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Home My WebLink Aboutbocc.con.112.1996 _ " .. ,.,, � __ _.. ".,, ,..,..,,, .. ..�..__.. � ��_//� �+b"a.�. :1; AGPtTEM�1YT RTGAI2DING ,-'�. � ��' PURCAASE AND SALE OF NOTE AND RELEASE OF DEED O�'TRUST `� . .j This A�mca�t is dated May `f 1996, aad is bq and among PT1K�N � COiJN'I'Y,COLORAUO{thc"Coanty"),iho ROARING FORK TR.A.NSIT AGENCI'("RFTA") and the ALBERTA L. MOORE FAMII.Y LIMfT'ED PARTNERSH� (thc "Moorc PaRnecship"). • WF�REAS, on June 9, 1942, pwsuant w Resotution No. 92-183 and au@wrizatioa granted at the genecai elr.ctioa held on Novem6cr 6, 1990,the Coumty issued ita gencral obligetion nou (the "Note'7 in the aggregate amwunt of 52,69Z,13I.64 (the "Maore � Note")to Alberra L.Moore and Thomas A.Mooie as personai represcntatives of the Estate of � James E. Moore (the "Moores") or order for the purpose of acquiring laad for open spacc pu�poscs;and - WSEREAS,t6e Note is secured by a Deed of T3vst(the"Deed of Trust"}dated as of July S,1992 from the Couuty m tbe Moores recozded July 10,1992 iu Book 683 at Page i at Rt�ception No.346600 in the County Records;and Wf�REAS.the Moores have convey�d the Note and assigaed tlu Deed of Tncst to thc Mooro Parmership;anct WHEREAS>the assignmeat of the Deed of Trust was recorded oa F�bn:ary 2, 1996 at Reception No.389652 ia the County Records;aud - WHERL•AS, the Moon Pas�ezstcip has pledgad the Note m Norwest Bank Colorado,Natiional Association(the"Ban►c)tn sccure certain indebtedness owing to the Bank; and WFiEREAS,the Moore Psrtmrship is the curfrat holdcr of thc Note,swbject to the BanYs securitY intrx.gfi and VJHERE�P.S,the Moore Parhu�sship wishcs w sdl the Note to RFTA,and RFTA wishes to puiebax the Note firom the Moore Partru�ship,all in atxordaoee with and pucsumt to tha provisions of tbis Agraameat,iaciuding the modificazion to the Nate desaibed ia 3ec:tion 3 hereo�aud WElERF.AS,it is tl�e desirt of the parties to confinv the tecros of sueh purc6ase and sale throu�t this AgretanenL . NOW,'TFiEREFORE,ia consideration of the mntual covenants hutia co�ntainsd aad other good and valaablc coasidaatioa, the maceipt and sufficieacy of wlur.�, aro hereby actrnowl�dged.t1u pacties haew agree as follows: � � :i Mna.oim.ro�sn��.a � 1 ��.r.k..�.. ... � t ! � � / �. �. �-' ��;,�.;. °, STATE OF COLORADO � ) f� ; ) %*• , ,- �. cocirrrY oF_ P�.� � ;,, - S� .;;_ .,:> The forcgoit� was ackaowledged baSore me on this, the 3� da of '�- •�'� Y 1996,by_ D,�.�+3/�,�aaa A�,�//�� /��,. ;,.`.;.�' . who ac wledged themselves to be the Gcnetal Managa and � �e'B a of �. the Roaring Fork Transit AgarcY,that.as sach o�dsals.beiag authorized do so,exewied the � ` foregoing inst�ument for the gurposes thaein contained by signing and ffitesting the nanne of Roazing Fork Transit Agency as such officials. - IN WITNESS WHEREOF,I heraunto set my hand and of�ciat seat. :k,;� : (NOTf�12L4L SEAL] �—��ti� £` ` . Notary Public �� . ' �,.: My wmcnission cxpires• S- �r—9 y' �. 3 :: ► � :, �,�. STATE OF COLORAAO ) j CO[1NTY QF �k i�'.� j ss. i, I� fotegoing was acimowledged before me oa this, the a`f day of • - M�4� , 2996>by T'hnmas a Moore,wl�acimowledged himself/lurself to be the Geoeral Pactaer of Albcrta L. Mooze Femily Liauted Pazh�ecship, that he, av .beiag authutired tn do so, execuud the foregoing� m��t for the purposes @�ecmia cantaincd by signing the name of the A,ibaia L. Moore Family Limitcd ; Parcnorship. IN WCIIJESS VVF$REOF,I haeunto sct my hand and official seal. [NOTA�tIAL SEAL] � � �. xo�� My commission axpizes• 5— `t — t 9 i 1 ; . � � � .4_ a,c.•osa7-eo,:aROS �� i _- � , '..,j. • -. S ._ r � �: ..i -.: �r;�;:�rt,�- �.�- �.�: : :. F.S ROW A R .F.1�( .NT :' �'' `�;� < This ESCROW AGREEMENT(the"Escrow Agreement")is dated June 18, 1996, '� . ''� and is made by and between PITKIN COUNTY,COLORADO(the"County"),party of the first "•'�`_ •,; part,and TI�BANK OF CHERRY CREEK,N.A.,Denver,Colorado(the"Bank")a national � bank having and exercising full and complete trust powers,duly organized and existing under the ��` laws of the United States of America, being a member of the Federa! Deposit Insurance Corporation and the Federal Reserve System, and having an office and a principal place of . business in Denver,Colorado,party of the second part. • �:.r. WHEREAS, the County is a duly created political subdivision of the State of k � _ �F. _ Colorado(the"State")duly organized and existing as a home rule county pursuant to the general �_ statutes of the State and the Home Rule Charter of the County(ihe"Charter");and !� ` WHEREAS,the members of the Boazd of County Commissioners of the County '�, t:- (the"Board")have been duly elected,chosen and qualified;and �; P1 WHEREAS, on June 9, 1992, pursuant to Resolution No. 92-183 (the "1992 Reso[ution")and authorization granted at the general elecdon held on November 6, 1990, the :`�`� County issued its Moore property general obligation note in the aggregate amount of $2,692,131.64(the"Note")for the purpose of acquiring land for open space purposes;and .+ WHEREAS,the Note as originally executed(and a copy of which is attached to � this Escrow Agreement as Exhibit 1)is payabte in eleven annual installments beginning July 8, 1993 and on each July 8 thereafter,in the amount of$370,000;and WHEREAS, pursuant to an Ordinance of the Boazd adopted on November 14, . 1994 (the "Series 1994 Ordinance") the County issued its General Obligation Open Space Refunding and Improvement Bonds, Series 1994{the Series 1994 Bonds") for the purpose of refunding and defeasing the outstanding Note and for other purposes;and ; WHEREAS,the Board by the Series 1994 Ordinance,among other matters: ° � A. Created the Series 1994 Bonds Escrow Sub-Account (as defined in the Series 1994 Ordinance)(the"Escrow Fund"),to be maintained with The Bank of Cherry Creek, N.A.,Denver,Colorado(the"Escrow Agent"); B. Provided for the deposit in the Escrow Fund of a portion of the proceeds � of the Series 1994 Bonds. Such moneys were deposited in an aggregate amount fuily sufficient, ; together with the known minimum yield from the investment of such moneys in maneys,bills, ; • notes or bonds which are direct obligations of, or the principal of and interest on which obligations aze unconditionally guazanteed by, the United States of America (the "Federal 'I 1�. Securities"), to pay the principal and interest due in connection with the outstanding Note on each Juty 8 and vpon maturity on July 8, 2003 (the "Original Refunded Debt Service " Requirements");and " k`} '- f � i -_ EL I\63 220.7/15 800.03 tl�pE-61L'M-W ISB00.01 I i i , �'� � � � . e i �,�+�r�..� i.-'��;. �.�. C. Authorized the execution of an Escrow Agreement,dated November 14, ��:�,'�:' 1994(the"Original Escrow Agreement")in connection with the Escrow Fund;and - , � WFiEREAS,the Moores have conveyed the Note and assigned the Deed of Trust i, to the Alberta L.Moore Family Limited Paztnership(the"Moore Partnership");and • �. WHEREAS,on the date hereof,che Moore Partnership has sold the Note to the Roaring Fork Transit Agency ("RF"I'A"), and RFTA has purchased the Note from the Moore • Partnership,all in accordance with and pursuant to the pmvisions of an Agreement Regazding Purchase nnd Sale of Note and Release of Deed of Trust(Lhe"Purchase and Sale Agreement") among the County,the Moore Partnership and RFTA;and WHEREAS,upon the sale of the Note to RF"fA in accordance with the Purchase . - and Sale Agreement,the County has modified the terms of the Note to provide that the Note will . mature and become due and payable in full on July 8,1997;and WHEREAS, the terms of such modification have been confirmed in an Agreement Regazding Modification of Note between the County and RFTA(the"Modification Agreement"),a copy of which is attached as Exhibit 2 hereto;and WHEREAS,as a result of such modification,and in accordance with Subsection C of Section 3 of the Original Escrow Agreement, this Escrow Agreement (the "Escrow _ Agreement")is being entered by the County and the Bank,to provide for the reinvestment of the moneys in the Escrow Fund in certain Federal Securities with appropriate maturities and yields to insure the payment of the Note as the same becomes due and payabie according to its terms as modified by the Modification Agreement(the"New Refunded Debt Service Requirements"),as set forth in Bxhibit 3 hereto, and further to ens�re that,as verified hy a report of independent :: accountants,the tax-exempt status of interest on the Series 1994 Bonds is not adversely affected ' as a result of such reinvestment;and WHEREAS, the Federal Securities described in Exhibit 5 to this Escrow Agreement,reinvested as provided in Exhibit 6 hereto,have appropriate maturities and yields to insure the payment of the New Refunded Debt Service Requirements,as the same become due; and WHEREAS,a schedule of receipts from such Federal Securities and a schedule of required disbursements in the special report of Causey Demgen&Moore dated June I8, 1996 retating to the Note(the"Verification Report"),a copy of which is attached hereto as Exhibit 7, demonstrate the sufficiency of the Federal Securities for such purpose:and WHEREAS, the Escrow Agent is empowered.to undertake the ob]igations and , commitments on its parc herein set forth;and WHEREAS,the undersigned officers of the Escrow Agent aze duly authorized to execute and deliver this Escrow Agreement in the Escrow AgenYs name and on its behalf;and _�_ i� a�-s�an-ooiswo.w ' _ � � �, -� � e .a" :i � ..r�� n,�..�...,�..��_ . ��y' r:,� ;.�-`: WHEREAS, the County is empowered to undertake the obligations and - commitments on its part herein set forth;and ' WHEREAS,the undersigned o�cers of the County are duly authorized to execute :;� and deliver this Escrow Agreement in the County's name and on its behalf. ' NOW,THEREFORE,THIS ESCROW AGREEMENT WITNESSETH: ' That in consideration of the mutual agreements herein contained,in consideration of the fee paid to the Escrow Agent pursuant to Section 10 of the Original Escrow Agreement Y duly paid by the County to the Escrow Ageni prior to the date hereof,the receipt of which is hereby acknowtedged, and in order to secure the payment of the New Refunded Debt Service • ' Requirements,as the same become due,the parties hereto mutually undertake,promise and agree ' for themselves,their respective representatives,successors,and assigns,as follows: Section 1. Reinvestment of Federal Securities. A. Prior to the date hereof, the Escrow Fund contained a cash balance of $42,875.01 and the Federal Securities described in paragraphs A and B of Exhibit 4 hereto. On the date hereof, the Escrow Agent, on behalf of the County, shall sell the Federal Securities described in paragraph A of Exhibit 4 and use ihe proceeds thereof to pvrchase the Federal Securities described in Exhibit 5 to this Escrow Agreement(the"Initial Securities"). The Federal Securities described in pazagraph B of Exhibit 4 shall be retained in the Escrow Fund and the proceeds thereof used to pay principa( and interest on the Note on July 8, 1996. Any cash remaining after such use shall be retained in the Escrow Fund. �< B. Other Federal Securities may be substituted for any Initial Securities if such Federal Securities aze unavailable for purchase or if such substitution is required or permitted by the Tax Code and the applicable regulations thereunder, subject in any case to sufficiency demonstrations and yield proofs in a certified pubtic accountant`s repoR,and subject to a favorable opinion of the County's bond counsel as to the legality of any such subsatution, and its effect,if any,on the status for federal income tax purposes of interest on the Series 1994 Bonds. Any Federal Securities temporazily substituted may be withdrawn from the Escrow Fund when the appropriate Federel Securities are purchased and credited to the Escrow Fund. Similazly,any temporary advancement of moneys to the Escrow Fund to pay designated New Refunded Debt Service Requirements,because of a faiiure to receive promptly the principal of and interest on any Federal Securities at their respective fixed matwities dates,or otherwise,may be repaid to the person advancing such moneys upon the receipt by the Escrow Agent of such principal and interest payments on such Federal Securities. Nothing herein shall be construed to require the advance of moneys by the�scrow Agent. � C. The proceeds of the Initial Securities(and of any other Federal Securities acquired as an investment or reinvestment of moneys accourtted for in the Escrow Fund},and any such Federal Securities themselves (except as ihey may be heJd as book-entries), shall be deposited with the Escrow Agent,and credited to and accounted for in the Escrow Fund. The securities and moneys accounted for therein shall be redeemed and paid out and othenvise i - i _;_ 111�E-6/_N/.001 SwO.M . / t•, �. i c �� • ��!'t, �r: administered by the Escrow Agent for the benefit of the owner of the outstanding Note and of the ,. County as provided in this Escrow Agreement,the Modification Agreement and the Series 1994 ��`' . Ordinance. !. ,. �:. Section 2 Purpose of Escrow. �.`;.:� ,, . A. The Escrow Agent shall hold all Federal Securities accounted for in the Escrow Fund(except as they may be held as book-entries),and all moneys received from time to time as interest on and principal of such Federal Secarities,in trust to secure and far the payment of the New Refunded Debt Service Requirements, as set forth in Exhibit 3 to this Escrow Agreement,as the same become due 1t their respective payment,maturity or redemption dates ;':•r'' set forth therein. � � . .' t , • B. Except as provided in Subsection B of Section 1 hereof,Section 5 hereof . and in Section 8 hereof, the Escrow Agent sha[1 collect the principal of and interest on such Federal Securities promptly as such principal and interest become due and shall apply all money so collected in the Escrow Fund to the payment of the New Refunded Debt Service � Requirements payable therefrom,as aforesaid. � ' Section 3. Accounting for Escro�v. ,�. A. The moneys and the Federal Securities accounted for in the Escrow Fund shall not be subject to checks drnwn by the County or otherwise subject to its order e:ccept as ' otherwise provided in Subsection B of Section 1 hereof,Section 5 hereof and in Section 8 I�ereof. �� B. The Escrow Agent,however,shall disburse from time to time the Escrow Fund,solely from funds available in the Escrow Fund,as Escrow Agent for the Note,su�cient moneys to permit the payment of the New Refunded Debt Service Requirements of the Note as the same becomes due on and prior to maturity on July 8, 1997,all as provided herein and set . forth in Exhibit 3 hereto. C. Except as otherwise provided in Subsection B of Section 1 hereof,Section �Y 5 heteof or Section 8 hereof,there shall be no sale of any Federal Securities held hereunder,and no Federal Securities held hereunder and callabte for prior redemption at the option of the County shall be called at any time for prior redemption,except if necessary to avoid a default in the payment of the New Refunded Debt Service Requirements. The Escrow Agent shall not be liable for any loss due to any sale or prior redempfion of any Federal Securities. �. Section 4. Maturities of Federai Securities. '� A. Any Federal Securities shall be purchased in such manner: P a - I (1) So that such Federal Securities may be redeemed io meet such j New Refunded Debt Service Requirements as the same become due,and � • �y .. U _4 i x�ne-brzm.aoiseoo.a ' � .� , ..{*:. . i �'� , .� I .:.� ;;r " . . ' . t�.A�. `,_. (2) So that any sale or prior redempdon of such Federal Securities '��" shalt be unnecessary. � Section 5, Reinvestments. The Escrow Agent shall reinvest the cash ' balances, if any, in the Escrow Fund and the proceeds of the Initial Securities described in ? Exhibit 5 hereto as shown in Exhibit 6 hereto for the period designated in said Exhibit 6 in state and tocal govemment series securities("sl�s")purchased by the Escrow Agent on behalf of the County,directly from the United States Govemment. All of the slgs in which such reinvestments are made shali bear interest at the raYe of 0%per annum. The Escrow Agent agrees to comply wiih Part 344 of Title 31,Code of Fedemt Reguiations,and with such other regulations of the United States Treasury,Bureau of Public Debt,as aze from time to time in effect in subscribing for and with respect to submitting subscriptions to a Federal Reserve Bank or Branch in advance (currently between 60 and 15 days in advance)of the date of purchase of the sigs. Section G. Sufficiertcy of Escrow. The County agrees that the Federal Securities accounted for in the Escrow Fund shal[ be in an amount (or have appropriate maturities and yields to produce an amount)which at all times shall be sufficient to pay tl�e New Refuttded Debt Service Requirements payable therefrom as they become due. Section 7. Transfers for New Refunded Debt Service Requirements. The Escrow Agent shali make such arcangements as will assure,to the extent of maney in the Escrow - Fund properly allocable to and available therefor,the timely payment of the New Refunded Debt Service Requirements payable therefrom. Section 8. Terminatian of Escrow Fund, When payment or provisions for payment shatl have been made so that all New Refunded Debt Service Requirements shall be or shall have been paid in full and dischazged, the Escrow Agent shatl pay to the County for _ immediate deposit in the Series 1994 Bond Improvement Project Sub-Account within the Fund (as defined in the Series 1994 Ordinance)the moneys,if any,then remaining in the Escrow Fund and shall make forthwith a final report to the County. The moneys in the Series 1994 Bond Improvement Project Sub-Account shall be used only us provided in the Series 1994 Ordinance. Section 9. If necessary,the Escrow Agent agrees to annually prepare a Form 1099 for the owner of the Note and to mail such Form 1099 to such address as has been provided to the Escrow Agent by the County. Section 10. Fees and Costs. A. The Escrow Agent's total fees and costs for and in carrying out the provisions of this Escrow Agreement have been paid pursuant to Section 10 of the Original ' Escrow Agreement and as no additional amounts aze due hereunder. B. The fees of and the costs incurred by the Escrow Agent sha11 not be deducted from the Escrow Fund. . � -S- �wop-s�azm-rois�oo.w � / � � � . t._,.. —. . e : a` .� :;_,,. ., t•��, �:::-c�r j';`.4,,.:�. y,1= • ��a l��" Section 11. Possible Deficicncies. � A. If at any[ime it sha(I appeaz to the Escrow Agent that the money and any � . '`: interest on and principal of the Federal Securities allocable for such use under this Escrow �'r' ", Agreement,including without Iimitation,the known minimum yield from the Initial Securities, , will not be su�cient to make any required payment of the New Refunded Debt Service Requirements payabie therefrom,as the same become due, the Escrow Agent shall notify the County in writing as soon as reasonably practicable of such fact and the amount of such deficiency. • . . :,,r. B. Thereupon the County shall forthwith deposit with the Escrow Agent for deposit in the Escrow Fund,from the first moneys available therefor,such additional moneys as " may be required. ' Section 12. Character of Deposit. . A. It is recognized that title to the Federaf Securities and money accounted for in the Esccow Fund from time to time shall remain vested in the County but subject always to the ' prior chazge and lien thereon of this Escrow Agreement and the use thereof required to be made •�' by the provisions of this Escrow Agreement and the Series 1994 Ordinance. � � B. T'he Escrow Agent shail hold all such Federal Securities (except as they � may be held as book-entries) and money in the Escrow Fund as a special trust fund account � separate and whotly segregated &om all other securities and funds of the Escrow Agent, or � deposits therein,and shall never commingle such securities or money with other securiYies or money. 1 ,� � Section 13. Securing Aeposit. � t A. The Escrow Agent may cause the Federal Secarities accounted for in the ' Escrow Fund(except as they may be held as book-entries}to be registered in the name oF the , County for payment, if they are registerable for payment, and in such event shall obtain the � necessary endorsements from the du[y authorized officiais of the County as they become due. B. The County, in connection with any Federal Securities accounted for in the Escrow Fund and field as book-entries, shall cooperate with the Escrow Agent and shall forthwith make arrangements with an appropriate representative of the issuer of such Federal . Securities,so that the interest on and the principal of the Federal Securities shall be promptly transmitted,as the sume become due from time to time,to the Escrow Agent for the benefit of the County but to be applied as pmvided in this Escrow Agreement, - C. All uninvested money held at any time in the Escrow Fund shall be continuously secured by the deposit of Federal Securities in a principal amount and vaiue always not less than the total amount of uninvested money in the Escrow Fund: (1) In any branch of the Federal Reserve Bank,or i -6- N1OE-6132p//-OOI SBOD.W . / . , " � t '. 0 / .1i.��,� . i � �1JE �� .�� ;�., ,i(.. ��.. (2) In any commercial bank which: ,��'' ,�n;� .� (a) Is a state or national bank or trust company,and r, �., -.Y'�..' '.�' (b) Is a member of the Federal Deposit[nsurance Corporation, - and � ,.. (c) [s a member of the Federal Reserve System,and , ": (d) Has a capital and su�plus of$10,000,000 or more,and , :a.::�,.. , (e) Is exercising full and complete trust powers,and •�"� K(t. . �T;• (fl Is located within or without the State("trust bank"),or ' ' {'; (3) In any branch of the Federal Reserve Bank and in one or more trust banks �� . i.. (or any combination thereo�. � ! ,, D. Any Federal Securities(except as they may be held as book-entries)and any uninvested moneys accounted for in the Escrow Fund may from time to time be placed by ;� , - the Escrow Ageni for safekeeping wholly or in part in arty such trust bank,only if prior to any such transfer the County consents thereto in writing. ` �� E. Each such Yrust bank holding any Federal Securities accounted for in the Escrow Fund or any uninvested moneys accounted for therein,shall be fiunished by the Escrow Agent with a copy of this Escrow Agreement prior to such deposit. F. By the acceptance of such Federal Securities or such uninvested moneys each such trust bank shall be bound in the same manner as the Escrow Agent,as herein provided. G. T'he Escrow Agent, however, shall remain solely responsible to the County: � � (1) For any investment or reinvestments of moneys pursuant to Sections 1 and 5 hereof, (2) For transfers of moneys pursuant to Section 7 hereof, � (3) For the termination of the Escrow Fund pursuant to Section 8 � hereof, ` ' (4) For any notification of prospective deficiencies pursuant to Section '! 11 hereof,and '�� I:: . ��j ` , �S ' �' - ,,,�.��,,.��« -�- � ;, . 's::. , � l: _ _ . . _ . . • .. , .;: :. . , _;;.:. ,.,,, . ? ;,�:- ��. . ;.:��;.. �N' ' f ::'. �j.',i. (5) For defraying any chazges of any branch of the Federal Reserve Bank or any trust bank for any deposits of Federal Securities pledged to secure uninvested moneys,of Fedetai Securities in escrow,and of uninvested moneys in escrow '�• (or in any combination thereo� or for any other service relating to this Escrow - Agreement or the Escrow Fund. ' �� H. Subject to the continuing responsibility of the Escrow Agent as stated in Subsection G of this Section,the Escrow Agent may cause any one,all or any combination of the duties stated in Subsection H to be performed on its behalf by any trust bank. I. If at any time the Escrow Agent fails to account for any moneys or Federal Securities held by it or by any such trust bank in the Escrow Fund,such moneys and securities - � shall be and remain the property of the County. • J. No money paid into and accounted for in the Escrow Fund sha(l ever be considered as a banking deposit,and neither the Escrow Agent nor any such trust bank shall have any right or title with respect thereto. Secteoa 14. Purchaser's Responsibility. The Undervvriter of the Series 1994 Bonds and the owners from time to time of the Note shall in no manner be responsible for the application or disposition of the proceeds thereof or any moneys or Federal Securities accounted ' for in the Escrow Fund. Section 15. Amendment. A. This Escrow Agreement shall be irrevocable and, eccept as herein pmvided,not subject to amendment. B. The provisions of this Escrow Agreement cannot be amended,waived or modified e;ccept in writing executed by the parities hereto. Amendmenu to this Escrow Agreement are onty permitted to correct ambiguities,to add to the protection of the owners of the outstanding Note,or to sever a clause deemed to be illegal. No such amendment,waiver or modification shall become effective unless and until the Escrow Agent and the County receive an opinion of nationally recognized bond counsel acceptable to the Escrow Agent to the effect that such amendment,waiver or modification either corrects ambiguities,adds to the protection of the owners of the outstanding Note,or severs a clause deemed to be illegal,and it is not materially prejudicia!to the owners of the outstanding Note and does not adversely affect the tax status of the interest on the Series 1994 Bonds. Section 16. Exculpatory Provisions. , A. The duties and responsibilities of the Escrow Agent are limited to those expressly and specifically stated in this Escrow Agreement. ; 8_ ��w6-a�zxm.00iseaaa � � . ''_.._ .: —• � e ::i' >i .��.. :�� . .. . .. , . .. , . . . . . . _ . : .,�,,. .,.y:,;. �,;�_ ; �a;w��';' . a.f_�;;�::. .:`M• �i• �' . B. The Escrow Agent shall not be liable or responsible for any loss resulting - from any investment or reinvestment made pursuant to this Escrow Agreement and made in '` compliance with the provisions hereof. '`: .� �.�• C. 'I'he Escrow Agent shall not be liable or responsible for any act which it '. may do or omit to do hereunder,�vhile acting with reasonable care,except for duties expressly imposed upon the Escrow Agent hereunder or as otherwise expressly provided herein. D. The Escrow Agent shall neither be under any obligation to inquire into or be in any way responsible for the performance or nonperformance by the County of any of its �'" obligations, nor shall the Escrow Agent be responsible in any manner for the recitals or statements contained in this Escrow Agreement,in the Series 1994 Ordinance,in the outstanding " Note, or in any pmceedings taken in connection therewith, such recitals and statement being ' made solely by the County. t i• E. Nothing in this Escrow Agreement creates any obligation or liabilities on � the par[of the Escrow Agent to anyone other than the County and the owners of the outstanding Note. i Section 17. Time of Essence. Time is of the essence in the performance of the obligations from time to time imposed upon the Escrow Agent by this Esorow Agreement. � Section 18. Severability. If any section,paragraph,clause,or provision of this Escrow Agreement shall for any reason be held to be invalid or unenforceabie,this invalidity or unenforceability of such section, pazagraph, clause, or provision shall not effect any of the remaining provisions of this Escrow Agreement. ' �.,� Section 19. Counterparts. This Escrow Agreement may be executed in severai counterparts,each of which shall be an original and all of which shall constitute but one and the same instrument. � , i -9- 1NpE-6)33M-UOISb0.01 � . , , . .�;A°:J.. � � I ' '. a •,� �: . , ., M:�:' , . _ .. JUUIY 1( '7o vJf%14YM YLIKIIY l.UUlYIi HU111Y r.� � .� JUIV 1' '% 08�18PM � � . . a ,�v,.u�.� � JN WIIIVES3�Vf�tEOF,the County has cawod this Escrow Agred��_eat tu be �'.,;�_•`';,;,, signed in iu namo by the Chai:maa of tha Boazd, w be attested by t1�e Connry C1erk end �''. . Reeosder,and te have the seal of the Couaty hereunto tffixod:and Tho Baak of C6erry Cacek, : .� N.A.has taused thia Escrow Agnee�nmt to be aigned ia it�cosporeta aame by its Preeidmt or ` ti, one of its Vice Presideatv,aealed alth its oorpnnte seai.and att�sted by itt 1�u�t OtBcer us one ',.� � -� of its As�istaat TSnist Officere,all as of the day ond year firstt above writtea. x ; �. [S � �0�.�, PITKIN COUNTY,COLORADO '; +�i �'rr, f,.;< � y�/�L � �J . r,r. l�'''�� B -�i�ins�s�aa of the Boecd of' -~•-. _ _ - r �rC•01�II��rDIIIID1$CSOIICt3 i • AuGit� sy �y ci�k� or �� ' ' [BANK SEAY.] Tf�HANK OF CF�RY C�RR y N.t 4 � T tlr .._. Attesc: � By Titlo: .� . bftcic' � � occ ...__../�.� �,�, �/ Co�� {��-� c/��e � -ia ; '- . , � . ��;;a -. � • . ;:.,a` .ti:_, `' . . . • -.i . "s.. •'.i, . � . . � . .. . � .. . . . � . , .. . . . ..1 ..- �.., � ._ ... � . . -... �Ci�l n1•ulA.. �nWl ucl:11n1o1G�1 � u-ie uv i..•c,.vcru �.�.,.0. ... ........... _..._.._. --- --- •-- -. - . __ .__. .,__.. _ ...,.,....� JLB�I 17 '96� 01i'�4PM . �� h�' � + '' � �l.J . . � IlY WITNESB WHER$OF,the Co -�'f� umry has csaved thit Eacrow Agseemcnt to bs "�.: ; •�': . ,,� sl�aea ia tte mme bv t2Ce cha�nasa of the so�d. to be attestea by rhe ca,mcy cterk and Reco=der,and m have the sml of the Countyr 6erounto afftxod;aod The Hsnk af Chcny C:oelc, `I' `, N.A.has caused this Eecrow Agi�eemeat ta be sigaed in it�aupotete name by itg Pscaideat or �`. one of its Yicc Pnaddeats,s�aled with its oorporste xat,aad�od by ite Tsu9t Officer or otu '��r' . '+.y,. of ite Aseistsat Ttuet Of6eero,aIl a,of the day ead year fiist above writton. ' �s�r.� rn�tctrrcourrr�r,coLOx�wo ��'.<.. . . :;.i:'.;r.`', . DY '_.:.; ..' ' •�of the Boaed of �� ' ' Cotioty Commisai�e[9 i.;. . Attoet: � i, 4 B7 . � Covniy Cledc snd Recordex /µA - [HANK SEAT.) TF�DANK QF CHERRY CREEK,N.A. % BY � � f !'R1SE" ��(1C IZ_ . A� : ,I. �Y � T1�C r , : �. � �, � i - it E I a -10— �� r — I i I � ' � . �`,, , -r � . t .. a .z' =�: • ' �•'r n1' J:I�.. � . 1 '%� �. �..�.. ��,,��. t�`� " k,l:,f:'. ��r �i:;: :��;,�.�-��'t:y`,. EXHIBIT 1 ' • ,: . �� - . NOTE '�," `;. r', ., �a � 'y�� , Y` ��:?.- . ::i:.i,.• . � i�:.-�. �^ . T;°:". . �-.-. '''`' �„. ;f, ' :�.: ��.1 �t:-!' � •: l �. � {j. � o . � (' ,� �r. �`} i ) ' ' -- ! 1-1 h�DE.6J]:0/1-OOISlOO.a . a 1 1;. . 1'. /� _. .. . . . . . . . .. . . .. . . . � ��"... . --• F , ^ i . • , ,(�".�,'�-'�.• � . t,._..._ . . � . �.,i fi,��..�,., �,�,�..;.::: �.�,. .. PROMTSSORY NOTE �'' (Right to Care) • ~' .. .� U.S. $2.692,131.64 Aspett, Colorado July 8, 1992 FOR VALUE RECEIVED, the undersigned (HOrrower) promises to pay ' . �. Alberta L. Moore and Thomas A. Moore as personal representative of :r the Estate of James E. Moore or order, (Note 8elder) the principal ' sum o# TWO MILLION SIX HUNDRED NINETY-TWO THOUSAND oNE AUNDRED • � THIRTY ONE AND 64/100 ($2,692,131.64) U. S. Dollars, with interest . on the unpaid principal balance from July e, 1992 until paid, at the rate aP 7.62 percent per annwa. Principal and interest shall be payable at Box 707, Aspen, Colorado, or such other place as the Note Holder may designate, in annual payments of Three Hundred Seventy Thausand Dollars (v.S. $370,OOU), due on the Sth day of each July, beqinning July e, 1993 and continuing for a period of eleven (li) years, F Sorrower shall pay to the Nete Holder a late charge of 5$ of any payment not received by the Note Holder within fifteen (15) days after the payment is due. Payments received for application to this Note shall be applied first to the payment of late chsrges, if any, second to the payment of accrued interest specified above, and the balance applied in zeduction of the principal amount hereof. ..- � The obligation of payment of this Note shall be met by Pitkin , County through its open Space Fund autharized by the electorate by separate ballot question on November 6, 1990. If any payment required by this Note is not paid Wheh due, the entire principal amount outstahdinq and accrued interest thereon shall become due and payable at the option of the Note Holder (ACCaleration) twenty (20) days aEter notice of Aaceleration has been given. 5uch notice of Acceleration shall specify the amount of the nonpayment plus ahy unpaid late charges and other costs, expenses and fees due under this Note. Unti2 the expiration of said twenty (20) day period, the Borrower may cure all defaults consisting of a failure to make required payments by tenderinq the amcunts of all unpaid sums due at the time cf tender, vithout Acceleration, as specified by the Note Holder in suah notice. Cure . restores the Borrower to its rights under this Note as though default had not occurred. Any defaults under this Note occurring within twelve months after the Note Holder has once given a notice of Acceleration, entitles Borrower to no right to cure, axcept as otherwise provided by law. The Note Holder shall be entitled to Collect all reasonahle costs�and expense of collection and/or suit, ( h � �,..;.__ : � - . � ,, ,� . : �, �.� . ,.:... ' .. ..�..�r.... .�.�.�r_ ._, �„�.,..� �. ; r. , . . . �� ,�ti � i:.� �%�. ___..� _.. .,a y�vG,� ann ne ezxeccive upon (1) delivery to Y��•- Horrower ar V(2) �mailing such notice by first-class U.S. mail, �;t �°�' , addressed to Horrower�s address stated below, or to sucb other � `'. . address as Borrower may designate by notice to trie Notie Holder. '.: ., At►y notiae to the Note Holder shall be in raritinq and shall be ` ;�, qiven and be effectiva upcn (1) delivery ta Note Ho2der or (2) by mailing such notice by first-class U.S. mail, addressed to Note '�•'..;;, Holder at the address in the first paragraph o� this Note, or to �. such other address as Nota Holder may �esiqnate by notice to Borrower. The indebtedness evidenced by triie note is secured by a Aeed ;.'-'' of Trust dated Suly 8, 1992, aad until released said Deed o£ Trust � contains additional rights of the Note Holder. Such rights may ��,r� cause Acceleration of the indebtedness evidenced by this Note, i�' ` Reference is made to said Deed of Trust Por such additional terms. i-: '- Said Deed of Trust grants rights in the property identified as . follows: i ��, See Exliibit A attached hereto 1 .: � Property Address: VaCant Property `. Pitkin County, Colorado ! �. �Y';r• PITKIN COUNTY F1'�'- ,* - HY: 1:,...,.9-.— ��-- . c4.o.��ti. �:i 5a'O Eset Main Street � (�o.�.. =�F 'Aspen, Colcrado 81611 ea..-��C�-•...w�.�° �' . 4 -2- - � . (7) covrses: � ;. . s • � �i. �� .'} .. , � � i — . �� ,'� r .;. `4�_'. . . .. . � � 1�. � . / . . ; . • , :i. . �s♦ _�i�.: ,...,. , i.... .... . . � ,.. . . . ' -. �`��f'�' ' .�. �r' .�`"'' ...\i T(� \�"i� C.'F--�_i L Ci� �L.��:j(�j' �.._ l�'�L Ti�.0 ,-�:.�: t;i'• . � ..] � , _'.�;, 11G.w�'v�.c.� ,a . \ti�..,—t�ti�-.� ��'�':�r,:..:.c.. ��E,r[�F_.t�;�i Y�{= ti. C�� 4-�E �r��-+i F �F- �.��..�E._'_ � �--\CZ��i�_ .'_ Ir.'z: N,,.� V � �.� +� -;NE c�er�:�. c:F --*'�,e ��..��rt'`'� L, ► lc�-,�[::. _. f..;�„�'�. �'�-1( t��l !_._t•-� �i F_�:� '�.��i.._'T't-�E=i L ��s ��—' i' . ��1'1�-Lr-�- �'� �''�`-�- _ : � .��:��.`�-..w �_, ��. f° � � `-�;�`.� -�'t� {1-1F C•�_�^�2 C'�' �V�'.�\�v�:CT !-z�iv� �1.�.1�G=Sv�� ,V.� t . � �`'f'_ ` �V..-^tw�.:� il .�U..._'-G"�p � `::+<::.-�� _� . ,�C�x-e` :f r�E�.:��_ i�cc-,.:EC� i�� JUHE 1S, 1996 PAY TO THE ORDER OF ROARING FORK TRANSIT AGENCY ("RFTA"). • YO WEST BANK COLORA NA , SY: MARC S. 10ANSON, V E PRESIDENT I ' � � • -�-� . �,=' ., i � �" ;1�;; 'f:: ' . •� .. Ff�';;i:';,, EXHIBIT A �*[;,.' LEGAL DESCRIPTION ..._ A parce! of land situated in Section 11, Township 20 5outh, � Range 85 West of the 6th P.M, Said parcel being mrre � '�• particularly described as follows: ,.� �.�y Beainning at a point on the Northerly right-of-wap line of Maroon Creek Road, whence the S 1/4 corner of said Section 11 bears S. OZ deqrees 12 minutes 49 seconds W. 1�69.IB feet with a11 bearinas relative to a bearing of S. 89 degrees 5� minutes 48 seconcs E. between said S 1/4 corner and the Southeast corner of said Section 11 thence; N. 25 degrees 38 minutes 23 seconds r E. 205.09 feet, thence; Z�0.00 feet along the arc of a curve to ' the left having a radius of 450 feet, a central ana3e oi 30 - degrees 33 minutes 28 second, and subtending a chord bearing N. • 11 degrees 21 m.znutes 38 seconds E. 237.Z7 feet, thence; �?94.98 feet along tne arc of a cur�•e to the right havina a ' radius or 380 feet, a central angle or 7� degrees 37 minntes 58 seconds and snbtending a chord bearinc N. 39 degrees 34 minutes 19 seconds E. 460.i2 feet, thence; i• N. 66 degrees 53 minutes 18 seconds E. 82.87 feet, thence 388.69 . feet along the arc of a curve to the left having a radius of _ 380.00 feet, a central angle of 58 degrees 36 minutes ZO seconds and subtending a chord bearing N. 37 degrees 35 min�tes 08 seconds E. 371.96 feet, thence; N. 08 degrees 16 minutes 58 seconds E. 91.24 feet, thence; 310.03 feet along the arc of a curve to the right having a radius of 11�2.00 feet, a central angle of 15 degxees ?5 minntes 10 seconds and subteading a chord j bearina N. 15 degrees 59 minvtes 34 seconds E. 309.09 feet, 4�. more or less to the North line of Lot 13, thence; N. 87 degrees 00 minutes 00 seconcis E. Z060.94 feet along the iY'crth line of Lot 13 and I2 to the Easterly right-of-k•ay line oi C�lorado State Highway 83, thence along said Easterlp right-of-wap of Hignway 82 the following two l21 coarses: ' S. 47 degrees 50 minutes 59 seconds E., 847.13 feet, tfience; 166.F2 feet along the arc of a curve to the 1eft, having a radius of Z196.00 feet, a central angle of 07 degrees �8 minutes 32 seconds, and subtending a chord bearing S. 51 degrees �0 minutes 10 seconds E. Z66.29 feet to a ,point on the East line of Government Lot 15 as snown on the government plats of a s�rvev perforned by Thomas Withers, thence along said Eastline; &. OZ degrees 16 minutes 00 seconds E. 93.87 feet to a point on the " Northerlv right-o�-way Iine of Maroon Creek Road, thence along said :ignt-of-wa}> line of hlaroon Creek road the following seven (7J courses: 1 . � - � ,;, "" , r a ..� . . f� ��:w��c . �4. '.1':�. �xxzazfi �► �j ,��; .: :( � `?`' I.EGAL D83QLTPTION GOliT2NIIEA � ; � _`�, • . ii . . -�� '�. S. 31 degsees I 7 minutes 1Z aeee�da A►: �49�.Z 0 the�ee; ��I � `,':,;~ J38.a8 d'eet along the arc af a curve to tba rtQ1►t, havieg �� . � • rsdiur af atG.00 #o�t, a aanbral angle of 4s degreea 03 ras+� tea• < d,1 secands, end subtendiaq a chotd bearistp S. 1J degrers 1d � m�nrttae 4t soeoAds i�*. 330.01 fest, t�ente; ' ' S. 7S degrees ?0 mt�vt4s 11 aaeands W. 390.D0 te4C, tbeecr�' • • , 3?D.74 geet along =6e are of a eurre ta tbe rigbt, bavfna a , �;.;;, �.`` r:�.. : sedtns o� Iif7.35 leet, a eeatral anqle of 12 degreaa 4t ind utra �9 s�condt, and s�btending a abord D�as�e9 B. BI d.gra�r 4i.i. , �° . �+.iltsttes 05 9eeon8t W. 370.08 fe�t, Lbeneer :: , _ s. 9B degrees 02 a�inntsa o0 aeeonBa A►. 745.86 feet, theac'S! • "��' _ �. B6 d�grees S2 mir�utss OD �pecnds W. 5�7.59 teat, tl�ene� � . • ' 1G4.89 feet along the ase ot' a evrve te thr 1ett, hav3ng aj•� radfns at' �05.42 teet, a ce�txaJ ar�g.le ot 29 dsgseea 3S m�pp tes: ... TO seeonda aad subtendErg s ehord bear�ag s. 71 degrees 391j �� nihvtaa 49 saeonds 1r. ,�03.75 teet ta the pe�nt ot beg�aRi ' . � Con�t�y o� P1tk�a, State of Colorsdo � � �� . � ' ' .j1. ' � � !;I .' k . .:. . , . . �� .. .�{ ;� � . � , � � . . ;',� . � • _ . _ . ; ' .�*. . . ,. • �; .t+ . .. . ;: � ;: . . . :� .' , ' _ , ' ��`I ' . � • I ; � ._... . . ... . _ . . .ii•' .�. . . ... . � .�i.l ' ;4:k •r I. � � .. - . , . •r w. � , . �.,.r:,�. , . .. � . . ,: . , ':,F ' . " , .• ... . . - _ . ........ . • � ... ,.. ... ' ' . f' • . f . �� '�r� 'tr. . . . . . , . .. . ... ,�'� ' :; . ... . '._ . .. � , . .. .:jj. , . , ; .. .. . , " ,._.,.. .. .. ��._' �, ' ." .... _ ' . ,. ._ __;r . ... .� ; �i�� • '. . _. • , � , •,�:� .. . :;. . . .. .. , . ' . . -:'~x;�:`� '^�t•`z:.'�':i :�kI •i:<�•c . ... .. _ , a.h;,_.��....�. . . ..,._�.. „ . �..,::�:�.:'�, '�_ �'r.'�'`:reelr.��• ��ii` . :+.�+rr°:c: �. , . . . . . .. . ' ... .• I� ' .. ,, .. ... . . . . � .. .. _ �'. . . . :'`. . . . . .. . . . . .� . � �1� . , . � � � . .. . ... . . . . .. . . :. . (�I � . . , . ' � • . ' . . •• : ..' y�., . . � . .. . . j ' • �. . ' , • ,. ' . . � . :` ' , . � ' . .._..... . ..+.�.r-:... .r. ....� ... :R` '-'�� '='��-=i.��'r.:".�1 ....._.�...•_ 1 � ... . ..... . ...�:�tc'�L.:.c:L.ti'� �i1{.'��.,i•/v�L�LY.fi . � ��'.� ... � i s ' ,r^1 �:;_ • .,i . � � . , �: , . .�.. ... . . . ' . - . . ,f..... I ...,. �n��':1 �s .. .. .. . ��.. �� . ' ��;�''��. .-"��. �`Z`. � EXHIBIT 2 �`�. . �. MODIFICATION AGREEMENT ��`: '� '�, i �.•,: �::�� '� ;'.. i - ; � ,. �;�. �.: ! ;1,�Y � k, 7 �C . �.�i' ,)�, /� .., 3 i 't jF i i ' � 2'1 � ��oe-a�s+ua-a�s�oo.a - # . . � 4 � x, . r,� �'- . . � t:;' ' � • . 4 � - • � t;�: . ' N' ' . �.,.i _:;•;:;�:� .,,, ' - ��;T T .,,'�.�, AGREEMENT REGARDING �`';a` ` MUDIFICATION OF NOTE � . , .� This Agreement is daYed May 31, 1996, and is between PITKIN COLJNTI', . �`: COLORt1D0(the"County"}and the ROARING PORK TR.ANSIT AGENCY("RFTA"). �''.;; c WHEREAS, on June 9, 1992, pursuant to Reso(ution No. 92-183 and a�tthorixation granted at the general elxYion held on Novunber 6, 1990, the County issued its gena�al ob[igation note(the"Note"}in the aggregate amount of$2,692,131.64(the"Moore Note") _ to Alberta L.Moore and Thomas A.Moore as persona(representarive of the Est�be of James E. . Moore(d�e"Moores")or order for the purpose of acqu'ving lund for open space purposes;and ' Y 4 WHEREAS,pursuant to an Agreement Regarding Purchase smd Sale of Note n»d � Release of Deed of Trust dated May 24, 1996(the"Purchase and Sale AgreemenC'),among the � County,RF1'A and the Alberta L.Moore Family Limited Parhiership(the"Moore Par4iersF�ip"}, � Ihe terms of the purchase and sale of the Note from llie Moore P�rinership to RFTA were set forth and confimted;and ,, WHEREAS,the Counry wishes to modify the Note as described herein;and WHEREAS, pursuant to the Purchase and 5ale Agreemenl, RFTA has agreed to ��• purchase the Note as modified herein;and � - WIiEREAS, it is the°desire of the County and RFTA, through execution of tfiis Agreemen�to confum the terms of such modificarion nnd so modify the Note without ihe need for any furtl�er modificarion. 130W, THEREfiORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which aze hereby i ,� acknowledged,tfie parties hereto agree as foliows: � Section 1. Modificntion of Note. Upon delivery of the purchase price to the Moore Partnership in accordance with Section 1 of ihe Purchase and Sale Agreemeni,the Note shall be modified as foliows: the Note shall mamre and be due and payable in full on July 8, 1997,and shall be paid as follows: Principal and Date Interest Pavrrtent July 8, 1996 370,000.00 July 8, 1997 2,200,892.36 All amounts shall lx paid to RFTA c/o the Piticin County Treasurer, 530 E. Main Sheet, Suite 301,Aspen,Colorado, This flgreement shatl constitute a modification of the Note without ihe ' � need for any furiher documentation, Section 2. No Sale of Note. RFTA agrees and confirms that it tvill not se11, transfer or convey the Note prior to the maturiry date thereof. I ��DE-672101/.001561)Ol � , ��;_ . .. - : , *S. . i i�., �I 1 ! . ��h'�. I .,i,; 3tction 3. Note Ot]�erwi.e iTnchanQed. Ot6er thaa the modificauons sct fonh in Sectioa i "` 6ereoz,the Note•P•,,�:•,�uachanged in every ochc nspect and in full farce aad cffect �.': ,'-.,•• IN'OVTT�IESS�1tEaP,thc parties have executed this A.greemaat as of ti�e day �. aad year above writtcn. Att�sr PTrKIN COUNTY,COLORADO ; By: r� By; �� :1- �-'`- _- - 'm �Clrsj nd Recorder Clfaizmazl,Boatd of Couury Co+*�+*+ie�ioners ; ; � Attest� ROARING F�RK TtL1NSIT AGENCY i �V� ,./ ' .��. .ii�� r: � \ \��q �1;�:�,__/�� - i. �. Tittw � G ai Manancr � � STATE OF COLORADO . ) COLJNTY OF /t'/K'//ti j�. F- T!u fotegoing ackttowl ged fore au aa s.the��" of w 4.. 1996,by ��s � �v` and��x�rr�.. ES ,�O�t y who aclmowiedged the�nseives w be Ch�;,,•,a* of t2u Board of Coimty eo� Counry Cltric and Recorder of Pitkia Couury,Colorado,that,as such officisls,beiag auihoairtd to do so, execvted tbe foregoing instrumeat foz she purposcs the�eia containcd by sigairsg aad attesdnQ the neme of PiUdn County,Cotorado as such officials. IN WITNESS WHER�QF,I beramw et my hand''and officiel seal. [NOTARIAL SFALj .-� ublic �r My commission expirts: �`2'��d A ; '- � �. .2_ • N1�.61L).00IfQLQ ' / ��'•„ � , � � r . e ' , � � �� ,'��`i � � � F. , �¢...z.:::M` , '.;' STATE OF COLORADO ) �J.. �., ks' ' .�.; COUNTY OF ��t�i n � '`• i'...._' The foregoiag was aclmowledged before me on this,the ?Jl� day of ', . ,:,. I'.. 1996,by �".r n (3/4 t��eh s�ve and /7�C�r/ /S e h n/ w h o acimo e d g e d t h e m se tves to be the General Manager aad��naaa'�.�-{�-f z i oa�f � t h e Roaring Fork Transit ABcncY.thar,as such offieiels,beiag authorized to do so,ex�e�ted the if;� iaregoing inslxument for the purposes thereia coatained by signing and aaesriag ihe name of ;-"r'' Raariag Fork Transit Ageacy as such of�cials. IN WINESS�VF�REOP,1 hereunto set my hand and offtcial seai. �_ . ,' . (NOTARLAL SEAL] C,,CAi✓dt-w� ��1" �'• Notary Public �y�o��on�n�5: 5 -�— 9 9 ,` ' �°. �•:.'. :;.. . ; � �, , ; � . , � �r . ; ;.;. . �: _�> . � , -- _3_ � ��-aaan.�e�r».n � �,., � �"� t; .... ... __ . , . . . _�.F' i . �'.. s / • ;:'..:z: , . •..i "� . .. ' , � _ , .. , . . .:. �.,,..:� ._ � ..,. , >_ . ;� . _ i '� �::-'� _..� �.w.. , .. i''�r��' .�ri�,�''. -'��`' ;.'.�'t:4',. '�:. EXHIBIT 3 .� NEW REFUNDED DEBT SERVICE REQUTREMENTS - '`� `,.'�:�' c � '. Pavment Date Principai and interest `- July 8,1996 $ 370,000.00 j_:`'_?�. July 8,1997 2,100,892.36 y>;..;�.. � r f:. . . � : i 1� i'- � . f ! i i:�� ..... . ' �. ` " r I 3-1 �aoe-er_zun-oois�ro.w ' . F: / . . .. . . - . ,q, .. ti � t . t , 'yYU?. . -'' ' � ,��. �r�,:? ` ' EXHIBIT 4 :'+�'``-�' �� . .�. A. Federal Securities to be sold: '= � •.�� Ty�g Couoon Maturi Date Par Total Sale Proceeds . . '- United States Treasury Note 6375% June 30,1997 $310,000 $320,295.37 United States Treasury Note 5.125% June 30,i998 $330,OQ0 $330,112.76 � -;. United States Treasury Note 6.750% June 30,1999 $345,000 $357,277.59 United States Treasury 0.000% May I5,2000 $370,000 $285,728.80 � "STRIP" � United States Treasury 0.000% November l5,Z000 $1,110,000 5826.705.80 "STRIP" T'otal Sale Proceeds $2_120_120.32 B. Federal Securites to be retained: �,� Couoon Maturity_Date Par Total Cash Receiou United States Treasury Note 6.000°/a Jurte 30,1996 $290,U�0 $248,700.00 �: � i 4-1 � ��ne.s�x:m-miswo.a . . . . � � . � "�LL�t�� ;�`�... ; r � ' . � ..^•�> . ...i t, "i�'3�•. a�T'�',., EXHIBIT 5 �r�'�•. �y'.�,� .;�::i4;:. w.`;, INITTAL SECURITIES ,i J: .�;, '�• IXR� Cou�oon Maturitv Par 4��'�'.�'M,� .Total Cost United States Treasury Bil1 0.00% December 12,1996 52,146,000 52,090,131.57 ��' �-��.: �:.;;. �;.i:,r'^ t� . ' F:. . - �..;- ! .•. c � , , - �;}� ��i: ,- � .�.� ,j. . � ? �i' " i' 1 t e . , � . ��' " � , , 5 1 � ' 4 -- I NDfi-6722W1-OOISYW,a .... ... .. . .��... . . .. J . . . . . . . . . i:.:W'f�:... . � ' ' �`t'�,��I , . 5 ^ , t, .'. . ;.:r> . '{r� ' - . . . . £•k� ..�'i. . .., � . .. � '- . i:� . ` . ..�. , � _ . .� '��`. ,. �r� "�{'�;�i,'�. , f: EXHIBIT 7 �`� .� VERIFICATION REPORT �;'�� '��.:+. i�:�. I:..�: ` �-: j. 1 . �• �� 1 I - � � 7-1 01DE.6]'_'_M-OOISlOD.0/ . i �. ` / . . . . . . . . . _... , _ _ . ',-... . � • p ' • =:��"` , . ,�=' •` 's.I ��,.ti . :°i, . . � - .... ' . '.. . _.... .,.... . s�. �.._.. . ,... . . nY.� ir�h�`�:�. �i Y k�� 1�` ' �a �.'}:..5�,� ��: f� .t A� I.',= ' � J . ,.-;F;:,`.:i. I PITKIN COUNTY,COLORADO ' r �:..;�.i p` . GENERAL OBLIGATION OPEN SPACE f _ REFUNDING AND IMPROVEMENT BONOS SERIES 1994 a"' ESCROW RESTRUCTURING 1. ;aJ. Y � ' . / i ,' R! i fy !i �. � 1:� �: C . � . �., � - , ��. � . _ . , � . r.,. • t;� y � � : . ' <�� , • �...,;. �:.; ��`� CAUSEY DEMGEN & MOORE INC. �'�:';;- Certifietl Puhlic ACCOUntan�s arM Consultanis . Suite 4650 �' iB01 Calitarnla Slreet Denver,Colorado 80202-2681 �� Telephone:(303)296-2229 i, Facsimile:(303)296-3731 � June 18, 1946 • - ,. �, Pitkin County, Colorado 530 East Main Street Aspen, Colorado 81611 '' � Newman and Associates, Inc. ' 1801 Califomia Street , ' Denver, Colorado 80202 � Hogan&Hartson, L.L.P. 1200 Seventeenth Street Denver,Colorado 80202 We have completed our engagement to verify the mathematical accuracy of(a)the computations - relatin�to the adequacy of cash plus U.S. Treasury Securities to be held in an escrow account (herein referred to as the "Escrow Account") to pay the debt service requiremenu of the Promissory Note dated July 8, 1992(herein referred to as the"Refunded Note")issued by Pitl:in Counry,Colorado(herein refeaed to as the"County"),and(b)the computations relating to the blended yield on the escrowed securities purchased with proceeds of the County's General ;�> Obligation Open Space Refundin�and Improvement Bonds, Series 1994(herein referred to as . the"Refundine Bonds"). We express no opinion on the attainability of the assumpcions,the tax- exempt status of the Refunded Note, or the tax eaempt status of the Refunding Bonds. Our verification was performed solely on the schedules of transactions reflec[ed in our verification report for the Refunding Bonds dated November 14, 1994(herein referred to as die "Original Verification Report")and on the schedules of proposed transactions, provided by Newman and Associates, Inc. which are reflected in Fahibits A throueh Gl which were prepared by us in performing the verification of the mathemacical accuracy of the computa[ions in the schedules provided. The accompanying exhibiu of prior and proposed transactions were prepared on the basis of assumptions contained herein. We did not independently confirm the information used wich outside parties. . i "" I . t..�,. 1 .-. , a � w£. . 7 ti i �r` �3��i: i.�.. 4"k ''�':. Pitkin County, Colorado ��.... ; ; . June 18, 1996 Page 2 ° - _�;�� ,�. OUR UI`'DERSTAI\�DING OF THE TRANSACTION ': "`: _.y. , The County issued the.Refunding Bonds on November 14, 1994 to advance refund the Refunded ��. � Note,which�vas to mature on July 8,2003. A por[ion of the proceeds of the Refunding Bonds �`-+` was used to purchase tJ.S. Treasury 3ecurities and to provide cash which�vere pla�ed in the Escrow Account to advance refund ihe Refunded Note. As originally funded on November 14, !'�:�:. 1994, the Escrow Account estabtished to refund the Refunded Note contained the followine: � ;... `. _,r' • a certain U.S. Treasury Note rrtaturing on June 30, 1995, �vhich �vas purchased with Refunding Bond proceeds (herein referred to as the "Matured Security"), �'.. • ' ' t_ ' a cercain U.S. Treasury Note (identified as to maturity date, par amount, and j� • interest ra[e on Exhibit A-2) maturins on lune 30, 1996 purchased wich ! . Refundine Bond proceeds(herein referred co as che "Remaining Securiry"), � • certain U.S.Treasury Notes and U.S.Treasury STRIPs(identified as to maturity ' dates,par amounts and interest rates on Exhibit C-1)maturing on and after 3une �,'' 30, 1997(herein collectively referred to as the "Replaced Securities"), and �, ,� • 575.00 in cash. R The Matured Securin�, the Remaining Securit}�, and the Replaced Securities are herein � coQectively referred to as the "Oriainal Securi[ies." � - , � :•- - As of June 1S, 1996,the ou�ner of the Refunded Note will have aereed to modifi�the Refunded I�TOte with respeci to its debt sen�ice paymen[requirements. � On 7une 18, 1996, the Counry intends [o (2)sell the Replaced Securities, (2)replace the Replaced Securities with the Replacement Securiry(as identified on Exhibit A-3)and(3)retain i in the Escrow Account the difference between the sale proceeds from tne Rep[aced Securities � and rhe purchase price of the Replacement Securities(as sho��n in Exhibit G1). Ttte transaction described in the precedin�sentence is herein referred to as the "Escrow Restrucmrin2." ESCRO«'ACCOLJIVT TRANSACTIOA'S We verified the machematical accuracy of the accompan��ing calculations of the escrow account transactions proposed to restructure the Escrow Account established to advance refund the Refunded No[e. • As proposed by the Counry,[he presently outstanding debt service requirements of the Refunded Note �vill be satisfied by �he Remainine Security, the Replacement Securit}�, and the eaiscing Escrow Account cash balance. The Remainin6 Securicies.che Replacemen�Securities,and cash will be placed in an irrevocable Escrow Account untit the debt service requirements of the Refunded Note, as shown in Exhibit A, are paid in full. ��-_ .�drntip�a��.s� � � ' " -. �� e ' �:� ��`'�, t4�� ,: .:. .'.:.: Pitkin County, Colorado ; , June 18, 1996 - - . Page 3 ';.;_ ; . � We read a copy of the Original Verification Report insofar as the report describes (1) thc ::•�.� •�� Remainins Securities, and (2) the cost of the Orieinal Securities which funded the escrow account and the receipa thereon to June 17, 1996. We read a copy of the Portfolio Detail repon j;'t as of lune 11, 1996 for the Escrow Account prepared by the Trus[ee,insofar as the cash balance in the Escrow Account as of December 31, 1995 is described. �Ve read a copy of the �� Aereement Re¢arding Modification of Note for the Refunded Note insofar as the obligation is . r •"� described �vith respect to the remaining payment 2moants and dates. We assumed all debt `"`zr � service paymenu on the Refunded Note to be current as of June 13, 1996, and that no �� transactions have occurred involving the escrow account from December 31, 1995 to June 18, �'�: - - .Y.. 1996. We compared the above information set forth in such doeumencs with the relate@ - information contained in the schedules provided to us and found the information to be consiscent. We read a copy of the trade ticket for the Replacement Security insofar as the security is 1 ,'` described with respect to cost,maturity date,and macurine principal amount. RTe compared the � above informa[ion set forth in such trade ticket with the related information contained in the schedules provided to us and found ffie information to be consistent. ��'r �. . Based on the procedures and information sec forth above, the computations provided to us and :� represented in E�chibits A throush A-3, which indica[e that the Remaining Securiry and the existing 54?,575.01 Escrow:Accoura cash balance, the Replacement Securiry proposed to be � placed in escrow by the County in lieu of the Replaced Securities, and�29.989.75 of the sale ` proceeds from the exchanee of the Replaced Securities and the Replacement Security will produce the amounts necessary to provide for the timely payment of the deb[service payment requiremen[s of the Refunded Note as shown in Exhibit A, are mathematically correcc. BLEn'DED I'IELD ON THE LNVESTA4E!!'T L�' ESCROS'�'ED OSLIGATIO?�'S PURCHASED�'�'TTH REFUI�'DL�G BOI�TD PROCEEDS We verified the mathemacical accuracy of the accompanyina computation of the blended yield on the im�estment in the Orieinai Securicies purchased�vith Refundine Bond proceeds and the subsequent reinvestment in the Replacement Securities based on the following: • Assumed settlemenc date of che �; Escrow Restructurine: June 18, 1996 ' _ � i • Assumed original setttement date: TTovember 14, 1994 ,' • No��ember 14. 1994 cost of che Ori¢inai � Securities purchased with Refvnding Bond proceeds: 52,491,115.87 ! �� • Sale proceeds from che Replaced Securities 52,120.1?0.32 � • Purchase price of the Repiacemenc Securicies: 52.090,131.57 I. � r � .•vifin\piU:inswp . � �''•�' ' ` ` r __.__. ___ �; �%'• t ;�' . {_y� �� . Pitkin County,Colorado •`� ''.. ' June 18, 1996 ;ti, .,j Paee 4 1. :��. •.,-. For purposes of this caicuiation, yield is defined as the rate of interest w�hich, using the • _ assumpcions and procedures set forth hereia, discounts the cash receipts from the escrowed - � securities purchased with Refunding Bond proceeds to an amount equal to the original purchase �� price of those securities. The computations were made using a 360-day year with interest compounded semi-annually and were based on the dates the funds are to be received in the r; �` Escrow Account net of reim�estment in a zero coupon SLG and assume that all other cash • .�:7.- balances are not reinvested. �� , ��- . • We read a copy of the Orieinal Verification Repor[insofar as(1)the orieinal settlement date(2) �?� . the original cost of and the cash receipts received prior to 7une 18, 1996 from the Original }�, ` Securities are described, and the yield on the Refunding Bonds which was 6.7548990. We read copies of the trade tickets for the Replaced Securities insofar as the securities are '�� described with respect[o total sale proceeds,maturity dates,marurins principal, amounts, and ?� interest rates. We compared the above information set forth in such trade[ickets with the related �`= .�, information con[ained in the schedules provided to us and found the information to be consistent. Based on the procedures and information set forth above, the computations in Exhibics C and �! C-1, which indicate that the blended ��ield on the investment in the Original Securities as '� _ ad}usted by the Escrow Restructurine is 6.74897%a, are mathemacically correct. �' USE OF THLS REPORT � It is underscood that this report is solely for the information of and assistance to the addressees hereof in conne�tion with the transactian described herein and is not to be used, circulated, quoted or otherwise referred to for am� other purpose withou[ our written consent in any � document, except rhat (i) reference may be made to che report in any closine documencs • .x pertaining to the cransaccion described herein, (ii}the report may be used in i[s entirety as an exhibit to the escrow agreement for the Refunded Note, (iii)the repon may be relied upon by � Y any rating agency or bond insurer that shall have rated or insured or will ra�e or insure the Refunded Note or the Refundins Bonds, (iv)the report may be relied upon by Bond Counsel, and (��)the report may be relied upon by the Escrow AQent for the Refunded Note_ Very truly yourS, � �.� �-�..�,.�� /n,�/..�. . �;, . � _, `. _;. .�r� •a i s.j;, �•aifinlpiU;inswp ': �- � ,i ,, / ' i e - . •::� . j. ♦ � � . �.� . '. .�. ' . � . • �.t., .. .. .._'- :! .• . . - -..... -i'- .� . '�' . .• . . . . �• .. �. . ' . . :.. ... . . , �. .4�r' .. . � ...�.l . . �. i .t. . . . . .. ��"A�,�1 �� , ��.f,�',�'�• I .{'e . {a+ I OA nAA O � . � W� n 1�01�O�t�D f� .t. = N=� �O aD N�N b �> X Q g I �A A''Q . '{,Y W U Q' h n m I j. � ' . i N O �'�I w m'; o �.a. � a m.m �wm� � �� A O A' . ��2� [7 r: .. �� CIIN�r � N 1 �� .r...r � � �I I It � . O F �O S Olwii . .� od� m$ oo, :; p �vl m r °oi�°e�I • ,, m �� P:�� p � W6 N NINI W V1 �� 7 _ � c�i � o°'q .. a y' o,o,� . Q ; o,�� g1o,l . O 2 O o:�I o�`! Q� 4 b U��1 I�M�`NI Z ¢� i �� O_ vim WI � - OZm tQ.tm NI � ' . zl , g io.: . � V LL� ?W F-.Ft o �o;( ��W 7 2 W:Wi O r�il O 7 `L:�I O �OI �f)!tl U LL W>!W! P 10) . . z N y }�y Z:�� H •ysi `� F�[-W R'a C;`'. 1�1` N aa q . 0 W F F" g '°o:i � � Z a � �i o �o•i O /- UgwK F"t Q �°' . � a KKU�ml P i�o'.� c? gW=• �i J y W�W,� W i N;1 O c� � ! II J . � N� ! 0 ��'� � . " � W F-2 O ��:I ag =i w w-�d� S oi . . � U�¢F-I ' . wwD m� ed �eo� . �CU S: N ��.� . C�y%• � ' I . rI 1 �i U�' i i� � LL uY 'N:t N O�n�. � :r.; G y�W Vi � 'm:j WQZ�-F! pf pmi-� ' V�G�m: N if,q♦`.: . O�SU Z� w iMi a XvWI Wi W �W C F fA �p lD � 1�-O�dm�m�A . � '0+1°»>O� - m m O N� N m ' mm�t'�O�O - f , i.,.. � � . � ..; w __ _ ,�{ � a`�. ,,d�`:. • EXHIBIT A4 j�r;',': P1TK�N COUNTY,COLORADO GENERAL OBLIGATION OPEN SPACE REFUNDING AND IMPROVEMENT BONDS SERIES 1994 1. CASH RECEIPTS FROM THE REMAINING SECURITY ;'+.„ AS OF JUNE 18,1996 '. 5290.00O.DO - � 6.000'/ TOTAL PAYMENT T-NOTE CASH ' DATE 30.Juo-96 RECEIPTS 30-Jun-96 $298,7D0.00 5298,700.00 � . � 5298.700.00 5298.700.00 ' i i i i i I i I - I ; �. _ ••i�uu:.i:::• r.:. / . 1,, . t ' -.. , � • �--:zr . �- . . -..� v��.�.,_..�.._.-..�.�.. .,�,�.._��._.w___ ��•. �� '�Y' ,ss�,., i: , �-a, .. EXHfBtT A-2 �� -': PITKIN COUNTY,COLORADD r;,j' ��'� GENERAL OBUGATION OPEN SPACE REFUNDING AND IMPROVEMENT BONDS • .�• SERIES 1994 ;�`(.'' ' . ,r.6 , DESCRIPTION OF THE REMAINING SECURITY AS OF JUNE 18,1996 j�`�` . .,i!.,:' . i. ` �.r:.,�,: . . �k. MATURITY PAR COUPON �:.. . ' DATE TYPE AMOUNT RAlE "7"�� , %i_' . 30.Jun-96 T-NOTE S290.D00.00 6.OD0% S290 U00.00 i+<r ;� ;`',��' `.e. �,. A 1 i . � :. 3 . � ! �. :+� . � . � ,1 ._f;, �;� ,. - , _ � �` - _i . j �. i. �. • :� .•� ,.� _.. . � . / , - , 1�� , . - �:�: #,_ .; _:, :: ,�. , .. �ih� . .. JL �. .. . . � . .M �" . ,.: ...,. . � . . ,. .1"f''. ....�.� .. �.... . :i .', i.'�-' . . ..-... ...... . . : ..ta,'�lt'.��,�-' . ��.�.��^��• .,.`''�.1C'.:'. {Y�r::,' ':'ty��:y�;• EXHIBIT A-3 •' �' PITKIN COUNTY,COLORADO '�;,'=� `+> GENERAL OBLIGATION OPEN SPACE REFUNDING AND IMPROVEMENT BONOS �' "!y SERIES 1994 ;y�'�.>• . . :�, DESCRlPTION OF TNE REPIACEMENT SECURITY �. AS OF JUNE 18,7996 j'`: SETTLEMENT MATURRY PAR 70TAL �f�'''_"� � DATE DATE TYPE AMOUNT PRICE COST 18.Jun-96 12-Dec-96 T-BILL 52,146,000_00 97.396625% 52,09D,'131.57 �;:_'%� $2146.0OO.OQ 52.090.13'1.57 ;�. , . X.�. y�.;. ' t'%�t ,�.,' . �:;': . �"i x; ..., � '.' :l . � k 7. ' i i � j ��•. t , l !,• �' . ;s � �.- � - , � + . �:` , _ �:,:� , � _ , ; . ::�� . �Y:.: � . . . : . .� �JF'i, .... .i. . �... .. ' . .. ' .. ' ._ . . .. . . . .� .- .. .. � .. . . ... ... y . ��,;...r,��ii'�'` S� .-R F�:;;. ��.�.�.i.i:,.�. exHierre �Y• ,FyxY �,V ;.,'. 7'� `�Y. PITKIN CDUNTY,COLORADO '�'� GENERAL OBLIGATION OPEN SPACE REFUNDING AND IMPROVEMENT BONDS �'" �'> SERIES 1994 '': -.y`'::' - REFUNDED NOTE DISBURSEMENT REQUIREMENTS � �''', • AS OF JUME 18,'!996 - = ,.. PAYMENT FOR !�' �� DATE PRINCIPAL �NTEREST PAYOFF PRINCtPAL TOTAL +-'�,� i:r.r,Y. ': OB-Jul-96 S245,769.34 5164.230.66 5370,OOD.00 OB-Jul-97 221.428.39 148,571.61 57,730,892.36 2,100.B92.36 �� 5427.197.74 5372.802.28 51.730.892.36 SZ.4T0.882.36 � .. r, .. r .. r ' �o �,A'. �� ,C 1 A . '', , E + • �.. ` i � � - �-. � � � �`,"' . � � . � . :;�^� . �:. ;�•.� t ,� �� .�t j'T��'. exHiarc c �*:.��. PlTKIN COUNTY,COLORADO �'`� .;�'.=�� GENERAL 08LIGA7ION OPEN SPACE REFUNDING AND IMPROVEMENT BONDS ' '�� SERIES 9994 `�' . ��i�� .c� ADJUSTED ESCROW YIELD CALCULATlON �' �'J AS OF NOVEMBER 14,'1994 �y`r.�� -• • � PRESENTVALUE �� ONNOVEMBER � TOTAL CASH 14,1944 USING A �� TOTAL CASH � PF20CEE05 RECEIPTS FROM SEMI•ANNUAIIY :i�.'-:. RECEIPTS FROM FROM(COST O� REMAINING AND COMPOUNDED '-�� ORIGINAL @SCROW REPLACEMENT YIEL�OF "� DATE SECURITIES RESTRUCTURING SECURITIES 70TpL 6.74897% ��•`�" �� .�...- 31-bec-94 $44,559.38 544,559.38 544,174.81 ;� . 30-Jun-95 329,559.38 329,559.38 3t6,t04.03 .Y•.' � 3�-Dec-95 38,681.25 38,681.25 35,884.78 =� � 1&Jun-96 32,120.i20.32 2.�20.120.32 1,907.207.35 Y`` 18-Jun-96 (2,090.13�.57) (2,090,131.57) (1,880,230.22) 30-Jun-96 5298,700.00 298,7DO.D0 268,109.21 OB-Ju697 2,146,000.00 2,146,D00.00 1.799.860.81 S4'12.800,01 529.988.75 S2.444.700.00 52.887,488.76 52.491.�15.8T �'' �, .�+. ..�. % � PURCHASE PRICE OF ORIGINAL SECURITIES �2.491.'115.67 .� i 1 C • �'i; �� , � a •'� � ' — ' - . . . . . . � . . . / ' . '•:,.�.- �t ti ' � I I , • . ;-.�` ,./ _ . . �. � • . r�� . ;i..� . � , � :...,. • � �� 4= �.... �.,. :a , . ,.. .., .. . . .. . � . , .. .. .. ..-i�. . .._.., �?., t,.i.� . i.. . � .... .. , . .... .�5„t+4�''3 �s�fij:: .:3.;:�: ;;j� ., ;f;''' „t. n�c rn o oiN�� `-: . 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