
{i
(1)Crtccr names,litics and sigrtaCU[cs o[pec:+orLS who signcc![hc I/casc l7ere.
� (2)7'his slgnaturc must be dwt oC an otficial othcr than the pctson(s)who signcd thc I.ease on behaltof
y thc I.csscc.
�
�
N � -
1� ,�
� '� �
� �
,� a 2
a �'
� . . . ; ��r�.
. �T'+?{i,��`�'��
;�
�;.
- ;,i'.
.
.� ;
��'`��,��'��r'�'.'F`-� - � , � +�aia.c.��;:.��5rsi�.�.:,a,._'Y� �. -. _...._.�.e.� .....�..._.�--..-_ �
��b �' _ �� j —__.r....�,. :�:a ��
J'h h ..
'.:..7 \ " . %`1 .,/ � . . . . � ��'-�i
. - s;_ - � - � , � � � . . . i=r
.� � '����, . 'C= ` . . _ . . . . .-i,. � . €.�r �._. � . . -
VR ` N
i� W ':.
r � 7 ����Fm�"�"�. . . ; .
. . � . , �.����'w'K �+,1-��.;�_. - � ,. � ' . . ..:� . T+
, i � .
S �"i: . _ . .�'.
1�`� '�� �.. � . .. . . .
.. , . . �#: . . .. . . � � .. . . .. � � � .
� '}'. .�I ,�. � . .., . . - • .. � �. ti .
. . . . . . t. � ��{p� ' .; . .. . . .. `� . . .
t;. • .
�.
�j. . ,
����'#- �
� , ,
�} 41S r
�ti e + �i�4�� ,L �_.?� l. .-�.- . 1C�tJ �/T+ �� q .��� ���� ��� � t��.��
y '
�{,f b .M1 � . .L �:: .... 1)�.��.��y� i' 'i'. . F ., 4ta.
t� Y w'h.?�i-, � .ttir., w!'�.�L}d...st._'se..�k��Nl e>F.t'.� ,.Yai::"t�rilBrG��'+tl� ..., t j.
.�._,.. .n..w 1 . RA .` �
k
- ._. _ . ,�,;,���� ��;.
_� . ";�'���,•�:�;�:.
CER'(ZFICATION OF M1NU'fES RELA'CII�iG TO
•F�SE PURCHASEAGREEMENT . �
' DATEU NdVEMBER 15,1990
� I,essec: PITKiN COUN7Y l�0 I D��i/.��/) /� I, ; ���
I n' ),�„-wLGN,(U .f' F
Klnd.date,tlme and place oCmccdng: �P.c�t I.� (Vi0 V• �3r�9q� .ti�3�I�m �1Uqt.��y�r�c�4l II��INK
C�/ ,�;3,� n
Membecspresent: ��c•�+��sS�C,�IeNe��enne ��+,1rwe�,Ff�_ ���++���., �H�IE G'{-�1f�alyC� ��r4�� .
J
Members ahsenr. tl b nP
"j Documenrs Auachcci: Minutes oCsald meeNng i� '
+� � �,�'s ._�
�;�Y i
� ��
s.
itESOLUTTON NO.�_ •
� y
iG
RC.SOLU'C[ON RG[A"C[NG 1'Q I.f�ASC:VPITIi OI'7'[ON _
TO P[JRCFIASL•AGREGMGN'1'AND DCS[GNAT[ON AS - r
QUAI.IFICp TAX-BXHMPT OIILIGA990N ..4� �
.�
;.�3
3' I thc unJcrstgned,bcing thc duly quallfied and atting rccording olllccroCthe I.essec under Uic Lcase ;
: Purchase Agrecment referrcd to ln the title of�his eertlGcate,eertify tlwt tlie clocuments attached hereto,as �
'� dc.v�ribed abovc,havc becn c�rcCul[y mm�rcd wiilt the original rcmccls oCsaW mrporation!n my Ic�l �
'� custody.from which thcy have becn transcri(x:d;Qia[saicf clocumrn�s are a correct anc!compfeie tnnscrlpc
of Q�e minuccs oCa mceqng of d�e grnernin�bocly of said corpoa�ion,and rorrece and complece copies of all
'� rcu�luuons and other actions iaken anJ oI all documents appmvecl by ehe grnerning bocfy at said meeUng,
;;i so!ar az ihcy rciaic to said I.easc;and that said mccting wrs duly hcW by thc governing body at thc time and �
`� placc atxl was attcnciccl throughout by the mcmbcrs indicrtal abnvc,puiscunt to cill and noticc of sucli
� mccUng givcn as rcquirccl6y law. �
� /
i ��
,4 WIT'NRSS my hand o�cially as such rccorclin (liccr this��day of �/'c,�G�:19�lc .
/
� � /�: �
R '
.�?r.�`C�.,- �--9ti��
� Si�.t
• { / � i'
N�
� � , j� .s. ' ��: ln .» l :
Name a 77de ticUR1�rnl¢(�L14��c r-L. 7
�
i � �.
I V�'-;
, �Pg ,.
4
� ' r ��T
o.'..
a
j 1
{
�
i ,:
� .
, "�,,�"'_ ___. ._._. ____ _.__.� _-; `
.,;F,=...,. - -- -- - - -�--__—_ t�
.,
�..._....n �. � � � . . . r:i� ' i.-.�� � � . t�.iz�
n � . . . . , .� � �.
� �7. � M . . .� ,. I' . '��� �._... ' .
�¢. ��` 'h:. �, ' ���� `v . . . , .
.. � �..-•F .. _ ' .f+ty y� �.�,, . . . . �
• �� e
� �q :"�� " , .�;�^`���,� ,�. ��'�-� � �
� ,, y
. �� , , • .
E �•. . . `a , .
��-
a. - � > ��
. ` , , �
} r ,
' c.. . � . � .. -°. .. .. . • . . - .. . . ..
� •. ' . •�i,,Y�� .. ! , . `{ . .
� y. ' ; _
�;. '
��}1iF
, ..Tf_.:. ' a
ti � ,
�'
�
! i
a-� ��pM_��.
-i f �`�lS.f
.. . � ���ry'l�S.
,:�''.����:�i
('���G7�� T21)I1Qi Incroducccl the Collowing resolution and moved icc adoption:
= RESOLII7'[ON REIATING TO LEASE
PURC[TASC AGRGGMGNT AND DESIGNATtON AS
QUhLIfIGD TAX•GXEMPT OBUGATION , � �
�'��.�h ��u� ��o,rado =.°,.� � :.
DG IT RGSOLVED by thc govcrning body oC � , `
(tite Issucr),as follows: :_��a ; .
y�.
Sectlon I.Recirrls anc!Au�hcxirr►bn.77m issucr,as fessec,h�s herctotore entered into a Lcase Pua ��Q
chase Agrcemcnc daiccl as ot Novembcr i5,199�(«ie[case),wich IIe11 Atlantic TriCon Grnernment flnance, �
' [nc.,u lessor.It Is hereby determintti tluc It 1s necessary and clesinble and in the besc tncemscs of the Issuer '
; lo entcr into the Icase for tfie ryurpose5 thercin specificcl,and the executlon and ciclivery oC du[case by the }� .
� I.cvuer are hcrcby appmvcct,ra�iGcd and mnfirmcct. �i � j
i � � ' 1
� Scccion 2. 1)csienaiion u OuaHficcl Tax-F.xcmnt Obllcuion. PuisiianC w Scction 2G5(b)C3)@)C�i}of � x 'j
j thclntcrrullRcvcrtucCocicofl9�(thcCodc).tlie[ssucnc�rcbyspcclficallydcsigrultcsthcIcaseasa'qualified ��:',,.' '
; tax-c�tcmpt oUll�tion" for pur�.scs af Scction 2G5(b)(3) of thc Ca1c. In rompliancc witU Section �:� '
ZGS(b)(3)(D)of the Code, the I.ssuer hercby represents dmc dic Issuec will not cksignate more than a •
1 i 10,000,000 oCobliga�ionc issucd by thc I.ssuer in thc calcnclar ycar during whidt thc Icasc is ocecutecl and �" '
ddivcred as sucli"qualiCccl tax-cxcmpc oblty*�cions." r
Section3• �*St�1ncel.imitatinn.larnmpllancewithpieicyuirementsofSectionZ65(b)(3)(C}oCthe `;�
Cc�cic,tlic issucr licmby rcprescnu that thc Issucr(tncludingatl"suborclinaie cntiiics"of thc[ssucrwiihin thc
�,-�� meaningofSection2G5(h)(3)(G)oCthcCock)reasonab{yanticipaiecinottoissueinthccalcnclaryeardurin�
which the I.c�se is executed and deliverect,obli�,aitons bearing interescexempi from federrl income taxation �
undcr Scnion]03 of tl�e Code(other than'prirric acUvity boncls"u dcfinect in Section]41 oCthe Cale)in
an amourtt grcatcr than f]0,000,000. Attachcd hercto as Gxhibit A is a llst ofall such obligations Issucx!by
thc Issucr(inctuding any"subordicul�c cnUty'�durins such olaxiar ycar.
:a , �
�' A'P�isT: ��L�.Ul � I L J�J-'L
3
i� Si�nawrc
,t
s t / � � °-� Herschel Ross, Chairman
a (Slgnatucc) Pitkin County Board of County Commissioners
¢!
N (
�f�� q�
; � Appr ed as to form• _ '�
` (Namc and«dc) £�/JRU �l-0 R��4�Z �/ � _I--' •I�
� �' - 1 r
rfll: 1/; _ .1/ 1 `•.�r l '-
�(, �.
, �� � �° "_'
Timothy � Whi[sitt �
Pitkin Cou�t�Attorney �>. +�:
-•L
, tj: :..
. -� -
:i � �� �..'�.y;
- y:..
2 • h.,�f.
, �:z''
"^;
�
. a�;, .....,�. .�,� __ �... -�.-�,..;.s.� ,�.r_..__ .� -.�.......�..._ �..----- -----.. __�, �7
§ �.����� � •*n.�# . .'aj ��♦
„�J��eII'-.'Pt� . . ' ,y�;` . .._....., _.� _ 1�.
=� �r
- ,:d '
, .,; _. �h;.
, �. .- _
- � . �
4 �:a � . T': �.y",�C,,ty�+��.�.+r , . . .
. . - f�� �:_, � . .
- ,, ; . . ' .. -��E'1�� . . .
� � 4 1 �'. ' . . � . �1
�,.� ?�',,, �,�yq'� ,�-: • , . � t
, ,
'#�a' �• , ,
4 �yj;�". . , . � �+n�... �� . . .
- , � � . . . . . � �. � . .
. ��y: . , . . . . . . . . ' . . .
. I' -. .
. �t
` -::�;� .. ,,
i-
1)�n.; �.
___ _
Y: � ,
T
� : : �,. . �-': . . �
'3 " 4 r���.:' ".
i' �.� ' ..j '.1, .Y-6`S 1 ,. �.. -��� '��. . -�.��� '��.
��� �e -k�s .1. p„ t ., f A3 . tr t • a r �+• � �
��' �'d'��. �:
,� �.... .yR".M.3a . +.,•1.!s��.3�ztiAlita<� k.sd`^�.�iSts^ii:�r�., ....v�+..i.l....x y ,ru�.arkpS.t'!dE9f'.f 4�at i:'
����,yA9,
. . •. . ti � �'.i.. �y.��(.�-:
�tSC
y.,,
tX
...'r,.= .. .
F�CHIBTf A TO RESOI.UTION
�i �s �
'` �i (List of othcr obiigations issucd in this a+lendu year) f �H'.�
, p i , r- .
�
£ r .
; $3,250,000 Meadow Ridge Affordable Housing, Sezies 1990 dated Fehruary 9, 1990 t�. s�� K�
J ' '
=i $3,750,000 Fairway Three Affardable Housing Series 1990 B dated June 26, 1940 �'�� �'� -,
. -^.1{��.
_F� }'� .q�.i�
� 625,000 Lease purchase for 5 Metroliners November 15, 1990 ;�
i ,
� $1,250,000 Housing bonds Co be issued in December 149Q `= �;=•.
�:
� , I
4� �J �Fa; �:..•�
�� �'' f S -' '
e�_�
,.� - i, -
�' `� t
:_�
<�
�
`!,. �
;� i
^
�
. #
�; :
i:.
T.
i � �
� . � . '1 i �.'.
� . ' . ��� Z �;
� y '
,k � �
�9:
;�.`,
k,+ 4
]
;� �.3
3 �; i
• :l ;�<
�
�y -- - ----�:n,.,a,�„a�a;i ��,.A
�� ., .� � , j, _ {��.
Y �� ,i� ` , - �._ t _ �: _
- �' •Y: e.�r:
`: ::, . .
. � G;� 1 � �#',':, -. -.. _ . . . ;-�... �. . .
- �. ' ;��'�'� � . . y� ,.
,'� �,.�4.���. ���' � � F� ti:,
� �� ��: � . � � �;� ,
� ,�, �: -•�.: • *,
. �::
�� :1 '`�:' ; � � : :
,,Y r , - L
r' � .
;�,
�;
�'�. �
.��
, tS, F,,��;1'�c�'�'F,�;_�pss��,,...,��� � .�.'£ t ``._ ,.. . - . - � .. � a6�SF� . .
. ... •c ..._.,t. . .
. . . . . . .. ._.. � _., t .. ... :.Jir:i�i"e61�G1$i.4i'iZZf�` � n'�ytyr� .�..
� ti£}y`��,.
195UE DATE(MMIDOlYV� � �.Gj'�#��:I,,�`�,.
CERTIFICATE OF INSURANCE 11�2ajgo �����;,�:t::
vr+ooueeq
THIS C@RTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS - .
P��FS-ROPER-LAVE INSURANCE MGT.� INC. EXTENO Ofl ALT�Efi T E COVEHAGE AFFORDE BY THE POLICIES 6EI.OW OT AMENO,
t J. �X 7�
MELBOl1RNE� FL 32902-0700 COMPANIES AFFORDING COVERAGE
COMPANY A .. -
cooe sue-cooe �E" LINCAIN NATIONAL
COMPANY B � . �
IN9UREC ��`* LINCALN NATIONAL
DAVE TNANSPORTATION SERVICES,INC. �"�""''C LEXIIVGIUN INSURANCE COMPANY ` �c� ,
QOMNUNIITY TRANSIT SERVICES, INC. `"�'•''" '.
COMPANY �
CALIEI�RNIA CHAIrtER, INC. ,,�„Eq D Ah�RICAN INIII2NATIONAL GROUP ;� ,. �
n
, �7Eq Y E FIDII,ITY& D�POSIT CQMPANY OF MARYLAND . •����`���
- . .;;i:.::��...�.
cov�nass �' �
. THI5 IS TO CEHTIFY iHAT 7HE POLICIES Of INSUAANCE LISTED BEIOW HAVE BEEN ISSUEO TO THE INSURED NAMED ABOVE FOq THE POLICY PERIDO �
INDICATED,NOTWI7HS7ANDING ANV REOUIREMENT,TEHM OR CONDITION OF ANY CONTRACT OR OiHER DOCUMENT WITH HESPECT TO Wti1CH TMIS f
CERTIFICATE MAY 8E ISSUED OR MAY PERTAIN,THE INSURANCE AFFOROED BY THE POLICIES DESCRIBEO HEREIN IS SUBJECT TO ALL TH£TEqMS,
EXCLUSIONS AND CONDITIONS OF SUGH POIICIE3.LIMITS SHOWN MAV HAVE BEEN REOUCED BY PAID CLAIMS. �j� ��
� POUCYEFFECTIVE POLICYE%PIHA710N � � �
' TYPE Oi IN9UqANCE POLICY NVM9Efi RLL UMITS IN TNOVSAN�S , � ��
LTp DATE(MM/DU/YY� OATB(MM�DDIYY) 1'1
+ GENENALUABILITY . �'��'�,�•.�•�. �
. GENEHA{,ACaGRE6ATE .:
� A }{COMMERCIALOENERAlL1Ae1L�TY (j�],QQ0�22 5101190 12/31/90 ����TSLOMPlOPSAGGREGATE 5��� '
� ClA1M3 MADE X OCCUF. PERSONAL b AOVEHTISING INJURV 5�� • ��� •� '
t..C:
5�� �>.� �
� OWNHN'S E CONTMCiOR'S PPOi. EACH OCCURflENCE �
A X GXCESS LIABILITY 6XL1200281 5/O1J90 12/31/90 FIREOIIMAGE�MyonsNre) 50 �
( . i
. . ��4 X y�S� NEDICAL EXPENSE(My ons petwn) 5 - .
�.� \UTOMOBILE LIABILITY COM81NE0
' 'i X ANV AU70 BIA10QQ022 5/Ol/90 12/31/90 S�n`E 1�000
ALL OWNED AUTOS bODILY y �
' SCNEtlULEO AUt05 �Pel��wn� '�
; }{M{REO AUTO$ BODILY
. }(NON�OWNED AUT0.5 �p�Upa�Wwq �
CAF�OE LIA0ILITV ppOPERTY
l3 X PF[PSICAL DAMAGE $10�000. DED. PER OCCURRENCE o"'"''�E �
E%CESS LIABIIITY EALH AG6REGATE
OCCUPRENCE �
C }t OTHEn THAN VMBAELLA FOqM 5528001-3479 12/31/89 12/31/90 �.�J� r � �
WOftKlWSCOM►ENS�YION iSTAMTUTORY - ' ' '
� �� W��IdU71'� 12/31/89 12/31/90 1�Wd (EACN ACCIDENT) -
EMPIOYlRS'LIABILITY WC5816072-GA,AL,CO S�000 (DISE�SE—POLICY LIMIT)
��OOO IOISEASE-.EACM EMPLOYEE �
OTHER
� EMPLOYF.E DISHONESTY 30248042 12/31J89 12/31/90 $50
V.
� OEHCNIPTIONOFOPERATIONB/LOCATIONSNEHICLES(XE9TMCTION574PEC4RlITBMS � � �
1986 METROLINER #1N9HAl2A3GL013250 198b METROLINIIt #1N9HAl2A3GL013233 � .c'
1986 MEIROLINGR #itV9[iAl2A0GL013111 1986 t�.1ROLINIIt #iN9TAX2A5EL013618 �
1986 METROLINER #1N9HAl2A7GL013252 C FICATE H
CERTIFtCATE HOLDEp CANCE�LATION
BEIZ. A27.ANTIC TRICAN SHOULD ANY OF TME ABWE DESCRIBED POLICIES BE CANCELCED BEFORE THE . ��
"'�VIItNMENT FINANCE, IIVC. EXPIAATION DATE THEHEOF, 7HE ISSUING COMPANV WIIL ENpEAYOR TO �"�
)1 MINNESOTA DRIVE �E1O Mq�� .3O OAYS WRITfEN NOTICE TO THE CERTIFICATE HOLDEfi NAMED TO THE ;
$t.�`�I��p P'HV SS�L3S � �EFT,BUT FAILURE TO MAII SUCH NOTICE SNALL IMPOSE NO OBLIGATION OH �
t1A81LITY OF ANY KLNO UPON THE COMPANY,1T5 AGENTS OR REPRESENTATIVES. - �`�<'r�
AUTNOIt12ED NlPqE9EtiTAT1YE`/'f////�(` ' �S. 'l�E
� - /`--/ %y-{�'� ? _
:`i
.gF '�^ b :..___'_'___ -._..._. � - . .. . . _. . ._ . . ._. . ,..
. .,..., ..:...: ,..._.. :. _. ._._. . ...
.:�� 3qt ♦ �-. �. . . . �_ ._�:: .. . _
� �..'-�7'..�'� � . y�,� . _ _. .. .. . .ct
y�!���, r�. . . _ . - �
���V . }, . � , �
1 Y' �
�.At1�I � . C.:�- . • � ,� .. .
� �° l�Y ..�. { .�.; _ .
�. �. �•" - {r� .��.�
.. �".� xSY� - .F� ' .
t a- �. x^4y. . - . . f. .-- � ��,�,,:, .
b.
1
L'T(.t�. J;. . ` . r +�4 ' .t�i- `�. • , " �
V k ^!'?�.ptl' , .
�,�n'"�•t'•� .
� , ' tl.. ,,,�. . _ � • ''�
»t .. .
�. ;3,:: ' I �
.. d.
. -:.�.� .. ..
i . .
i4}�'_
.,,r��;'
-xz�--
i ,�
.4 r+-� . . . . .. . .. .. . , .
. � - . • :��t�..l.'�_�..s.��.4. �.J�d."Y+.: y _•.�.�5..'.'f.��.e
ATE OF COLORADO UCC OCR 002 r '��
iNSTRUCTIONS ON REVEHSE SIOE UNIFORM COMMERCfAL CODE ° �� " -
.,.-
$4-b000794
• ..
TH{S DOCUMENT
MUST BE TYPED
'<..'1..'.J >
ANY OUESTIONS GALL �
SECNETAqY OF STATE (303)fl94-2243 � �. ,
...........:�-.. .. ,- . , � ( ' .
j
�. '.�
;!
.{ , ' �� r`
�
t��
�
. �
8e11 Atlaitic Tri(Yn[�o�nmant FFta�.?nc.
miive 9ttiis 960
..
MN �T'r4.�5
1
..
E; 4,.
`'�
. �
•• '
��,-''.
i!�.,
.1.�.... .
CHELK If APPLICABIE �7i�dYOF COLLATEHAL . �THIS.STATEnEENT 4S TO BE fILED FOR RECOR6 . �THE OEBTOR IS A � ����. �:,
� AqE ALSO COVERED IN THE ftEAI ES7ATE RECOROS TRANSMRTNG UTILITY - �� ' �.�.{;..
7t115 STA7EMENT IS SIGNED 8v 7HE SECUftEO PARTY 1NSTEF.D OF iHE DEB70R 70 PEHFEC7 A SECUAI7Y iNT¢qES7IN C�IIATERAI-PIEASE 1 '.
GHECK APPROANWTE BOX '�`�:�.;^�.°�_��,
�ALREADY SUBJECT TO A SECURRY INTEREST M ANOTHEp JURIS- aS TO WHtCM TNE FILING HAS LAPSED;OR s�:
DICTION WIiEN IT WAS Bi10UGHT INTD iH15 STATE OH WHEN ME � �'��""
�
DEBTOR'S IOCAT%NJ WAS GiANGED TO TFMS 5THTE: •k
�WHICH IS PROCEEDS OF THE O[UGINM COILATEHAL DESCPIBED �ACOUiNED AtTEH A CHANGE OF NAME,IDFN7ITY OR COHPORATE
ABOVE IN NMICH A SECURITY IM�REST KAS PERFECTEDr STBUCTURF.OF THE�ES70R
COI.LATERAL USEU Use additional sheets 6'h x 77 H more space is needed. - .'�S ; -
f4S �� ��'Q0�]l19C QSE"�Q'IE (1� 1.�4 h�l�11l1��S. �hlJSB'S f��1B�t IE�'�Sd�� �
heve the fnllordug feehsQS eadb�sca3bad m tf�e at�hed pege.
F1lK7H(AMY. LES� S`„lerade �l 1�kN QIUBfiF�Vf F�r ]1�..
_ %
aroxt i u�. �:er.wnu�u ��. --
MUST USE PMS�10U FOR pEPPOWCiION
DEBTOR COPY
=�{:,�;=t;:i '
._S"._
� .
' IL�.- 43 7�,',�",n"d�''i}��n.t°,y ti.t't ..� . . .. � , , _ .
,
_
..'
" �.rz. . .. ..... .,... .... , _ .
.
. , _,. ._ .�... �._„ .� .
., . �a� �. , . . ..�...„,. ... . ,_. .. .. . . _.. ,_. ... . . . ...... . , . , . . .
�.�,�fki�y�
. �c�:t:t?.'`
; ..�i!t'':
Fwm $038-[j Intormatlon Return for Tax-Exempt Governmental ObUgatlons �t�.,.'�i��'��`'��
(Rev.October 1989)
� ►una•rs.cuon uef•) oMeNn.Is.sa7zo rV�i..��1�;?'C=:
OeWrtmenl W Ilie T.easury ►5��a�pa/at�I�sUUCtiw�s � Ew�ru 5-31-92 �
- miernai Rermue Se�vicc Nse Form 8038•GC if the issue pnce is unCer 5100.000) . � .
Re ortln Authorit Check box if Amended Return►
- 1 Issuer's name 2 IssueYs employer idmtitiwtfon num6er
Pitkin County Colorado 84-6000794 '�..
. 3 Numher and street 4 RepoR number •
506 East Main Street Ci9 -I
5 Clhor town,state,and ZIP coae 6 Date oi issue -
As en, Calorada 81611 November 15, 199D ';w=,;y;.,:_`'
, . 7 Nameo(Izsue 8 CUSIPNUmber �,`�;;C,,:�..�
Lease-Purchase Agreement dated as of November 15, 1990 N/A �''"''i� "
i ' T e ot Issua(cheek box(es)that a plfes and enter the Issue Prlce) t i -r
�fn,t >
9 Check box if obligations are tax or other revenue anticipation bonds► ❑ iuoe pr�ca -� '�
10 Check box if obligations are in the form of a fease or instatlment sale► � ����� �
11 ❑ Education . . . . . .
F'�.;).-., :.
l2 ❑ Health and hospital . . . . . . . . . . . . . . . . . . . . . . �
13 � irensportation . . . . . . . . . . . . . . . . . . . . . 627 650.00 f.f=;
,�
.. 14 ❑ Publicsafety . . . . . . . . . . . . . . . . . . . . . . . . . . . �.;.�:-,�
c,:
15 ❑ Environment(includingsewagebonOs) . . . . . . . . . . . . . . . . . . . . :;t-... .-.� '�
16 ❑ Housing . . . . . . . . . . . . . . . . . . . . . . . . . . . .
_ ''• 17 ❑ Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . t,':, .
18 ❑ Other.Describe(see Instruchons)►
.f�''� Descriptbn of Ohll atlons
._
. �,1 �ef t�� wuarcamouw. we4mea ��� rk�:,���s�
. � MaturitYdate lmerestnte Iswea�Ke eatmatun mra mat Yie10 cost
19 Pinalmaturity . N A N A96 N A N/A
20 Entire issue. . 627 650.00 N/A 5 ears 96 %
, ' Uses of Orl (nal Proceeds ot Bond Issues(Inc{udln underwriters'diseount % ; �
. ��a. 21 Proceeds used for accrueE interest . . . . . . . . . . . . . . . . . . . . . . 21 N A • �
�' 22 issue price ot entire issue(enter line 20c) . . . . . . . . . . . . . . , ZZ N A
- 23 Proceeds used for bond issuance costs(including underwnters'discaunt). . � 23 N A
24 Proceeds used for credif enhancement. . . . . . . . . . . . . 24 N A � .
25 Prxeeds allacatetl to reasonably requireA reserve or reptacement fund . ZS N a :�
��� 26 Proceeds used ta refund pnor�ssues. . . . . 26 N A � �
.,ry . . . . . . . . .
27 Total(add lines 23,24,25,and 26). . . . . . . . . . . . . . . . . . . 27
28 Nonrefundin roceeds of the issue subtract line 27 Irom line 22 and enter amount here 2g
� Descri tion of Refunded Bonds eam lete this art onl tor retu�dln bo�ds
� 24 Enter the rema�niog we�ghted average maturity of the bonds to be refunded . . . . . . . . . ► N/A Years
� a 30 Enter the�ast date on wh�ch tbe re(unded bonds will be cailed . . . . . . . . . . . . . ► N�A �
��:� 31 Enter the dat s the refunded bonds were issued ► N A
'� Miscellaneous
32 En1er Ihe amount of the sWte volume wp allocated to[be issue . ► NJA
� .� 33 Enter the amount af the bonds des�gnated by the is5uer under section 265(bH3)(8xi)(111)(smalV +
issuerexception) . . . . . . . . . . . . . . . . . . . . . . . . . . . . ► 627,650.00 -
�-,� 34 Pooled tinancings: t'
N�A ti...d
;•�.;� a Enter the amount oi the procee0s o(this issue that are to be used to make IoaM to o[her govemmental unds► F
b Check box if this issue�s a loan made from the proceeds ot another taxtxempt issue►Q and enter the name of the '�
� issuer► and the date ot the+ssue► N/A '�< �''��
t�:
�' UnEN peNIIRS 01 pltlury.1 OGCI�r![1Nl I hlvtlaimrt�t0 tlnf rllWn�n0 aCCOfnpanYM6 fthlOU1M in0 S��Itmints.�nOIG t�l!0lsi OI my MnOwlpp`!aro�tuel, ' �
'� [neyaretrue.conecl.aMcomplele �`�, �
f . � .
� Pleau /1 �1 , ;=' "
; Sign ,�21/���S[.. V!.��.�L l(-[�c"i�_� E,C- rX�f4V i�.
� � , Nere S,�nawreoloa¢er Da�e TY�ara��+!Nme�natq,e . �v�.,..
$� For Papetwork qtductfon pc[Notice,see page 1 of the Instructions. Fwm 8038•G :ae.� : go�
.+y1 . .us.a...,,..,,�n:.n..oen�.: �.in._s.....eua.. �ct
� �...
, _.
`� �e, . .._.. ._ . ....,... r . ,_ - . ..-...._.. .. —_ . _.. .... ....... ... . .
.:,.__..... ,,..::. . ...,..._., � �...,.. _,. — - � a�
` .� . _. _ ..._ Y{i_i �,.
��� �
�^�l����.. ,y�`... . .. . � .
�,,�.1t,, Y
3y4T� , t �z. y�{ . . _ . .
� � i � � .
i ,��� ... _ .
(G^{`�, ��',�,. , ,r.�tb�'e�.+ +i}�Y�� • �~
/'�+h�`yy�� � ' ' �4���-"� . �Gy�' � .
'Y,K 4 2': - .. .� �. �'�"�. .
Sa� �� 4
�` q+ �� \
e,�.cy�. - . .. ' � .;,;� . . '
F h�.'.
;;a`,�'k't:�-..' . �.. � . _ ., . , . . . .
fj�rr�� '».,. . . . �
���r��: ' �i�
�M`'x�. ''.` , '
,��� . ..
t?)R�
.,,�t-"''-� " .
:� � �
�
r�"' �} �f?�+{ 5 �_j �: - u t � '
a y'{�d, �Y :i ' s �- � . 4. a . . . i
txl'��5.;��ica�„<<1� ,y .�V i-�� y, � `�i-' - en '�� i ' - 7F' . � ����;' � �.�..
:f:..'{. , . if?a`��..e[.J ,fb ...�iC�A��il3ttF.1`�Y3f/(7V�b'�1...)�..Y.�_.4 .'�. � ,^x '.�„ ... �Y�.,�. rFrt�f4
`�""�f�,��3y�,
��'�t��;�k'>
'_ DAVIS, GRAHAM 8C STUBBS ..
ATiORNEYS 4T LAW �
' WnSMINGTON D.C.O�PICC SVITE 4100 S�LT 11NE CITY OICICE �
SU�TC 500 �)O SEVEHTEENTH STNCET SVI�C IeO�-B)
�� 1200 NINETE[NTM STREET,N.W. DENVER,COLORADO 80202 GGLC G�TE TOWEN �
' . W45MiNGiOM�O.C.E00]6-NO2 60 E45T SOUTM TEMPLE . � � "
TEIEPNONE 202•B22•8680 M<�LIHG ROORC55 5/�lT lAltE CITY�UTAM l4111-10p6 �
POSi OiFICE BO%IBS TELEPNOME BOI•728-6000 �'���� -
DENVER, COLORADO 6020�-OIBS -
TELEONONE]O]-892-9�00 iELEk sl]>26 DGS OVR UD � f �-
iAC51MILC JO�'89393>4 CABtE DAVGRI�Y�OENVER �
�r'�`�.
i �' •�
PP� �3
.I '`�'7' i'�.
�"�_�\
� December 3, 1990 � � '
� -
� !:.�; 'i
;i Dorsey & Whitney i;. ;,:-.... !
2200 First Bank Place East '; �.
� Minneapolis, Minnesota 55402 ��"„
�
f :° .a:�'� .
�' Lease/Purchase Agreement dated as of t3ovember 15, 1990
�
� by and between
<. Bell Atlantic TriCOn Government Finance, Inc., as Lessor, and ;�_ �
i� Pitkin Countv. Colorado, as Lessee
fi
" Ladies and Gentlemen: �
r
. ?� We have acted as special counsel to Pitkin County,
Colorado (the "County") with respect to the captioned financing
(the "Lease") . In that capacity we have on this date d�livered �
an opinion to Bell Atlantic Tricon Government Finance, Inc.
yregarding, among other things, the validity of the Lease.
- It is our understanding that you are, on Yhis date,
renderittg an opinion regarding the tax-exempt status of a portion
of the moneys to be paid by the County nnder the Lease. This is
to advise you that Dorsey & Whitney, for purposes of rendering
its opinion, is entitled to rely upon the third paragraph of our
'• opinion as if such opinion, with respect to such paragraph only,
was addressed to Dorsey & Whitney.
�`i Respectfully submitted,
�». � .
� � ; :�aer;
� ` ��1 a,u�,� Gy,�,� �s .� '�1
, ;=;
'S I . .j. K4:;
�a y-.
*:
i�
k 'x(�r.
�y ,.j:�.
Fy :
j ��' r.•.
��,
' +r�i'�"�_� ' ���-...�u.. �:.r..ixru.Y:..� .. .. .�..wr'__—_ . . .:
� t_••6Y1:::. .. ».....- '.y___......._ 4 H
L� Vl� ., . , . . . . g� . a �
. ,y ��. C`, . . . ' . . - �� �TV .. ..
fr`'
; w
w ., ,,��F.,sy.��'n'',� • .
� . ��
S�-a ��' � , a�;,q�k .�`�,�'"� � ' ' 1 ;
����,` � . . : , . ' . � ' _ r'
. �� . . ��C?.. `'� . .'t'
'�` I . . .
..� � - � . . � . .i`� , � , � � �
. .. . !:�•i .. �- . � `
,i.: ' � � . . . .
43�fa:..� .
.:::' -
:��� � .
�3,�� '� �y� rAt �� ` ; � c � • -
l° 0.4r�G�'��t t��s��e r+7F M'�2 r a � x r x U i.°+ ,.,[,�� '.�.� �
:.-"�4 ,...,, fi+. .��9. 1r.exM^i .. -.. •....0 ���'i � .y,. �T''.
..... ..... .��''.: .. . _ n:.e..,. ... .._...t.rt.. . f,q.,
�� fl
��`f�"Ft'�y'�� �..
_ • �IF�-�~�.
. DAVIS, GRAH.AM 8c STUBBS . -
� 1�TTONNEYS AT L�W - � �
WNSMINGTON D.C.OsPICE SU�TE 4)00 SALT IAM[C�l'�O�I�C[ .
SUITE 500 � � 3>O SEVENTCEMiN STqELi gURC 1600�01 �
, 1200 NINETEENTN STqEET,N.W, OENVCR, COLORA00 60202 U1QtE Gw�C TOWEN
WASHINGTON�0.�,SOO]6�NO2 � EO E115T SOUTM TEMPLC
� TCICPHONE t02•B22•B660 MAILING AOORC55 51��1 LARE C�n UTAM 8�111•1004 -
� PoST OfFICE BOx t95 TEtE>NONC BOI-32B-BO00 .t� -
OENVEfi, COLORADO B02O1-OIBS
TEIEPNONE 3U1�e92-g400 iE�CX 91]i26 DGS OvR UD W�;��.�f�•
FACSIMILC 30J�BD3-1]]G CABLC URVGP�M,DENVEp � {.
.f�:
.`.i'.:7.".
'.
4�T'
December 3, 1990 , ��'���,'
`. Pitkin County, Colorado �`
530 East Main Street �ti�.
� Aspen, Colorado 81611 � t�°t- ..�
r !
� Bell Atlantic TriCon Government Finance, Inc. i , 1'
_'. 3601 Minnesota Drive, 5uite 960 �
Bloomington, Minnesota 55435 � ��. � �
_3. �°
?.�, � ; •,a
; Lease/Purchase Agreemant dated as of November 15, 1990 ;_
+ by and between i.?-r '
; Bell Atlantic TriCon Government Finance, Inc., as Lessor, and
, � Pitkin Countv Colorado as Lessee �
f
� Ladies and Gentlemen:
. F
� We have acted as special counsel to Pitkin County, �
Colorado (the "County") with respect to the captioned financing E
(the "Lease"), and in this capacity have examined the law and
'' ;reviewed a duplicate original or certified copy of the Lease and •
$ such other papers as we deem necessary to render this opinion. , ,
�
�� Based upon such review, we are of the opinion as of the
;� date hereof and under existing law, as follows:
�
'' 1. Assuming the due authorization, approval and
'� execution of the Lease by and on behalf of the County, the Lease
is a valid and binding contraCt of the County, enforceable in
accordance with its terms, subject to: bankruptcy, insolvency,
� reorganization, moratorium and other similar laws affecting i'' +• � •
�'�'y creditors' rights heretofore or hereafter enacted to the extent
.�
; constitutionally applicable; the reasonable exercise by the State , +�
1 of Colorado (the "State") and its governmental bodies of the police
power inherent in the sovereiqnty of the State; the exercise by the
United States of the powers delegated to it by the federal �� -
constitution; and the exercise of judicial discretion in '
�'
appropriate cases. "' s,�.,
r
::� �'�.'
_; _ '
:� �,
� + -
�, ?�.;.
�,..._.__.—. . ..---...... -- ___..�_ __ . ___....�
.� �, Af�"" -:yt .._.. .� :�_ �-.;_ _ ��:
r- i '"
. � � •
�4 ,F .`� _... . 'S� �.h:`. , � ��'*} .
T - .. �a.� . � �'fi'.tcY�" . . . . _
. . � r�,:,::v ,
. . . �,. F��' . .
'f.
��Y. . ' . � . . ' .
. . a,�(�l'�,li �'� . . . k.,�F�`� ,!� `t.'.. � � , .
. a'��� . _ . t . � . . . . .
qi?',�';
t �;-�3-.. ;.. : - _
,�.,
. �,7• �` , '
�,�'s J' . . -
. .,�;- , ,
i •
:*�ti.
.I���„�,.. , .
E r�i����f����� y r �X � !.. = �
t,�y� t:;�� � ;. _ '. _ ;- � ��
� ���t1 � 1Ge as��yv. tA y i i ,`a �1�a�i:
:����:x�.a . 1M.a' �.��.t. '��.a7i.,.e4�vr.lac+$�.....:._.<.. lc.rawr..�y+a.�snnr.�.;.t�.cni� ."'Ytlik4i?:�"�4�A��°"Y•�, i.t�t��.:
,•;�p, �CtiB,:�
" ' - �ri?i �,i��'�.
.,� f�� �.�'
..,�F���'1:=.
Pitkin County, Colorado � °
Sell Atlantic TriCOn Government Finance, Inc.
Decembe= 3, 1990
Page 2 �
2. The execution of the Lease and the appropriation of
`� monies to pay the Rental Payments (as defined in the Lease) coming ; x •
� due thereunder do not result in the violation of any s ,�` ,
! constitutional, statutory or other limitation relating to the ,�-. ,. ..,
manner, form or amount of indebtedness which may be incurred by "�
I the County, p��� Y-
� ' �'�?'°`ts":
� Any assignee or subassignee of all or part of the right, ► r..
� title and/or interest of Sell Atlantic TriCon Government Finance,
Inc. in and to the Lease shall be entitled to rely on this opinion '
� as though it were addressed to any such assignee or subassignee. �, t_
This opinion is being rendered to the addressees in our �t �'^� ,�
; capacity as special counsel to the County in connection with the � ��3 ` !
�.�'
� referenced financing and, except as otherwise provided in the �
immediately preceding paragraph hereof, may not be relied upon by � `
�� any other party without our written consent.
� � �.
;; Respectfully submitted, �,�
`Lt, �.
���_ � �a,�„� �aw� � �iw'�5
� � � .
_ � �r
� '';
� ¢
�
r�
, �� i
a +
M� �,,,, �
�3 �
� �.
� ` �;
� x
�'� � � �I� {��',
'`' �. '`::,:: �,.;,
i? — .. �' �:f'�'•_
� �
, 3,�
..� . '�r� =:
� f F
... �:.'�1[ly.c.r,_.. ---- ._ s„ .:-._. .+K::?.....�....�..`a:.r�..'u �w�+-._..........._..�..........- ._'_"___.. --r.�w xs� .
� .�. T.i.` ,, FL�
}. �.� ;•f ' _ � L
. - g . ' . � � � - F�'� � � � t��4,�
„j.
_ .� h t�.. . . . .
1 �"' 4•
�;, ,,,, +_� . . 1F.�+ _
,,Y .' . _ ��a�� .}. . . . . . � . . � � i
. . ' �'ipd. � , . ?'� Y;. '�` .��•` - . � .. � � . .
, y"� ' . � x��� ��'.'. . . , . ( � i �v:
. . . �Y.t'. 1.''� � . . . . � .
.. S �r. � � : . �'�..!.. . . . ' . . 1 - . .. � .. . - . T 5 . .
'�: . � . .. . . .. . . . . .. , . . .
, �.t.� . . . . ... �� . . � � ..
� ' c. �� ��':r'� `� ' , . . . . ' .
j,. • V. V
�*}7
.-.�.t-�`-`
��� ,�f� � _ � ,
� ..�'°.'��7Y �'�"4t'G£�'t�'+d� �� �..— ;. i°�� t 4 � a ' . � � ;"� �i�y�,.
� 1}� � h� S�e� t . SG�c � T [���r �.• �.y }P . � �,. � 9 'S '; � y.��
W., X V t`��'y��'y1fiK15���� :. t t. dl�L'.
, ... . .�'y�4�.'�.s���s�:.ir�L��.n'-1'� u,�:}.�k..N..tiC�3�'!�`L°�ra-� , ... .. .� r
��� ,
, ����k�� �
�
� ���"
� .
DOBSEY $C WHITNEY
� .�..,.....�.�.�e..e�....a...�..e.,.p.. .
8200 FIgST HANR PLACE EAST .
� MINNEAPpLIS.MINNESOTA SS402 ?F;:.���
. (612)II40-2600 �
TELEX E9-0603
TCLEGOP[EB(61P)�40�C96B • '.
�:yl
��j
Bell Atlantic TriCan Government �';� '`•�
Finance,Ina �'k�`� '
? France Place,Suite 96U �r�, �
3601 Minnesota Drive ���
s Bloomington, Minnesota 55435 ' s':v �•
� Pitkin County �'-:':.;_
506 East Main Street •E �
Aspen,Colorado 81611 �
= . E;,,.
Re: LeasejPurchase Agreement dated as of November 15, `'r� - �
�}•`�`� 1990,by and between Bell AdanHc TriCon Government �
�; �
��';`:� Finance,Inc. as lessor("Lessor")and Pitkin County, i<'� �_
+ Colorado,as lessee("Lessee") �
- �
�j �� Gentlemen: � �� �
1
� We have acted as special counsel to you with respect to the Lease/Purchase
.� Agreement described above lthe"Lease"}. In that capacity we have reviewed a �
� duplicate original of the Lease;a Certificate of Acceptance dated I�Iovember 20,1990, `�
�;:� whereby Lessee has acknowledged the delivery and acceptance of the equipment �
! described in Lease Exhibit A(the"EquipmenY');and various other related � ,
documents and certificates. We have also examined and relied upon legal opinions
of Timothy E.Whitsitt,County Attorney,dated November Zl,1990,and Davis, ry
:�_ Graham&Stubbs,munsel for Lessee,dated December 3,1990,both relating to =
- Lessee,the Lease and related matters. As to quesrions of fact material to our �
�'";1 opinion,we have assumed the authenticity of and relied upon khe proceedings, �
:�y affidavits and certi�cates furnished to us without undertaking to verify the same by
independentinvesrigation. �
'_� �
Under the Lease,Lessor is leasing and selling the Equipment to Lessee,and •���� �"
Lessee is leasing and purchasing the Equipment from Lessor by paying to Lessor
Rental Payments with respect to the Equipment aggregaHng$760,165.90,mmprising �: �
principal payments of$627650.00 and interest on deferred principal payments of
> $132,515.90. Such Rental Payments are to be paid at the times and in the amounts '' -`.
�� set forth on Lease Exhibit B. The Rental Payments are payable exclusively from `��""`''•`.::
�
moneys to be legally appropriated and provided therefor by Lessee. The Lease �,.
_.: � provides that it will be in effect for a term rnmmencing on the date thereof and =_,,�..,�:._.
:,J�• �;.;.
,�:� -
;..
- �n
�
:
.,,..z...:�<i,...�:�.-3,:����.•.:�.w a.�W.�., :_.-,_��_,_ , _�....,.._.4�,._ .._ _._.. 3..,.,. .,.. _w.._�........n,
�i 4- .. - ' . ��_r
Q . �� C��' _
Y4` �
Yy
' � ' ���.���'"..�,� • '
� � � �F�`�•y w y'�. � .
. �,S4�i . c�: �.�j�{� _ • � .. . . .�.4� -
'� 6 ' -rn ti`i .
s �¢�'` � `a..�x��;, ..�;i'`• ���.:.. .
�4SE��,. . '� .�. . . . .. . . S:
k`+�i�'�;�.r'_ . , � . , . , i .
} 'M1`�x., . ;
. �; • ' � .•� .
_ `"y� . , � . . . . . � . . - .
.°' ,, � I .. . „ '
;.. �
.. ... .. - '.N� .. . . . '. `
�. . , , .
;ff�:•:�.
:�:fi'":� - .
��
�;�, l '��" � • ,
, � , ���z , ., '. y �
1ky,�YS?.t1g^k���°��;�.ux� .� t .� .: .. .. � c• ., � ,.��-. ._,CY.. -� � . � �� r,�-�p k,�,.,�.
• �� � .�..ut'.YO{` _��• fGa�� .���.��f�-�iG'.�R1�d.�wrn,+...��•...+.. .., .'"!S^� ��� .� .. . . . .._ ,. $i r. ,ir#����.
"a't��.���'r°.i<!:i�
'.'�;F; x v,'t.:•
. , ���;��. �
.�4.
DORSEY EC WHITNEY
. � . .
-2-
r
continuing until all Rental Payments due under the Lease have been paid,unless
sooner terminated as hereinaEter described. If Lessee fails to appropriate money for •�; i��, .,.;
the payment of the Renta!Payments coming due under the Lease for any fiscal year , ;;�' ,
of Lessee,Lessee may terminate the Lease in the manner provided therein as of the r ,y� � .
end oE the preceding fiscal year,without penalty or liability on the part of Lessee m . �,�rt��;�.'
� pay any Rental Payments with respect to the Equipment rnming due after the end of ,�
� such fiscal yeaz. In such event,Lessee has the obligation to deliver possession of the .�
Equipment and transfer legal title to the Equipment to Lessor at the time and in the
manner provided in the Lease. Lessee has an option to purchase the Equipment on �.. ..'�.
` � certain Payment Dates fot the purchase option prices specified in Lease Exhibit G In ��' : ,'
`_� the event Lessee appropriates and pzovides moneys for the payment of,and pays,all ���ti !
Rent a l Payments due under the Lease in accordance with the Lease,or exercises its '�..;:';�' �
: � option under the Lease to purchase the Equipment,Lessor's interest in the �'' ` �
,i; Equipment is terminated. ,�:�,::, '
�� From our examinarion of such proceedings and documents,and in reliance �` "
- � upon the legal opinion described above,and based upon exisHng law,it is our �''r
opinion that the amount of the Rental Payments set forth on Lease Exhibit B,
designated and mmprising interest,(a)is not includable in gross income of the ', �
� �� recipient for federal income taac purposes;(b)is not an item of tax preference ':
includable in alternative sninimum taxable income for purposes of the federal !
� i alternative minimum tax applicable to all taxpayers;and(c)is includable in book
� income or in earnings and profits of corporations in determining alternative � �
minimum taxable income for purposes of the federal alternarive minimum tax
imposed on corporations. Lessee has designated the Lease as a"qualified tax-exempt
abligarion"within the meaning of Section 265(b)(3)of the Internal Revenue Code of
1986,as amended(the"Code"),and finanaal institutions described in Section
265(b)(5)of the Code may treat the Lease for purposes of Sections 265(b?(2)and
291(e)(1)(B)of the Code as if it were acquired on or before August 7,1986. The
opinions set forth herein aze subject to the condirion that Lessee comply with all
requirements of the Code that must be sa6sfied subsequent to the date of the L.ease
in order that such interest porflon of the Rental Payments be,or continue to be,
excludable from gross income for federal inmme tax purposes,and that the Lease
continues to be a"qualified tax-exempt obligation". Noncompliance by Lessee with i� �. d •
such rnntinuing requirements of the Code may result in inclusion of such interest �aeG;
portion in federal gross income,retroactive to the effective date of the Lease. Except � `,: ''�
as stated in this opinion,we express no opinion regarding federal,state or other tax ' ; `
� consequences to holders of the Lease. � l
+ �.��� ..
I � i �� ,�
� �
=' I� ;E�:.:r
i ``F`.
�. " �,'
i,'`:l
� :���;,
.�., •
� _ ,.:�k
,, "'
_.. �.... :_._...�,�.�,:._......... _.._.._...----.___�._ _.... ,__.--.
�.,� �'t
- «'� �'i -.." � __ -- --_. _��` .w._. .i
4. �� . ' . �� .. ��;y ' . .
� p�! „ �i ' . � .
ir _ti. �. S`���y�•� _
��•�v . . .. � ' .T� .. � , , . 1
F�y�
y�t,��` �,a�?"' . Sac," �Y�'� ,K�'�'. , ,
. �c"�k�`:Cu.r _ . . �:. � ,. .. . . � . . .
. . ,��`Y �� . � . .. , . � .... . � . � ' � ' ' � .
R ,t.
K' S�; . �� ' " . '.
,��'
. .. . ��;:f� .. � .
j . �
'�'�i:<,•.
�...��_� ._._
z�i ' , ` �
y'Y� r
�'� ','3'.. ��nt*�t� C'°�Tr31s cY_i,� r � ��.� � l a.� t �
� .9�<<.� I' �,a ari �„q. � ., �y+�.f A �$ �: r!� _ � ..`' � .-.
1 �F5<n"r. q�'. �k i :. „ .. - E�i} �� �_ rti� . L.�� � .
S �'^� `�e? :i: ��l. �G t �' . I . �. 4.✓ � .
,�y� l tiJc,2��iM'�4'' ' n=.1. �k tJ l�7�- -'�+a�Y R�,,�.� • ,r
r�i.�l 19�- `,. . SV. �r.,-�?t,;4..A`i�" .. r',�''C 6�.b1'�../r.:: , � r� � '-.
� .��,�"1
� ' .'.(��t
:/ j , ,
.(u .
,� DORSEY Se W73ITNEY `
a � syx
�;�
- ; -3- � �� � -
.� :
; We ress no o inion as to com liance b ou with state or federal securities � •r .:'
�P P P YY �.::�; .
�;`'
� laws applicable to the disposiHon of your rights under the Lease to any investor. "' ¢�::�',.;
�: ;�,..,t....
;� ,.;.;.LL -
t , " -
Dated: December 3,1990.
�. .
;.z:�:,,,..
__ Very truly yours, ~` � '..
� � �. � •L _ �} f-,
� � '�'v.,�.��� C �a;:_ '�(
�'+�- _:i
.+" ��
'�;
�
_3�
F,
, ` � .
. ,.".`'9 � � '
� � i
..` ' .
� k
, '
, �
',i
:..,,;
i
i -
�
:�1.;
�..
z•�m-.:,-
� c?.
, ��'
1 �
,i � ;.
i r;
"•�;'
,; �
��
F
s
z
��x�
•muaw 'w '.''' . - ' _ ' yl
, . y � _q � '�1'' � . 4 . ��- '�;�a �' ..
. �' , �'�. . rV _ . � . � � � � � .
� '�y, r. �,�'?� '� . - . . �
'� R r _L
. �` * �'' �.�} }:?''� ~ . j : , . ` ,. . . Y�.
.. 2 .�aij�}7- �1�����.�. .. � � . . . . . .. . �`5.
. . . .. ..� �y� . . . . ..
.A" 1 'f/�tyx � � .. . . - '�� .
L —f
Y � .6� �j.� '-,� . <�,�� . . ' .� . � . . ,. �';' � .. h; .
x. � R . . �
' i, , . � r1 ., 4 , .
.. ,�
t;.. . '