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Home My WebLink Aboutbocc.res.132.1991 �� . . _. . "`�',� ; " ti ; ."�' . . .. . . ' . r: t- �� r _� h�,x,. .t��' \�itJ�t�t . t .�f�Y �� ,i k �Y��r +�r�F�'S a_�y,y� �j�ji�� 1 �7!�pr��k y4 . �` :.r: �3��'t.�lf t��'fa��b.T~� �µ,�,'k(ot$••'� �-_a.e y ! �:� i {�°•� +�...;c�P��"�' ��p�r"U�*='�µtrt�l��,,,,pS.r ��v�,'1i ';}�.. . / ��,y�,,�� i . C: `Y �� tjl. Y'� . ....:? �y��S+C}Aµ�....��,.. .. � Si�SLPC/Y��'�!�'�;3�;7��E��..�.cr rnr!.'.�., .' - . . .��r�FrSk_w.:�.IJ�.1�4a�f:W"'. `�''io.'1t�.��`.'�'4��'�''}i�t •:„�'�_ ,.�.. _�•,,.��yl.�: 1 '- , . ,� �r_/3Z ;: .. RESOLUTION . , ��. �' CONCERNTNG A LEASE-PURCHASE FINANCING BY PITKIN C�UNTY EOR THE PURPOSE OF .(1) � ACQUIRING AN OEFICS BUILDING, ACQuIRING THE � REAL PROPBRTY UPON WHICH THE OFFICE SUILIDING - , 'IS L�CATED AND FUNDING AN ESCROW RELATED �`;y THER$TO AND (2) IMPROVING AND RENOVATING THB OEFICE BUII,DINGj AUTHORIZING AND APPROVSNG A _ LSASE PDRCHASE AGREEMENT� A CERTIFICATE t'.;�' � PURCAASB AGRE�MENT AND RELATED DOCUMENTS AND TRANSACT;ONS� RATLFYING ACTION PREVIOUSLY TAKEN; PROVIDING OTHER MATTERS RELATING `` TBERETO; AND PROVIDTNG THE EFFECTIVE DATE THEREOF. s s WHEREA$, Pitkin County, ia the State of Colorado (the ' ' "County" and the "State," . respectively), ia a duly Created �. � political subdivision organized and operating as a home rule �-: ' county pursuant to the general statutee of the Stete and tha f�:. g Charter of the County (the "Charter"); and `� WBEREAS� pursuant to the qeneral statutes of the 3tate, the Charter and its plenary grant o# powers as a home rtile county, the County is authorized to entar into lease-purchase agreements for the purpose of financing rcal ond personal ,� property, including buildings and equipment for governmental purposes, and to purchase, sell, convey, dispose of and lease, as i lessor or as lessee, real and personal property; and �� WHEREAS, the Board of Co�roty Commissioners of th� � . County (the "Board") has determined, and hereby determines, that ` it is in the best interests of the County and ite inhabitants '"' that it (i) acquire an office building and all necessary � incidentals thereto (the "Huilding"}, acquire certain real . � property within the County on which the Building is l�r.ated (Che .� "Site") and #und an escrow relating thereto and (ii) improve and renovate the Building (such acquisition, improvement aad renovation is herein referred to as tke "Project" and is mbre �� parYir.ularly described in the Lease, defined below); and ��" WHEREAS, for the purpose of financing the Project, the � "' soard has determined, and hereby declares, that it ia in the beat �'�, interest of the County and ite redidents that the Board and the , -"` Corporation enter into a certain annuelly r6newable Lease � Purchase Agreement dated as of October 1, 1991 (the "Lease"}, in : the farm tiled with the County Clerk and Recorder (the "Clerk"), P ;1 which Lease provides for the ,leasinq by the Corporation and the i �� subleasing by the County of the Leaeed Intcrect (as defined in } - :;y� the Lease) and the leasing by the County of the Owned Interest �, � -+� (ae defin�d .lR the Lease); and � -� wAEREAS, there has also been filed with Lhe Clerk a `• `:�� cerCain Mortgaq�s and Indenture of Trust dated as of October l, i � '' „�� _2_ ''� � `� -- - �- °� � �, s�'' _ . _ , .. _ _. . .... _ .. , __.-__ �I� ,, � � ti. �+�� ' _ . �x� �`,..`.'� - �.� � . .-��4��;�;.`-� � '. . ,.��`_},, . zTi:,�y�;,' . � ;�f��g%�,;�a . . !�3��:�� . . � ..�:. �x��;Ar Z ^��. / rF "s." , '% �� ry� �ti`�� 'y' ' ��f• � � ..� �� J � . . L �." �� . � � �� . . �.. i -. . � +' T� �y+yv,,.. ,_ r � �� 1 4 ,,�� a r r- r� y'�,y�� f � ��, . , �i� � , ..� +�,t'� s�� {T+ !,'"' . �•u!*�I.tr.8i2d�`..�-~�'ir. '1f. � n. , _. N.,yx.^.e'�'r n:e~"�11i�Sk._iA �.�'�'" + r�'j 1.�l�''i�rY��1,�. t E fn �n..�r.il.u, w..�i o .,,.�.�+�, C! ..,P` i...1�...K,:` �,:.a+• ' �,,�b , 1Y�°�' �,,+: �,':';�,, _y• �i''�.•� ,��: j �,`'».4� �'- _ :� 1991 (the "Indenture") to be entered ihto between the Corporation ' � and Central Bank, National Association, Denver, Colorado, as � trustee (the `•Trustee"); and . i WHEREAS, there are beipg istsued, purauant to the ' • - Indenture, "Pitkin County, Calorado, Lease Purchdqe Agreement - ' Certifiaates of Participation (County Administrati.on Buildinq ` r Project), Series 1991" (the "Certificates") evidencinq � assignmenta of proportionate interests in righta to .receive ;,+,`��_i''' certdiri payments under the Lease; dhd WHEREA.S, the Certificates shall be sold to Geo=ge R. Haum & Compa[ty, Kircher Moore Division ("the Underwritere"), ' pursuant to a Certi£icate Purchase Agreement {the "PUrehase " Agreement"), the form of which has been filed with the Clerk; and i� s ;. . WHEREA3, there has also been filed with the Clerk the �' ,�. Preliminary Official Statement dated Actober fd, I991, relating to the Certificates {the "Preliminary OffiCiel Statament"). ��•,"� � NoW, TAEREFORE, BE IT RESOLVED BY THE BO?122D OF COUNTY COMMIS5TONERS OF PITKIN COUNTY: Section 1. A11 action heretofore taken (not inCOnsis- tent with the provisions of this resolution) by the Hoard or iCs offiCezs directed toward the financinq oP the Project, tha ' ieasing of the Leased Intezast by the Corporation, and the � subleasinq of the Leased Tnterest and the ieasinq of the Owned Znterest from the Co=poratio�l aie hereby rati2led, approved and confirmed. Seation 2. This resolution is adopted purauant to the County's powers as a home rule county organized and operating :� under the Chartcr and the laws of the State; and the Connty ' hereby determines that each and every matter and thing ae to � which provision is made herein is necessary in ordar to carry out ! � and to effect the purposes heXeof. � Section 3. The Project, aa deecribed in the Lease, is � necessary and in the best intereste of the County and its ' residents, and the Soard hereby approves the same, �' • r, . Section 4. The estimated Cost9 of the ProjeCt aie not � less than $3,890,000, including costs of issuance. �; ' y, . ' Section 5. The Certificates are to be issued in an �iE" aggreqate priacipal amount not to exceed S3,$90�U00 and at a net w effective interest sate not to exceed 8.00$� and are to be sold �� to the Underwriter at a puiChase price not leas than $',°L��°„^�,��1��;�:� � plus accrued interest from october 1, 1991, and otherwise ' Y pursuant to and Sn accordance with the Purchase Agreement, the form of which is hereby approved, authorized and confi.rmed. The ;# ect.ual aggregate principal amount and net effectz.Ve interest rate . of the Certificates, and the actuel purchaee price at which the S a -3- ��, ��S��FF,. ""' .. . .. .... . . . . . .. . . . . . . . • � . . . • . _. .:F� � f--;...:Y,y ' . � , ' _-___ ��;� v��;. ,. ';�,�� . . '� . 4T:;i%,f+'�c. • , `�iL'•~`=•^L:�b� . . ��ki•� �� .�'� . .. , x F'' .fi.�•�. � ' � ' . ::I: a�ig.�+{.(�r '; . ' ��;_•7ry�rc�r,. . . ::r�..,.rJ..°. . :;�d.��i'i rv{+>'r . . "`r?'W"�`f'��5,� . fi_•�''�.. , � `��,� ' J, . F��'�_�1. r�:nl��: ,�y f' !��, h 'S*r� '� � � ' L . �. .. ' . �.. .� y _ � i g' �a�c � f'� � �.�'' 1''� � �3' �t a�'�'+ �', � �ifa �` ^°u• +x � �' '� "�`�a�'! ��+y��.�r�'• '$YS* .ts-.�� °� `W��S{��t�X . . . ' °�� `��..��+ f r H lR.�. �.{y. -'�, „�y.^� ` r'; f�'y�?�-��`�'r: �rr'hK�M '4�.+.'x`�1� ,yei�'��-��.1�i"ti � . . . �k�.�� i.�'��'�'��`�� .. A�� .:� �Y�ir'�irpk�'?@Yxi`':.1��.��k.�U',ir.��f��rk,+Nr•f��r"i �7-4 - 5i �t" �{ I�'1..[��'L c.. ' -, � Certificates are 'to be aold to the Underwriter shall be as • �'• determiaed by the Chairman in accordance with this Resolution, ,-•- such determination to' be evidenced by the execution by the � Chairman of the Purchase Agreement. The Chairrtian ie hereby , � authorized and directed to execate the Purchase Agreement with , ._ 9uch changes therein' as are not inconsistent with the terms ,<�`L hereof. Section 6. The Lease, in subatantially the form filed "��+�" with the Clerk, is in all respects approved, authorized and r:. � confirmed� and the Chairman is authorized and directed to affix � his signature to the Lease in substantxally the forat and with ; substantially the same content as filed with the Clerk, with anch changes and modifications thereto as by his signature he ehall + aPProve. i ' r , . Section 7. The Bonxd hereby acknow].edqes the execution � '•j• and delivery by the Corporation of the Iadenture, in the form and �` ' f.;,-;., with substantially the same content as filed with the Clerk. '� Se¢Cion 6. The Board heYeby acknowledqes aad consente to the assignment by the Cosporation to the Trustee, pureuant to the Indenture, of all right, titJ.e and interest of the Corpora- ,< tion in, to and under the Lease (with certain exceptions as �, • provided in the I,ease and the IndentureJ, and the delegation by , .� the Cozporation to the Trustee, pursuant to the Indentura, of "- certain duties of the Corporation under the Lease. Tha Board � _ . hereby acknowledges and approves the issuance and sale of the � Certificates pursuant to the Indenture. The Board hereby � acknowledges and approves the forme, terma and provi5ions of the Certificates contained in the Indenture, in substantially the i. �� form fi.led with the Clerk. . '� Section 9. The Preliminary Official StatemenC is in � ;� all respects approved and authorized. The final Official � Statement, in spbstantially the form of the Preliminary Official �� • Statement, is in all respects approved and authorized, with such t n changes therein as are not inconsistent with thia Resolution and i� ' the determinatione to be made by the Chairman purguant to 6ection ; � 5 hereof, the approval of such changes ta be evidenced hy the . `• execution of the fina2 Official Statement by the Chairman. The ;� Chairman is hereby authorized and directed �o execute euch , �7 Official Statement foz and on behalf of the Board. The , , . ' distribution and use of the Preliminary Offioial Statement by the I: � Underwriter in connection with the offer of the Certificatea is hereby ratitied and confirmed; aod the dietribution asd use of the O�ficial Statement hy the Underwriter in connection with the " � saLa of the Certificate� is hereby approved. ' - � � Section 10. The Lease ehall be executed in the n9me -� and on behalf of the County by the signature of the Chaitman� � aha21 be sealed with a manual or facaimile impr�ssion of the seal � of the County ahd attested by the Bigttature ot the Clexk. _ ,' ''.�v � -4- +� . .. -_._ "�� ._... ._ _ _ . _ � �,�,w�- : _ �:.:�``� :�� :-: . �.,-..�;, . ��y-'`�_ ;�;��;;-�, . ,,t :•, a ��`. � ' . v.,., -r' �.r.,,i.„ ��.:,,,�. :.xx,:�d,.� : ,��;::; , ;�rr��_�:,�.x ��,.�ii�o� . ;��--,� s ��`� � �.. ;�� _ �.,. _ ___ _ ,. . � __ ,.,:�. ,..�;. : ..�x a� . - �,�� , . '" �� t. 'd ' . � . � � k ') � y'S 1` .� t<..p„'�yF� i F �+.�; .,Y . ` '� .. . ._- �{ �{� '�l � � +�'F'� �,7.{� � 1�'%yh . `$y J��63� "s�r �"�� sr� r � � s ."�1 � i� � � 1� 4y.. {�� i� . f„ � �1 �µ�f��e�t ��'� v{'� 4k r�t��y� � ��. � \�t:.r,�., �.�'d}.e� .a }„ ."t. � r „�i•y � .h ti �` ti l.g��'�,t}C�" !a r�'4•�St �l?� '�4�t + ; , .i� ,�.c#1��Y�iF�1�� 3��' ..��" `'r.�r' �� lrrr � ' ' � .��.•"'°E��:. �"'�"'„ f ..� .�� . ."�~ y'�'��.�.��L��`��r.. �• R':fj1^h\L. ' , •. .'1,�. . . . i,� . Section il. None of the Lease, the Certificates or the , interest tlicreon constitutes a general abligation or other • - ' indeb£edness of the County within the meaning of any conatitu- - tional, home rule charter or statutory debt limitatien. None oP '.r + t'he Lease, the Irtdenture or the Certificates have directly or indirectly obl.igated the County to make any payments beyond those ; ,'�:`� ' specif9.aally appropriated by the County for the then current fiscal year. � sectioa 12. The Chairman, the Clerk, the Director of � , Adminietrative Services, the Finance DirectoY and other officers t ' and employees of the .COUnty be, and they hereby are, euthorized � ! and directed to take all action necessary or appropriate to the � i provisions of this resolution, including without limitation: the ? �� praparation, authentication and delivery of the Certificates nnd � �� - the paymeat of Costs of the Projoct� and the execution and � delivery of such certificatea as may reasonably be rr_quired by � the Underwriter or Davis, Graham & Stubbs, Bond Counsel, a relating, among other matters, to the Project, the signing of the Certificatea, the tenure and identity oY the officials of the County and Board, the receipt of the purchase price #or the Certificates, the absence of litiqation, pending or threatened, affectinq the validity thereof, expectations relating to the ! � exemptioc� of interest on the Certificates from federal income A taxation, the assembly and delivery of Einancinl and other information concerning the County and the Certificates, and thR . - sale and issuance of the Ce=tificatea pursuant to the provisiona �. of this resolution and to any instrument supplemental hereto. � ' +i ;+ Section 13. All action heretofore taken (liot in con- � flict with the provisions of this resolution) by the Board and by `; the officers of the County on ita behalf relating to the Project : ' and to the sale and issuance of the Certificates for such puY- � � poses be, and hereby are, ratif�.ed, approved and confirmed. :� Section 14. All orders, bylaws and resolutions, or ` parts thereof, in Conflict with this resolution, ere hereby � repeaZed. • ' ' �' Section 15. If any section, paraqraph, clause or , � provision of this resolution shall for any reason be held to be � invalid or unenforceable, the invalidity or unenforceability of �. such section, paragraph, clause or provision ahall not affect any p;; of tihe remaining provis.ions of this resolution. :,� Section 16. This resoLution shall be in full force and effect imaiediately upon its final adoption. �� ''' � ` Section 17. This resolution, immediately upoa ita �:� � passage, sha21 be recorded in the book of resolutions of the ;� County kept for that purpose and shall be authentiaated by the . signatures of the Chairman and Deputy Clezk and Recorder. ;�� , 4 "•' 3 ' ;;.. ; -5- _-___ � ., , . �� . ��. . . . r�:yk;?'"�, ��s%M . .'`s.�;-';:'•' � . • - � . ' `dt�?�i�' . . • . . . ��`.:t:i .. � .�'"�5�'V.;,• � � �'",usk:',• �c��%va� _;t:� ,�,�'�: ��±,: ,�� . 4'v .;y!I. �:�.n^•:.. . .j'�.w.. �, ��' � � • rrt�, � �+�!lk"M K�d ' � � i.� . ._ '. 1 o��lt� � � Y .��' � �- r� ��,' �i 1 .4 , Y�. ��• 'K � y \ A)d��:fr �.7�� '� 1� j �'�i6�Mj�i 6 iK f �{3 :l 4 �1� �� . ..2 � r1�`�! ' y�.�� . �4 i �, � ��^c,rq � "n"�k.�: �`,�• ', +',ep a � � . ..i�f rr ::5 ��. �,�,. . �,��'t.� ,�.��..yv .�. 1 ��'� '�w. �" .. . .._ ' . , .�r'' .�r t�`u, „ ,.� :�m....�, .��' � a...._ x �,u��{:ti, "��; ;- �� 4 .S -.... � . . � � . . . � . '>� . . �. * .. � . : �, Section 18. mhis reeolution shall be publiahed by � title and ahort outline as provided by SecEion 2-8.1(C) of the � Charter. . ',_ ' ADOPTED AND APPROVED_this October �, 1991. ;•;r�" 4 � . � � ; � � . . �, ... . �� . . . . . . . ... � . �.. j...`-��i1:• � . .. . . . . . . . . i Q ; Chaa. n o t e oard f °' � �,�'a� Count Commisaioner� ,� F [SEAZ] �o ,s�' .�,y ATT ST �;��. . � . . .^�"'. 'r'��, . . . � . . � . . . s 'l ' � . : Ar)��:�.�� . . � . x � t` e,_ � � , a.. ��.,. � � puty oun C er an ChalrtnanWayneElhridgevoNng . � ecorder Commlesloner Ross voU�g � APPROVED AS TO FORM: , Commlesbner True voting �/L �.. �1 Commleeioner Tuife voting 0�'' ��.• /��.Z�Sf l l� CommissbnerCrowleyvodng �fLSj� , � unothy E. W it tt A County Attorney - RSCOMMENDED FOR APP1tOVAL:. -� ! �' `, i lz��-.�a- � C7/� T omas C. en AdministraCive Services DiieCtor �� i�- 2teid Ha g ey . �' County Manager ;j ' ;i '`.i \ ��F� � . ' . �.+ .�,�� . � . . . ��` • �.� `5 4�( �: 4 � , ' Z � � �' ' '�� . . 'l�:. � i_. . � _6_ �,�' , 1��:.�::. � _ :� __ . , _ _._ _ .. ._ _ _ , . .�.�._-- . -- ..; .. . . . i � �: .. � ... . _ . .� , .. . :� , � . - r��,� ' . . . � . . ' . � , . , . ; . .. � 4� , • ' ' F � a a,.i , � L. . . . �Gf` � ��R�S��R _ � . . � • . ?��