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Home My WebLink Aboutbocc.res.392.1992 . , �. !�� , � . . '�', � , lY .. -_/..,, �II�`5'"yqy�Y2� n�.9 * -��.` 1. �' �, :y,.�,� � `�. �' t ..1 fs � s GS` �1'�i � .�s �7 � h�5 i Myi}+��< }., �;V�, ;. ! �y- ��,Y +.. 4� .av+ 't � .;i;.4 i;. 5'- �, `d• .��ii. ��d�'}i{�,. J`ts �' r �{rf`��a��;'�r�.�i S� ._3�;�i 1 � ". - :. ,xQ,� v �£yr. vM .;t� �f F E7��r •A�!. w.3� 'h�.Yt��{Zf yr./ _ NY!, .f�1<�. .y�� . •k��' � .e'...�h �'�t �y'lu,��44ieP`i�, ..�; �,Y. . ;Lw�c i;. t �:�"'� )- ;4 °� `��i�i��Vl�-'�''ta ;.t..l0-.+, r .� ty,;,•: �.•.� r .� . .�,��«c Nf.u fd46r .'��..a�ai�t. �!!i ;�` 9�-�!`�y i ,^� i ,."; { . �..:. ; RESOLUTION .?,. - �,-•. . j ' A•-._. ��. AUTHORIZING THE ISSUANCE OF PITKIN COUNTY, 4ti;' �,-- _ , COLORADO, SALES TAX IMPROVEMENT AND REFUNDING r.r��_''.. REVENUE BONDS, SERIES 1992, IN THE AGGREGATE `''�: PRINCIPAL AMOANT OF $2,530,000 '' �'`•• ;`�a�`_;: �� WHEREAS, Pitkin County, in the State of Colorado (the � ��, ` - "County" and the "State," respectively) , is a duly created a r _ political subdivision organized and operatinq as a home rule � `` "•` county pursuant to the qeneral statutes of the State and the Home �;i,,,." Rule Charter of the County (the "Charter"); and ' WIiEREAS, the members of the Board of County s��-:�. ' '� Commissioners of the County (the "Board") have been duly elected, " � chosen and qualified; and � �� . � WHEREAS, the County and the City of Aspen have, �� pursuant to an intergovernmental agreement dated November 21, 'x 1983 and amended on June 9, 1986, formed the Roaring Fork Transit Agency ("RFTA") to provide public transit in the County; and WHEREAS, at a special election of the electors of the g ' County, duly called and held on May 3, 1983, in accordance with law and pursuant to due notice, a majority of the registered �` electors of the County voting at said election voted for the '""�" imposition by the County of an additional one percent (ig) sales tax to be used for public transit purposes (the "Sales Tax") ; and •>��, •' WHEREAS, pursuant to such election authority and �'�" � Resolution No. 83-120; duly adopted by the Board on Noveraber 14, 1983 {the "Series 1983 Bond Resolution"), the County has heretofore issued its "Pitkin County, Colorado, Sales Tax Revenue Bonds (Aspen/Pitkin County Transit Agency Project), Series 1983° i�,' � (the "Series 1983 Bonds") in the original aggreqate principal * x �' amount of $1,500,000; and � W?iEREAS, the Series 1983 Bonds are presently � outstanding in the aggregate principal amount of $830,000; and �. i ``1 WHEREAS, pursuant to the Public Securities Refunding Act, Sections 11-56-101 through 11-56-117, Article 56 of Title il . � of the Colorado Revised Statutes, as amended (the "Act"), the Board is authorized to refund any of the County�s revenue obligations when it deems such refunding to be expedient; and .��. x WHEREAS, at a special election of the electors of the i� County, duly called and held on August il, 1992, in accordance ant to due notice a ma'orit o t e re istere � `'�� with law and pursu , 7 y f h g d � -,.:i, electors votinq at said election voted for the issuance by the � �•' I�;�y County of not more than $1,700,000 sales tax revenue bonds for r �' a'.: ` the purpose of financing additional buses and facilities ;, ,;�.tl��`. ",� � improvements for RFTA; and � 3 � �e �l �t " I�a,�={�. �. �.,;, a , t"k` r ° -2- i* _' ,; z �:r. , ; _ � . --�--'� .,�. ....� ...... ... � ..�.�...:.::�wa.k��= � .xb�c4wx�a�.�Jtt�r&..a�'xc;«..4..�F•T'�Y%�- �`. .:• -. r � � �� •.::: . . � . . �,:.��i�� ; :-. ...; � .. . .�. . . .. - . . . _ _ � . •�f�4 . . . � � � . . ' . . . ��. �w�r . � �. . . . �rhs . . a' � . ' . . . �!f.•. ' - , �\ .- �. . . ' ..': rr{ � � .� � . . . . � �;t ,'. . i�. . .. ' d� .. . , � '��w�s� .. .. , ' � . � .. � ,4 , � , . . , . . ✓� . � ��J� . .. ~ �� ' . ,J�'. . . .. . .. . . ��t . .. . • . 1 �� ..� � .' • . .. . . � . � .. �t . � . . � - . , � ' .1 ' ` � � ' . . t.R . . ,.'�LL' ' . ' v; �e '� � s y ' . .� : . �c ( �K .. 1 1 � � �1� ..`a I�. /... ��'` �y�( r ��{�r,"ic� j �t .1!'�St y vf+ .�'� � .:A � .G°.e�°i � �' � j c�� Fi:."� �� 7�'; ��.. - ��'i y��l� w�4. t4 :> >� iL�,�. � �'+ a >Y�� 7 � � ��^ 4 ��7:. . x ., . . ,� . ,� A'�4' . _P•.W rH �T:' ��;��F�' ��'.: J � ttP ti' :T ,,. , � .f" ... A � '�! ` � �t, .f"ia t h r i•°.t �- �.F . .� : �� -.n� �_ �y�";�'�°e1- ",�: 9 � f i: •Y ��1�y .d�. 'k�k i,�u�q y�{` ` ... . {., . . ,�p..,rk_ .1.@'^ .. . .if!,ca�.i��W-K�1 � .�?'63YF..r .r4..'4.`.�ttr.:�,:�_4��',. . � i 1 � 1 .�t- . . .. . i - �� :.^� . �.i.I: ` � WHEREAS, the Soard has determined, after discussions f ..�-.,R.:` � with Newman & Associates, the County�s financial advisor, that �,:r�". : redeeming the Series 1983 Bonds prior to their respective ; :�(•;;j,-"' maturities will reduce the net effective interest cost to the -�T` :, Count and effect other economies• and ��''`''? ` Y , :�..-, fj .. : WHEREAS, Kirkpatrick Pettis, A Mutual of Omaha Company ,��,y (the "Underwriter") has heretofore provided to the Board the S>'tw�,. disclosures required by Section 1i-56-104.5, Colorado Revised �.��lrr , : Statutes, as amended; and :��-•;�;;;.�',,;, � . In�-': R.� �F� ' WHEREAS, the Board has determined and does hereby } determine that it is in the best interests of the County and the �� inhabitants thereof that, pursuant to the Act and such election .�� :-T'.-, i authority, the County issue its "Pitkin County, Colorado, Sales �t,z : r: Tax Improvement and Refunding Revenue Bonds, Series 1992" (the � "Series 1992 Bonds" or the "Bonds"), the proceeds of which will :�r�, be used to (i) refund the .Series 1983 Bonds and (ii) acquire ;�' ', '?i� additional buses and facilities improvements for RFTA; and � � '1� WHEREAS, the Series 1992 Bonds are to be issued pursuant to the authorization granted by the electors of the �. � County at the election of August 11, 1992 and the Act; and • WHEREAS, the Board has determined that the interest ,�;:� rates on the Series 1992 Bonds fairly represent prevailinq market rates. ,� !� - � NOW, THEREFORE, SE IT RESOLVED BY THE BOARD OF COUNTY � , COMMISSIONERS OF PITKIN COUNTY, COLORADO THAT: , d..'•�:� Section 1. Definitions. The terms defined in this £�.' " section shall have the designated meanings for all purposes of this Resolution and of any amendatory or supplemental resolution, �; . • except where the context by clear implication requires otherwise. ; ' Other terms are parenthetically defined elsewhere in this � Resolution. ' (a) °Bond Account" means the Bond Account ' "�. , ;.; (created by Section 17(a) hereof) of the Transportation - Capital Improvement Fund. (b) "bondholder" or "owner" or "registered owner" � � means any person who is the registered owner of any K Series 1992 Bond as shown on the registration books kept by the Registrar. ��'.. (c) "Bond Insurer" means the Municipal Hond ~{� : Investors Assurance Corporation. I� ry1�' - (d) "Honds" or "Series 1992 Bands" means the �� ?� �� "Pitkin County, Colorado, Sales Tax Improvement and � z,��:' Rafunding Revenue Bonds, Series 1992." i z,� :��.+� i. 4 � i�.5,'�-. �`. 1�� I Ak�� s' ; r•-�.. . f Y �� . -3- � ,� �� ;I � _;,.� � . _ a,� �;, i.i 9 � �, -�.-.�-�- -r-�----�- ---- --, C,,; Y�'��+,f�F,� { � �;� �- �-n'�:: . � 1 � l " . . " �. � �� _ � _ .�:."' � �`� � . :��' `: � ,, _ . � �'� - _ � • , ' , � _ �.. . - �,r , . � , � �� ' 'Y � ,•�F, - �� '- � . .. � . �. t�+S� Y��:7 'r '�Ct;�'tr' - t � � �a �Y?a i .ti � ^�� fi°: �`�, � � � �t�,�m �aay4� � 7�'�. .w � a7 i.t.,}' � t� 3:+b+,��7"'.t'42"i�?,� 1 �i�L �. .� '�� +~-�_..R �Mi�`' s�-1�. h1�.��[Ii�Rl �)".�.��,�l� '-�5 a �:::r� �'r `�r(.[t �1"�a�k�?A �i r t,::,,f�r �.� � �':. T�� ) .��. ',�' S�,p�,;�. � yt �'. . . ;c}r�j' r�Y/s, a`a"�� ..'� r _ "�'un@�� . � � � - `-"L�.� ��:;�'"" �M �' 9 � �, ._ �3� . ::w..r!- h ..,._. .. ::.,,. .,�,: ��.. . . . . ._. . .. _' ._"' .._........... . .. . . .. . .. ._.. .... ..... � ..... . . ' 3 ! ..-- _ } �^� • ! ..v:ir'•... ��.r. . � ,'�;. : � (e) ��Code" means the Internal Revenue Code of �' 1986, as amended, and all regulations and rulings � ("^�� promulgated or proposed thereunder or (to the extent the same remain applicable) under any predecessor ,'� 4-- thereto. ,,� � �`tv'Y'�,:�: ': {f) '�DTC" means the Depository Trust Company. �c� �� i � �;:. � (g) "Event of Default" means any one or more of ��2� � , i I the events set forth in Sectian 23 hereof, S ' (h) ^Federal securities" means (i) direct � }� � � ' obliqations of, oz (ii) obligations the principal of � . `° and interest on which are unconditionally guaranteed �' .j by, the United States except that, so long as the � Insurance Policy is in effect and the Bond Insurer is k nat in default thereunder, the obligations described in '1'� - this clause (ii) shall be limited to: ' (i) U.S. ExDOrt-Imoort Bank (Eximbank) �._ Direct obligations or fully guaranteed ' � certificates o£ beneficial ownership . �i:�`.t'-+:�; _ � (ii) Farmers Kome Administration (FHA) , _•� Certificates of beneficial ownership (iii) Federal Financina Bank ' � �;s, .. (iv) General Services Administration ." Participation certificates _ � . . . � . r.. . ''� (vj U.S. Maritime Administration Ij Guaranteed Titie XI financing � (vi) U S Denartment of Housina and Urban ' r Develo.pment (HUD) � Project Notes �� Loca2 Authority Honds t. . New Communities Debentures - U.S. qovernment guaranteed debentures _ U.S. Public Housing Notes and Sonds - ,� U.S. government guaranteed public � . ; housinq notes and bonds • ' (i) "Financial Advisor" means Newman and ' ; i� * Associates, Inc. 4�� ! •j (j) �'Financial Guaranty Agreement" means the �� . �� Financial Guaranty Agreement between the County and the fi'� �t � , Bond Insurer relatinq to the Reserve Account Surety }�"` .: Bond. �� : -� L �^�`�. � - ; � � � � � ,:��s . .......��:�..... . �:,�..�::�.'9. . , -a- ux �,�>- . '�! r a{� � - - . � . . �� . � .2 i � . ' r. .'pu!!�w�..��±'«"':'' . . • � ..; �� Ea IA j 1 _ � � f� �; , � " ' .;�'rt: � :,, •. J ' 1'` � t' � . ��' '`s` � � . +'ft - , . . .. -. h .. .s . .. ' ..� _ . . . , . . ._. ..... . . . . . . . � . . � •! . .�:., . � - . .. � � . . " �.. .. � � . ��. • . .. . . . . . t,' � .1. . . .. . ' . .. . - . . . .� _ ' . . .. . . ' . �'�" � � • . y 1 � . � :� �.. _ . . .. ... . �l. . - . :'�_ . . Y ��* .� ' . , . . r f x y� � • u � f ''�,�a ,� r � ��, I�Mx�s� �{�i {�� irb..� 'l`r�.�.'.�t�' a d,��t�'.t�ti^� �53��..�.-� SSa45..�:i�' ,;;y�'� r ��.�u� ii;� ^ri't i4a �^r��;R'�ti�'��J�ij`,.�r.:. � ��c��,,�T°` ,�'•. , ;,, ,� g �,.� ..-� ��,t�.� �.�`� . �, �,.:,y}�,r ..:v. r ,e:, 3 r,,p,, � ,.�w{d.r!�f'�,P' �i'tr_it�'� '`r y �..J t}��/a f �,�ty - � r r. ,�IT p� , 7� . . f. rc{ s,-��"..?a�$��:7��.. ..�.'Syiiudb�«,i2..'�E�'�:�;f}�Slc�i:�s . . . •�' '�Yi- � �. . . . ' � �� . �` . . i � i . � � (k) "Znsurance Policy'� means the insurance policy � ".�,, to be issued by the Bond Insurer insuring payment of "-;��,."'•;: ! principal of and interest on the Series 1992 Bonds. �'�;: ._�:..:- ' � (1) "Improvements Account" means the Improvements '�'�%;...;, { Account (created by Section 16(d) hereof) of the 4'' ' � Transportation Capital Improvement Fund. ;'';d ;'. (m) "Zmprovement Project" means the acquisiCion ,�.�� = of additional buses and facility improvements for RFTA. 3�.' 1=; w'"�''w . (n) "Minimum Reserve" means an amount equal to �Kk" � 1 the lesser of (i) the combined maximum annual principal '" ;K�:` � and interest requirements on all issues of Sales Tax �ti: !' 1 ! Parity Obligations outstanding in .any fiscal year to � and including the latest final maturity date of any of the Series 1992 Bonds and (ii) ten percent of the fe 'ik�" aggregate principal amount of all Sales Tax Parity Obliqations Outstanding. The Minimum Reserve shall be recalculated concurrently with the issuance of any ' additional Sales Tax Parity obliqations as provided in �� section 29 hereof or the payment or redemption of any ' principal of Sales Tax Parity Obligatzons. (oj "outstanding," when used with reFerence to ( : �.�„�;:.` the Series 1992 Bonds and as of any particular date, means all the Series 1992 Bonds theretofore duly issued �,w:� ; except: `.', � (i) Any Series 1992 Bond cancelled or { delivered to be cancelled by the County, or on the J County's behalf, at or before such date; -! � (ii) Any Series 1992 Bond deemed to have been ' . ,, paid within the meaning of Section 26 hereof; and (iii) Any Series 1992 Bond in lieu of or in � . substitution for which another Series 1992 Bond � shall have been executed ahd delivered pursuant to ' �:j section 5 or 7 hereof. ' :j (p) "Paying Agent" means the entity sezving as � paying agent for the Series 1992 Bonds appointed by the County, being The Bank of Cherry Creek, N.A., in �.�. ; Denver, Colorado, or its successors. � � {q) �'Pledged Revettues" means: ,:'� �;: .3 (i) all of the revenues received from time �, _. s.� to time by the County from the Sales Tax ' (including, without limitation, any revenues r� x received by the County from interest and penalties i � � on delinquent sales Tax collections), iA , '.^ � � �az�,� ��a; � �� t ��+ —5— ��i ��, .?�? I*"#�'r : � �`!' `� ;_: ., � . Mx;*-,��"+r-.'--^;�.-- .,. ... ,: .. - ., �----�.+�.��:..r.,»r:e4ta:Wdrs6+z►ti+ra�«u-..�.�-�- .. `f� ::,� .' ,: - x ��. � � � �. N.... �' 't ��y_ ' ! :, y''' r .'} ; � A � � � . `F - . '� � ;s .`. r 1 \ � ' �4� .��` . . \; � / �+ � s� � , �.,� � • � i � __ . �, ' ��' �: -! • ,� � '.. �' _ ` ;' . � +�` . ' . � _ _ � . • . . ;i � � �� i ;� � � -C.� ' ,,, ��. F ! , ` � .� e r•�`Yi�'' �� c3 �" t�'xu; � �. �,ys r�� s �?�at5.f �.s ^ f y .,., B 71 - �� ti�... i�? , A ��r'xs p{;: },� �.Crti r . ;fr,��f?S J1fi'i'J'P��ft��'+� ,_. �Y �'� .lR.F�� 1��f i t`� . � � , ,�%�. ...� ?�� :+ �, 4. � .�"„�+ y ��`:9�a 1 i��,.. i y f ". ",1 • �: e '�R w ♦r �� - �}.� ,it, .�,�,�i,,,�}�—..q",P ,�� .I. . � ��'�`�A '�'� �.�:3c-t.lk'��+i��".�,@.s�_.�q t w, . 1 lp ��! . . .. 4 . 15L.C: �i.C2dl�i�r .. � ..�f5.�ar"TM.�� i ��- ` ��; �. Ci9• �r .wyJ�� 1 ! s. f;,Y,' • i:�'�^„•;, r (ii) proceeds of Sales Tax Parity Obligations � `�: ' � or other 2egally available moneys deposited lIItO ��r:' ! and held in the Sond Acwunt and the Reserve Account, and • �::':;,:'�; f-Tt (iii) interest or investment income on the ; t Hond Account and the Reserve Account; M�' r,:. ':`�'s:�+,_,__- 3 all to the extent that such moneys are at any time � >.+a r.'� required by Section 17 hereof to be deposited into and '��'`'f`;:% held in the Bond Account or the Reserve Account; , - r +`�' provided, however, that Pledged Revenues do not include �` � (a) moneys which the County is required to pay over to �,:;. � other jurisdictions; (b) moneys retained by the State q , � ! Department of Revenue or the State Treasurer for costs i.� of collection, administration and enforcement of the � t,?�':,, Sales Tax; (c) amounts withheld by retailers as ":� " vendors' fees pursuant to the Sales Tax Resolution; `� (d) amounts collected and subsequently determined, !} pursuant to the Sales Tax Resolution and applicable law ` `� of the State, to be subject to valid claims for refunds; (e) amounts in or rebatable arbitrage investment earnings payable into, the Rebate Account � (or any similar account established far any other � obligations payable from Pledged Revenues) to the Y �,,�,_.� sxtent reguired to be paid to the United States as provided in Section 22 hereof. Clause (i) above shall - _ apply to Sales Tax revenues whenever they are received by the County, notwithstanding that such revenues could have been retained by the State for a longer period of time under the provisions of applicable State law. '':`' ` Notwithstanding any other provision hereof, the Pledged E�; • Revenues do not include any proceeds of any sales tax '"��''�• , � now or hereafter imposed by the County, other than the '.' ,�� Sales Tax, as herein defined. � 's - (r) "Project" means (i) the Improvement Project � and (ii) the Refundizg Project. _. i (s) "Project Costs" means all costs and expenses t . � incurred in connection with the Project, including without limitation, costs of issuance of the Bonds, including the Uhderwriter's discount, the reasonable charges of any paying agent, registrar or depository � . ' bank; fiscal and legal expenses in connection with the Project; costs of financial, professional and other � :�; �. , advice in connection with the Project; and all other � expenses as may be necessary or incident to the ��^ Project. ll �.' 1 ^ (t) "Purchase Centract" means the agreement for r� • ,fi` the purchase of the Bonds submitted by the Underwriter `s ;;� +t ' � concurrently with the adoption of this Resolution and a '�.°;'. hereby accepted. � '�� `�'� _ �'yi;,I a ��"��a�,x��. : -6- �,L y';``��' , � . < � , -,..� T- -- , • : ; : ; • . . , ..- ..� :�K�:,��.:� ,�..�;,,;,:�,�. . _�"� � . ' .- p .if. . " . '.': � -:� .� ...:- ' .` - „X , ��' ) ��•r . tt�aN.,Y'dW' I ' '�.i . . I�'� ��:..� ��... ��, `. �415 �� .y..`' � �.\ � .. �� .. � J . . _.. S . . . . . � . . ; .... . : ,;. a. . . ,.. .. ,. .. .. .. �� . .r . '�... r ., . ��.�. �",. , , ��* :4 j � '. . ,'�t . , , , � ' �' , ... � � �., . . : . 4�� .. . �� Y � . .� �r'h sr' �.. � �� - �.-. .�. � ♦ -� yi 4Sl p� ..•,y �.,.� �u rr�r.��rs} �E�a�J��i4a�.��a;R��;'��.; % , �5 . ,y rt�,e �s,r�� .��t�.. �� Y i . �- �. �� '4''i"i Y�r�r�� YA� i�`r�ya r �,�{�f��X4<L.i��'✓s�t af�Yj�F � 5. � t � 6 � �j.(a t. ;1, �� f�:i �1 f .• � ,�� "� �� !�i` F��,{'K �y �tL++.F* � �,;,r .,�y�Y 9y�R}l j� ��`. 4 , l�+ldtp � � f :S';i�.f.�� a ,�. �:kcu�.,`�t`rV _ i t�.;14..:_ • �4'�"��*?Ar�ikl... �_a�`:.. . ?r�[7�du�xci�..�� _; 'f � (uj "Record Date" means the close of business on the fifteenth day (whether or not a business day) next '=�:�;:. • preceding each regularly scheduled interest paymenC I;�"i�`,:: date. F�:'"". . ..r,:,�r: � (v) "Registrar" means the entity serving as `;�nrv�, registrar and transfer agent for the Series 1992 Bonds appointed by the County, being The Bank of Cherry 't v.�'. -. Creek, N.A., in Denver, Colorado, or its suacessors. (w) "RePunding Account" means the Refunding ,,. Account within the Bond Fund for the Series 1983 Bonds � " created by Section 16(b) hereof and held hy the Series . �� ' 1983 Bonds Trustee. (x) "Refunding Project" means the redemption on 'i December 1, 1992 of the Series 1983 Bonds. lt (y) "Representation Letter" means the Letter of Representations from the County and the Paying Agent to � ,. DTC. ': i (z) "Reserve Account" means the Reserve ACCOUnt � (created pursuant to Section 17(b) hereof} of the ; Tzansportation Capital Improvement Fund. arzd�.,:_'; '4 (aa) "Reserve Account Surety Bond" means the �.^� reserve account surety band issued by the Bond Insurer a in connection with the Series 1992A Bonds. i (ab) "RFTA" means the Roaring Fork Transit Agency. : ;: (ac) "Sales Tax" means the one percent (1�) sales tax imposed for transit purposes by the special ' election of the electors of the County on May 3, 1983 • and does not include any other sales tax now or hereafter imposed by the County. '� (ad) "Sales Tax Parity Obligations" means the Bonds and any additional obligations that may hereafter be issued by the County having a lien on the Pledged Revenues on a parity with the lien of the Bonds ithereon. .N� b, � (ae) "Sales Tax Resolution" means Resolution '�� ; No. 29, Series 1983, of the Board. f` - { x'�� ! " ,i (af) "Series 1983 Bonds" means the Pitkin County, � 1'; Colorado, Sales Tax Revenue Bonds (AspenJPitkin County I i' ��' ' Transit Agency Project), Series 1983. ta �� : � � � }i°#�.-i.�'". ,1 � (ag) "Series 1983 Bonds Trustee" means Central � `��r �_. � Bank National Association. �,a•i�;� ` 'F�ni�; `' 'Sti t �� -7- x , ,,�... �� ,: --s-`'e'p�-�-.,-^.-.-.�-_., , , . :� '`�_- 'x {`1 #;,+�,. � � , ... , a �.; 4 ._�- - ' �. -_ :,:�: "I '�� ... .:: . ..: � �'� , ��. "�•. .. . ` , ._., �i.;4-�.' . . ' t .' -��.�... . ;.. � . .._. . -..- . . 1 . .. . .'.l�' . . .��-� . /•r ' � � . .` ..i' ��` i� ; ' + ' .. . . fJ , . ;��.. � � , � � . . .. ; � ' .. ,- + . . � . ' � . ' �` . ' " . . � . _ ,. • t•r �� ' ' _ '�'�i � _ ____. ni '�,` ' • ....:e" J�. . - ' • . .. - ' �'1�7`l �4 � �{fi1E 1 k�SltFt}�vi�� r {�'i�.r� l � .4'NI.�� 4jz" i '>s{{S�.�y��'^• �-�: t�y �..i �i�`�'. r.a t�,sC"�:� � ""�'�::.�! .: ��n, sh� � T'^' .ts�� ,��S r r. }.��' :.'x �.�+� - ,J�},{�•S i �tif::, t i `",c�8. v =��,u' - k �� ,=,�... �, �-,�� }y��b�� .�, �: �r _ � r ,� . .. : �� ; � �l�f�s °�� .¢4�^1:,,;� .,��y��l�`?.��.?�. , ` �i:iz��'�� .a'..:� ��atti :!# ��, 44"�. .�:/%-��,w:. y'' �Y� f� ��' ,�' � . i ` +y�^f . ._..:.. 1 ..�•.. t� ' `�=: I � (ah) "Special Record Date" means a special date .��•; � fixed to determine the names and addresses of owners for purposes af payinq defaulted interest. �i":x:'� '.-''p;i_` . (ai) "Transportation Capital Improvement Fund'� ?c::4'.=:::• means the Pitkin County Transportation Capital `''` "�`'°` Improvement Fund created by Section 4(b) of the Sales i�� Tax Resolution. �.�.,,,,�ri j`-� ;-'';:.�_r.:.::; (ajj "IInderwriter" means Kirkpatrick Pettis, A �� Mutual of Omaha Company in Denver, Colorado. �x�; , Section 2. Ratification. All action (not ': '� � inconsistent with the provisions of this Resolution) heretofore �iv � + taken by the Board and the officers of the County directed toward �' •j effecting the Project and the sale and delivery of the � 1 Series 1992 Bonds tor such purpose be, and the same is hereby, � r I ratified, approved and confirmed. ;� ! �y Section 3. Authorization of Series 1992 Bonds. In ,. � accordance with the constitution of the State of Colorado; l Section 29-2-112, Colorado Revised Statutes, as amended; the f"� � Colorado Home Rule Powers Act, Section 30-35-201(6) (a) and (b), � Colorado Revised Statutes, as amended; the Act; the Home Rule �,. � � Charter of the County; and all other laws of the State thereunto '��``"�" i enabling, the Board, on behalf of the County, hereby authorizes _ . j the issuance of its "Pitkin County, Colorado, Sales Tax Improve- _ "'� ment and Refunding Revenue Bonds, Series 1992" in the aggregate ;'�'.;;:;a s ' principal amount of $2,530,000, for the purpose of providing � funds to defray Project Costs, to be payable and collectible, both as to principal and interest, solely from the Pledqed `� � Revenues. ''" " "�� Section 4. Bond Details. :, „ � (a) The Series 1992 Bonds shall be issued in fully registered form (i.e., registered as to payment of both principal �. and interest) in denominations of $5,000 or integral multiples (� � ' thereof {provided that no Bond may be in a denomination which - <a exceeds the principal coming due on any maturity date and no ; individua2 Bond may be issued for more than one maturity.) The Series 1992 Bonds shall be dated October 15, 1992. The ' Series 1992 Bonds shall be numbered in such manner as the '; ' � Registrar shall determine. The Series 1992 Bonds shall bear ! interest from theix date to maturity at the interest rates per annum shown below, payable on June 1 and December 1 each year, �,..� commencing on June 1, 1993, except that Bonds which are reissued ��., . upon transfer, exchange or other replacement shall bear interest ��. � =� at the interest rates shown below trom the most recent interest ' ,:._ payment date to which interest has been paid or duly provided �; for, or if no interest has been paid from the date of the Honds. � r 't `._� � The Series 1992 Bonds shall mature on December 1 of each year and 1° ��' bear interest at the rates per annum shown below: ;:p� -�f�•� - :�'`1` �,i?!., .i M1 : ..�+ � . �t'aTS �.� .ra -8- �x�� .,_ I; (� R•: Mr.'.�_�._ __ � ' � y ��y '1 �..yy;; �.', ;:~ � ' .. '.":�. .. -,.. . _ . . : ��` , . . , . ., .. _ , < . • , �. .' ,� �.� .;�`. . � .r:,w�� ; � � � . . . �i� ' , e . ,' .. �: ' � � � .. .. . . ��K ,. �' . . . '. . , � `�. -� � . . � . . . � . . . . � . . � . � � � - .. _ . . . . . .. . . . :i .... ,� . � � � . . . . - " . �;� . , - , , '..� . � . Y �' � � � ' � � . �ti"� � .:� _ _ { �j � � . 1 � �� IK �� f��` ; ?5"��}„s�' �tY �i�-,• �Pa 1'H�"!�i'`�+nf��fl�7,�7.,,'f'�t x..�J i ,: t �`FS��.4� �i a 17 w�,4,)t:il.fi}i a i.i Y'r(,��•r �in�'s� ' �. 4, �+� -�•a A z� { �a �n' s ft �' ��te � ' �,. n�� `�A S�P ��1�.��,� + ..� .. .vN�l�� .,:s:� !r..� .r�k.�D�...11� .tr. ..Y'.�az.r+i.n'.m'-��'�'�l' �� +� 41 ��' � t ' . .. '.. '�i:�r . , �.� . , i � MATIIRITY SCHEDIILE I , �.'� ; � :..._ �'t Interest Rate ±� ! ear Amount fPer Annum) 4 j :�`�p I 1993 $105,000 3.00$ Ti � 1994 130�000 3.50 :��' _ � 1995 135,000 4.10 �=� 1996 140,000 4.30 ��"1,:�±"..w:c � 1997 145,000 4.50 ��`�r""` f:`: 1998 150,000 4.75 . 1999 155,000 5.10 �� 2000 165,000 5.30 . 2001 170,000 5.45 �J 2002 180�000 5.65 ��.- � `� , 2003 190�000 5.75 2004 200,000 5.95 2005 210,000 6.10 2006 220,000 6.20 � 2007 235,000 6.35 A+ The principal of and premium, if any, on any Series 1992 Bond shall be payable to the owner thereof as shown on the I��., registration books kept by the Registrar upon maturity thereof or prior redemption of any Bond and upon presentation and surrender ,'`�:ia- at the principa2 corporate trust o£fice of the Paying Agent in Denver, Colorado. If any Series 1992 eond shall not be paid upon ' . such presentation and surrender at or after maturity, it shall continue to draw interest at the interest rate borne by said Sond �'. ,� until the principal thereof is paid in full. Payment of interest on any Series 1992 Bond shall be made to the owner thereof by ;;� check or draft mailed by the Paying Agent, on or before each � interest payment date (or, if such interest payment date is not a business day, on ox before the next succeeding business day), to � � the owner thereof at his or her address as it last appears on the + � registration books kept by the Registrar on the Record Date; but ' � any such interest not so timely paid or duly provided for shall � cease to be payable uo the person who is the owner thereof at the ' close of businass on �he Record Date and shall be payable to the person who is the owner thereof at the close of business on a � - Special Reco:d Date for the payment of any such defaulted �I interest. S::ch Special Record Aate shall be fixed by the I Registrar whene�er moneys become available for payment of the � defaulted interest, and notice of the Special Record Date shall t � . be given to the owners of the Series 1992 Bonds not less than ten days prior thereto by first-class mail to each such owner as , shown on the Registrar's registration books on a date selected by � the Registrar, stating the date of the Special Record Date and :� the date fixed for the payment of such defaulted interest. The �� ;: � Payinq Agent may make payments of interest on any Series 1992 ' Bond by such alternative means as may be mutually agreed to � ;1 � between the owner of such Bond and the Paying Agent {provided, �, � , � however, that the County shall not be required to make funds ,�t;�F '-; {n�a � �'7 it�k�.• �: -9- �V�-�� ,�; � ' ..:•i �;^V z r .,� _ - �, ��. � ' --�++�r.�.+�a.+a�tiiQ.7JKscu.'��Lmrta.N+.'�" r ---.--...w.�r...�.. . "_��w� i a� �; T . (F � < 7 ��. i x�a� .\ � - �� 4 +\ .. . „ , � , • ..' ..:.: . ... . .. . �. . , � 'ti . ,� . ..� � . - : -:. :.` . . .. . . _ . . - ., t �'y . . � , .,d^�� . �.,. � _ . .. , v`3.�. . . � . �� :� . � . - . . . . . .. a . , �� . , . ;� '. °,�, • ' - i � ' ' �� . . . (�• ' • ' � Y.4 ' 1.. y1 *� y{ � �1�� ,h;3 jg �1�4j�".� Y i�j . y y .e:h« b'� 5'�!-a,{ -��. � 5 i r(�,.:�t.�i6� t ( .� �� r+ '�� L�tva F.��° "t' } " . q''d,(' � i�`` }. .�y ra:`. t_� � C., �i �� . t�y��'� � � k� .� a,� `F�., �C r'3 �x.i x�' r tH^ . •,. .} -�k _ 4 :' '✓ a�i • '• t�1 ��.�� H -+'';,/,.;, t.y, k� - � �a ..�...ta;..Y rl�.�' _K�+-.��c�.ka��'k. ��:ai5: �.�f4��41A��y . ..,.('�� •'�i �' 1 ��`"��yl� ��""Nf' , available to the Paying Agent prior to the date stated in this •:++,,^" � Section) . All such payments shall be made in lawful money of the ` iJnited States of America. ;�,?•:.:� (bj Pursuant to Section 29-2-112(3), Colorado itevised , �' Statutes, and Section 1i-56--1U5(4j, Colorado Revised Statutes, '��`�" the Board hereby determines and specifies that the maximum net '�';"='` " ' effective interest rate on the Series 1992 Bonds is 5.895936� per :;`5`?�'?„{''�� _ ! annum. ;;rx?::;:-:;�� ! .t'�l;�:'y;;-A;r 1 (c) Book-Entry Reqistration. The Series 1992 Bonds `' r '� � shall initially be issued solely as book-entry securities ' �" y maintained by DTC and shall initially be evidenced by one Series � ��t J 1992 Bond for each maturity thereo£, in the agqregate principal i;� '. j amount of such maturity; shall initially be registered in the � . � name of DTC, or any nominee thereof; and may not thereafter be �=-_+« }' � transferred or exchanged except (i) to any successor of DTC, or ��J�� • j any nominee of such suacessor, upon the mergez, consolidation, ?►ii(� '. � sale of substantially all of the assets or other reorganization �t� j of DTC or its successor, which suCCessor of �TC must be a quali- '� i fied and registered "clearing agency" under Section 17A of the � '� Securities Exchange Act of 1934, as amended; (ii) to any new depository or nominee thereof (a) upon the resignation of DTC or a successor or new depository under clause (i) of this paragraph � . or this clause (iij, or (b) upon the designation by the County of another depository institution which new depository institution - '''`�`1 must be a qualified and reqistered "clearing agency'� under _, Section 17A of the Securities Exchanqe Act of 1934, as amended, _ � to carry out the functions of DTC or such successor or new depository; or (iii) to any holder as specified in the transfer r instructions in the paragraph below (a) upon the resignation of �,,t� DTC or upon determination by the County, and (b) upon the failure �� +'.:•" by the County to designate another qualiPied depository j_ _ institution under clause (ii) to carry out the functions of DTC. I i. In the case of a transfer to a successor of DTC or its f � � nominee as referred to in clause (i) of the first paragraph ' ir . hereof or in the case of a designation of a new depository � pursuant to clause (ii) of the first paragraph hereof, upon receipt of the Outstanding Series 1992 Bonds by the Registrar, � together with written instructions for transfer satisfactory to the Registrar, new Series 1992 Bonds .shall be issued to such ,� successor �or new depository, as the case may be, or its nominee, as is specified in such written transfer instructions. In the ;! � case of a resignation or determination under clause (ii) or (iii) of the first paragraph hereof, and upon receipt of the i outstanding Series 1992 Sonds by the Registrar together with .;,�.' �,. ' written instructions for transfer satisEactory to the Registrar, i new Series 1992 Bonds shall be issued in authorized w�t� denominations, as provided in and subject to the limitations of i�•; this Resolution and in such denominations as are requested in t� , 1 ` such written transEer instructions; provided the Registrar shall �?'�,. , � � not be required to deliver such new Series 1992 Bonds within a �� r�� : .. � �'�rF� �,1`$f-: �'�' � V�S '1 4'' � .. �1�� '..iy�d y��4. jaE } . , . ".'�"' 'r s :'.-._.. .�_ _ .;—�-�.. ..^-_�_._.. �u.+.c�..r>,«a:�u..,,«-�+c...�>.r+.:'.....;.�.s:,s - �ef f ' , . '---�..w., �� .w�aia,"�M:..� �•:�_ti�y.,....�.- � � M r . � . ... '.;, � . .xn � . \ - �.<'. � ��•� � �tr . � � . . �trr �r . .. . • - <, _, � �� .. . - . � . , . � �. �' ��j z� ' : <�... _ . .. , , '�� 4 . ' . � . . . . ; ... . ' .. . � . - ' . �,. .. . . . ,' . . . . . . , S /' e11 . � . .i .. , . 1: . . . � _ ' 4�h . . .. .'� � Y � . i � :•-a�� 4��ry+"'3 tl��+�.{3�� t .�= r4 h el�.. � ...y,�,lf-�.. �� . *r 'A�� r ;. �'��i l�n i+� '��'�,''r°WR �'� 4:.�N - tATM '+ 7 .;.. t�d }t�� i- 5 3 �r ,, f< u: ,,,t .s ;�I, p �'i`:.. �'1� . � . Y' �_.� SF r � 1 y. f}w w . �` 1 :'p ` .,� �1's fr ` - , . d� ,ifl� ,'�'�r"A�1 � . ; g�''I� '-'t'f:�}. �'� :!Ic �*r_ l.:li r . �`r `'��'�t'...�::�� ... v6�: �. � . �'i.. �_'1.3d�'�.{a'i+D`i�e....s . . �,�;,-.e�a.. �r� ,�. -..� y: �.. • `� .�. � period of less than 60 days from the date of receipt of such V,�.��";.`., � written transfer instructions. c.r• - c.:,. ` . The County and the Registrar shall be entitled to treat �t�"' the registered owner of any Series 1992 Hond as the absolute �.?_::" owner and owner of record for all purposes hereof and any appli- -r-t,1.�. . cable laws, notwithstanding any notice to the contrary received ; - ; by any or all of them. So long as the reqistered owner of any ��. �' Series 1992 Bond is DTC or a nominee thereof, DTC shall disburse : • � any payments received, through participating underwriters, e� ;�,� ```� _ securities brokers or dealers, banks, trust companies, closing E�e r , : t.,;::.- corporations or other persons or entities for which DTC holds �...�_.;,'�'r;,.„ Series 1992 Bonds ("Participants") or otherwise, to the benefi- ;t:.,�. ; cial owners. Neither the County nor the Registrar shall have any '<�� - responsibility or obligation for the payment to any Participant, �'''` ` ti any beneficial owner or any other person (except a registered �`:', :1.. owner of Series 1992 Bonds) of the debt service requirements or r . r redemption price due in connection with the Series 1992 Bonds. _ The County and the Registrar shall have no responsibility for '`�� maintaining, supervising or reviewing the records kept by DTC. , Notwithstandinq any other provision hereof to the � j� contrary, so long as any Series 1992 Bond is registered in the name of DTC, or any nominee thereof, all payments with respect to the redemption price due in connection with any Series 1992 Bonds � and all notices with respect to such Series 1992 Honds sha12 be �,;,�;_,; made and given, respectively, in the manner provided in the Representation Letter. ~^i Section 5. Prior Redemption. 1 A. Optional Prior Redemption. Series 1992 $onds ; . � maturing on or before December 1, 1999, are not subject to prior +� redemption. Series 1992 Bonds maturinq on or after December 1, ' 2000, shall be subject to redemption prior to their respective ,._`i maturities, at the option of the County, in whole, or in part in integral multiples ot $5,000, in such manner as the Paying Agent �; ,� may determine, on December 1, 1999, or on any date thereafter, at � . a redemption price equal to the principal amount thereof so - redeemed, plus accrued interest thereon to the redemption date. ; • Zn the case of a Series 1992 Bond of a denomination larger than '+ � $5,000, a portion of such Bond ($5,000 or any integral multiple thereof) may be redeemed, in which case the Registrar shall, � without charge to the owner of such Bond, authenticate and issue - > � a replacement Bond or Bonds for the unredeemed portion thereof. � Notwithstanding any other provision hereof, so long as the Bond , Insurer is not in default of any of its obligations with respect to the Insurance Policy or the Reserve Account Surety Bond, the ��•�.�.. Series 1992 Bonds shall not be redeemed pursuant ta this 'v�{k; � paragraph unless and until all amounts due to the Bond Insurer y[ ` `. under the Financial Guaranty Agreement have been paid in full. Ir�'�,! -;, I . +, .. � B. Notice of Redemntion to Owners and Underwriters. � :i a ' � ; The County shall give written instructions concerning any such z, �� ` ; ,F: . ' � ;� * �;, � : -11- 7�;:r} x �,� . _' '^� l _� : .' . .. . -"'_ ._ ��`- t . Y Y�.,� _ A . V .. I ,. �. ,r ,,,;��c' - . � �, _� � �:� ,; ,� '. � �l, - ' , ..� .: Y�Y_ ifi �°: � ' � �,:� r. - . i � ,� ... 1 - ' .ti . ..� ., � ' . . � . . .. . #�i . . . t' .� . . � �. � �... ` '�xs' � �: � � � � � yg�� .a,ljf��...,t ..T '�tS.?a?ri�t , �Y,'�y,i` � -.,�.; �i�a4�-��tt��r ;� i��s ..:jr �1 :��-. ,+6.��°4�'�t"�, ` + � ,i� �'' t��7 �f{ �� .{ i �+ ,e �t 9�f•, �"a Y!��1; <f��e� � 1 � � ; � `, r �.�,; 4 ��.1 .�.. .�.._».;,�?.�..... �j' 'k;;:��i��`'�'.�:�rt�� _ .. � , ., ;,; ?;, ;., . � . , ...,.., .,. �^.��litn. ,ra k.:� �:.;x. , . ,.s: �j.:. . . ,r�t�.�.� .,'��'. � prior redemption to the Faying Agent at least 35 days prior to �';; � I; such redemption date. Notice of redemption shall be given by the ;�•j�` Paying Agent in the name of the County by sending a copy of such �'=;' notice by first-class, postage prepaid mail, not Iess than �•�'�; - 30 days prior to the redemption date to the Underwriters and to each owner of any Series 1992 Bond all or a portion of which is , '�'` _�' ' called for prior redemption at his or her address as it last '?�;;;r,` appears on the registration books kept by the Registxar. Failure �: to give such notice to the Underwriters or the owner of any };�;;,r��_t;:r. Series 1992 Bond, or any defect therein, shall not affect the "="-t'�s;^" validity of the proceedings for the redemption of other Bonds. s'� a� i i�r � s r Such notice sha12 identify the Series 1992 Bonds or �.;��%�..'.`�:;��.. portions thereof to be redeemed (if less than all are to be 'Y�z redeemed) and the date fixed for redemption, and sha1Z further �.�},, ` ; state that on such redemption date the pzincipal amount thereoE � and the designated premium thereon, if any, will become due and ��r` . � " payab7.e at the Paying Agent, and that from and after such date �;: �. . ! interest will cease to accrue. w,?�� In addition, further notice of any prior redemption of �'s the series 1992 Bonds will also be given at least 35 days before = `� ; the redemption date by registered or certiEied mail or overnight delivery service to all registered securities depositories then - in the business of holding substantial amounts of obligations � , similar to the Series 1992 Bonds and to one or more national � ;'.:�,;:a; information services that disseminate notices of redemption of obligations similar to the Series 1992 Bonds. Such further -.�_ notice will contain the information required in the notice - described above to the bondholders. Failure to qive such £urther • notice, or any defect therein, will not affect the va2idity of the proceedings for the redemption if notice thereof is given to '.. . the bond owners as provided above. ' '!':`' ,;. _ `-� Accrued interest to the redemption date will be paid by check or draft mailed to the owner (or by alternative means if so ' � agreed to by the Paying Agent and the ownerj. Notice havinq been •';' "-i given in the manner hereinbefore provided, the Series 1992 Bond � or Series i992 Bonds so called for redemption shall become due � and payable on the redemption date so designated; and upon ' presentation thereof at the Paying Agent, the'County shall pay ,� the Series 1992 Bond or Series 1992 Bonds so called for redemption. Section 6. Execution and Authentication. The Series 1942 Bonds shall be executed in the name of and on behalf of the County and signed by the Chairman of the Board (the � � "Chairman"), countersigned by the Airector of Administrative � Services, ex-officio Treasurer of the County (the "Treasurer"), •� ;� sealed with a manual or facsimile impression of the seal of the ;��' county and attested by the County Clerk and Recorder (the t., "Clerk"). The signatures of the Chairperson, the Treasurer and ':� ' � the Clerk may be manual or by facsimile. The Series 1992 Bonds i� ` .�, bearing the manual or facsimile signatures of the persons in ; { ' , � ��# .E`' . rj}� � : —12— �y • � i.�� " 4. � � • �j i �.> . ��, ;: �...-....,—.._.'_ ...;_._ .....-._. x.u•.:x.�;,,zr " . .. . . _ . _.. . . ... . �.;: ,--�..� _ , ' 's+,�...,.....�-,......» .. ; ,'.. ;, : .t-y. _ '..�� ,� :.._. .-�'. . ..�. ... _. - _ ��>.� ...� . - �- . '. . , r_ �1 ' . . x v:�f .'; _ � ' .. .t, � �� . ��. .. ,�/ . .. . .. • ��, . ' `�� y ` ' ' " " � � . ' � . . !y�S'+ . , � . . 'l 4'��,'`r � , . ' . . . �,y. . � . . . . � ' �� . ' , ' " . .. �' ... • . . �� . � � � . . � , . �' � ' � , . - . � . Y. . � . . , . . . e . . .i .. � �. . . . . . � . i:n ' . f .1 .. ..._. �_..—.. . _ . - - . •T�� . • . . - . Y .� . ` ��... 1f"' ri 'K'a5R '4 C ftp�;,. 5 �y�.PS��i '{'� F4�tf.-•1,` 3�4x... 7 `4s:; � ...;t �r k� -:��q 4� GI �N r 4 j R 1 x i , `y�. � �t . w� �� ; � � � �, , ;�¢; � '�� y��,�e,.�c� � y a �<t? E+• fd .J i ''�w p�� 5� 4.�' ,. y� ,t'd` ""` ry�" �`; ��p � �. ��Jq�*�� . �k �.0 �I �'�j �. �' `� ,.�(�ukf:�s •4 ...' .'.. .� �?,L , �)<.�4�. < 'Y;�il,., . ia....7-. .r�4.,M..'Rb�.�u�.-�nY�� . _ , r.:I',:ti�z�e-3M'' . :r�'�%� . �*�• .��'� � . � office at the time of the signing thereof shall be the valid and �� `.��: I � , _ ! binding obligations of the County (subject to the requirement of .�;.': ! authentication b the Re istrar as hereinafter rovided Y 4 P ) ;�';.: ..-. notwithstanding that before the delivery thereof, or before the ;�?_::;-;� issuance thereof upon transfer or exchange, any or all of the �r�i;..� • persons whose facsimile signatures appear thereon shall have � ` ceased to fill their respective offices. The Chairman, Treasurer r4�.Y and Clerk of the County shall, by the execution of a signature f ` = ,... _ certificate pertaining to the Series 1992 Bonds, adopt as and for Er�� . � their respective signatures the facsimiles thereof appearing on t';`;�`�rs:-. ' - the Bonds. At the time of the execution of such a signature �,"� ' certificate, the Chairperson, Treasurer and Clerk may each adopt �;�;;,. � ~ . as and for his or her facsimile signature the facsimile signature � of his or her predecessor in office in the event that such . } ' facsimile signature appears upon any of the Series 1992 Bonds. I� ``1'' ' No Series 1992 Bond shall be valid or obligatory for any purpose unless the certificate of authentication, �� substantially in the form hereinafter provided, has been duly �K " executed by the Reqistrar. The Registrar's certificate of �} authentication shall be deemed to have been duly executed by it : if manually signed by a duly authorized officer of the Registrar, � but it shall not be necessary that the same officer sign the � certificate of authentication on all of the Bonds issued ; � hereunder. By authenticating any of the Series 1992 Bonds initially delivered pursuarit to this Resolution, the Registrar �� and Paying Agent shall be deemed to have assented to the � provisions of this Resolution. �,_; , _ Section 7. Reqistration Transfer and Exchanqe of ; .� � Series 1992 Bonds. � � . A. Books for the registration and transfer of the Series 1992 Bonds shall be kept by the Reqistrar, which is hereby ; • appointed by the County as registrar (i.e., transfer agent) for �! , , � } the Series 1992 Bonds. Upon the surrender for transfer of any Series 1992 Bond at the Registrar, duly endorsed for transfer or ' �� accompanied by an assignment duly executed by the owner or his or - her attorney duly authorized in writing, the Registrar shall �, authenticate and deliver in the name of the transferee or transferees a new Bond or Bonds of a like aggregate principal • aaount and of the same maturity, bearing a number or numbers not previously assigned. Series 1992 Bonds may be exchanged at the Registrar for an equal aggregate principal amount of Series 1992 ' • Bonds of the same maturity of other authorized denominations. The Registrar shall authenticate and deliver a Series 1992 Bond �' l_ or Series 1992 Bonds which the owner making the exchange is rt' entitled to receive, bearing a number or numbers not previously ;k= . assigned. The cost of exchanges and transfers of Series 1992 -��; _ Bonds as herein provided, including any tax or governmental � �- y ' �� charge required to be paid with respect to such exchanges or ; i transfers, shall be charged to the owner or any transferee. `� ;� . � 4�r�� :� . !�� i:�- q :: �. . S�..y�i �.•.': .�-�.�` �'+�5++.,,� . r ; '..;:� —13— � ti'jY.T P . �' '< 1��..<�,,,:d.�,'. . I 7; 7.: Y�`�"' , "" �ti _ 'p '� #. > l ' '�:s+ - . �' .'r -{ . . .. �N . . . � � � � , �.'k � �. . . . ,�1�� .. . �� -�. .. . � . _ 7 .�, �.4 . . � �� ' a.. . T. - .. . � - . . , � '��''ti' .. . .. . . _/'� � .. � • . . � � � . . .. ' •.�&�� . ��. .... . . ' . , . . .. . � . ' , t:n . . - . �. ?p!7�1 ;'�,'' . � . � # ��R ��.' `'�'�� :Zr,� � �s h , -. �l s � �j ! Q Kyt+:. 1� � ;�Y \ r.Lv i ..rr 5'a�-�. e a-'��.�.r �t�5..�(i� ! ;�.� t "�' i o �r . �"' ';sw r t .�i . a r � i � � t i � ;^` . ��y��'u� �`L�„-Vta,Iti, h ¢'... -r^4r ^SY � y� j�a•.t�6� �:,�r � �,!,h <, J...: ,�::i� � .�:'; v _ + '", }<, C.t� � t �` r • i }' ' � •.�k��3,�� Y ��'��`. � 4 ,.}b' ,'� � '�.:� ± x w?A,:. , ..P� ' ` _ �_� .. -. :°"f .. � '. �• : .. r ,,��y,� . .. - , . � . ...: . . ... . . �. .. S}"Rrr��fCQRrF�� . � „ ,.,.. . ... .. - - � � . � '� .'* •T.�i•. •�i a B. The Re istrar shall not be re uired i to �-`�� 4 9 ��1 .�,- ! transfer or exchange a21 or a portion of any Series 1992 Bond >'�,�;..: ,�: i �: ;.: : subject to prior redemption during the period beqinning at the _ .. • -�'�;-,'`. opening of business 15 days next preoeding the mailing of a �.,::,:yi-.. • notice of prior redemption of any Series 2992 Bonds as herein provided and ending at the close of business on the day of such _�y2� ':` mailing or (ii) to trans£er or exchange all or a portion of a ' � - Series 1992 Bond after the mailing of notice calling such Bond or �3�.':�y�;�'�x�r�. ` portion thereaf for prior redemption. _s z r '. -;:;;�c.;,,.;:;,; C. The person in whose name any Series 1992 Bond ��iti shall be registered on the registration books kept by the :s Registrar shall be deemad and regarded as the absolute owner '':� . � thereof for the purpose of making payment thereof and for all IRct '3 ' ' other purposes (except as may otherwise be provided with respect � � F;y � to payment of interest as is provided in Section 4 hereof); and �N�� ' '� payment of or on account of either principal or interest on any ��e Bond shall be made only to or upon the written order of the owner ! thereof or his or her legal representative, but such registration "3 �:I may be changed upon transfer of such Bond in the manner and subject to the conditions and limitations provided herein. All such payments shall bc valid and effectual to discharge the ; liability upon such Series 2992 Bond to the extent of the sum or ,`:;,;�_,�_,; sums so paid. - D. If any Series 1992 Bond shall be lost, stolen, �� destroyed nr mutilated, the Registrar shall, upon receipt of such , � evidence, information or indemnity relatinq thereto as it or the County may reasonably require, authenticate and deliver a 1 i replacement Bond or Bonds of a like aggregate principal amount ' and of the same maturity, bearing a number or numbers not previously assigned. If such lost, stolen, destroyed or � mutilated Series 1992 Bond shall have ma ture d or i f suc h a Son d ` � shall have been called for redemption, the Registrar may direct � that such Bond be paid by the PaXing Agent in lieu of � ' replacement. E. The officers of the County are authorized to i de2iver to the Registrar fully executed but unauthenticated Series 1992 Bonds in such quantities as may be convenient to be held in custody by the Registrar pending use as herein provided. i F. Whenever any Series 1992 Bond shall be surrendered � to the Registrar for transfer, exchange or replacement as provided herein, such Bottd shall be promptly cancelled and , destroyed by the Registrar, and counterparts of a certificate of �� tl such cancellation and destruction shall be furnisried by the �S� ' Registrar to the County. � , Section 8. Negotiabilitv. Subject to the registra- ' � �: � tion provisions hereof, the Series 1992 Bonds hereby authorized ;, ' shall be fully negotiable and shall have all the qualities of �� k� ; .x � negotiable paper, and the owner or owners thereoE shall possess *'F�.� y r i. t` r}��i.,�;�` I :s 2 . -14- :s< �` ,r'�� + - - ' . r `"""'..'""` . .l.t ......,.�� t \ .'s , �1 j;: , �:` .;��, ': • ,, �`" '� . . ' '�' � ,s ��' ,; . • ' ' . j�� _ , . ; ,; . . �• � � 4fi . :`�' ', . '� �' . :�' - �'t�: !T! .. ', �� ,x; Y +r c' rcy x " „>�._��c+ �� +�c�; e� � r3 � r�i�� '�� ;� i1� FtN �w��. � �. � r �.n n � '! � n �t 4 �.,;. vw -Y:, J r�. '.`�+.��t�� y��1�.��ti�� F .�}� e rs y.� :�'' ��sA i v'7:k �,�.,+,+r � �?.; �'�� `�' ¢ ' ; �L �(` . t . �� ;� � ��.� � .i� r �' k,��.�j:n�� v.,� _ { 1 ��. 1� '!� a r !�,��n� . .. ., w�i y' �� •� .�"�:.'��kr5.'. ,;�A4 � - � • .� ;^�, S � all rights enjoyed by the holders of negotiable instruments under the provisions of the Uniform Commercial Code. -�� e�,:i:.:`�;. .. �....i�..,:. Section 9. Necessitv and Aonroval of Proiect and ` Series 1992 Bonds. The Project and the Series 1992 Bonds are �` necessary and in the best interests of the County; and the Board i��>` s� � - hereby approves the same. ��'"`'�"�'� �:;.:+`r:; - - Section 10. Series 1992 Bonds Ewallv Secured. The �' .' covenants and agreements herein set forth to be performed on = behalf of the County shall be for the equal benefit, protection, �.: . and security of the owners of any and all of the outstanding ` •. �� Series 1992 Bonds, all of which, regardless of the time or times >,�� '� of their issuance or maturity, shall be of equal rank without . preference, priority or distinction, except as otherwise Y� expressly provided in or pursuant to this Resolution. � ! Section il. Soecial obliaations. All of the Bonds, ' � toqether with the interest accruing thereon, shall be special, �. -� limited obligations payable and collectible solely out of Pledqed Revenues, which are hereby irrevocably so pledged. To secure ` . said pledge, the County hereby grants a first priority lien on � the Pledged Revenues in favor of the Bonds at any time outstandinq. The owner or owners thereof may not look to any "��'-'-" , general or other fund for the payment of principal or interest on the Bonds, except the designated special funds pledged therefor. `°- The Bonds shall not constitute an indebtedness or a debt within - � the meaning of any applicable charter, constitutional or �� ,` statutory provision or limitation; nor shall they be considered or held to be general obligations of the County. Subject only to t:�''>' the lien in favor of the Bonds and the holders thereof, the - County also grants a lien on the Pledged Revenues in favor of the � Bond Insurer to secure any amounts due under the Financial � � Guaranty Agreement. � Section 12. Execution of Purchase Contraet. The �: tx Purchase Contract for the purchase of the Series 1992 Bonds, �;; bearing interest at the rates herein designated and otherwise upon the terms and conditions provided in the Purchase Contract • and this Resolution, is hereby accepted, and the designated ` � officers of the County are hereby authorized to execute the Purchase Contract for and on behalf of the County. As provided � ; � in the Purchase Contract, the Series 1992 Bonds are to be sold at - ? a price equal to the principal amount thereof, less a total of � $14,421 constituting underwriting discount, plus accrued �,', interest. ��' �� ,; Section 13. Execution and Use of Official Statement. R The distribution, use and execution of the final offerinq s ��a , , statement or document for the Series 1992 Sonds (the "Official - �t - Statement") in substantially the proposed form heretofore filed ,�L;t s� with the County, hut with such amendments, additions and � �_,7� � ' ( deletions as are consistent with the facts, as are not ,� �� ` inconsistent herewith and as are a roved b the Chairman of the �'s-�z =.- � PP Y �`ti� y,_... .'�1�` M!��.��i� _y: -15- �,'. rJ£ :7 �� ..� �,�,+M 4.;4 . . ' . ""' "T,,,,�,,,"�,,,�"' . a�4 � ` .-. .�7� 1 . . _ . ' .. . .. . . � . •�ti �...; . .. . . � sb.a�j � . .. . . _ . .. � ' . . .. , . �.. . '. .�:.� . . . � .� �.. � ' ., ,.:� ' . . . . . . r . ,. �� . : . �:-� ,. '.. '� ' . ,� . . ' � .� � ' � . .. . . • .. . .J.�. . '�� ;� ...• . �� Jf, '. . , � . .. . � .\.. � . . . � . �. �. . 1 . j � ' - , . . . . .. � . . ' . ' k:� , . - .. . , � . . ' � ' , - 1 _, , �. r�� . • . �,,y. . ' ` �: 4 s. - . . � � - . - . . �,. . ' .,�. ,.y.= ... r i . . � ,�,S 4 * 4' +v ' :.Y�� "`�M a��+ �y�e�� : -rs`��. w�'Y�- �r ��' fi �•''��,+�'-it��,,s,�..`�"'�`��a� "�'�w'4 ,7' t+, ,.,�>5;. r ��+f` M .':T �� .�,fil`+:� d^' :'�'� C_ ♦ � , y � ,fi a..,.i,w,r � � . � 4,�t� ��'r�� • `, e!k�.. �1 {,,fi,;:� � ' 1' ��. ..bI�:K. ��r.� ',U . . .t;: _.,�„ - ` -�'►k.. L ,:.. �,,,��_ .�,.r- ._. •._ . ' ,.. . ' .:._. ,.._ _,.: _.,.,:. .. . ..__ t .. ' .. • �„ . _; _ � w _�-,,� ' I `; _ ' . � :F . � "i".,. Board of County Commissioners by his execution of the Official } ` � cStatement, are hereby authorized. The distribution of the � : -, � Preliminary Official Statemant dated October 13, 1992 is hereby , � -, • � ratified. � _� - �� . Section 14. Forms of Series 1992 Bonds, Certificates. '�-� � , ,��'�� ; �d Reqistration Pane7.. The Series 1992 Bonds, Registrar s r��s�', • -. certificate af authentication, form of assignment, and the legal ��`��>' << , ,; opinion certificate (if requested) shall be in substantially the F'�� dy-; following forms (provided that any of the text on the face of the "�� : Bonds may, with appropriate refere�ce, be printed on the back of �,�� _� ` '� the Bonds): � . � � � � � � � � . ... � b �w .:?;�- . . . . � . � -. �. . �� p .:',.: _ . _ . . . . . . . . , . . . _ _ . . . �` .. ..- � � � � . '.,� ... . � _ . . " . .. �. �� .. x° 1�'e l , _ '- } - �:: �' , � �'4v�`?� r ,. - �, i.; . .. � �. . . � � � . � � . . . � . . . . - .. � . � . . ' �- . . - . . _ �. � - , �t .+�""'�,. �. . . � .. . . . .. ' L � . . . �'_.. �.-��; .. � � � � . � �� . � r,`.�. ,. ,:- . . ..� . . � . . - f ,it. -'5 . . . . _ . .. � S . . . . . - �� . . . � 'lr:-: � . . . � � .. . . . . . . . � ' a i_. _.,,,,�' � . - . . ... . .. - . � � . � : . � ;._Fa � . . � � � � . �. . � . � .. � I ... . � . . . � . s . . � � . � . . ..�; y L 5 ' . .. . ' . .. . . I�I{�,� \~'j �� . . . � � . .. � � . . . . . � k. 'i, }rn � . _ . _ . . . . . ��. � : ,� � �s J i� S� ;�� k� �•i i � . - . � . : r s S.�-w.'a�� - . � . . . . � - � y . . �F 4' � � � l�g�,,,� , �.x '�:; _ �f,tx .� -is- ��3 �-K � . . . . . . f .-_ ! , . . . . . . . � �^ � ' . . - � � . . . . � � ?� +r �� „�; �-. r-; . . . � : �: . �b ,, . ,�s �f ' } �{, ..` �, � ,' {�,w��K`f �i1�t �l.�y, n.Y �.y r � � i .,,F��r tr t F '.�!r F .R',,��y r^ : N �� „� �.�,�..*��'��q��! e !^�� .;4 � �`,��'}si4 .,�, ��t s�'� .�,�} s r sj'�� r'� �,�..»rt � �x � �' �:^7l �"�h ,''� ,.� � :�. ...r �1� 4�rXr�y P `�{,he..Yx „K i :.� � ��''_ +�.:t..E> M -•G`' S� �C7 i X `' t�%.ja�q?'�W�r�'i..la�„ �f e...t Z � ,��: � ,y �� v f � �r �i �'�. i`� � a .r ,t � rJ r 1:� , k.�. ,� ,1 � �� j�,� . S ,� � ._� , ' ` t '4 z 4 .1 *; x� � ' � : �.i] _:: '�' *� 8 Lr+�r`r�"i� �;t� � ��..�'Y�4r :: �,f� a . 1 i ._ r�s:- ' , S 4.. '_. ��#, S ,y:.`'�"` �.� -. d,a `�'-}i. j��Y i �{ ..t�� - . i -t t � i .' j � �. r f t � �y� � _ _.� �.-'1 f ,.� . �1 �' � s r +" i ' � ' 7.• � `� 1 �r S 1 4 F;� �' Z` .�t ,J„ . .. .. � � '�^ +'- 1 ,. _, ' ' �, ;l ...,.,. __ . ,�'' ' . � �_Y l�. . � . -. . . �"h' f.. s�v . . � h j'�. 7y , r � ��.� � ..�t��lv .�.'��{5ay.t`nr`'�1 'S�' ` �,�u` ♦ i x ,��,�.,; i��''�'M�. � �,+�^^ x}� r: �: ti'``�d s^{i��:�.yt �jk^� �F G.,�..,rf�F R ", .. 1 c -. . al '1 � Y�� -}:d 1 �t`r ev'� '",� ""`' �i ��f 3 i ' r � k `. ; � �;. � 5 '�,r.> �., . . t r ti .•k � ��t �; , �� ,+��Tr �,�� !'•„ �?h , �. 4 a.t�.r �� '�� ;,; :� ., . � r j 1 r �¢4 af � p :: , � � , � � • ... " � ..... ._ .. ` - . i� t '�Y'i . -i .7'!:�'.�4.�.'.. .� 1'._`. 5 . . . . ' ..:. � ` 7;�1 . . . ..... :�.-.... . � . . .'� - .. - ",�., y- �4 ,.:: . � .-- , , ' , ,.._ :._._ _ :x;.,.., _. .. � ___.. - .. ... _. .. . :` i _ ' . � �i°. � . . .�'�n . - t - '� -.fi.?....- � (Form of Hondj =� UNITED STATES OF AMERICA � �-,.� '. " STATE OF COLORADO � n� x�' _� � . ! COUNTY OF PITKIN s�,;.�.��;.. ` �yi x= r",.;', � I � -z '.: %�, �.l . hF ,'. Y.'.. �� 5� SALES TAX IMPROVF,MENT AND REFUNpZNG REVENUE BONDS t� e; SERTES 1992 ;�'� �)'-. '� r � No. $ INTEREST RATE MATURITY DATE DATEp AS OF CUSIP i'�. . ., � Ai { October 15, 1992 • � OWNER: f •�� PRINCIPAL AMOUNT: DOLLARS '_� Solely fram the special funds provided therefor, Pitkin � County (the "County"}, State of Colorado, for value received, ,., : promises to pay to the Owner specified above, or registered � assigns, but solely from the sources and in the manner �'�� :., .-� hereinafter referred to, the Principal Amount speclfied above, on �,.F.:,.'. `�'� the Maturity Date specified above (unless called for earlier redamptionj, interest thereon payak+le on June 1 and December 1 in each year commencing on June 1, 1993, at the Interest Rate per j � F annum specified above, until the principal sum is paid or peyment `.•; has been provided therefor. This Bond will bear interest from � :�� the most reoent interest payment date to which interest has been � -'� , . paid or provided for, or, if no interest has heen paid, from the � � ' `� date of this Bond. The principal of and premium, if any, on this t � Bond is payable upon presentation and surrender hereof at the � operations center for the County�s registrar and payinq aqent 1�� :' 4�' (the "Registrar" or the "Paying Agent"), presently The Bank of � � Cherry Creek, N.A., in Denver, Colorado. Interest on this Bond i ,� � will be paid on each interest payment date (or, if such interest I � payment date is not a business day, on the next succeeding " • .,,� business dayj, by check or draFt mailed to the person in whose �� '" ° �:'' '•!' name this Bond is reqistered (the "owner"} in the registration � �`-i records of the County maintained by the Registrar and at the • ' :�'.�� address appearing thereon at the close of business on the ^� ;!�,�'° fifteenth day (whether or not a business dayj next preceding such �� y � interest payment date (the "Record Date'�). Any such interest not ' �c:', �"�''y� so timely paid or duly provided for shall cease to be payable to �r, +l the person who is the owner hereof at the close of business on �f�° ' � � the Record Date and shall be payable to the person who is the '� �t ,_ ,�, owner hereof at the close of business on a Special Record Date � a .�#"�'.�: ^i �:. *r:�� —17— i.',!:,"s ,.`s+ R.: . r� . .-�`\ -----�w.nusx....«��, w„p��.i�.`-....�..�......,-_... . . � . � . f . . . . , ,h,,,� ;,c . . ,�" ♦ a �A�' � '� .rk;4'� . �� . ,� B,: ' , r � � _ , .,.: � . _ , . ` , � , �r . , . r�� . � ' � . Y � < < Y ,� , � t �ia + �*,", ?F \_ f �l .. ��.CL }�St _ .��t 5 x k . . r.. �"�-+FL = � .:�4 3 �� 7 � Y 5!�� ...I� tAl��3 L� 1 i�Y�` 4 �� - � � .,tj��t�{�'"S" r j f r7:; .A. (�`s;�1�.� A� 'e j ,� �,r'� �r � ,4 �� t+r .i^r' t� ��t,, �-. �. 'x�`a�4 y+e � � �. i�+� r�, u „ ~ .� �st �> [� � ��, •k � � �:�ca:�i�' 'k �r .:�� 7: `..�.�,� �. . i��, t � 1t� ��t � ��. �� ,. s�. ��i• �� .� � �r.�* ,.. � . '� �r . . : ,.. . , : . , , _.._..: ._,,,.. ' _ ,. _ . , ._.. . � _ �.•. . _ ?':: t,.,:, i � :;•. � ._. f (defined in the resolution of the Board adopted on October 27, :i��: ' � 1992, authorizing this Bond (the "Sond Resolution")) for the ;`;r,. payment of any defaulted interest. Such Special Record Date - shall be fixed by the Registrar whenever moneys become available ��'.:� �;>`:; : for payment of the defaulted interest, and notice of the Special r.;�,; _ Record Date shall be given to the owners of the Bonds of the � series of which this is one (the "Sonds'�) not less than ten days � :.` -- - - prior thereto. All such payments shall be made in lawful money i' of the United SCates of America without deduction for the � _. services of the Paying Agent or RegistraY. , �i , ; The Bonds maturing on and after December 1, 2000, are subject to.redemption prior to their respective maturities, at the option of the County, in whole or in part (and if in part, f _� within a sinqle maturity by lot) in integral multiples of $5,000, � in such manner as the Paying Agent may determine, on December 1, i 1999, or on any date thereafter, at a redemption price equal tio ` the principal amount thereof so redeemed, plus accrued interest i �? thereon to the redemption date. In the case of a Series 1992 y . ; Bond of a denomination larger than $5,000, a portion of such Bond � ($5,000 or any integral multiple thereof) may be redeemed, in ` which case the Reqistrar shall, without charge to the owner of ' such Bond, authenticate and issue a replacement Bond or Bonds for � ' the unredeemed portion thereot. � ` '`'_"'-- j r:; - � � ' '.� In the case of Bonds of a denomination larger than 4 $5,000, a portion of such Bond ($5,000 or any integral multiple thereof) may be redeemed, in which case the Registrar shall, . �i without charge to the owner of such Bond, authenticate and issue � a replacement Bond or Bonds for the unredeemed portion thereof. �� Redemption shall be made upon not less than 30 days prior mailed � notice to the underwriter for the Bonds and each owner as shown � on the registration books kept by the Registrar in the manner and - � upon the conditions provided in the Bond Resolution. � The Bonds are fully registered (i.e., registered as to �! payment of both principal and interest), and are issuable in I _ denominations which are integral multiples of 5,000 (provided that no Bond may be in a denomination which exceeds the principal f ` coming due on any maturity date and no individual Bond may be {,d , f issued for more than one maturity). Upon surrender of any of � such Bonds at the Registrar with a written instrument ; satisfactory to the Registrar duly executed by the owner or his j�, - or her duly authorized attorney, such Bond may, at the option of l the owner or his or her duly authorized attorney, be exchanged E� for an equal aggregate principal amount of such Bonds of the same j '� maturity of other authorized denominations, subject to such terms r - and conditions as set forth in the Hond Resolution. ° ` +�F� „ The Registrar shall not be required to transfer or � » "��.' � exchange (i) all or a portion of any Bond subject to prior �L>� • rederaption during a period beqinning at the opening of .business ,��rfa :` ' t 15 days next preceding the mailing by the Registrar of a notice �� , .:�, ` of prior redemption of Bonds and ending at the close of business h+ f 5 . 4.� 1„ 3 li � , �j 1 -1$- �, I , '� - . � Y � : w. .�� . . ' , � ,: - . . ._ ��' � - �. ;,�� . ' , �. � , :� _ � �.r , � . � ' '{�� , . . � [�' . _: k ' M I!S !' . f ' ��!_ ��t'� � � �n . j� ... �r6 H a ` r� � I�y. ��.'t s �-.S � '� � �' E � � -Itk_. �'�+` 7; , ;.�S � x 1,. i ��. F�tkp � ��.. r ...r,�� fs�-�1 11 i�� r �.:.r ,� -" ,� r ,r�eA.��,,"! r, '�x.. „f H� '�'� �$�' r Y`,,h y '�,�`,da�_ ` � �. .��;,�i�t$��' "y'a_+,�� L*`; o k:�:�+y � ^ ��x a.t�i 4�� ` � �ft'•. . t � r �' )�'`�t 'r�' �_q �,.•3nS�i , i,y �nF �,x,i� {.�� "'. i �� , . T! 7;�v �k'��n�'!. ,. ._ . _�a��i �k . _ , .. �, , , . . _...._,,. ._ �� , � .. �..'� . 1� S��r'• i �: .�r.- '�;:�:...: � ! on the day of such mailing, or (ii) any Bond after the mailing of � :?� � ` notice callinq such Bond or any portion thereof for prior � � : redemption. ,�} _ � ��:: ' � This Bond is fully transferable by the owner hereof in f ��;.,�4y'. � i person or by his or her duly authorized attorney on the r. ��" . registration books kept by the Registrar upon surrender of this Bond together with a duly executed written instrument of transfer �,{y� :� - satisfactory to the Registrar. Upon such transfer a new fully registered bond of authorized denomination or denominations of � ^ the same aggregate principal amount and maturity will be issued 4�:.:°1 - ' �v to the transferee in exchange for this Bond, subject to such l `! terms and conditions as set forth in the Bond Resolution. The � � County and the Registrar and Paying Agent may deem and treat the ��„ person in whose name this Sond is registered as the absolute ;�; owner hereof for the purpose of making payment and for all other . �� purposes. ; ''� ! The Bonds are authorized for the purpose of defraying i. wholly or in part the cost of the Project, including the Refunding Project (as defined in the Bond Resolution) and the Improvement Project (as defined in the Sond Resolution), under authority of and in full conformity with the Constitution and laws of the State of Colorado. ' "i The Bonds do not constitute a debt or an indebtedness � � of the County within the meaninq of any applicable charter, constitutional or statutory provision or limitation, shall not be considered or held to be a general obligation of the County, and are payable solely from, and constitute a pledge of, and an irrevocable and first lien (but not an exclusively first lien) ' �---� on, a special fund consisting of revenues to be received by the ik� ! ' �� County from the Sales Tax, as further provided in the Bond � Resolution, certain other moneys held in the Bond Account and the . � Reserve Account (all as defined in the Bond Resolution), and � . � certain investment income, all to the extent that such moneys are � � at any time required by the Bond Resolution to be deposited into � .. ..' i. '` ->I and held in the Bond Account or the Reserve Account, as provided in the Bond Resolution (subject to certain exceptions and - exclusions as provided in the Bond Resolution, the "Pledged Revenues") . This Bond is payable solely from the Pledged Revenues, and the owner hereof may not look to any general or other fund for the payment of the principal of and interest on a�',. this Bond except the Pledged Revenues. Reference is made to the ��E Bond Resolution for the provisions, among others, with respect to 4 , the custody and application of the proceeds af the Bonds, the � �:' -� receipt and disposition of the Pledged Revenues, the nature and � �'' extent of the security, the terms and conditions under which `' ��F additional obligations payable from the Pledged Revenues may be `! :��< ,� issued, the rights, duties and obligations of the County, and tha � � ��,;; rights of the owners of the Bonds; and by the acceptance of this Bond the owner hereof assents to all provisions of the Bond � j';r * ' � � Resolution. 4,�F��'c� �.3: = '` � s, ^. -19- i {� , : � � ----_ _,------�-•--.-,.,. - , _-- _' ., _. _ _ __.__�____-- - >r,�;� .�^�-- . ,`• r �,• - .�. f �,i�� . . .. . . . . r::..�( . . .� . �! �;C - . . . . . • . ' , � .� , _ . . ! . . - 1 . .. � . . ' �� . . . � ' ' . � ! � � . . • . �6 . ( � , ' � . t. . ' . . � ' . . .. .. . ., _ t :I .. ' � . . . .. ' �� . , � .. . � :%Y'F� . � . . . � . r;�- • • . , , .Y ._ . �. . .{t'� . _ , , . .. ��.�.��,�n.e�. �, .. � � r F � r1,r Y�� -��R!9 ��!� �� y ?i�A� t�� '�'� ` '�i.�: ��i�4j�t��k+�4 k�.`.,r ry��_'A. , � �.. g� F � f.c N� p}� '� .�Y� 1y� 1 R.�}��fi.3�� j _C`Lr ,��,f � _ �* �; )^ .. �`�C � �`;'haN �.tEi��„ �:�: � k��_�1� ��'��",�}4�,�."�' `�r r ��, , += � M- �.' M'� : -��}e�,T')+ . �� •l r f=+ > �.+v w, . �; n..,.� , ..;t.:�'� ,� 4RZ _ i A'�� + �� ti ��L.. �. �yf �; Tn � ♦' �`.2 1 r� . . . .. ' � . ..: . . r . •, � .�. . '0.�t'''��. "'� � . . . , � .s::,.: .�, t ,� .� .: Y � . "' . . ,. ... �:.. ..:�_............. ._ .._. .. _. .....,....... .. . . , ........ ... . S �. 3 i. ,.., . '_ - � 4.: �;. � � This Bond is issued under the authority of and in full � � conformity with the Constitution o£ the stata of Colorado, `-. � Title 11, Article 56 and Section 29-2-112 of Colorado Revised ``' � Statutes, as amended ("C.R.S."), and all other laws and statutes �'`..�. of the State of Colorado thereunto enabling, and pursuant to the ,>: Bond Resolution duly adopted and made a law of the Cqunty, all � . .- prior to the issuance of this Bond. Pursuant to Sections ;;;;::' ' j i1-56-10'](6) and 29-2-112, C.R.S. such recital conclusively _ , `.'4 imparts fu11 compliance with all of the provisions of said `! Arkicle 56 and Section 29-2-112, and this Bond issued containing such recital is incontestable for any cause whatsoever after its � delivery for value. '•-�� This Bond shall not be valid or abliqatory for any °' purpose until the Registrar shall have manually signed tha � ' �� certificate of authentication herein. � ,�; IN WITNESS WHEREOF, the Board of Commissianers of Y Pitkin County, Colorado has caused this Bond to be signed and � ` ;.Fk executed on behalf of the County by the manual or facsimile I, signature of its Chairman, to be countersigned by the manual or � faosimile signature of the County Treasurer and to be subscribed f � and attested with the manual or facsimile signature of its County � � - Clerk and Recorder; and has caused the facsimile of the County � , j:.�� `: seal to be affixed hereon, as of the date specified above. � i �, PITKIN COUNTY� COLORADO � �' �'• c;:•, . ( Manual or Facsimile Signature ) �• Chairman 1 Board of County Commissioners ! ,* , . i y �?'l:: . . .i�. : r Countersigned: j ':� � � :a-: y . .��::. � '. * ( Manual or Facsimile Sianature ) County Treasurer ' �� ';� � b. . �::;a � ' (FACSZMILE SEAL) i . I� �� Attest: � ( Manusl or Facsimile Siqnature ) =� County Clerk and Recorder �� \a,� � : � � r,` Unless this certificate is presented by an authorized -��, '. representative of The Depository Trust Company, a New York ,��,,� J�; corporation ("DTC"), to the Authority or its agent for a��'+ � ,�°'�+; � registration of transfer, exchange or payment and any certificate �6��,-: C �zc.r i t� —24" . � 1�';,.'�.. i :�� . `�.��' �'��{ -- .ww.+:ua- H}rM°-r--•-.^-^'—E•� � '�,C.; . 4�� .... �y�Vi� . C :+r. ra t�' �' -__ . ��; , �. .c }�i �. T �i.<•'i 4�� ' . . � J. ��.. . � . � � . � �•�� ,� - ' ` 1. 1�� ' . � ' � . . . . ' •' .. � . . _ . , •� . . , .. f -... ,. .,.. w��W .. '. ..�;�� ' , - . . ,�.i..� ! ��C�,q�p�v Fr r . � . . c -a -. { �� t'��i a 't � � 1�tr�,�� r� nf' �y ,�l - �y �.1fl� f"�'. Vr .�� + k f�� i.. � � � ��'�R �4}et A',t1p �A `s v . jrr L ��4-`Y� 5 }` � ..:�� i. ...w... �f_e Q i"Q��!�M' �r r vs^�1 M (4� �r,,, •y, l��'�� h�•��t m !i�' 1YC {i k!i�V� �`:'� v •k. „{, �. '��:,�� ,� ��+)�ti � { • "�� yl;. .r -t .�: � � ��7��f � � �Y *'1 kkl� 1 + ��y��1 �� f ' } .. .. � .:�� .: ��1 •1[��'. . . �... . Mr^n�. •Y ��A. � �w V.. � tir � i� .r,: : � issued is registered in the name of Cede & Co. or in such other ,--_;.:.. name as is requested by an authorized representative of DTC (and ?':',:� any payment is made to Cede & Co. or to such other entity as is :�'s�d;` requested by an authorized representative of DTC), ANY TRANSFER, `�"��'t': PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY ;;•; ,�r •e�-'�:. . PERSON IS WRONGFUL inasmuch as the registered owner hereof, �:��;=�':;s'... - Cede & Co, has an interest herein. i'�+� ' .,�i:,r 3TATEMENT OF IN3URANCE ��;. %A,. The Municipal bond Investors Assurance Corporation (the • ; "Insurer") has issued a policy containing the followinq ��'' �'.� provisions, such policy heing on file at the principal corporate �� trust office of The Bank of Cherry Creek, N.A. (the "Paying .�� , Agent°) . �' ,F The Insurer, in consideration of the payment of the `; premium and subject to the terms of this policy, hereby unconditionally and irrevocably guarantees to any owner, as I hereinafter defined, of the following described obligations, the i� full and complete payment required to be made by or on behalf of ' the Issuer to the Paying Agent or its successor of an amount equal to. (i) the principal of (either at the stated maturity or �"�=K=�' ' by any advancement of maturity pursuant to a mandatory sinking i fund payment) and interest on, the Obligations (as that terms is `''-� de£ined below) as such payments shall become due but shall not be - .: � so paid (except that in the event of any acceleration of the due daCe of such principal by reason of mandatory or optional redemption or acceleration resulting from default or otherwise, ��: . other than any advancement of maturity pursuant to a mandatory '�` � sinking fund payment, the payments guaranteed hereby shall be made in such amounts and at such times as such payatents of :;° principal would have been due had thera not been any such acceleration); and (ii) the reimbursement of any such payment � � which is subsequently recovered from any owner pursuant to a final judgment by a court of competent jurisdiction that such � payment constitutes an avoidable preference to such owner within t� - �, the meaning of any applicable bankruptcy law. The amounts t' referred to in clauses (ij and (ii) oP the preceding sentenca ` shall be referred to herein colleetively as the "Insured �- � Amounts." "'Obligations�' shall mean the Pitkin County, Colarado, �I t. Sales Tax Improvement and Refunding Ftevenue Bonds, Series 1992. i � Upon receipt of telephonic or telegraphic notice, such ;'� .� notice subsequently confirmed in writing by registered or �x certified mail, or upon receipt of written notice by registered a; or certified mail, by the Insurer from the Paying Agent or any t"' ` owner of an Obligation the payment of an Insured Amount for vhich ' ' �� is then due, that such required payment has not been made, the `' �S. �'� insurer on the due date of such payment or within one business �� ' � day after receipt of notice of such nonpayment, whichever is :;, +,' � later, will make a deposit of funds, in an account with Citibank, `� r �. ln N.A., in New York, New York, or its successor, sufficient for the i?j��.,-; r a� )kk^�.��-�. ' *�_, I.4 rl:�....�.• ' �21� 7.�'� . \: J � .. '..,,- :.. � �•� . i�,`: . "�1�� _ Y _ _._ _�� _. �' k4 • _, '. ,.,1 ,' � . . � � � . ' � � ' � � . o-� � � . . 3z� �t �.4 ; , ��{. �. . � . . . � �' ... -� .� , ' _ - � . . . �j��'. . ��' ` t : . _. , . �i. •� . � , . ,. � . � . ' . 1� �. � � . . . . . . � . .. � . �Y . . • ' . . � � � ' � � " - . . . .. � .: � . ' , ti� . , � � � � Ir�•` . . . . . � '. . . �� < .�. • . . ' � . � i . �s t'-L",5°�MS'�*i�t. .4.�.� - � r R z •'�. q ' • F � Y t /,`,� 1J � �{K Y ri' :7�7fF1� �� ty�•t� 7"t ta��a c } y�j�t� '�'Z< �d'1i.: 1' �� 4� 3S� ��'� �!rr r a�'k, y �_ ��:1� t r � ti a . n �� ' �a1'� ii�iu�FS .�'f t�,n� i .n �.�sf�Z:��+aie}/...i'«3��- �..��1 - +:tf r� C�. � � �.n.k i . �,�N" �7- Yt/1 k. ,�� S �y R��,"� ;G � aS:. •" , � : .., . tF t� '� �M �� 'ew i:�.� � � ui� �4'�'7�! k..�1 ^ �t�-� �� S . . +.�y� 'py 9�. �4' �+,.. d �,�4�'. *'R1�.�4 ,��!`�� +�. -�, r � ..� _. . . ,. il .?�.:� _ ^F.. . .� ,� _ .... �i'q�ir�`.;. • �... �' . . , � J a • ..,. ..- � I: � -�i � �4:^i:� _ _ _ � Ir i , � payment of any such Insured Amounts which are then due. IIpon � ; C presentment and surrender of such Obligations or presentment of �'�'•�-" ''. such other proof of ownership of the obligations, together with ;'.,t:'a��,;., � any appropriate instrwnents of assignment to evidence the !:,?��J- assignment of the Insured Amounts due on the pbligations as are ��. � - paid by the Insurer, and appropriate instruments to effect the �' - appointment of the Insurer as agent for such owners of the �`�".,�,r.'•'`. - Obligations in any legal proceeding related to payment of Insured '"�,� Amounts on the Obligations, such instruments l�eing in a form �...�a• . � " satisfactory to Citibank, N.A., Citibank, N.A. shall disburse to �' �" such owners or the Paying Aqent payment of the Insured Amounts �`�` due on such Obligations, less any amount held by the Paying Agent 1 ; for the paysnent of such Insured Amounts and legally available I �;�; � _5 therefor. This policy does not insure against loss of any prepayment premium which may at any time be payable with respect to any Obligation. * , . As used herein, the terra "awner" shall mean the x'� registered owner of any Obligation as indicated in the books . • maintained by the Paying Agent, the Issuer, or any designee of _ the Issuer for such purpose. The term owner shall not include the Issuer or any party whose agreement with the Issuer � �' constitutes the underlyinq security for the Obligations. � ` Any service' of process on the Insurer may be made to `r'"�s.' the Insurer at its offices located at 113 Iting Street, Armonk, �� New York 10504. ; i This policy is non-cancellable for any reason. The s { premium on this policy is not refundable for any reason including � �''� the payment prior to maturity of the Obligations. ��. (End of Fox-m of Bond) y T ? �� . � . . � . '. 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ZF r � , � ��4 � . �� Y . {��,il�� . &':�q`'' ` `,f��ly�L .F4 � {�t �1R t;'�'M l� � �� '� — . . r e, r . �� 4.,` �'� . � 7'1 fli �:�c, kay�i� � }-:��, 'MxAr" � ,b ..;/�� x �"� � i ,�1c� �� . '� Y� I .l � � �, I i. . � . .� � ,.� . �,'! "�`t�•t- � .} �x . ._. _ • . . . . .,.�,c id�'i:-. '3; (P • , .. � �...... , . . � ...... . ..,,. . . . ' ...,� ,.-....:. • � .. �- . .. - -5 ....�.. .. , . . . � . �1 � ..: -e�:.. " : . � ... �. _:�...i .�..♦.-. ....�...._.. .. .�.....: ' .,....._ f ... ..�.. . . � � /' (ForID oE Re ��. _ ,� \ gistrar•s Certific � ` Date of ate of Authentication) � ' authentication and 4 registration; r, mentioned This is one of the '� . on the Bond Resolut' BO�ds described �`r` . _ registration lon, and this Bond has in the within- for such Bonds, books kept by the been dul "�' undersiqned as Tegistered x��;- `� � ;'; Registrar =� : : ��,+:. THE SANK OF CHERRY CREEK. 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Y � ��Y� �'.-iJ ( 1%\1 4 ti+ y j f :. .7�� ,� S �' �"' S�i. s Yfi � { x f � -1.t' 1��.'� + � � f :»� { �� h3' - . '« " � � -. �:.. .--�n,rr�t�'�-ri;�y x�W ti 'i�- r. d'ro . t i i J,_ti� �5 , .G .� 1 i�.��'+~w� �� ,��/.r'�'r��1�tirS- �F ,}��yqyy j n, � f fi ;��< ��• � } ' � �-�b,t. 4 �..��,�, . � x� .� "t., .t .�,,. =-5:.Y C � :.x i .. s :'h .•. �X�z� .. y f � t a�";� i t: . �+ J��, � � p' , �� :s r ,� � ..s .'! ��z '.y� k� � < ,,ry � / . .� ' . . �+; _ * � .. 'r � , tw� 1 . .. .. /'r + I 1. 4 �� -�v .k`�, " . � . r . . . -. - . �x'1` . .. .�� . �'�`` � � . � 'Y..'�f . . . � ' � � � � ' � 2 S .', 1 ' ` ♦y . .. � t. ��, • �li��t7 � �r �:I P�i'��t�ti. 7 ' � �iy� t 1 - i'7 5� .. . . � fi '��x.Y t1�`5�* r + �� 4.� �t ��v,�'k,�w�:`4't.�n..'Wbk it, Y� i.`�� ti a r.�i�t�Y�"k,3� �' y� LR'e, S. � � .;�wY s3�9 .�; ��kd� v. S�� ,r - i ..�.nH. k '.: {°t ... '�„ M'; r Y� �� (, .�v., :��,��r �,'+;. �,r. tY � {"� d' 1 y �t� �f"-�'�.�a :�' � �. 3 �.1 . �r4,1�� F.{�' *�1�:'� 1 x'�. �� : ^' ' ,y ,:] � �t �{-S{ . , . � : ' �l .c�� , . ..... , __.,. : - . �;" . � ��.� � ,.iv � , � �- _ , .v.:_ �^,�. ,;. � � . _..__. . , , , _..: ,. . , . . __ ,- , __.._� �� . : _ -- - .Y;�f .�, ; � :, r (Form of Assignment) �:- _. \ �-:. :! r�� ' For value received, the undersi ned hereb � _� ,,:� assigns and transfers unto g Y sells, , and hereby irrevocably constitutes and appoints the within eond ,�;,� # � attorney, to transfer the same on the books of the Registrar, r��{' _ with full power of substitution in the premises. ��;-,� :,' � �� ; �; , i ��` ,A�� . . . :�'. '� Dated: it: Signature Guaranteed: ,� � � i � ' Address of transferee: �� .. � . _ . � � � . . . .. . .�F �':: . � �� . . .� � . � � � . -�, ; . � � . . . . - . ' . �. . . �o-» r'a: ., � Social Security or other tax ;.: � identifiqation number of transferee: � � � { � ;+ {,�� : t - Y,,,! NOTE: The signature to this Assignment must correspond with the name as written on the face of the w�thin Bond in every � ' -i particular, without alteration or enlargement or any change . ;: , ' � whatsoever. ;i r !I _ (End of Form of Assiqnment) �' �I . . - � � � � ...�' . . .:� . " � . . . . .. . O .. . w�4} 2 i . . . . . . �1t.'. I Z �..�� . . � � . . . . . . . . .. . ' N`�,�� d.. . . . � .. . � . . . .. . . � � . .. . . � `�:,T,� - .�� . . . .. � . � . ��_;� . ' � J�� r :� w. �� F ;,`, t� s.��r�'; F �i'Z.•• �"P.f � � . � .. . . ' . � . . `y y��;� . E �� ., ' —24— J+�"` r�,��.�,:. ti-� . . . � . . . . ' � � . � .. y��.Q��. � �. � . - . � . ' . . . . . . . .�J.�J'�R?1" . ! �1 " � -�S'�� 1,�'7 � :: . . T � i 4�� ; �: ' ` , r � �4^Y. µ+* wY } �r3 �e.p :4w� J �1.. � �� s k �� t �} s Y� 1E J / e .;,,{ 1 � � �'' � . . � � �l � � � � � �. y `' � � � � r ; -r � ` �« �f`:, . +"� � . ,r.. Y i , . .k+�;. �.� � : i c�"'F�',r } .�t � , 4 . � � I : i . . v . ... � :• :, r �. ' _:y _*,€ ��s �✓ < � .A I.` 1�• -_� ,,: ""� �.' �, -c,�� , ] �:: i . ..{� � . ' � . . `` �� . � t .'. . ` '� .. ., � �' .� ' I-,.�� - � r . j ' . . ' . . l'�' � . ._�� __.�.�.__...�..�.� '�,- � . � . � T�'� � � r � �- � . . r.�rilf'>'�'�'M; � a r .,�,� sn. �+:: r,n�t,�, ,y,�„��y� �tu�,�'�i�,r3�: I�}z�.J{; 1 :.•, ��Y �4 y�',, �.• . �r 0.. F � Yt,:+. .n�: '� ".n ��r f �}< �,r tc; t �R��! 'r�� r� x E;�:t. ,<w �N y y�, �ir� f iRd �1�c� ��. � :k�'� .�S J �� :�� , ��, t r ��t� �}!, .� � � .`i�' � t�� ' ��` �� r f ! ttz � i �� a t� l�t y;f w „ i �k �j, �' 1�"� a�++„�'+' � . c b r'f.S -t 2y� . .i. 1 �� :rt .yA"�.: .�ym;�'�r-. . � ._. ... ,C� � . . � . �= � . .N,;... r:.. . '. . .,.. . . . �.�_ . .�„ ,+ • ,.�� . � _ . . . . .v...a* �...._ ' � . .� . _... .. _._. ......._... . _.... _ ... . _ .. __ ;.. j . _. ..:�.,...:...... � 1 � � � , ... ....t` rF�. - , ...•�1 . . 1 � % 1 � i � (Form of Legal opinion Certificate) ?� 'v zy , � �;;a-y�: STATE OF COLQRADO ) �� r ` ) �{� .�= t COUNTY OF PITKIN ) ss. LEGAL OPINION CERTIFICATE �C'`t{,_Y � �`` '�` -- _ ��' � I, Silvia Davis, County Clerk and Recorder of Pitkin � � County, Colorado, do hereby certify that the attached leqal tt' opinion of Davis, Graham & Stubbs, Attorneys at Law, Denver, 't � . 1 . Colorado, is a true, perfect and complete copy of a manuaZly '- ' executed and dated copy thereof which is addressed to the County ' ' and the underwriters for the Bonds and is on file in the records g of the county; and that a manually executed and dated copy of the '�} opinion was forwarded to a representative of the underwriters far ' the Bonds for retention in its records; and that the opinion was ; dated and issued as of the date of delivery of and payment for I the Bonds. � ��' � �:i IN WITNESS WHEREOF, I have caused to be hereunto set � �",i the facsimile of my signature and the facsimile of the seal of :_ ;� the County of Pitkin, State of Colorado. i-u.-`2`s� . ` .:.�� . _ . . � ... .. ,i (Facsimile_Signaturel � � 1 j County Clerk and Recorder � a _ .,i .; (FACSIMILE SEAL) . � �i �:� , ' (End of Form of I,egal Opinion Certificate) A �:� � , :a . � ,�. ,,a, _ ,� . .. . � - � . . . . . � . . ' b' �.. � . . � . . . . .. `�}• � ..• � . . . . . . . � . . . ��1 ..:.•1 �' ��1 �s s�� . A . � � - . . � . . � � :�� : ; �. . - . ' . . ' . . . .. � � � f.�� L �� ; . �� ,� ,' � �... , . . . � . � . . 1 ,z + $S'�t�q�{�p��. � ` - -.� ... . . . - � � - � � � � � . . i iY � 'r-aY ! ♦ . � � . . . . �.�. ��: �-i � . . . - � - , - -�. . � .. . . � I .��'-�t.:�- ' �:�r . ' . . . . ' . 4 � �5`�. . '`..a� —25— � � `�4rµ��'� ,. . . .. . . . . . � � 1`s,� c��,�: !�.,-:.}�,s'' . � � . . . rL' Y , .' . F` _ � �� .. �; , 1 ) ' "'��`�:°f 4 ';>r s s :, �.; �: ^�Y��,; `'.�4 .�--. "--r�. �~y=r ��- .: � Y-': .w t . ' ��.j �4 1 �.� S" �' y �_� {�' � � . 1 K` S h �!f �,�-:, � a::+,�. � 1 � r ,�..�.. f . { ' }1 .t �i� i i`; � -�k� + : S� � y s c _ ,� . � � ..� S +d � � ;r .y.��1 �< � � �} �� v�% ! 11 1 ` ' . . . � $ {- �,� . .. � . ' . ' .. . , ' '; . ' , i '� � f . . ' � �� ... .. � . . 1~�i . .. _ . . . . . i .y . - . . ' . . . . _ � � . � �Y�.� � ,. � _ .� t 'i�t�"�r 'ti"�� ,;�"x. ��!!�t,`� y r r��x� , uj ` ,�y cf� Si�:, , *'` , r t { � �f r{i,r* f� � �. y�i ��h4��4tM� t �rs '' f c .��i.,,t v � „y, ' •�t.�'. ,r; qt;E �ek � ,� +y �rfi� s- �.st S i 'f �f. > j '-�'' "i��4 "� +'^w �.�F'n cN Pi.. jA�;(A ..,t�'`' ! . 4�+ ��`'f t J4,.,��9 �.,. �" .ti.>�� f •Y af' �� }�d � l4�,i��♦ .. ' ��i �� { -,��}.y� 'r .��A¢•�, !�; �t�� i". � � �.. • --H . ,,.e.;,t:.n.7�r':i°.. • `�` � � �.r�'.�r.. ,�` � . j . I . ��'a y: _ .�;�� Section 15. Deliverv of Series 1992 Bonds. When ttle ` '� . c::.. - Series 1992 Bonds have been duly executed and authenticated the :�fi,-• Bonds shall be delivered to the Underwriter on reoeipt of the agreed purchase price as set forth in Section 12 hereof. The ' I�"-.��`.. ��..:;a.` • Series 1442 Honds shall be delivered in such denom�nations as the ,. �,... � Underwriter shall direct (but subject to the provisians of � ,.. Section 4 hereof). The Registrar sha11 initially reqister the *��'�;....;;" Series 1992 Bonds as directed b the Underwriter or in the names '��'`*% "`s�•: . Y . of such transferees as the Underwriter may designate by a writing '�+- ''�" � i r or writings satisfactory to the Registrar, or any combination � ii: thereof as so directed. The funds realized from the sale of the -' Series 1992 Bonds shall be applied solely for the purposes set ,�Y.� forth in Section 3 hereof and for no other purposes whatsoever. ' �# :; 2he Underwriter shall in no manner be responsible for the � application or disposal by the County, or any of its officers, of �`� 1 � I any such funds. `i' ? � ��:� m�r�� _ , Section 16. D�sposition of Bond Proceeds. The ,,. � proceeds derived from the sale of the Series 1992 Bonds, upon the '��;' � receipt thereof, shal2 immediately be deposited and accounted for � � in the £ollowing order of priority: �' ' - (a) First, there shall be credited to the Bond Account � . created in Section 17 hereof all moneys received as accrued � interest on the Series 1992 Sonds from their date to the date of •�,;,j their delivery. �� . • (b) Second, $830,000 shall be deposited into an escrow -_ account hereby created within the Bond Fund for the Series 1983 � Bonds and to be known as the Refunding Account, and held by the ' Series 1983 Bonds Trustee. The maneys in such account, tagether ' with other legally available moneys of the County, shall be used { solely for the ReFunding Project in accordance with this Resolution. Upon completion of the Refundinq Project, any moneys � i� � ; remaining in such account shall be deposited in the Improvements � Account. � .� - . .� �. (c) Third, the balance of the proceeds shall be ' ' deposited into an account hereby created within the � � . Transportation Capital Improvement Fund and to be known as the Improvements Account, held by the County Treasurer. The moneys in the Improvements Account, except as otherwise provided herein, shall be used solely for the costs of the Improvement Project and i costs of issuance of the Bonds. Upon completion of the Improve- ` • ments Pioject, any moneys remairsing in the Improvements Account ` ` j and not needed for the Improvement Project shall be deposited �� , into the Bond Account. �'�t �� 1 Section 17. nnnli�ation of Revenues and Creation oP � _ E` Accounts. So lonq as any of the Bonds shall be outstanding, Y �, either as to principal or interest, all of the revenues received '�� , , by the County from the Sales Tax (including, without limitation, ',��c� (' ; � any revenues received by the County aonstituting Pledged y1 ,� °�� : � � ;� - •.-s: S w �S E � �)�� -26- �,�;± tt :i i � 'i I. ` - --�,�r�--- _ ,��:.� -- .,,.y.,a ---', ` �� \ l•,� . �N � '� . � . . ��N•" . . .. .\ . . . , . .. . , . , �, . .-., :; . . i; ' � . .. . . ._ , . , f y�� 4 '�� '� ;, j' ` , - . '�;` � 1 , •' • . - 'i f�"�i , _ 4'C .. , ', f'F�.• . , ' . �Y.'fr . . . - � . �'� � -.. ,._ fi + ry� K � ,� �t„ �� y �� r�i�Y'ie- t y I' t f�� r t .,, � z"'`� °C.Y,�N y " 1�'`l ��"�,(td �rl�''.yr' f ��'s^ t i l MT) i rn .�:riM`+}S�`ir9�'x-'„cfr��, ,�. '�' �v'. �y c'4�'�q ��,•;F� � kj�. ...i '�', {C. � 1'i''i� �. 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'ti'z�._3<l dr�y � - "4i.�i�-��".`I%T�.3� - +td�" -`ttitM �it��v�... �l. !�Z -�:�:�c.�,,,. ti\Y4�t4��a. 4�� .�tE�1. +� � i�{, _- 'm`->IiE�:�,s..`� -��Z.i. �-::a'.a._ �4�.. t.:::t1.�aJ.��., -+~+=�e. `��i:.k4'Z�:`i�1° � � , �� t��t4! . . . _ - i'1,1 '�x��L_ -'"i� ,�s�_�t�: - � *�_�i'�, � i �'��'x�-' ,Y� � �}r .�.:�:."�w;vw•x. n�.r . ��_ ''��NMx*f'Y�"*'?':'"^'m'S�*rsr :� $ ��, � � �1 9 � I i� t - r i1'�; }' ``� t N � i _ 1 ��.. e ; .,.�, ,r . f � ' t ' \ \ � K �" ` 1 f 'c � �� ir i`k.}� �.. ! i 7 �y�1i I � � � �.' t � � +� � '�+'r.� S � •' ; �(�.��y �:...t t.. •'"`�_ i J t � 5 . �,J�N'� �Y R .. t �. . �:. ' r ` . � . . . . . .. r:. .� �. . � .. . . . ' . i.. _ . �. . . � , i . . .�` � .. . . � . .. . .. . � . . � , �,� � ;� . . .Y . �, I .♦:t.�- i �.f�7,}r �F 'r�ct�. 1�[ :K5 s rt.._. i . .�k r� .�I � ��} �rr�, u:: �4 ��:i.y ' .JL;{1v '+�� . �'7� N 9R,$tn"� 1 ,� , t,+ .'l (R�- t t�7 c.� _.i -'•� �:•d+ �. �,+�. _ ' � �t w�3 � . S i} 1� tr;r � ��*�` ��i.,a �G'�'}K� ��.. ��y� " z� . � �: �� Y.V tit� � 't � ` ♦ �i� . �✓Jt.F$Plr ,�.. �`�7� "1 �'�•�� n��1� .� ��'��'��• '�f ��..� J r� v, �,_.� � `� �� t?•, , t _, ��'� . '�;� �4, ��: .`� ._ '�� . :;�� .�a.. .. �, y.�f_. ... , �1.F��,• �,�;? � Revenues) , immediately upon receipt from time to time by the - County, shall be applied as follows: !�=.::;��. .:r�;;_ (a) Bond Account. There shall be credited to an ' e.: account hereby created with the Transgortation Capital •k� (:.� - Improvement Fund and to be known as Che Bond Account, held by the w�; County Treasurer, the following amounts: _�"�`�. - _ (i) interest Pavments. Monthly, on or before the ^'�-``'�:"�'� last da of each month, commencin on or before the '`-`° `' i Y 5 `;.. last day of the month immediately succeedinq the � delivery of any Sales Tax Parity 061igations, an amount },.. � � in equal monthly installments necessary, together with -� � ti i any moneys therein and available therefor, to pay the •' • j next maturing installment of interest on the outstand- � ( ing Sales Tax Parity Obligations; provided, however, � _� ;� that the County shall not be required to make suah *' � A� � < 'I deposits earlier than December 31, 1992. . , , (ii) Princinal Pavments. Monthly, on or before ' ! the last day of each month, commencing on or before the � . - last day of the month immediately succeeding the - delivery af any Sales Tax Parity obligations, or commencing on or before the last day of the twelfth �.:�;y,s:� month prior to the first principal payment date on any Sales Tax Parity Obligations, whichever is later, an � amount in equal monthly installments necessary, together with any moneys therei� and available therefor, to pay tha next maturing installment of principal of the outstanding Sales Tax Parity `i.:, �..•' Obligations; provided, however, that the County shall not be required to make such deposits earlier than December 31, 1992. _.:::� , �' . . `�� Except to the extent otherwise provided in Section 22 hereof, the moneys in the Band Account shall be used only to pay principal, � interes� and any prior redemption premium on Sales Tax Parity � Obligations and shall be transferred to the Payinq Agent (or eny other paying agent thereforj at such times as may be required for such payments. {b) Reserve Account. After the payments to the Bond Account described in paragraph (a) above, there shall be credited to an account hereby created within the Transportation Capital !.�. �.. Improvement Fund and to be known as the Reserve Account, held by �J, the County Treasurer, monthly, on or before the last day of each �33� month, commencing on or before the last day of the month � ;` immediately succeeding the delivery of any Sales Tax Parity t Obligations, such amaunt or amounts, if any, as may be necessary �, , �: � to restare and maintain in the Reserve Account an amount equal to ' � .:, the Minimum Reserve, as a continuinq reserve to secure the ,� ,th °�` payment of the Sales Tax Parity obligations by meeting possible y j �' � ` � deficiencies in the Bond Account; provided, however, that such .�, � : - payments shall be used first to reinstate the Reserve Acc011rit ^,��F�:'_�; � � • 3t tr1..=. � '. _ „i -27- � t � .� ` � i'Y.W!'.�+r.t.yAW°.M!+�...�.�+ __'_ .' �.�F �_ _ _ �..�.:•ty . Y�t " ``a�u..��v. � f. ' ' - i � . � .. . .. . . .. .. a1 :'� . ..' . ' .� r... ! �' . ' ' '� ', `� rl. ;E . . .. _ . 'n"`,.e ' .. . .-. . . � c � . � . . � - � ,. .. ' � . . � � � � ' � '�: � • . . ��i. ' . � . . ��!.� . , � ' � � y��.V��' t.� . ' .. . �j .. . . �� , ?Ci` .. . � . . . rY . . � . . � . . ' � � . � - . . � �. . .. � � . . . ' , �'� .� � . , .. . � . •t �' � Y �t t �r� �, �.� �. R �r ��.ry� i . . �y. •�,. ,�j��,� Q'i'P1@' ��i`,r��t{1`� �. �j� �� rs l�I�,i,�'+f+. f-��o ..y�k �r� �-.` �r�_�.:�. ii ''_. ��g„, � ��A'+' �'� . YC. , � �'�!SR�y .,(- ?i x`d'�',t��` �„ �1,�� '"�a ."""1 ��.. �j a�C�'4 r�jt_�' t 1 �" ..; . �,..+1�R:�� . ,a'��'.`'.:1�dL�.�' .�,k��:�4�;�_I�J. 'y �l i ^ �x s �. r _s. _"�.e�.'�3�:�iT��w'�.�w .. �� . .� .......e .. . ,�:i 'j i • � � Surety Bond or any other reserve account credit facility (on a � pro-rata basis) and only then to replenish any cash in the � i Reserve Account. No payment need be made into the Reserve Account so long as the moneys therein shall equal not less than the Minimum Reserve. The moneys in the Reserve Account shall be `" accumulated and maintained as a continuing reserve to be used, �i - ' exce t to the extent otherwise ��'' P provided below in this section and :Y.,: in Section 22 hereof, only to prevent deficiencies in the payment _ of the principal of and the interest on the Sales Tax Parity Obligations resulting from the failure to deposit into the Hond -�''�.� - Account sufficient funds to pay said principal and interest as the same accrue. Interest or investment income on the Reserve _ . Account shall be applied as provided in this Section 17. Upon the delivery of the Series 1992 Bonds there shall be credited to . t the Reserve Account the Reserve Account Surety Bond (which shall � be deemed a deposit ta the Reserve Account in the amount of the i` � , Reserve Account Surety Bond). �' !� Nothing in this Resolution shall be construed as � limiting the right of the County to substitute in whole or in i '?�k part for the deposit required to be maintained hereunder in the � '. . - 4<s Reserve Account, any reserve account credit facility, provided i that any such reserve account credit facility shall be (i) rated in the highest rating category by A.M. Best & Company, Standard & - Poor's Corporation or Moody�s Znvestor Service, Inc.; (ii) be submitted to any rating agency then rating the Series 1992 Bonds -.,,:-i� and shall not cause the then-current ratings (without regard to � the Insurance Policy) to be adversely affected; and ! - (iii) submitted to the Bond Insurer for approval (which approval ",; shall not be unreasonably withheld). Pledged Revenues may be ��- ' �' p:_ applied to pay any amounts required under the terms of any such reserve account credit facility (and the payment of such amounts �� i , shall have the same priority as the deposits to the Reserve Account herein provided) and any moneys for which such reserve • account credit facility is substituted shall be transferred, at � `��`�� the option of the County, to the Bond Account or the Improvements ' '' 9�i ; � Account. { � • � , (c) Rebate Account. After the payments required by subsections (a) and (b) of this section, there sha11 be deposited "" to an account hereby created within the Transportation Capital ` Improvement Fund and to be known as the Series 1992 Rebate � i� Account (the '�1992 Rebate Account"), held by the County } : Treasurer, such amounts, if any, as are necessary to comply with Section 22 hereof. Such deposits shall be made monthly on the - ' r,� same dates as (but subsequent to) the deposits required by sub- sections (a) and (b) of this section, to the extent that the necessity of such deposits is apparent to the County on such ��.<:� dates; but such deposits shall in any event be made annually ,,��: within 90 days of the anniversary date of the delivery of the s . � - Bonds, as and to the extent provided in Section 22 hereof. Other I �y rebate funds may be established for additional Sales Tax Parity ; � Obligations, and deposits into such rebate accounts may be made � y , i z�. , � � ��i:; ,' �� ' ,1 �28_ F�kr : � 5�^ � � ' . - R� ''�. - . ............... �..� ._.._- __.__�-�-._� _. . .-,"-�ma.�.o..a.�..��.S..J::n. ..uaL,.:..k3. .ew�.,::..W::n�.w•a. ...,...w.��:dc'I:.i?im'•s�++--{+�!»."°' ee� '�-;�.. ' ,' �.v...,r -.,.... �,. . �.. ..... .' .... ��. 1: *� j" :j� � � Y . I �.. �yf''. ,.. \ / . �;1� �. �'r� ��,�. (.�, -�x' ' �1 _ `,a � i r. :�' �, �r�. - �-::� � T.. -_ '.4� � ' . " � �� .� . � � , ' ,�� ; r , I. � � . . . �• . . � y,� �� I .. � . . ... . . . ! . _ • ,. 1 �� .. .. . . ` . " � ' . .� .... . ..'t!M . � . . • . � � �:� . . . � ��` �. . Y [. - �.'V � �' F• g{ a . � -- S t �1 Z �,Ca,� .�-... .r i``-� i'ti F��., .. �P!i��j,�s ��1: k L� � `�' ttl' .. �Y°Dt.,� .�ta •'?+k,c �',.�L: - �!; i 6.�,�,+ �; � 'a° Y. �-a 1 t�''' p' �� i'�Y� ., �t��.-udtiiy. � �j �� n f� «e L ,. i . f ��". ,y�.�� 1.�,'. ��L �.. �� t,• .�N, �� 3� +,�6,�, � ti�;. "}��3'�c . ...r..r Af .k ;k� . � .t � .yl`' t�J.G�.;�icUtR.. .Sii'�,s....��1..:rs�1c .'7tl��...:1w.-F�r.��:;iAf�+a�s�s,�w�',.....4 � iwcs.c�{p�a,.,. Yl?-.. ':� i �', . �� - ! ratably and concurrently (but not necessarily simultaneously) � ��.-': _ ` with the deposits to the 1992 Rebate AcCOUnt. (d) Tezmination Unon Deoosits to Maturity or �T.:>�'�; Redemotion Date. No payment need be made into the Bond Account, r,�7_: � , the Reserve Account, or both, if the amount in the Hond Account � and the amount in the Reserve Account, up to the Minimum Reserve, ! total a sum at least equal to the entire amount of the r�;:�=�,� . i outstanding Sales Tax Parity Obligations, both as to principal 4`��, , and interest to their respective maturities, or to any redemption ` r _ ; date or redemption dates on whioh the County shall have exercised � or shall have obligated itself to exercise its redemption option, ( � in which case moneys in said two accounts shall be used solely to �t `� pay such as the same accrue, and any moneys in excess thereof in {; ,: 1 said two accounts may be withdrawn and used for any purpose which `'J"" is permitted under applicable law. � ; (e) Defravina Delinauencies in Bond and Reserve Accounts. If on any required monthly payment date the County }t shall for any reason fail to pay in the Bond Account the full fi � amount above stipulated, then an amount shall be paid into the ! Bond Account on such date from the Reserve Account equal to the difference between the amount paid and the full amount so 6 . stipulated. Any moneys so used shall be replaced in the Reserve Account on a monthly basis as provided in subsection (b) of this section from the first revenues thereafter received by the County : canstituting Pledged Revenues, or from interest or investment �`�°`�"�'':j income on the Reserve Account which are not required to be � _ �_i otherwise applied by this Resolution (excluding any payments required for any subordinate obligations). If on any monthly � � � payment date the County shall for any reason fail to pay into the � Reserve Account the full amount stipulated, the amount so - stipulated shall in a like manner be paid therein from the first such revenues thereafter received by the County constituting Pledged Reserves or from interest or investment income on the Reserve Account which are not required to be otherwise applied by � this Resolution (excludinq any payments required for any ' subordinate obligations). The County shall make such payments " '� into the Reserve Account, from such revenues received by the ' County or from such interest or investment income on the Reserve :� Account, as may be necessary to restore the amount in the Reserve f Account to the Minimum Reserve, as hereinabove provided, within a period of one year from the withdrawal or investment loss which resulted in such deficiency in the Reserve Account. The moneys • ,.. in the Bond Account and in the Reserve Account shall be used solely and only for the purpose af paying the principal of, prior � � redemption premium, if any, on and interest on the Sales Tax � Parity Obligation5; provided, however, that any moneys at any � , time in excess of the Minimum Reserve in the Reserve Account may ` be withdrawn therefrom and applied as provided in this �" 1 ^ Section 17. �i;�� F' ' : � (f) Pavment for Subordinate Obliaations. After the � 4„� payments required by subsections (a), (b), (c) and (e) of this �, �.��r`. � w�� ,i �.n.� ! . -29- ;� ' r: - '''� � i Er'. ``i �" i �' 9' r � - _��— — — :� "`w� '""" .. . . . ... Vl��.�.1 . : ......, _ . . y � . . /�2�'t.r' . . _ �� ' "1 r� . \`.. �. .. . . , � . � �'� . ' .. . . •��4 i . .�� , ��'ti ' :� ;f�� . , ' r{ _. � ' ' ; ' 4'p -. � .��'. , , Y �. . r �F 5�, y. . � +�'_�' -4e �rrs'+i ��'IT`: z T �3. rs�.s '� Y rd �, cn.f[1k Iil w,�„ rf� � '��,, !�N' -� � ,;�r fil!s�: S�h�^ .� '' �t f 7'rfi +rK �s `�x� R - � ..�(1 � e°v :;�^ d!y��s '�}� � �f v t �a:` i � '�'��ri ti �i i:�; rl.,�"'k �� .4 �i t �r . � , � d* �� n.Fj� �r �� 11.� �� •� .��' �4 �{i'� � .ti.4. _�•:;f"'i:-' :<L.ke�t'��. �..`.._� �a"S,L' ��'�' .t�� r, .J: _ •� • • �; � .T�;f j i . ; � section, such revenues and Reserve Account investment income shall be used by the County for the payment of principal, interest and any prior redemption premium, and other payments - required for or otherwise relating to any subordinate lien obligatioas hereafter issued and secured by the Pledged Revenues, including reasonable reserves therefor. _ (g) Use of Remaining Revenues. After making the �:,. : payments required to be made by this section, any such revenues ' - ._ _ and Reserve Account investment income remaining may be used for any purpose which is permitted under applicable law, ... �;.,. Nothing in this Resolution shall prevent the County , � from withdrawinq from any account amounts collected by the County 1 ' and subsequently determined, pursuant to applicab2e law of the � 5tate, to be subject to valid claims for refunds. � ... ,;°�`` i ,�' Section 16. General Administration of Accounts. . �"'; Subject to the provisions of Section 22 hereoE, any moneys in the •`* Y�w' Sond Accouht or iteserve Account may be invested in any investment i .��x"�� permitted by State law and, so long as the Insurance Policy is in effect and the Bond Insurer is not in default thereunder, any investment included in Exhibit A to this Resolution. The obligations so purchased as an investment of moneys in each such ! account shall be deemed to be part of such account, and the ;`,,,,:�>, ` interest accruing thereon or investment income realized therefrom � : shall be credited to such account, and any loss resulting from � _ such investment shall be charged to such account; except that all interest or investment income realized from investment of moneys in the Reserve Account shall, upon recexpt by the County, be �'� appZied as provided in Section 17 hereof, and except to the extent that transfers of interest or investment income are made � to comply with Section 22 hereof. The County Treasurer shall 1 present for redemption or sale on the prevailing market any � �-!` ` obligations so purchased as an investment of moneys in any '�` ` account whenever it shall be necessary to do so in order to �'Y< ' provide moneys to meet any payment or transfer from such account. ' - Nothing herein shall prevent the establishment of one or more �,;: ' bank accounts for all of such accounts, or shall prevent the ��` combination of such bank accounts with any other bank accounts • �•,,:��, for other funds of the County. _ -_:�: �",� ' •Section 19. The Insurance Policy, ,;�• ,+ �. �, a�`; (i) In the event that, on the second business "F'�a'' day, and again on the business day, prior to the payment date on the Series 1992 Bonds, the Paying Agent has not received sufficient moneys to pay alI principal of and �; interest on the Series 1992 Bonds due on the second �`� following or following, as the case may be, business day, � \ the Paying Agent shall immediately notify the Bond Insurer _ ;��+ oz its designee on the same business day by telephone or � � telegraph, confirmed in writing by reqistered or certified � *� mail, of the amount of the deficiency. f ��'. `�' � -30- .,. %S'��.. ::;. ` � � , t� y _ .3Y'J.ya„y,^ ^':`_ . _'ir..,i,y�p"`.s„in^�Y�(y�,�31�p. �� f' � ,f * :� :.Ti. � , �. �\, , ` � `� � ` , . � �} ,`4 ��'. ��, . , �: - }:: � - . , 1 .: , � , ` . , , '. . . t _ � . s.� 7 :�' � � - Y (� . . _ '11' ' . . . .�';-' + �� . y�� 4 }� 'M7• � y; S��t? `y � p �d. � ( ILL .5��1'S`+ ".��C'�. :)�-� t;Y �Yy f.�fi Y^�,T'T ". . � ' �X �1i'ii" _� l �:L�ti " ir x'1��'�" : �f'D �y r - re;�,; ,e� �� ''�4.r. 1 . ,(�.„` a `a s+ ��.ari �4x �-� � �,. fy�,p � •.,!,,,��`{ ,� ��. `�� .F;�, • i'd � A,i ��a . " ,i } .��y rasz }�i�i t M i�., . �s� '�`�� t t � r��Kt'Yr.�e �•� �` .�.�,��F��-y � • . . - t. ... ..�,�� ','�! �1�� ',�t �{'�7�.v;t• r f.i' . . �...:�.�u=' i�,. �. r• , _ _ � ;f�Y ' i I � (ii) If the deficiency is made up in whole or in part prior to or on the payment date, the Paying Agent shall so notify the Bond Insuzer or its designee. T;�; .. (iii) In addition, if the Payinq Agent has notice �r i _ that any Bondholder has been required to disgorge payments - of principal or interest an the Series 1992 Bonds to a i� � . trustee in bankruptcy or creditors or others puzsuant tq a ;_,r Pinal judgment by a court of competent jurisdiction that 1{'•�;�.'_. .. . such payment constitutes a voidable preference to such Bondholder within the meaning of any applicable bankruptcy � laws, then the Paying Agent shall notify the Bond Insurer or � �� its designee of such fact by telephone or telegraphic �:• , notice, confirmed in writing by registered or certified '' ;_� mail. r �' (iv) The Paying Agent is hereby irrevocably ; •' designated, appointed, directed and authorized to act as � � attorney-in-fact for holders of the Series 1992 Bonds as � `j follows: ; � (A) If and to the extent there is a �' deficiency in amounts required to pay interest on the ;.,�pri: � Series 1992 Bonds, the Paying Agent shall {A) execute � and deliver ta Citibank, N.A., or its successors under '- the Insurance Policy (the °Insurance Paying Agent"), in 6' �� form satisfactory to the Insurance Paying Agent, an { �.; instrument appointing the Bond Insurer as agent for I .. such holders in any legal proceeding related to the F�. ' - � payment of such interest and an assignment to the Bond ; �'' � Insurer of the claims for interest to which such � deficiency relates and which are paid by the Bond � � Insurer, (H) receive as designee of the respective i holders (and not as Paying Aqent) in accordance with `� the tenor of the Insurance Policy payment from the �;� Insurance Paying Agent with respect to the claims for -� interest so assigned, and (C) disburse the same to such `"^? respective holders; and � i. , (B) If and to tkte extent of a deficiency in ' �� amounts required to pay principal of the Series 1992 ,�( Bonds, the Paying Agent shall (A) execute and deliver `� to the Insurance Paying Agent in form satisfactory to � the Insurance Paying Agent an instrument appointing the ' ' Bond Insurer as aqent for such holder in any legal t proceeding relating to the payment of such principal ,,�, and an assignment to the Bond Insurer of any of the f �- �' Series 1992 Bonds surrendered to the InsuranCe Paying j � Agent of so much of the principal amount thereof as has ,�,�� not previously been paid or for which moneys are not �� held by the Paying Agent and available for such payment h� , (but such assiqnment shall be delivered only if payment �� '�� from the Insurance Paying Agent is received), (B) 1 �.� x�.� i a ,`i� ` �s ,•.H -31- s r c .1�'J � . i:a,`, � . r � - - � . ..�'�r": - �. �. _ � �.`r.. . -�Ie ' . . s . . �''�M1,,4 �� ' i ' � ,,,,�� _ " �� ; : �' � .�� ' . . ' , Y .. �- 7� ' . �' . 5 � . . +� . . . . � � .� "' . . . ' . ' .. , j ' . , . _ . , ' :1 . . -.� 1 , . .. . . �'r . . , tr . , }�•� ' ' . . . �Y �. . ' . . - �;f... -�,�. . r . , ,�1�. _ � � �1,}�{ � '.'ri t .7,��:, � :: � r4 . f ..; �,f f d.0] 1.'4 r+ � �} 1�'� �ie� 4) ��-� � x .c y � �,�7 �16�i.u.-� [ � iT ri ,�'b . i ♦ f , .! x Xy, � r � 7't �A t i'�'�y�!� T Pr F� t,�.�.....- �1�� '3��a�.,�t ��=�N��,� 1��;� "1'�1�/�m�'�,� - 'jr1 .z y,� . S �� !L F y..�5 4y . f '+r.'-',�`u��...-�'rinv .AOt]k.`a15�`.K�1�:,:7�os�•c 1�`r.. .y:•ti�V��1M"z�Yd 4��`"' ...� .. .. . ,,; � � receive as designee of the respective holders (and not ��,: as Paying Agent) in accordance wittu the tenor of the i'-; Insurance Policy payment therefor from the Znsurance Paying Agent, and (C) disburse the same to such Holders. ��`�.- t� .. � : i (v) Payments with respect to claims for interest on and principal of Series 1992 Bonds disbursed by the " ' Payinq Agent from proceeds of the Insurance Policy shall not - � t;", be considered to discharge the obliqation of the County with ��,; ; - . ' zespect to such SeXies 1992 Bonds, and the Bond Insurer "<:?'`'=.;- � shall become the owner of such unpaid Series 1992 Bonds and � ?�; � claims for the interest in accordance with the tenor of the assignment made to it under the provisions of this � subsection or otherwise. � , 1 1 (vi) Irrespective of whether any such r �,;� assignment is executed and delivered, the County and the Paying Agent hereby agree for the benefit of the Bond Insurer that, k {A) They recognize that to the extent the � ' . Bond Insurer makes payments, directly or indirectly (as � by paying through the Paying Agent), on account of � principal of or interest on the Series 1992 Bonds, the �' ; Bond Insurer will be subrogated to the rights of such � �:_ ;,;;� i holders to receive the amount of such principal and y, � interest from the County, with interest thereon as f� - provided and solely from the sources stated in this !• ' - Resolution and the Series 1992 Bonds, and '� (B) They will accordingly pay to the Bond , Insurer the amount of such principal and interest ' •_', (including principal and interest recovered under � � subparagraph (ii) of the first paragraph of the i _` �� Insurance Policy, which principal and interest shall be � ' °�� deemed past due and not to have been paid), with ; ' � �'"+ interest thereon as provided in this Resolution and the � �. Series 1992 Bonds, but only from the sources and in the a�'-'= manner provided herein for the payment of principal o� � - '�. and interest on the Series 1992 Bonds to holders, and I � ' will otherwise treat the Bond Insurer as the owner of ; i. such rights to the amount of such principal and ��. interest. ' _ � � (vii) In connection with the issuance of Sales Tax �� I �� Parity Obligations, the County shall deliver to the Bond �' Insurer a copy of the disclosure document, if any, �� ,:,,� circulated with respect to such Sales Tax Patity �; � Obligations. ,•, '` ,; � (viii) Copies of any amendments made . to the 1`' " documents executed in connection with the issuance of the � • �F�y � � � x r'�_: ��a� • � �� -sz- -�; •_ ,,�� ,+.�,. .�L �r"'� . ! � �.w.�� _ "i`i'a —..�.... 'Y_"--�',`�.^ e;��.. r --�..�..x...�� _�" :x � . . �.� Y 'C.�� ' - ..-' �� .�j . � I � '�' �n � �,, y{}4 � ' s . . . . . .l �,� . ; . - .r . ... _ , . � '�� : � : �� -; � . �.y,,. , -. - . J ., ...� ... .. . �� . � . � . . T '.: .-. T� . � . � ..' ' �'.. . � 1 ' �� . - �^ ( ." � � . �r r � � '' . .. � t�t' . . . �7Ti,� . . . Y '� .-� �,. �� '• �!}� � i rs. g r . ��. � � i;0„��"��CSi+� 9�lat�j s. Y �L� if,y l �. �,p • � � . � � t+ �� r ` Kr� �y- f° 3t'{�rk;�1,,4 �w �'�r,s � ,,.; � � � yr�T��, , �� k�.-'M � �`� -0�l;+� �� ( .�4�'�E�4 1 t ♦ f�C'(" y i+��u t.�;1�'..,:��4�Itl t.lJ f'.Yi 3Vh- t �,,, '�±cr�k '�`� �. .N : �k`�rs}4,��ih�` !'� . .. t^i..' !.. ' �•r" ',��i•�. � f .<� �t a� . . � . . ....... .+..'.[_. . . . �:?�t?,.. . . �.r',Mf.�.°�� . '. I _ �y; �'t _ i � � Series 1992 Bonds which are consented to by the Bond Insurer ' shall be sent to Standard & Poor�s Corporation. (ix) The Bond Tnsurer shall receive notice of the � resignation or removal of the Paying Aqent and the y � - ' appointment of a successor thereto. [it � x � (x) The Bond Tnsurer shall receive copies of all s- - notices required to be delivered to Bondholders and, on an �;:._ annual basis, copies of the County�s audited financial '�% . . statements and annual budget. ^�'�' • 't � (xi) Any notice that is required to be given to a holder of the Series 1992 Bohds or to the Paying Agent �' pursuant to the Resolution shall also be provided to the �q ' Bond Insurer. All notices required to be given to the Bond Insurer under the Reso2ution shall be in writing and shall � be sent by registered or certified mail addressed to ```-�' Municipal Bond Investors Assurance Corporation, 113 King � � •,r�a Street, Armonk, New York 10504, Attention: Surveillance. ? (xii) All approvals or consents required of the ' Bond Insurer under this Resolution shall be required only so long as the Tnsurance Policy is in effect and the Bond � . �� Insurer is not in default thereunder. f� Section 20. Prior Redemntion of Outstandina Series 1983 Bonds. .�" , �, (a) The County hereby irrevocably exercises its option i�r to redeem, pursuant to the pravisions of Section 4B(2) of the �" Serie.s 1983 Bonds Resolution, on December 1, 1992, the !: Outstanding Series 1983 8onds at a redemption price equal to the � ' �� '��:. � principal amount thereof, applicable premium, if any, and accrued i interest to such redemption date. The County Treasurer shall t r� give, at least 30 days prior to December 1, 1492, a notice of � ��i prior redetaption and defeasance of the outstanding Series 1983 � - Bonds. � 'tiu�",�• :,. ;�.� (b) The notice of prior redemption of such outstanding ��' ;±`' Series 1983 Bonds shall be given by certified or registered i � ';�;; first-class, postage prepaid mail to the registered owners of i••' each Series 1983 Bond beinq zedeemed. � �" ,�' c The notice of � ( ) prior redemption of the outstanding ; �• 5eries 1963 Bonds shall be in suhstantially the folZowing form, F� ` with such omissions, insertions and variations as may be � ,�;` required: ,:�. � ��q � w�'F�. ,.j / ' . �"�y �f`. `' . . . �� z, q+ '�.�� . �'. � . '�'.�y -3 3- t ,�,� ! �,?:.Z;�L i' �.�::•_ , �: .'+Y Z `° - ---�.--°-`---•..��---..r,Y..r.r,,.a} 5 'y r S l � t� .�V f :� , `\� ai. - � �� . � � ... ,}y�'� � .. � � . . . ��a - t '•:4 . - . . . .�� . .. ��'� . 3•, • . . . . , �. .' - � ` . , f. - . � . .. � . .. . .. _ .. { / 1yi� . � ' ' � .. . . r , . . . . . . � . .. . . ' . . � . . . . . . i . . . . . . _ . �. .. , r , • � - �� ' ii � 1'�.. • . . . . �� I � � � ' � � . ' �.� . � /. � �w ��k a�� ..Ye �r�.,'.� � .�.. tj :.. 2 S . ; '� a ,;n t� �:.1 X d .t ' P r„ �/s'.� s � �_ p' °.�j �1^ �t- '� � ��,Y ."t,�'.�,T��'�4� �''7:?" 7 <a'''�!4 �i �..l��SY��1��,t�"Yi� /A�.Kf{,. f n.�M �iy�,�Eq 't�'` Y�i �f_c��, �' ! �{ }}W�Z 'hz'"' _'.'�y �54�!� � .,ir��! itl��ps:� , � r _y s fi�r C � � �y �� ;�f Y "�E� "��'�+t a '" . � JfF...'!.:L'��}4�?.°�ir:'.AY�5}��..;�r.�L. ..:�;3..k:,��L�,dv:��.�4�Jfi_. "°.��s.� � ri r � i -... . _.. , ' � - ; � (Form of Notice) ! NOTICE OF PRIOR REDEMPTI�N OF ' PITKIN COUNTY, COLORADO SALES TAX REVENUE BONDS ,• {ASPEN/PITKIN COUNTY TRANSIT AGENCY PROJECT) f '� SERIES 1983 P�' DATEO DECEMBER 1� 2983 �;' -_. � _ - . r.?Yt.. NOTICE IS HERESY GIVEN that Pitkin County, Colorado �� ' (the "County") has caused to be deposited in an account held by "`' Central Bank, National Association, as trustee for the Pitkin County, Colorado Sales Tax Revenue Bonds, Series 1983 (Aspen/ � ', Pitkin County Transit Agency Project) (the "Series 1983 Bonds"), refunding bond proceeds and other legally available moneys oE the County which have been invested in bills, notes, bonds and �: ,R I similar securities which are direct obligations of, or uncondi- � �� tionally guaranteed by, the United States of America, to refund, � ' � pay, and discharge the principal of, premium, if any, and ! .._ �� interest on all of the outstanding Series 1983 Bonds on i s'. .,.<_.;: December 1, 1992, as described below. ,� ' Series 1983 Bonds numbered through will be, and hereby are, called for prior redemption � " on December 1, 1992. On such date, the principal amount thereof, t �j" �• applicable premium, if any, and accrued interest thereon to the _- fr redemption date will become due and payable at the principal � `' corporate trust office of Central Bank, National Association, in _ Denver, Colorado, and thereafter interest will cease to accrue. � , �' Pursuant to the provisions o£ Resolution #83-120 � adopted kay the Board of County Commissioners of the County on i�.. November 14, 1983, the pledge and 2ien and all obligations � � `1 �,� `., thereunder with respect to the Series 1983 Bonds is discharged. F . �s . �� DATED at Denver, Colorado this day of , �' �. 1992. ` n� .r� . ��• x CENTRAL BANR, NATIONAL ASSOCIATION, � r�,. _ as Trustee for the Series 1983 �� BOndS �,' {'; �y :, 1 � B �''. �Y y�Authorized Officer � ` �* (End of Form of Notice) I. t '„�" � 4 � � � � . . . . � � 1:. y �.' � . � . . . . . �': � : i��~� {Z�;' . . . � ' _34� �� Y!': � f f , rt:� � . . ' . . . I��i� � � � . . � t'r� Y { .� .rY . f � h� ��. �W� 1 -T- �.- ' I . 'Y �. ':�' Y: � .� � ' � / �¢ '' _ � 1� • p Y�.{,j < �) { _ 1 / ' / 1. ' � '.. .:� a�. '; � A'- �; t.. .1 .�',,�; c � ��e � r � 4 - . � ::: ,. ;. �: .+: . . ._ � 3 � _ '� r.r - �;� �' � �'Y i; 1 M ;� ,4 f, ' J - ' ��y' �Z.� 1 � �� " � '' • . . . f� � . . ' . . . .� � � . . . . .. . ��- � .. . .. . . .. . . , . . . . . .. ' � . . .. � � . .' ' . . . , � . :I - �� .. . - ' , . . . . `'P . . � .. . . :�' '. . y: � . '. T`:��1 �Y`� r° 'd�� I s-�t s�t ��M+�,y�,A �. .1 i �S�(� r�r.� � 1 r. �i�-i��;:��d��.r��-..�''yr,...� ..F S . e � �i tWi �, lr y. i '�'�1^*�, 'f f �Y � T.j�'� � �" .. � �y�� 1 "sl�i * (C 3� w s �f� �� f " ` t. �'i'�.}_,T.,'4J�r F>�,<aM .r,.. K k ;.a 9� :.`� f'9� �l�'{�'�'��. � .� �� a�E x\� w '� � � �'�?.F��it,.� � . � C�� :r Y q ,f �-.< �t�t3 , � �_ f� . ' .1a . _ ,y6,�;•.r.��: .'�F:.�,�.� .. .,e°`K+r��Y' ` . ,m'm,� � Section 21. Amendment of Certain Resolutions• Cotttin- uance and Collection of Taxes• Apolication of Pledaed Revenues. A. All resolutions concerning the Sales Tax are now ' in full force and effect and have not been repealed. Unless the � ' pledge and lien hereof on the Sales Tax shall have been released as permitted hereby, the County will not repeal or amend such resolutions in any manner which would diminish the Pledged � Revenues to a level below the level designated in Section 29(a) (v) hereoE. In addition, the County will take whatever ` - actions it deems necessary to effectuate the Sales Tax. ' The County will continue to levy, impose, administer, enforce and collect the Sales Tax within the County in accordance _ with the Sales T�x Resolution, without reduction in the percentage rate of the Sales Tax or the items and/or transactions . subject thereto, except as set forth above and herein. � �� The foregoing covenants are subject to compliance by . ,,,� ;.,, •� i the County with any legislation of the United States or the State �� { or any regulation or other action taken by the federal government �;z or any State agency or any political subdivision of the State ' pursuant to such legislation, in the exercise of the police power thereof for the public welfare, which legislation, regulation or - ;":; action applies to the County as a Colorado home rule county and ' `. ; limits or otherwise inhibits the amount of such tax revenues due ��r.i:' to the County. All of the Pledqed Revenues resultinq from the _ imposition and collection of the Sales TaX shall be subject to - the payment of principal of, premium, if any, and interest on the ' Bonds and the use thereof to remedy deficiencies in the Reserve x'. Fund,� and otherwise as provided herein or in any instrument supplemental or amendatory hereof. B. Defense of Leaalitv of Pledqed Revenues. There is ��-' ;.` not pendinq or threatened any suit, action or proceeding against or affecting the County before or by any court, arbitrator, �`Y�;'" ` administrative agency or other governmental authority which �;:_ affects the validity or legality of this Resolution, the Sales s� Tax Resolution, or the imposition and collection of the Sales ��- Tax, any of the County's obligations under this Resolution or any -- of the transactions contemplated by this Resolution or the Sales �:��" Tax Resolution. .--ti' rx�� . � � � The County shall, to the extent permitted by law, �r'; defend the validity and legality of this Resolution and the Sales �� Tax Resolution, and all amendments thereto or substitutions �., thereof aqainst all claims, suits and proceedings which would diminish or impair the Pledged Revenues as security for the �� _ Bonds. Furthermore, the County shall amend from time to time the ` provisions of this Resolution, the Sales Tax Resolution and any other resolution of the County, as necessary, to prevent ., Y impairment of the Pledged Revenues as required to pay principal �- of, premium, if any, and interest on the Sonds when due. �� r�`�� > , . , ' �' -35- i,� 7 ,�. � �: . I� R.. . . . -. _� I . { � �� .... . . . .. �—___.._'. ... c:.�:i.wiul:i�w-�'.a.�-'-�'�'c� N"""", _ "" ='sP.4'wt.+.S14:uSd'u r s..Y.w i ,� 7 e .�� . ��,� . . � . , . � ��'{�L .. � � . . � .. � tM .,}� . . . . , . 1 ,�C+' _ . �eX '�'< :_.,. . _ ��r a . �� . • . �� ' �., . , �` . . . .. . . � �♦ . . '�'.l � ..�' . . . ��.�' . . � .. - -. . .. • � � �� - .'r - . . ' ..� ., . ' � . .. � . ,. . . - � � � - �) ..- ' . . � . ' . ' ;fn " . - � ' ... . „ t�•' � . �' . . . � '�`' . . .. . . �-Y � . _ , ' ... �t �y � : y `.rr�'1� R"^�.TrA'. . ..+„ i�f}•� F .,�Y��L 3 N ,Si.t �r r�'!s�'� �:�ti -�:�+kK-�s.� e �� ^t 1�'��aa,��.,:x'�.,x Y"` �T x� r�4t.� �� .�i; i��t��. I .e-: � ��;"t'" i�"t�1',,�Y e5ri � _ 4''`'�i 5�,+ L i� 9"'t � �N.�.� �..r �, v �:'s, �lnt .1�3 ��,. . � 'S�'A rca��,r, r -�� 'Hi 4��P�� j � Y�Fw��'$"F`�� 1 fr' ,. %'.� tV r. ,,�� +� ,i�t S��x. .k�- , � 1 � � �. 1f r k,y�.'R a t , 4Y� �� ."�� ,�:='. r' �` G �. � . .j � . '.tav-�Y:.: . k.�`c+Y'-'.w�� _`.J 4W, T..._ .a� I P L 1 - J - " i _. � I '� Except as specified in this Resolntion, the County has 1 not previou�ly assigned or pledged the Pledged Revenues in any manner. Section 22. Tax Covenants. The County hereby covenants for the benefit of the Underwriter and the owners of - the Series 1992 Sonds from time to time that the County shall not: (i) make any use of the proceeds o£ the Series 1992 Bonds, • . any funds reasonably expected to be used to pay the principal of _ _ _ or interest on the Bonds, or any other funds of the County; and (ii) make any use of the facilities comprising the Project, or . f take (or omit to take) any other action with respect to the Bonds, the proceeds thereof, or otherwise, if such use, action ar � omission would, under the Code, cause the interest on the Bonds ''• �5 ' to be included in gross income for federal income tax purposes or be treated as an item of tax preference for purposes of the � ' federal alternative minimum tax. �',. In particular, the County hereby covenants for the :4•:�;��: benefit of the Underwriter and the owners of the Series 1992 �?-':�'� Bonds from time to time that it shall not take (or orait to take) or permit or suffer any action to be taken if the result of the same would cause the. 'Series 1992 Bonds to be (i) "arbitrage � bonds" within the meaning of Section 148 of the Code, including ' for such purposes, to the extent applicable, the rebate ,�.�i requirements of Section 148(f) of the Code; or (ii) "private ��:•. ' activity bonds" within the meaning of Section 141 of the Code. � _ _ Such covenants of the County shall survive the payment of the � ' - Series 1992 Bonds. � The County hereby designates the Series 1992 Bonds as "qualified tax-exempt obliqations" pursuant to Section 265(b) (3) ,� . of the Code and represents that the reasonably anticipated amount of qualified tax-exempt obligations (other than private activity � ,�'.�5":: • bonds) which will be issued by the County during the calendar ' � „ year 1992 does not exceed $10,000,000. �ry . -> The Chairman of the Board is hereby authorized to �� s execute a tax certificate on behalf of the County in I ,,.�.- implementation of the foregoing covenants, and the l� -' representations and agreements set forth therein shall be deemed ��: :�I the representations and agreements of the County, as if the same �y ;�, were set forth herein. �� Section 23. Events of Default. An Event of Default ' • � � shall exist if: ��;� A. Payment of the principal of or premium, if any, _ �,s; due in connecCion with any Series 1992 Bond is not made by the �,�^ w � County when due at maturity or upon prior redemption. ' . �'w� B, Payment of the interest on any Series 1992 Bond is ��.:; ` � not made by the County when due. ��:; �°�`' F4V +�YC -3 6- :��j ti:' _ . Y, : 4 y� � 1'�^t,� . t 4 _ - .�. .i-- —^---.....-......,,. ..:wa..} ,`,F; !� , � � , ` .� - ,'�,. `�. , �. ,#.,�N 4 1., . � ',.� . �� ` . -�. �.� . . . . .. _ . �� . , . :. � � �'' . . . . . � . .. . . d�.�. . , , 1 �. '. . ' � . � : . . . . . . � � ,i _ — � ' � - : .. . . . � " ' , l�:j� .. ' .. ' . r .. �' • . . -'Y �, . . . � , - . _,�.'ji . . , . ��A.�• �F s t � . ' q, �� t ��'iN"..�5'tj�h� i��L t t+"ry�ir Sr .�.� ,+qT�t#"�'. �I+7 S�'� .}glkd �..) y^ u ,.9 '�v` �r�^'M ^': �Fl�j.�@ .. y Fy �+ ,�7 ! Y 5 t /, } .+i ..�:, :'t �.� � i� �'! �'h'.� S�':! �t �- c q � � � e �`.� :aRr � ,•, �4�1��. ,x ��Ar.xi ..� R�i.. "_'U `�� .�� i R�� y � �p 'F� ��} ar t " ..~.'!� -r� i.` ,�i'� � Y�t��•t . - �r, . , ' . . x � '. -'�a�. ._ �J's4T�'�;^ ' / , M + '. _ � � � C. Tha County defaults in the punctual performance of its covenants hereunder for 60 days after written notice shall have heen given by the owners of not less than 25$ of the i principal amount of the Series 1992 Bonds then outstanding. "''; y;.'�. D. A petition in bankruptcy is filed by or against -'` the County, which, if filed aqainst the County, is not dismissed �:��'" within 90 days after its filing. tl"`�`' Section 24. Remedies. If any Event of Default shall ,. exist, any owner, or a trustee therefor, may enforce its rights hereunder by any available 2ega1 or equitable remedy, including ` mandamus, specific performance, the appointment of a receiver ' � ' (the consent to such appointment being hereby granted) , injunc- � tive relief, requiring the Board to act as if it were the trustee �i ` _ '�` of an express trust, or any combination of such remedies, except � �'� that the approval of the Bond Insurer shall be required prior to � '��;. any such action so long as the Insurance Policy is in effect and ' the Bond Insurer is not in default thereunder. All proceedings 4�� shall be maintained for the equal benefit and protection of all �. . owners. Any receiver appointed to protect the rights of owners may take possession of and operate and maintain the Project in ; the same manner as the County itself might do. The failure of any owner to proceed does not relieve the County or any parson of i , �„�1.. '� any liability Eor failure to perform any duty hereunder. The `•.� foregoing rights are in addition to any other right, and the � - exercise of any right by any owner shall not be deemed a waiver ;.. - of any other right. So long as the Insurance Policy is in effect ' ,� and the Bond Insurer is not in default thereunder, the Bond Insurer shall control all default proceedings with respect to the i ; Series 1992 Bonds. i{�• � Section 25. Amendment. The County may amend or modify !'.' � � � any provision of this Resolution without the consent of or notice "`� ` to the owners, as follows: �� '.., .= A. To grant to or confer upon the owners any r 7 additional rights, remedies, powers, authority or security which a..: '�'� may lawfully be granted or conferred. r+ B. To cure any formal defect, omission or ambiguity '�� ' in this Resolution. ��' x� 4�� C. To add to the covenants and agreements of the County set forth in this Resolution. � D. To subject to this Resolution additional revenues, �'+,. � properties or collateral. ,�'�, E. To appoint successors to the Paying Agent or ` ��r �: Registrar. " ( F. To effect, in connection with the preservation of �� _, `- the tax-exempt status of the interest on the Series 1992 Bonds, �5. s �''`: t ' ,, � : -37- � �;, -,' � �� i —�—_ y.._.,,..x,t�.�...ecaenY�'.,« s �-w- ��.�.�..,K.ss�,.c—u... � �i.��4 ��; � �.' �I, ` �Y. �t _ _ � �? V Y, � � . ��' . , ... � . � 1 � ��. � .... r.. �:. . ' ..;�. . . �. ' � . � , � '. - �•. , ; . . T 1 . � r�. "..: .. .. " i'M[� � � . ��i�� •- �` ;�"� �. . � . ' . � .�� . .� . •I " .. . . , , .. � . . . '. . " � ' ' � •-� .. ' . . ` _ " y . . ' � � , . . . . � . . . . . � . . !. . . " � .1 . ^n"�k ' . 4'^ :s I . r.�.. , . . . , . � �Y.{�' , . . •::ti {.. �r . ��j.^C ��f.�CO�F�v�9 ��FY�;✓t7 �S;� ��S�� `y' S�� J a< � [�"' �'`5� } ��.` > �� b�'�� ..." r t�s tU\ �LJ �1.. ,� T .��c,. � t �+,'��S � �r',�; � � s� i v� t +5. t e i s t � ,��1+ i:�r P+ � f ) i � .a* »eM4.. � ( �yZ r y�" ' I . r �;},.G' ,y ' ,L�.:,�� i_: ! .'Cv�' a . $'�" . '(a. �t �"i . � t $� fr}+t� , ts M;� _ �k �;.1 � � 3.._�` d�T:�,j;;�u:r . x•; .. .� .. ' ...... �. Tx��.t�� .eu�aT"'P'�w� � . !�:��,�. �'1c�w►`�t..':....�.{ ` � ' `� 4.. �• . � � I ' ! any other changes in this Resolution which, in the opinion of an � attorney or firm of attorneys whose experience in matters relatinq to the issuance of obligations of states and their politioal subdivisions is nationally recognized, do not materially and prejudicially affect the rights oP the owners of any Series 1992 Bonds. ' G. To effect any other changes in this Resolution �" _ _ j which, in the opinion of an attorney or firm of attorneys whose `'` ' � experience in matters relating to the issuance of obligations by states and their political subdivisions is nationally recognized, '� do not materially and prejudicially affect the right of the owners of any Series 1992 Bonds. � i `' ' In addition, the County may amend or modify any � ' provision oE this Resolution with the written consent of the Bond ? •'�� Insurer and the owners of not less t�an a majority of the ; -�� rinci al amount of the Series 1992 Bends then outstandin • r+;,:�, P P 9. ; � provided that the written consent of the Bond Tnsurer and the ;i�"`�� owners of one hundred percent (300�) of the principal amount of ! the Series 1992 Sonds then outstanding zs required to: ! A. Extend the maturity of any Series 1992 Bond or � change the terms of redemption of the principal of any ;'-.�,,R� Outstanding Series 1992 Bond; �� ' _ B. Reduce the principal amount, interest rate or � " .i redemption premium of any Outstanding Series 1992 Hond; ",_i �'• I ` � C. Create a lien upon or pledge of Pledged Revenues ranking prior to the lien or pledge created by this Resolution; - I D. Reduce the principal amount of the Series 1992 �� "�� Bonds required for consent to any amendment or modifications to ' ��- � this Resolution; or � �,.,; ' ! �� ' E. Modify or otherwise affect the rights of the owners of less than all of the Bonds then outstanding; �.�- i � r�;:, F. Establish priorities between Series 1992 Bonds. r;?,, �;;.r'�� Section 26. Defeasance. When the principa2 of, ��"i'., premium, if any, and interest on ahy Sezies 1992 Bonds and (so +� long as the Bond Insurer is not in default of any of its ��i obligations) all amounts due to the Bond Insurer under the < � Financial Guaranty Agreement have been duly paid, the pledge and ,,y_�:, � lien and all obligations hereunder shall be discharged, and such �: '.:i Bonds shall no lonqer be deemed to be outstanding within the meaning of this Resolution. There shall be deemed to be such due ' payment of any Series 1992 Bonds when the County has placed in � � escrow or in trust with a commercial bank located within or � �` i without the State, and exercising trust powers, an amount `��: �' { sufficient (including the known minimum yield from Federal ; r`'��= `- Securities in which such amount wholly or in part may be �: �.: �•A'�, '! h rY... • . ��, i '38— _ ;.t. 'd'-. � - .•�.".��` . y�.`.F� '�...�`°aw"`s"„"n"°u."""""„`_": ' ..<+;:u.-,. „m:.��;i:v,+.,...c.ctr�.:`.!r ,�..";r.aisa.�c...s,.y'-;;+��w.+.'°�Y" . - ,�� ;.� _�. . ._ �� . i �,-, �s � �A"Y 'c . 'z � . . . . ��' . . . . � . . �.�� , . . .. .. . �� .. _ .. . `� . 1. . ' . . . ,,::_ . . .. . � ' � . #.T . . - , � ,�:` ' _ - � , ' '%f i . � .�-' J �yF,�+€i � p' . � � a c r �� ..� r� P .� ,e � ,�jA��i��"��if ��3F3j� e�� 1h', u'h� :{r� 1s��''��f� ��' �, �fy„ �.� ,i 5,-�� 'tTa� ' di':: ,� � x .� � �; I.t e Y �� [`-, ��"'�1#� w.e-_�.4� r� 6 �cF r,, . `� +}1 ,i��l�'� .t� f 1,,�,,i. r .} k � ti' �i t��n ♦ �'� `vt. .. ...:�y 4j � �� s..�1 ��C�i. .:.�yA 3�;. � ..�. �' . �i��y�y.� �W .�., w . . . 18�r�. . � �_ . w�`� ,�Sld�. .._ , . .. . ..��:�,.. �. . . � . � , � , .. ... . . .•- .t. , � . . . ... .. ..... _ . . .. �wf .. I � il.: j � initially invested, which Federal Securities shall not contain � ;4 provisions permitting the redemption thereof other than at the ': option of the holder) to meet all requirements of principal of, "�'�-'�;�. premium, if any, and interest on such Bonds as the same become ` due to their final maturities or upon any redemption dates as of "�""��> : : which the County shall have exercised or shall have obligated ,�'�f`'�' itself to exercise its prior redemption option. The Federal Securities shall become due at or prior to the respective times l �` on which the proceeds thereof shall be needed, in accordance with 1 a schedule established and agreed upon between the County and �.;: � 1 such bank at the time of the creation of the escrow or trust, or �'' the Federal Securities shall be subject to redemption at the I option of the holders thereof to assure such schedule. So long !' ;��j as the Insurance Policy is in effect and the Bond Insurer is not in default thereunder, any defeasance of the Series 1992 Bonds F shall not be effective until the Bond Insurer shall have received � (i) the final official statement delivered in connection with the refunding bonds, if any, (ii) a copy of an independent certified � public accountant�s verification report with respect to the sufficiency of the escrow; and (iii) an opinion of bond counsel, ' - dated the date of closing and addressed to the Bond Insurer, to •` the effect that such bonds have been paid within the meaning and � ''��`''�: with the effect expressed in the Resolution, and that the covenants, agreements and other obligations of the County with �'' -'' � respect to the bonds have been discharged and satisfied. �'':'�` ^ �'� Section 27. Successor Reaistrar or Payina Acrent. The i,� . ,' Reqistrar or Paying Agent may resign at any time on 30 days prior ' written notice to the County. Notwithstanding any other �''� provisions of this Resolution, no removal, resignation or j;��, :�-,�:' termination of the Paying Agent shall take effect until a j � successor has been appointed. The County may remove said Registrar or Paying Agent upon 30 days prior written notice. The Paying Agent may be removed at any tima for any breach. of its � zx`' duties set forth herein. If the Registrar or Paying Agent , � initially appointed hereunder shall resign, or if the County shall remove said Registrar or Paying Agent, the County may, upon • ' :.� notice mailed to each owner of Series 1992 Bonds at the address ' ' ,��"; last shown on the registration books, appoint a successor Registrar or Paying Agent, or both. Every such successor � ` 6� Registrar or Paying Agent shall be a bank or trust company in good standing located in or incorporated under the laws of the s,"��. State, duly authorized to exercise trust powers and subject to examination by federal or State authority, and having a -:oi: shareholders equity (e.g., capital stock, surplus and individual " _ profits) , however denominated, not less than $5,000,000. It � shall not be required that the same institution serve as both ' �� Registrar and Paying Agent hereunder, but the County shall have � R ' ,�� the right to have the same institution serve as both Registrar '.; f "��`! � and Paying Agent hereunder. ,7 � ` : �'11�' -. r '. Section 28. Direction to Take Authorizing Action. The �:-�r� ': : ';�� ( Chairman of the Board, Commissioners, Treasurer and other s-s `" � officers and employees of the County hereby are authorized and . J _ �. `y�-' -39- . _ -..W...,G.r�,.�•...�....�..�. �_.��..�., _ . �__..�,._... ...,. •---...._ , - w«..�.::.. � . �} ..,.,. s. ,,._ • Y� � , F,;•� , ' ;, �'` : , W� . t •.' . . .� . . 3� � � _ : .., � , � . , . � ('� Y _� .. - ' . �.. � � ' ' ' . � �. . . � . .. .. ' ' .. `.r . ' , . .. � ..� � . . . . i ,� • . , ��Y.�e . � . , � .,+••� . t ' �{p - ro ..a • , � . ° r"� {- � .' � .. ..+ �nr«�.^`�m :. �'�" � �+ ;��97h'i4�r� Y � ' �r�e .�ti �Fi� j�� ',f�4„ �?G� .r',� �:;,Feea <� i 4Ui�I-j.; yi ; - 1 � . �,�'4 a d,�� t.tiY y �.li� t 1� a�4 x 9 ,�'y�, t.� ,�M.�,, , �t l.. Y i��rCr' � 1 � "� �S� .��*!`•�!t-.5y �; „i'� ` ., . 1�_ l y;Jn_ {' �/ �.'� � (�' `S ��{.t }f } ' � fi +t.S� ;�.-.}' r�� ^ *r ' w€�rM � :� y j ` �. •� � ` . ..:t 7' �Al;�. 1�F��T� � .c' i'r��L ,*,,y,i. , .... ''�v,•`r . . . . -M'4sr..�' .�7. . .. .. . . �'V�" ��tY: „ . . . -.::,. ._...., � . -'-��---�-� .. . .:.�-.;:_ . .. ..__ .�... . . . .. ._ . .. ..., . . . . . � �. ' ( i directed to take a11 action necessary or appropriate to effec- ! { tuate the grovisions of this Resolution, including without I limiting the generality of the foregoinq, the original or addi- ` ' tional printing of the Series 1992 Bonds in such quantities as -. may be convenient; such action as shall be necessary to maintain "'� " the exclusion of interest on the series 1992 Bonds from gross - __ _ ; income for federal income taxation purposes; and the execution of yy;;� the Financial Guaranty Agreement and such certificates, letters (� and agreements as may be required to effect the Refunding Project or relatinq to the issuance of the Insurance Policy and the I Reserve Account Surety Bond, the execution of the Series 1992 ` `� �+. - Bonds, the tenure and identity of the County officials, the ! receipC of the purchase price of the Series 1992 Bonds, the ,� - absence of litigation. pending or threatened, affecting the validity thereof, and the absence and existence of factors "�� affecting the exclusion of interest on the Series 1992 Bonds from .�•_ r�� qross income for federal income taxation purposes. The Financial �::�� Guaranty Agreement is hereby adopted and approved. Y:.,?� Section 29. Additional Oblivations. (a) Limitations Unon Issuance of Sales Tax Paritv =s ' Obliciations. Nothing in this Resolution shall be construed in ' "'" ..:�; such a manner as to prevent the issuance by the County of � additional Sales Tax Parity Obligations, payable from and ` constituting a lien upon the Pledqed Revenues on a parity with the lien of the Bonds, provided, however, that the issuance of ; � any Sales Tax Parity obligations is subject to the following ' limitations: � 1 . (i) Additional Sales Tax Parit.y obligations may � :,\ ��. only be issued to provide financing for capital improvements � � to public transportation facilities, to refnnd one or more �. ��, series of Bonds issued pursuant to the Sales Tax Resolution � or for any other leqal purpose with the approval of the Bond {; ^ ��`� insurer. 5,� . - �{ (ii) At the time of issuance of additional Sales ,,,i Tax Parity Obligations, the County shall not be in default �° with respect to any of its obligations under this � -� Resolution. t �"� L� (iii) Simultaneously with the issuance of the � additional Sales Tax Parity Obligations, there shall be � -� deposited in the Reserve Account, from the proceeds of the .s°,� ' additional Sales Tax Parity obligations or from other - ;� aVailable sourFes, an amount such that upon the issuance of the additional Sales Tax Parity obligations, the amount on �:- r deposit in the Reserve Account is equal to the Minimum � Reserve with respect to all Sales Tax Parity Obligations `s;; . ��.�-�:� Outstanding after the issuance of such additional Sales Tax c5. 4rF; Parity Obligations; provided, that if such amount exceeds :: � � .: � �* the amount that can be capitalized under then existing ' � �`� ' t ` ��,� . : ,, �y -40- I' . t'� ':�.:; �.. . .., . � � �,,,R�.......-.---._ .- -----...___.-�_.,.,,,�.�,., A�..a,..:...a�y�..,.V..-- - �:-�-,. � � �e+�'� _ ��. r.� �_ . . . ��,�� : , •,:- �. �� ? , ., � " ' . � .. . .� , 4.� . � .'�� , . ' . �Y �. . � ' _ ' ..��•. I �'` . � . t�,. � °�~'��i��`r�`j �(r�"�i r �A; S°i� . 4�,-S�'f y-�yky �;j�Y '`1'r:�`. ' 1..:�#"� �v,-±t`#�r�rr r-��r. �' 'Q�� 1 � „aa +'�:,a ,�F fn t� *t�.i{�}} } r� i�}..d. , � )d�}�� i.f t [';� 1.. 4�c., �. '. 1 w t �� s ,.z, v �,:,�,� . .. ; # .y'`'#�s "',� : Aa� a"�e � ,nt �'� { M , . �t R.-.ti'�! ;t r��.'nL� � f r• .�1G}�fl�ii`��..+ .. � n� �'}. T j� � ,.:nr..�'� .. . :k,x.a�i�Y.h:_';ltt��iv��,r� ._Rdt�': 4 . ... . -r''. •�(i:l�2::�N�Et� . . �'• . ��. i .. ... - - '-i . � � � � federal tax law, the County may provide for the accumulation , of such excess from Pledged Revenues over a 60-month period. (iv) The Board shall have adopted a supplemental resolution providing for the issuance of additional sales Tax Parity Obligations in conformity with the provisions providinq for the details and particulars of the additional Sales Tax Parity Obligations, which shall not be incon- =� sistent with this Resolution and 1 , providing for the payment _ _ _ thereof from the Pledqed Revenues in a manner similar to that provided in this Resolution. Such additional Sales Tax �,�. Parity Obligations shall be fully registered to the extent � then required by law. i �' (v) An independent certified public accountant � shall certify that the Pledged Revenues for a lz-month � � �.: period within the previous 24 months preceding the date of ;F��` the issuance of the additional Sales Tax Parity Obligations ; ""� � being issued were equal to at least two hundred percent � `w' (200�) of the combined maximum annual �rincipal and interest i ,�!��a' requirements on the Sales Tax Parity Obligations to be Outstanding after the issuance of ine additional Sales Tax � Parity Obligations (including the additional Sales Tax Parity Obligations to be issued). ��•r • (b) Subordinate Obliaations Permitted. Nothing in ' -•r. : this Resolution shall be construed in such a manner as to prevent I - the issuance by the County of additional obligations secured by and consi:ituting a lien upon the Pledged Revenues subordinate or � junio'r to the lien of the Bonds, except that the issuance of any ' i �• ,, i . subordinate c�bligation is subject to the following limitation: ! � (i) Subordinate obligations may only be incurred � ` or issued to provide financing for capital improvements to �� '�R ;; public transportation facilities, to refund one or more , ' � "�' series of Sales Tax Parity Obligations or subordinate ; �� ' obligations, or for any other legal use with the consent of the Bond Insurer. I :s� _w, t �;- (ii) At the time of the incurrence or issuance of �;.', the subordinate obligations, the County shall not be in _....i': default with respect to any of its obligations under the , � �"� Bond Resolution. w" x '�� (c) Sunerior Oblicxations Prohibited. Nothing in this Resolution shall be construed so as to permit the County to issue ; � • obligations secured by the Pledged Revenues having a lien thereon t ?..:.. � prior or superior to the Bonds. .�a,, �% ` (d) other Countv obliaations. Nothing in this Resolution shall be construed in such a manner as to prevent or � ^' + ' restrict the issuance by the County of obligations secured by and ��,, • { constituting a lien upon the proceeds of any sales tax now or �� 1 ` hereafter imposed by the County other than the sales Tax. } : . ;f°y�'��,z: . �.- ci �s'! �': —41— ; ' ,'"'±5 i �1�:* . � .,: n::� � . . . ,� ...... . •�t _ ' � _ '1� _ i ,t.^ ti i xz": �� - \ r .;Y, i- � . . T""Pr E •t. .. ... , , t5,`;;.� _ .. ._l: . ,, . _ , : , - � � � �_ .� , ��., � �`.�, Y . a' ' . � . . . . • 1��' . .. .. ,' . � . . ° . �f.�Si . _ . . , � � �� .. . . .. � _ . - .. . . . . ' . � . . .. . . . � . ;� ..... •+�� • . . � � � ?� � � � ;;�'t'` � . � . . ';�: � � � �Tr .�y� N.., -�A:�, f (,y�,� 'R „�ry.�� _. .. � � {r',� a =. [� }E�� r � T :' �t ��....� t 9 �N. rl .� `'�1'�',�� '1A,4� ��.77 �T �'y ��t�'.. � A1i��4�^�. .��f 7 'fJ �l a`"S'7; ��: 1.1.. '�' ..i�.�9?,.� �*l;. '�'. �.�{�1�1�$�.' ��X4`�.,,��p�rr�,.�� t ,.`rp�'� 4"""Gi"' ", §t{�`��PF� ��. 4 } q.fl � t v �� i,4ljl�A,\�.��Kw'b\ .1�1�fiobl.Yti'i.�L.u.1.:�4 . �� `J�L�" 'i'i�i�Y+��'t��d�4�{�� ... . ... . �• �4i . t :"�..�•�.� . .. .._.� `-: _ � ( � Section 30. Refunding ObZiaations. Refunding obliga- - � tions payable from the Pledged Revenues may be issued with such details as the County may determine, so long as there is no ':: � impairment of any contractual obligation imposed upon the County r,.!` . by any proceedings authorizing the issuance of any unrefunded "- i portion of such obligations. In addition, notwithstanding any �f : � other provision of this Resolution which may allow the issuance 4. � of refundinq obligations as Sales Tax Parity Obliqations, ., . � refundinq obligations payable from the Pledged Revenues may be ��V . f issued if such refunding obliqations do not increase, for any � ; ' fiscal year prior to and including the last maturity date of any unrefunded Sales Tax Parity Obligations, the aggregate principal � - and interest requirements evidenced by such refunding obligations and by any outstanding Sales Tax Parity Obligations not refunded, �.- • 'S and the lien of any refunding parity obligations on the Pledqed Revenues is not raised to a higher priority than the lien thereon • of any obliqations thereby refunded. { �� : Section 31. Findinas. i ,, � . ,�.:_� t�, (a) The Board hereby finds and determines that the , y� Series 1992 Bonds have a net effective interest rate not in excess of the maximum net effective interest rate of 9.0� authorized at the Auqust il, 1992 special election. (h) Tha Board hereby finds and determines that the ^�°�� Series 1992 Bonds are payable within 15 years from their date as required by the August 11, 1992 special election. �.• _ _ t � � (c) The Board hereby finds and determines that all of ' x.', the provisions and limitations of the Act and any applicable laws i ' have been met and satisfied. � •' ; Section 32. Contract with Ownets. After the Series 1992 Bonds have been issued, this Resolution shall { �� constitute an irrevocable contract between the County and the � - �._ owner or owners of the Series 1992 Bonds and, except as otherwise � �� provided herein, shall he and remain irrepealable and unalterable until the Series 1992 Bonds and the interest triereon shall have � � ,,�; been fully paid, satisfied and discharged. i Section 33. Parties Interested Herein. Nothing herein I�.. ��j expressed or implied is intended or shall be construed to confer upon, or to give to, any person or entity, other than the County, the Paying Agent, the Reqistrar and the owners from time to time w of the Series 1992 Bonds any right, remedy or claim hereunder. S' I All the covenants, stipulations, promises and agreements herein �_ : . ��+ contained by and on behalf of the County shall be for the sole ' � and exclusive benefit of the County, the Paying Agent, the � �� 'k'1 \ Registrar and any owner of the Series 1992 Bonds. �' _j � � Y ,�; ; Section 34. Effective Date. This Resolution shall }�x � ` become effective immediately UpPh its passage. ��a �• �'�� i � iL �;': ��'�� -42- ��'� �#; ' l� � �: � '� � �. _ .--.�--------�_- ----^r-^r--Y� . Y � r;� � ' 4 / —� J' �, 'f ,'' ,\ `�i` 1' .\ . . �� ..J. . ` . . �, ,.s , .�� • .� "� � . <t y,S y i � � ,J. . ��J � � � '1 . � r� ' . � � . 1 . '$ � � � .. . . � � . � . , t:o : � � . . .. � . ��. � .. _._ : � �.: • . _';s_�, . �,;,' . �y�r{ a ,�;,�,_) ��y"tS't R t'C^ -�`� '..��3( �� fti.t. f ��'`Gl.�'��,'�4','',�'�� '�c� 'S' '.�� ,� �,; �4 • � � y,aa �ap(•.� �� ., � 1��¢�' Y .A � i' �i �i�'7:.:�RY C''y�� I � �� :�rs�� r�� ' �i��. i"` �.'�,�/3,. . ..`s,eri:5� 7--na:.i��+rs�'k x�.'��yira44�:�..�. .��`,.4f.�sJ:A;9IL. ,.• '� . i. .1 , �..I ` . � • � - . _ � '�,, ! � section, para- -'� Section 35. Sever bilitv_. If any ,:� ; graph, clause or provision of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or : - unanforceability of such section, paragraph, rdvisions pofVlthis ' shall not affect any of the remaining p -S�Y Resolution. � � Section 36. Reoealer. All acts and re ann lled and �� conflict with �his Resolution are hereby rescinded, � repealed. This ropealer shall not be construed to revive any act c� ; ,�. ; .;� � or resolution, or part thereof, heretofore repealed. �� + ` Section 37. Publication. This Resolution shall ba + � published by title an t outline as provided by Section 2-8.1(c) of the County s Home Rule Charter. �� - {„ ,4c+ _. , . . . . . . . y,� . . -.. � . . �. � � , . . � � . � . . . i'' - - . . � . . �. - . : . � . . . - � . ' � . . . F .. � ...� - � � � � _ � I�, _ + �� . . � _ . � . � '�i � �"' � ';, � _ � r I ti �^ 1 I ��+��'1 . . � . ..,l � x►3. . .. . � .. . I — };��` . . . � .. . . . . y � . � � . I -'. ..!` 4� . . . _ _ . . '•y�.� .� _ ..��Sc,.:I� . . "'�� i '� �, i ..��{; Ii; � I� ; , '' i� .. � . . . . . ... . .. . �.:� � �. . . '. . . ' . . . .��g ' � , , � ; i- - .,r .. ,_� � . � . � � . . � .. � . . � _ ��'j � �; ��t '� x il > -43- r ti �C� . . � � ... - � .. .. . � t {1 f�`�t . . . . ... . J�4�''! ,��6.�..N : �• ^� . ' ,��..�.�–�— Y..T��,.: y s. '�5e,� -�� : ,� � ,� � . s5'�xJr+� � �. ��a. i —�_.�...�---� r .+�"' , # t r j A � i �� ^� Y��k+,}�, ` �7+'.�.�F+ll t,�r�w �. '�i".4j� ?.A` ,�!�� 1"J `�'1' . � . � � � �' t t�"'�`�`a < <�'+a ��' �•�� ' � � ��'4 ds �"`�+. ! �''a �.y. ,.�� t- . R � / h �� i 9 �..�'G t�..�a�. � �'-`�•�";,YY,�v-W 7-�q.4c :{",,,, 4y 1 �. ; i�. s.w'�. y, y .,� ,i'� `"Ya *��, Z �. 1 1 ;�.��i-, i r.�` � '� I r+' '[ xq. � '� ,9.�..} 4`+ �J 1 � i, ty �.} � L�� .: t�-.� ,��`.� � ;: �,: , 4-_� a�t�E'� �� „�x .. ` ��e �. s e Y. � ,-t t � . � �� q.� ""� r k t �-z '� t �'�r +, , k'f:� ' r ---,/3 � . ,} �.� S. 4 y `+�-. }: �?'� � ,`p' �i -,`, �4,� }! .:r F ' f . �. ' C Y �F' .� }'' i.��. '+�b+'�,.. � L I .: . � . 1 y ��f RY '� �k t�.�.� 7 �'�.� t . t x� � � (�h "'t' 4�� r '�.fi `� .. /. t�' K S f.� � � �.} �� f i r� sFy�,. ��t� ;.� r �, �,,� � r y'.. � 1 �i ti, -�.� . . ��. 1 , .., . . �. . !� ' . , ,• . �� .. • ; ".. . . �� . . . � •:.. � .. � . � ... ,� . . - �. . . . ..T" . . . . . '- • . . . N . �. 1 ` �� .. .. . . ." . ... .. .'�t . �`� . � . . . . . � .. � ��_' . . ,M1•� .. � •'�". , �,T ,�. . , - ,�- _ ��r d i er r � tt. � �' � �y�3 � s j'l � :,'��,�� .. , � t - . . .0 L .;� r�y,..�'+K'.4`4 �''it�bd�X. t��i dq�'�,t[ � 1 y�y,�•+At�fS:��M��'�j+2.�y'r� ��,� ��y.` .''sv�._s'�y�,'i';Oi'�i r� �4'.�'�,7yG+r,��rt"�:�,q�: s a�.- � r�� "�ayk � '''�' ¢:,} ��.��. f ,�:}j!" �'�+�. 'y� � ri 1 � .�..,x, - �n� I, Y �� ( F• - . . . . , ., :. . .-. . . . . ' ��r., �.�'t''��.�363�'��:j l`• 1 � :...,: .:..._-.:._..� . .� __. ,..i �.. � { ... _- � i � �. INTRODUCED, FIRST READ, AND SET FOR PUBLIC HEARING AT !•;- � THE REGULAR MEETING ON TAE 13TH DAY OF OCTOSER� 1992. NOTICE OF PUHLIC HEARING PUBLISAED IN THE ASPEN TIMES DAILY ON THE 16TH DAY OF OCTOBER� 1992. � ,:. i. .... APPROVED AND ADOPTED AFTER SECOND READING AND PUBLIC ` HEARZNG ON THE 27TH DAY OF OCTOBER, 1992. �`�`_ �-.,;. . ' PUBLISHED AFTER ADOPTION IN THE ASPEN TIMES DAIIiY ON °`;�` - % ; THE 29TH DAY OF OCTOBER� 1992. -.-i. . .":+•.':: . i �� A S : BOARD OF COUNTY COMMISSTONERS OF .,'�, PITKIN COUNTY, COLORADO ��a` /� ;.� , By: %�.�...�._._ � �.....�...� '*�� anette Jones��' a'mes R. True, Chairman � ,;� „ eputy Clerk Recorder � ] D�: October 27, 1992 ! '. V APP ED AS TO FORM•, MANAGER APPROVAL: ' ' , �� ' ��.�,,, L ��dl}� � � -�-t Tim Wh ts'�` Reid Ha�� .�, Cou�Yty tt rney County Manager : l `' APPROVED AS TO CONTENT: �"; ' ,�~,�<' _-�--_ / !' ' ?� �` /.�ir�2o. C. �/c.c�� f,:. `; Thomas C. Oken �:,_ , Administrative Services '�.b_,�',' Director � 4�.'.'�... . . . ��r : � ' . � � �•. �.•;_ . . . . � . � . �ti�::'' . . .. . � . . � .. ;. !. r�. .. .. � .. . . . . . . � . ��k� ' . . � � . � . . .. . - �•�� . �:�!�._Y..�.'�� . . . . . � �. � . . � ' �°.i 1.: 1 . . � . . � . . - . �� . . . . � . . . . . )�:� � '. .' - . . . � - � , . . � . . . • � 2 � ] - . . � . . � ' - " .. ,. . S:A� . � � . � � � `. � + �.,� � . . . . .... . . � I. �h:.:. . . . . . . . . . :�a�-�,:�� L �: ,= �'��.f; '` V{ .� ti�, 3: q '",�}"�1 a -44- V:- 4.j ..� - . . � . � �P y �9 4l.��'.� . . . .. . . . . . . . . . . r��i t �'u. > y., r �� J r 13 }.�: �� i t �" .! JSt,�: l� ��' . �� t ��. - � t �i � �, �-i:. ! .! . � � �.��: ...., ;. �. � '. e; ) r7�X .i� . , ��- . Y {- � t -�. : i . 5 t iYY . T1 .. ��.' -� t .4 T � ,�. - _ �� . "{. '�t;. ��4 4 r�� r/j � _ �d� •� �, S .a/e � � � I Y �� -y �y 4��,� s �r_� I A ; � ,�� r i _ 5 . � -. - i,35 r F '�:! 1 A� 1 � /' : . _ . . .�: � �� . ♦... ... . . .. . . J..: . ,, .. ... . . ' .: . {.- `..�:.. . � . . . . �.�. - . . . . . . �.. ' '. . � � .� 1 �' . , . � . ... ' � . . �� , .. . - . . ' ' � . . . . � _" �. �fi :� . . . f��. . . . ' , . Y'.� ti- t �'S�`J�,' a-,t e��t,�.� � r:., S,r rC :�� ;��f,,�� ° },''. t�F.r,� ,�c�r �t�r ` � '1t '��.'"r�1 �r`$�"' � � �7!4"' : �� r 1 1 J ir' � F 7�''an a t�� 1 i - � . �i '";E�'G' .i •�3w�"+' �h.��p �� f�A��.'�4'L}i � Y•��i �l�k+ �.E� r �•�.:�iJl -�+: �JR1%F�xi��: 1,:; n � �+� t&.; >x ' a� 4 r.'�iT,� "'.j. � 'l-��e ��.�*�� . r,ifR s =9 y'k � � }.p �.:{ni i. � {,a ! :F r Y�, �... ��,._ : .��!:'.�' . � ! , _ � ...;i �,' - � a�.. .:.•_. F. r EXHIBIT A � �� , \ I A. Direct obligations of the United States of America ��`-`;w� (including obligations issued or held in book-entry form on `•`"?'; ' ;;;:.4.;,:�;. the books of the Department of the Treasury, and CATS and . TGRS) or obligations the principal of and interest on which •� - - are unconditionally guaranteed by the United States of �;-:-•� :�•�' . '�+��::y��. Amer ica. �;�:ry;;.� -- _ ;: B. Bonds, debentures, notes or other evidence of indebtedness � - issued or guaranteed by any of the following federal agencies and provided such obligations are backed by the ,°� full faith and credit of the United States of America ,_ 1...., ;' (stripped�securities are only permitted if they have been ; �,: ' � stripped by the agency itself) : ; 1. U.S. Exnort-ImDOrt Bank 4� Direct obligations or fully guaranteed certificates of � beneficial ownership ' 2. Farmers Home Administration Certificates of beneficial ownership I • 3. Federal Financina Bank � � ��'� 4. Federal Housinci Administration Debentures . �' 5. General Services Administration �� ': 5�� Participation certificates -� �:. ,,. � 6. Government National Mortqaae Association - GNMA - guaranteed mortgage-backed bonds ` 1 GNMA - guaranteed pass-through obligations �� , �` 2.;; (not acceptable for certain cash-flow sensitive issues) : -;.: � 7. U.S. Maritime Administration Guaranteed Title XI financing ``� 8. U S Denartment of Housina and Urban Develonment � ``r; Project Notes � ' Local Authority Bonds � �� `' New Communities Debentures - U.S. government guaranteed � debentures �y ° ;�� U.S. Public Housing Notes and Bonds - U.S. governn�ent ` guaranteed public housing notes and bonds � � „�, C. Bonds, debentures, notes or other evidence of indebtedness �, ' ��t issued or guaranteed by any of the following non-full faith and credit U.S. government agencies (stripped securities are �1, �� • „�;. � only permitted if they have been stripped by the agency � itself): ��, � � � �' s , �:� . ��, ;� �� 1 {� L(� � � , '=i�� -45- i�^ � �. � i� �� :�; , z. '� ,,��; .E; � , � �� 4 �, ` � r C{ �� `� �� C:' '�4 e� .1 �: � . a . � � . -� . _ �.- � ; ;. , ..: . � „{''� J ' . . ` F�,' . n 'y y. . - � , . .r �,.-, ' .��. ... . ,� . . : ., - . ... .S�+iL� ' � A; � �` � o ��''�� • ..�i9' . . M f ,' i .r . �� T`; , i , .,, , . , , :i ...:. K` � -• ' ' �'t' � . - . . .. 'Y�� ' • . _ � �S' t pi 1- , rb h .._� _ . � �. , y r i� iii. x �r.�rin ,�^x*n , ` �:� ��,;: �Afc�`� �Y � � t�" ,y,..0 �y��d �J� , X'�al ?�" , : y,(, i � 3 �� I' .� � �-J 'i: Y Ll:" h3'..'S � £Gw �� !�T'i. ti.1�4' k tt�`'x.��yTM, !.�.' '„�.y'J�` �.,�.K� `�' �l Y�c{�i r��`#. � y ,}' r'�" l �'J ��,�" . �� tS� � ,!:`. r�, .•. '{! y. :.yd{ . �st � . . � 'y 7 �b � i �,�k�t� . .�W � �,- {: y� e.� r,>�c a t ".. ,�i a:, . � t K�,_ ��''��""y am�y,.0�- r� y�`: `i : ;��'; '�.. �'°�;��+�.- .. _ :;�. . -� . �, , , . , _ .. ' �� - _ I � � � 1. Federal Home Loan Bank Svstem I Senior debt obligations I i `i 2. Federal Home Loan Mortaaae Cornoration t• I Participation Certificates �:,_ - � Senior debt obligations �`. 3. Federal National Mortgage Association ' ( Mortgage-backed securities and senior debt obligations I,, , = i ' -� 4. Student Loan Marketing Association � �-..�� Senior debt obligations j" � l 5. Resolution Fundinv Corn. obliaations �' D. Money market funds registered under the Federal Investment � ,, •,�� Company Act of 1940, whose shares are registered under the ! .r.k-+�''{i? Federal Securities Act of 1933, and having a rating by S&P �'�� of AAAm-G; AAAm; or AAm. E. Certificates of deposit secured at all times by collateral - described in (A) and/or (B) above. Such certificates must be issued by commercial banks, savings and loan associations � r '"E�-. ' or mutual savings banks. The collateral must be held by a ' r third party and the bondholders must have a perfected first security interest in the collateral. r ^ � � F. Certificates of deposit, savings accounts, deposit accounts 'i or money market deposits which are fully insured by FDIC or FSLIC. • G. Investment Agreements, including guaranteed investment � � � contracts acceptable to the Bond Insurer. �s � � �_.i • H. Cotnmercial paper rated, at the time of purchase, "Prime - 1" '. y t� by Moody's Investors Service, Inc. ("Moody's") and "A-1'� or ,��,; � better by Standard & Poor's Corporation ("S&P") . r �'' I. Bonds or notes issued by any state or municipality which are }": rated by Moody's and S&P in one of the two highest rating � M:,'� categories assigned by such agencies. ' Y.i � '�� :� J. Federal funds or bankers acceptances with a maximum term of one year of any bank which has an unsecured, uninsured and 'iU.j unguaranteed obligation rating of "Prime - 1" or "A3" or �,{ better by Moody's and "A-1" or "A" or better by S&P. .Ya ` '-. K. Repurchase agreements provide for the transfer of securities ., � from a dealer tiank or securities firm (seller/borrower) to a I ',�� ` municipal entity (buyer/lender), and the transfer of cash "�, -; from a municipal entity to the dealer bank or securities firm with an agreement that the dealer bank or securities ��.° � firm will repay the cash plus a yield to the municipal �� entity in exchange for the securities at a specified date. �«�,;�' �'�: � -46- � �� x � , ,.;�a _ _ ___ _ --.."�Vy�N"Sr#Y�! J::Jr�.E+ � _ � �-- 4. �i. .. �:�'!-� �\ 4�! �� _ .� �� _ _ ,��... ` R , : - . �,c._ - � � ' ' � . " .. .i , � . t� N. I T . � . � � ' � . . ' . . ,�' �. . . ' . ' . . ��'�� . A. {p�� q�� ., ♦ � �'� �}, �,f� ��}_'��u'�s,'�7 ey.� �t�r:Z S i��;� 7�sY)��p' y„�N! n�, yr�t..�j'�t� �- 7 rw�.��F f �' .r �.�r�i �/ �. !1... S T� -� i 1 '�5'yy -.�.t � . - ww 1 .. s�.. � i�i'�? ! �,(.yeY.*"� t�v� ,T„ A! a ;�i� � ��(., � U`��"".. r �Ni.i.91,�P t t��':7ir�i: . ( ��F^ �S° f ,.�t r!y L- ',"`u . �d� �� a ✓�..n�,�.��,f��` "' � d�? . . ,r...A �r'��.R ' +Y . :},k .f�s �S :�� iS%..-�t.yg��!4- . � . ,�'�' J�'4� s��. = ! � R rY ,'�� '��. .. � �' �'r t��f�t. _ , _ _ �'��'�M1'.} . .. � -_ _> Sx - , . ; ,;;,�- , . , . . ... r. :, , - -�, ... ,,,,.. ,<._ ,... . �. � ji � � _ � � Repurchase Agreements must satisfy the following criteria or be approved by the Bond Insurer. - ` � 2. Repos must be between the Countv and a dealer bank or ��, securities firm �; ' a. Primarv dealers on the Federal Reserve reporting _ dealer list which are rated A or better by �', Standard & Poor's Corporation and Moody�s Investor � � ' Services, or s -�-'ti b. Banks rated "A" or above by Standard & Poor's ;. , Corporation and Moady's Investor Services. � ' r'�' - 2. The written reno contract must include the followinq: ; r�-�' a. Securities which are accentable for transfer are: �' (1) Direct U.S. governments, or `-:,;.�* (2) Federal agencies backed by the full faith and + credit of the U.S. government ± b. The term of the repo mav be uo to 30 davs '. � � c. The collateral must be delivered to the municipal � entity, trustee (if trustee is not supplyinq the "� collateral) or third party actinq as agent for the i trustee (if the trustee is supplying the i -� ��`-?� collateral) before/simultaneous with payment � "'`� ' (perfection by possession of certificated + ' securities). �S�t- '�' d. Valuation of Collaferal j ��:.� - ,.. :: r��; (1) The securities must be valued weekly, marked- ,�`� to-market at current market price glus �."::`' accrued interest >i^' �"� (a) The value of collateral must be equal to �� " 104� of the amount of cash transferred by the municipal entity to the dealer M1��:_` bank or security firm under the repo ��.%`. plus accrued interest. If the value of securities held as collateral slips ' � below 104$ of the value of the cash �;�' transferred by municipality, then addi- ; ,� ��r , tional cash and/or acceptable securities � p�,�, }; must be transferred. If, however, the '� �t;.; °! � securities used as collateral are FNMA : �; or FHLMC, then the value of collateral r �' ti� c-��*,,.` '' 1 must equal 105$. . �� L. k.... �•54' s +.�,� � ,R�'" -47- � R}. �ry:J,'. • . . . �t ! �.'i •� `` .�.+�t+'�++'..'..u'u•!1�'•.""°'�"'T^_ ""'...'.�-" _" t ��f �~��, ,� �M��F � ' �5��. ��'.►�.. 1�lf �t1.� 3� 1 � � , �� , /J, . .. .. r'� ' . , . ' . � . , . :i '�, � 4��, ' - , 1 r'�'`� � � .. Y �: • _ - �. . . � � . , � . :,v�...,. � � - i ' . � . � . � .�. . ' . . y_, . . . .1ft.R .r �Q ^ i �Y .��1 t �� < ��v .. !. +�a . . _��' :� e': . ��.�� f R ��i6' yiM � ��( �� '�� '� 3kh�r��€`,i+ 'Y� '��'� - � ' + .i'.e� r �� T '� (� 'if �� .�R�^��y�: q�M�✓ � (� � �� l, :�2}t � . � �1�L�: Y y".:' 'b.! ,v . . W^ �tx'E}R�� ._ .. ' .. " . ,��. "' . F, '_ . 7 a"a r�. :��' I' . � . .� � . _ .`�_'c�'��"M4'F_:..,".^i"4' .?�.*m,+.i.nm-..�..._..�...�"_____....�.., �....-Iiv . .. ,.s .. . . . .. .�. ... . ... . .� .�. .. ... . ...�. �... � ••�• � , �i � 3. Leaal oninion which must be delivered to the Countv: a. Repo meets guidelines under state law for legal _ investment of public funds. � '"• �iy... �t'.: - , L. Any state administered pool investment fund in which the `- _ County is statutorily permitted or required to invest will � ":' be deemed a permitted investment. !� ` �` M. Any additional investment as is approved in writing by the ��; "- Bond Insurer. �; a�y� `�" ,�� vti� .�:��. . . - .. � �. �:.� . . . ... . �s ; � . .. � - . i ; _ _ .� -t .� "�p.,�� c � - r � i .. .,f� ,. . . .) �.;� :j . � . . - � ...� . f+, i �� ;�: � . � . a � ;� g '�4'�� . . i. . ' " . �.'.'. T .,:: sLA ..._,:. . .�- . . � �� w '4'Ai; . . .. ,:-. t � S ^� �,yr +. . -k • � . y T.. �1F °� . . 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