HomeMy WebLinkAboutbocc.res.101.2002 A RESOLUTION OF THE BOARD OF
COUNTY COMMISSIONERS OF PITKIN COUNTY, COLORADO,
APPROVING A STATE INFRASTRUCTURE BANK LOAN FOR THE AIRPORT
AND ESTABLISHING THE AIRPORT ENTERPRISE
Resolution No. 101-2002
RECITALS
1. Pitkin County, a home-rule county, is the owner, sponsor and operator of the Aspen-
Pitkin County Airport.
2. Pursuant to Article 5 of Title 41, Colorado Revised Statutes, as amended, the
County has the power to acquire, construct, reconstruct, improve, better and extend airport
facilities, to prescribe, revise and collect rentals, rates, fees, tolls and charges for such airport
facilities, and to issue bonds to pay the costs thereof.
3. Pursuant to Article 35 of Title 30, Colorado Revised Statutes, as amended, the
provisions of the Home Rule Charter of the County(the "Charter") and applicable laws of the State
of Colorado, the County has authority to issue its own bonds payable from County revenues.
4. The Board finds and determines that the County, by and through the Aspen-Pitkin
County Airport, has historically provided and will continue to provide airport facilities and services,
and may provide airport facilities and services, by means of an enterprise, as that term is defined by
Colorado law.
5. The Board desires to formally establish, and to ratify and confirm, such operations
in an enterprise known as the"Pitkin County Airport Enterprise"(the"Airport Enterprise").
6. The Board further declares its intent that such Airport Enterprise be operated and
maintained so as to exclude its activities from the application of Article X, Section 20 of the
Colorado Constitution.
7. The County operations established, ratified and confirmed hereby as the Airport
Enterprise were in fiscal year 2001 and will be in fiscal year 2002 maintained in accordance with
Section 5 hereof.
8. The Airport has submitted to the Colorado Department of Transportation an
application to secure a loan in the amount of one million three hundred and fifty thousand dollars
($1,350,000)under the rules set forth by the State Infrastructure Bank and pursuant to Section 43-1-
113.5, Colorado Revised Statutes.
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9. All loan funds shall be used to meet or reimburse the Aspen-Pitkin County Airport
for local grant match funds, required to secure financial grants under the FAA Airport Improvement
Project program.
10. The loan will be repaid, including interest at the rate of 2% per annum, in nine
annual installments.
11. The annual installments are contingent upon funds for that purpose being
appropriated and budgeted so that the loan will not be construed or interpreted as creating a debt of
the County within the meaning of any constitutional, statutory, or home rule charter debt limitation.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF PITKIN COUNTY, COLORADO THAT:
Section 1. Loan Agreement and Promissory Note.
The Loan Agreement and Promissory Note between Pitkin County and the State of
Colorado is hereby approved and the Chairman of the Board is authorized and directed to execute
the Loan Agreement and Promissory Note.
Section 2. Airport Enterprise.
(a) There is hereby formally established, and ratified and confirmed, the "Pitkin County
Airport Enterprise" (the "Airport Enterprise'). The Airport Enterprise shall have all of the
authority, powers, rights, obligations, and duties as may be provided or permitted by Article X,
Section 20 of the Colorado Constitution, the County's Home Rule Charter (the "Charter'), all other
applicable law and this Resolution, and as may be further prescribed by ordinance or resolution of
the County.
(b) Notwithstanding the other provisions of this Resolution or applicable provisions of
Colorado law, the Charter, and the ordinances and resolutions of the County, the Airport Enterprise
shall not have the power to, and shall not, levy taxes.
Section 3. Revenue Bonds.
(a) In accordance with and through the provisions of this Section, the Airport
Enterprise, through its governing body, is authorized to issue bonds or other obligations payable
solely from the revenues derived or to be derived from the functions, services, benefits or facilities
of such enterprise or any part thereof or from any other legally available funds of such enterprise
(collectively, the"Airport Revenues"); provided neither the Airport Revenues nor any other moneys
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shall be pledged to the payment of any such bonds or other obligations except in accordance with
the provisions of the Charter. Such bonds or other obligations shall be authorized in accordance
with the Charter and adopted by the governing body of the Airport Enterprise in the same manner
as other ordinances or resolutions of the County authorizing the issuance of similar bonds. So long
as the Airport Enterprise is maintained as an enterprise as provided in Section 5 hereof, such bonds
or other obligations may be issued without voter approval, provided that voter approval is not
otherwise required therefor by the Charter or other applicable law. Nothing in this Section shall be
construed so as to require voter approval where such approval is not otherwise required by the
constitution and laws of the State or the Charter.
(b) The terms, conditions, and details of said bonds, or other obligations, and the
procedures related thereto shall be set forth in the ordinance or resolution authorizing said bonds or
other obligations and shall be issued in conformity with the Charter and other applicable laws of the
State of Colorado. The powers provided in this Section to issue bonds or other obligations are in
addition and supplemental to, and not in substitution for, the powers conferred by an other law, and
the powers provided in this Section shall not modify, limit, or affect the powers conferred by any
other law either directly or indirectly.
(c) The Loan Agreement and Promissory Note is hereby declared to be a bond of the
type described in this Section.
Section 4. Governing Body.
(a) For all purposes under the Charter and the ordinances and resolutions of the County,
the governing body of the Airport Enterprise shall be the Board. All provisions of the County
Charter and the ordinances of the County that govem airport operations shall be administered and
enforced by the Airport Enterprise. The governing body of the Airport Enterprise shall be subject
to all of the applicable laws,rules, and regulations pertaining to the Board.
(b) Unless otherwise specifically limited by the Charter, the governing body shall be
authorized to adopt, prescribe, or modify rates, fees, tolls, charges, rules and regulations applicable
to airport operations by virtue of an appropriate ordinance or resolution identifying the changes to
be made as set forth therein or by incorporating by reference therein applicable decisions, rules,
standards or policies.
Section 5. Maintenance of Enterprise Status.
(a) The Airport Enterprise shall at all times and in all ways conduct its affairs so as to
continue to qualify as an "enterprise" within the meaning of Article X, Section 20 of the Colorado
Constitution. Specifically, but not by way of limitation, the Airport Enterprise is not authorized to
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receive, and shall not receive, in any fiscal year, 10% or more of its annual revenue in Grants
(defined below) from all Colorado state and local governments combined.
(b) For purposes of this Resolution, the tern "Grant' shall mean any direct cash
subsidy, payment or other direct contribution of money from the State or any local government in
Colorado that is not required to be repaid. "Grant' does not include:
(1) any indirect benefit conferred upon the Airport Enterprise from the State or any
local government in Colorado;
(2) any public funds paid or advanced by the State or any local government in Colorado
to the Airport Enterprise in exchange for an agreement by the Airport Enterprise to
provide services, capacity,materials or other utility activities;
(3) any revenues resulting from rentals,rates, fees, tolls or other charges imposed by the
Airport Enterprise for the provision of goods or services by such enterprise;
(4) any Federal funds or earnings thereon, regardless of whether such Federal funds
pass through the State or any local government in Colorado prior to receipt by the
Airport Enterprise; or
(5) any collection for another government, damage awards or property sales.
Section 6. Ratification and Approval of Prior Actions.
All actions heretofore taken by the officers of the County and the members of the Board, not
inconsistent with the provisions of this Resolution, relating to the operation or creation of the
Airport Enterprise, are hereby ratified, approved, and confirmed.
INTRODUCED, FIRST READ, AND SET FOR PUBLIC HEARING AT THE
REGULAR MEETING ON THE 22ND DAY OF MAY,2002.
NOTICE OF PUBLIC HEARING PUBLISHED IN THE ASPEN TIMES ON THE 24Tx
DAY OF MAY, 2002.
APPROVED AND ADOPTED AFTER SECOND READING AND PUBLIC HEARING
ON THE 12TH DAY OF JUNE, 2002.
PUBLISHED AFTER ADOPTION IN THE ASPEN TIMES ON THE 31 ST DAY OF
JUNE, 2002.
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ATTEST: BOARD OF COUNTY COMMISSIONERS
OF PITKIN COUNTY, COLORADO
By: -(�(
Jean e Jone4Recder
Patti Kay-Clappe , Chairperson
Dep y Clerk
Date: 6?-k-O a
APPROVED AS TO FORM: MANAGER APPROVAL:
John El
Y Hilary F e Cher Smith
Co omey County anager
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LOAN AGREEMENT NUMBER AVN FY2003.001
LOAN AGREEMENT AND PROMISSORY NOTE
THIS LOAN AGREEMENT, made this day of 20_by and between the State
of Colorado for the use and benefit of THE COLORADO DEPARTMENT OF TRANSPORTATION,
hereinafter referred to as "CDOT", and the COUNTY OF PITKIN, acting by and through the Pitkin
County Airport Enterprise,hereinafter referred to as the"Sponsor."
FACTUAL RECITALS:
1. The Colorado State Infrastructure Bank hereinafter referred to as the "Bank"is an investment bank at
the state level with the ability to make loans to public and private entities for the formation of public
transportation projects within the state; and
2. The General Assembly has passed legislation that made certain provisions for the Bank and
established within the Bank, a highway account, a transit account, an aviation account and a rail account;
and
3. The Transportation Commission has adopted rules, pursuant to 43-1-113.5, CRS,regarding the Bank;
and
4. The Sponsor has requested a loan from the Bank in the amount of $1,350,000.00 for an eligible
transportation project as described in Rule III, section 2, 2CCR 605-1, hereinafter referred to as the
"Rules"; and
5. The Transportation Commission has approved the loan request and authorized CDOT to make a loan
to the Sponsor from the Bank in the amount of$1,350,000.00;and
6. Authority exists in the law and funds have been budgeted,appropriated and otherwise made available
and a sufficient unencumbered balance thereof remains available for the loan amount in Fund 715; and
7. This Agreement evidences a loan in the amount of$1,350,000.00 from CDOT to the Sponsor;and
8. This Agreement is executed under the authority of Sections 29-1-203, 43-1-110, 43-1-113.5 and 41-
5-101 et seq. C.R.S., as amended, the Home Rule Charter of Pitkin County, as amended, and resolution
of the Pitkin County Board of Commissioners.
NOW,THEREFORE,IT IS HEREBY AGREED THAT:
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I. LOAN TERMS.
A. CDOT shall hereby disburse the entire $1,350,000.00 from the appropriate account to the Sponsor
for the eligible transportation project described in Exhibit A, which is attached hereto and incorporated
herein by reference. The loan shall be made payable to the Sponsor at 0233 E. Airport Road, Ste. A,
Aspen, Colorado 81611, or to such other place or person as may be designated in writing by the Sponsor.
The loan disbursement'shall be made to the Sponsor by means of a financial instrument or transfer
acceptable to CDOT.
B. Subject to the limitations of paragraph N.S. hereof, the term of the loan agreement shall be from the
date this agreement is signed by the State Controller, as evidenced by the date first appearing above,until
full payment of the loan principal and the interest thereon is received by CDOT.
C. Subject to the limitations of paragraph N.S. hereof, the Sponsor shall repay to CDOT the principal
amount of the loan, and the interest on the unpaid principal balance of the Loan as described in Exhibit
B,which is attached hereto and incorporated herein.
D. Subject to the limitations of paragraph N.S. hereof, the loan to the Sponsor shall bear interest at a
rate of two percent (2%) on the unpaid balance compounded annually. The rate shall be fixed for the
term of the loan, and interest shall begin to accrue from the date of the loan disbursement.
E. Subject to the limitations of paragraph N.S. hereof, the Sponsor shall make equal installments of
$150,290.81 to CDOT on an annual basis beginning on the date that is one year after the date first
appearing above, and each year thereafter for nine (9) consecutive years hereinafter referred to as the
"payment schedule." All loan payments of both principal and interest shall be made payable to the
Colorado Department of Transportation, and sent to its cash receipts office at 4201 East Arkansas
Avenue, Rm. 212, Denver, CO 80222, or to such other place or person as may be designated in writing
from time to time by CDOT.
F. The Sponsor shall have the option to prepay all or a portion of the loan principal without prepayment
penalty at any time(s)prior to the end of the payment schedule term if it so chooses.
II. PROMISSORY NOTE:
A. Subject to the limitations of paragraph N.S. hereof, for value received, the Sponsor hereby promises
to pay to the order of the Colorado Department of Transportation, and send to its cash receipts office at
4201 East Arkansas Avenue Room 212,Denver, Colorado 80222, or to such other place or person as may
be designated in writing by CDOT, the principal sum of$1,350,000.00 with interest thereon and from the
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date hereof as hereinafter set forth.
B. Subject to the limitations of paragraph N.S. hereof, this note shall bear interest at the rate of two
percent (2%) per annum on any unpaid balance. The principal and interest shall be payable, subject to
the limitations of paragraph N.S. hereof, in equal annual installments of$150,290.81 each, beginning
on the date that is one year after the date first appearing above, and continuing consecutively for nine(9)
years thereafter.
C. This note is,not assumable without the written consent of CDOT. The Sponsor shall have the option
to prepay all or a portion of the loan principal without penalty. The Sponsor waives demand,
presentment,protest, and notice.
D. Subject to the limitations of paragraph N.S. hereof,if any payments are not received by CDOT on or
before the date such payments are due, the Sponsor shall be in default of this agreement, unless the
Sponsor has prior written approval to defer the particular scheduled payment of the loan. In the event of
default, CDOT shall have all rights and remedies available at law or in equity, and such other remedies as
provided herein. The rate of interest for any payment on which the Sponsor is in default hereof, subject
to the limitations of paragraph N.S. hereof, shall be ten percent (10%) over the effective rate described
above,computed from the date of any default to the date of cure.
E. The Sponsor shall use the loan amount of $1,350,000.00 only as local match for AIP-eligible
projects, as more specifically described in Exhibit A. Completion of the project(s) shall be the
responsibility of the Sponsor, and shall be at no cost to CDOT. The Sponsor shall comply with all
applicable terms and conditions of this agreement in utilizing these funds.
F. The Sponsor shall at all times during the execution of this loan agreement comply with,all applicable
federal and State laws as they currently exist and may hereafter be amended.
III.REMEDIES IN EVENT OF DEFAULT.•
A. Upon the Sponsors default in the performance of any covenant or agreement contained in this
Agreement, and upon notice to the Sponsor and failure by the Sponsor to cure within thirty (30) days
thereof, CDOT, at its option, may, subject to the limitations of paragraph N.S. hereof,: (a)terminate the
loan commitment herein and take such other steps'associated with such termination as are set forth in
Section V; (b) declare the entire principal amount of the loan then outstanding immediately due and
payable; (c) take any other appropriate legal action. Specifically, upon Sponsor's default and failure to
cure, CDOT may withhold Aviation Fuel Tax funds that it would otherwise disburse to the Sponsor
pursuant to the authority in C.R.S.43-1-113.5(8)(b)until the principal amount of the loan and interest are
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paid. The Sponsor acknowledges CDOT's authority to withhold Aviation Fuel Tax funds in the event of
Sponsor's default and agrees that, in the event of such withholding, it will not contest CDOT's legal
authority to withhold such funds.
B. The parties acknowledge that in the event of a default caused by financial difficulties that cause the
Sponsor to file for adjustment of debt pursuant to the U.S. Bankruptcy Code 11 U.S.C. Sections 901 et
sea.• or in the event a trustee or receiver is appointed to manage the funds of the Sponsor, CDOT has no
adequate remedy at law. In such a case, CDOT may, at its discretion, petition the Court, the trustee or
the receiver for any equitable relief, it deems appropriate and the Sponsor agrees not to take a position
that CDOT will have an adequate remedy at law.
C. Notwithstanding the exercise of any of the remedies above, but subject to the limitations of
paragraph N.S. hereof,the Sponsor shall not be relieved of liability to CDOT for any damages sustained
by CDOT by virtue of any breach of this agreement by the Sponsor.
IV.GENERAL PROVISIONS:
A. All federal and state statutes, regulations, specifications, administration checklists, directives,
procedures, documents,and publications that are specifically identified and/or referenced in this contract,
together with all exhibits and attachments and addenda to this contract, are incorporated herein by this
reference as terms and conditions of this contract as though fully set forth.
B. CDOT reserves the right to inspect the completed project or any completed portion thereof in which
loan proceeds from the Bank were applied. Notwithstanding any consents or approvals given by CDOT
for the project, CDOT will not be liable or responsible in any manner for the structural design, details or
construction of any improvements or structures, described in Exhibit A, that are designed or constructed
by the Sponsor using the loan amount.
C. Neither the commitment of Bank funds to the Sponsor through this contract nor any other security or
debt financing instrument issued or executed in connection with the loan to the Sponsor shall constitute a
commitment,guarantee,or obligation of the United States.
D. This contract may be terminated as follows:
(a) Termination for Cause. If, through any cause, the Sponsor shall fail to fulfill, in a timely and
proper manner, its obligations under this contract, or if the Sponsor shall violate any of the covenants,
agreements, or stipulations of this contract, CDOT shall thereupon have the right to terminate this
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contract for cause by giving written notice to the Sponsor of its intent to terminate and at least thirty (30)
days opportunity to cure the default or show cause why termination is otherwise not appropriate. Subject
to the limitations of paragraph N.S. hereof, in the event of termination, the Sponsor shall return any
funds that have been disbursed to the Sponsor as part of the Bank loan and any accrued interest thereon
within 45 days of the date of termination. Notwithstanding above, but subject to the limitations of
paragraph N.S. hereof, the Sponsor shall not be relieved of liability to CDOT for any damages sustained
by CDOT by virtue of any-breach of the contract by the Sponsor.
(b)Termination for Convenience. CDOT may terminate this contract at any time CDOT
determines that the purposes of the distribution of funds under the contract would no longer be served by
completion of the project; provided that this paragraph shall be ineffective after all amounts to be
distributed by CDOT to the Sponsor hereunder shall have been so distributed and this paragraph shall not
be construed to require the Sponsor to return any funds previously distributed to it. CDOT shall effect
such termination by giving written notice of termination to the Sponsor and specifying the effective date
thereof, at least twenty(20) days before the effective date of such termination.
(c) Termination Due to Loss of Fundin& The parties hereto expressly recognize that the loan is
made to the Sponsor with federal and/or State funds which are available to CDOT for the purposes of
making a loan for the project described in Exhibit A herein, and therefore, the Sponsor expressly
understands and agrees that all its rights, demands and claims to a loan arising under this contract are
contingent upon availability of such funds to CDOT. In the event that such funds or any part thereof are
not available to CDOT, CDOT may immediately terminate or amend this contract; provided that this
paragraph shall be ineffective after all amounts to be distributed by CDOT to the Sponsor hereunder shall
have been so distributed and this paragraph shall not be construed to require the Sponsor to return any
funds previously distributed to it.
E. This contract is subject to such modifications as may be required by changes in federal or State law,
or their implementing regulations. Any such required modification shall automatically be incorporated
into and be part of this contract on the effective date of such change as if fully set forth herein. Except as
specifically provided otherwise herein,no modification of this contract shall be effective unless agreed to
in writing by both parties in an amendment to this contract that is properly executed and approved in
accordance with applicable Iaw.
F. To the extent that this contract may be executed and performance of the obligations of the parties
may be accomplished within the intent of the contract,the terms of this contract are severable, and should
any term or provision hereof be declared invalid or become inoperative for any reason, such invalidity or
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failure shall not affect the validity of any other term or provision hereof. The waiver of any breach of a
term hereof shall not be construed as a waiver of any other term, or the same term upon subsequent
breach.
G. This contract is intended as the complete integration of all understandings between the parties. No
prior or contemporaneous addition, deletion, or other amendment hereto shall have any force or effect
whatsoever, unless embodied herein by writing. No subsequent novation, renewal, addition, deletion, or
other amendment hereto shall have any force or effect unless embodied in a written contract executed
and approved pursuant to the State Fiscal Rules.
H. Except as herein otherwise provided, this contract shall inure to the benefit of and be binding upon
the parties hereto and their respective successors and assigns.
I. If a conflict occurs between the provisions of this contract proper and the attachments hereto, the
priority to be used to resolve such a conflict shall be as follows:
1) The Colorado State Infrastructure Bank Rules and Regulation 2CCR 605-1
2) This contract proper
3) Other contract attachments and exhibits
J. It is expressly understood and agreed that the enforcement of the terms and conditions of this
contract, and all rights of action relating to such enforcement, shall be strictly reserved to the parties
hereto, and nothing contained in this contract shall give or allow any such claim or right of action by any
other or third person on such contract. It is the express intention of the parties that any person or entity
other than the parties receiving services or benefits under this contract be deemed to be an incidental
beneficiary only.
K. The Sponsor assures and guarantees that it possesses the legal authority to enter into this contract.
The Sponsor warrants that it has taken all actions required by its procedures, by-laws, and/or applicable
law to exercise that authority, and to lawfully authorize its undersigned signatory to execute this contract
and to bind the Sponsor to its terms. The person(s) executing this contract on behalf of the Sponsor
warrants that they have full authorization to execute this contract.
L. The Sponsor shall maintain all books, documents, papers, accounting records and other evidence
pertaining to project or any cost incurred, and if requested by CDOT, make such materials available to
CDOT for three years from the execution date of this agreement.
M. This agreement shall not be deemed valid until the Controller of the State of Colorado or such
assistant as he may designate shall have approved it.
N. Financial obligations of the State of Colorado payable after the current fiscal year are contingent
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upon funds for that purpose being appropriated,budgeted,and otherwise made available.
O. Indemnity: To the extent permitted by law the Sponsor shall indemnify, save, and hold harmless the
State against any and all claims, damages, liability and court awards including costs, expenses, and
attorney fees incurred as a result of any act or omission by the Sponsor, or its employees, agents,
subcontractors, or assignees pursuant to the terms of this agreement.
No term or condition of this contract shall be construed or interpreted as a waiver, express or implied, of
any of the immunities, rights, benefits, protection, or other provisions for the parties, of the Colorado
Governmental Immunity Act, Section 24-10-101 et seq. C.R.S. or the Federal Tort Claims Act, 28 U.S.C.
2671 et seq. as applicable,as now or hereafter amended.
P. The Sponsor agrees to comply with the letter and the spirit of all applicable state and federal laws
respecting discrimination and unfair employment practices.
Q. The laws of the State of Colorado and rules and regulations issued pursuant thereto shall be applied
in the interpretation, execution, and enforcement of this agreement. Any provision of this agreement,
whether or not incorporated herein by reference, which provides for arbitration by any extra judicial
body or person or which is otherwise in conflict with said laws,rules,and regulations shall be considered
null and void. Nothing contained in any provision incorporated herein by reference which purports to
negate this or any other special provision in whole or in part shall be valid or enforceable or available in
any action at law whether by way of complaint, defense, or otherwise. Any provision rendered null and
void by the operation of this provision will not invalidate the remainder of this contract to the extent that
the agreement is capable of execution.
At all times during the performance of this agreement, the Sponsor shall strictly adhere to all applicable
federal and state laws,rules, and regulations that have been or may hereafter be established.
R. The signatories aver that to their knowledge, no employee of the State of Colorado has any personal
or beneficial interest whatsoever in the service or property described herein.
S. Notwithstanding any provision hereof, all financial obligations herein of Sponsor payable after the
current fiscal year, including, without limitation, repayment of the principal amount of the loan
evidenced hereby, payment of interest thereon, and payment of any damages, penalty interest, or any
other financial obligations in the event of a default by Sponsor, shall be made solely from the revenues of
the Pitkin County Airport Enterprise and are contingent upon funds for that purpose being appropriated,
budgeted, and otherwise made available by the Pitkin County Board of County.Commissioners, acting in
its capacity as the governing body of the Pitkin County Airport Enterprise (in such capacity, the
"Enterprise Board"). Provided that no provision of this Loan Agreement and Promissory Note shall be
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construed or interpreted as creating a debt or multiple fiscal year direct or indirect debt or other financial
obligation whatsoever of the Sponsor within the meaning of any constitutional, statutory, or home rule
charter provision, for purposes of Section 41-5-101 et seq., C.R.S., as amended, this agreement shall
constitute the "bond" of the County, and shall be payable solely from amounts that are appropriated by
the Enterprise Board and actually paid by the Sponsor for such purpose. Notwithstanding any provision
hereof, this agreement shall terminate on the last day of any fiscal year of the Sponsor in which the
Enterprise Board exercises its right hereunder to decline to appropriate funds for the payment of any
financial obligation of the Sponsor hereunder.
IN WITNESS WHEREOF, the parties hereto have executed this agreement the day and year first above
written.
STATE OF COLORADO
BILL OWENS, Governor
By
Executive Director
DEPARTMENT OF TRANSPORTATION
APPROVED:
ARTHUR L.BARNHART KEN SALAZAR
State Controller Attorney General
Y B GEORGE MCCULLAR Assistant Attorney'General
Department Controller
A : (SEAL) COUNTY OF PTTKIN,ACTING BY AND
THROUGH ITS AIRPORT ENTERPRISE
BY BY
Federal Employer Identification Number:
84-6000794
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EXHIBIT A
In adherence to the guide lines set forth by the Colorado Department of Transportation,
the fund received under this loan agreement will be utilized to meet or reimburse the
Pitkin County Airport for the local grant match on the following eligible airport projects.
AIP-25, East Side Infrastructure Development Project (ESID) $187,500
AIP-24, Medium Intensity Approach Lighting System, Flashing (MALSF) $70,000
AIP-20, north General Aviation Ramp Rehabilitation and Relocation $313,917
Localizer $500,000
Master Plan $278,583
EXHIBIT B
COLORADO SIB LOAN DISCLOSURE DOCUMENT
Employer ID Number Agreement Number
84-6000794 AVN FY2003 - 001
Loan Amount Cbse Date(Da Mo.Yr.) Maturity Date(Da.Mo.Yr"
$1,350,000 30-Sep-2002 30-Sep-2012
Spwsor:Name,Address,Zip Codes - CDOT:Name,Address,Zip Codes
COUNTY OF PITKIN,acting by and through the
Pitkin County Airport Enterprise COLO.DEPT. OF TRANSPORTATION
233 E.AIRPORT ROAD,STE.A 4201 E. ARKANSAS AVE.
ASPEN CO, 81611 1 DENVER, CO 80222
DISCLOSURES
ANNUAL INTEREST Loan Amount Total of Payments
PERCENTAGE
RATE
All CO SIB loans The cost of your The dollar amount The loan amount The amount you
are simple interest loan as a yearly the loan will cost provided to you or will have paid after
amortized loans rate. you. on your behalf. you have made all
The interest rate is payments as
fixed for the life of scheduled.
the loan.
2.0% 152 908,13 $1,350,000.00 $1,502,908.13
Payment Scheduler
Annual Payment
Amount
Interest Principal Outstanding Balance Payments Due Date
$1509290.81 $279000.00 $1239290.81 $15,2269709.19 30-Sep-2003
$150,290.81 $249534.18 $1253,756.63 $1,1009952.56 30-Sep-2004
$1503,290.81 $4019.05 $1289,271.76 $972,680.80 30-Sep-2005
$1509290.81 $19453.62 $1309837.20 $8419843.60 30-Sep-2006
$1509290.81 $16,836.87 $1339453.94 $7089389.66 30-Sep-2007
$150,290.81 $143,167.79 $1369123.02 $572,266.64 30-Sep-2008
$1509290.81 $11,445.33 $1389845.48 $433,421.16 30-Sep-2009
$1509290.81 $89668.42 $1419622.39 $2919798.77 30-Sep-2010
$1503,290.81 $59835.98 $1449454.84 $147,343.93 30-Sep-2011
$1509290.81 $2,946.88 $1479,343.93 ($0.00) 30-Sep-2012
Total numbers of
No penalty for early pay off. See your loan agreement for any additional information abount nonpayment,default, annual payments 10
and any repayment in full before the maturity date.
EXHIBIT C
A RESOLUTION OF nM BOARD OF
COUNTY COMMISSIONERS OF PITiQN COUNTY,COLORADO,
APPROVING A STATE WRASTRUCTURE BANK LOAN FOR THE AIRPORT
Resolution No. &L 2002
1. Phkin County, a home-rule county, is the owner, sponsor and operator of the
Aspa0itkiu Comity Aup m
2. The Airport has submitted to the Colorado Department of Transportation an application
to secure a loan in the amount of one miAion three hundred and faly th ousand 4doli�s($11
3S01
000)under the rules set forth by the State In$asiructure Bank and pursuant to 43-I-113.5.CRS,
3, All loam funds shall be used to meet or reimburse the AspenAPKddn County Airport for
local gnat match finds, required to secure financial grants under the FAA Airport Improvement
Project program
4� The loan will be repaid, '
installments. 11 interest ai the rate of 2%per aanum, in trine atmusl
5. The annual installments are c=tiageat upon funds for that purpose being appropriated
and budgeted so that the loan will not be construed or interpreted as creating a debt of the County
within the meaning of any constitutional,statutory,or home rule charter debt limitation.
NOW, TIEREFOPg, BE IT RESOLVED by the Board of County Commissioners of
Pitkin County, Colorado, that the Loan Agreement and.Prombwry NOW between Piddu County
and the State of Colorado is approved and the Chairinan of the Board is hereby authorized and
directed to execute the Loan Agreernent and Promissory Note.
INTRODUCED, FIRST READ, AM SET FOR PUBLIC HEARING AT THE'
REGULAR MEETING ON THE 2iw DAY OF MAY,2002.
NOTICE OF PUBLIC HEARING PUBLISHED IN THE ASPgNi T111�IES ON THE 24TE
DAY OF MAY,2002,
APPROVED AND ADOPTED AFTERSECOND READING AND PUBLIC HEARING
ON THE 12TH DAY OF,DUNE,2002.
PUBLdSHED AFTER ADOPTION IN THE ASPEN TIMES ON THE 31ST DAY OF
rUNE,2002.
A T; BOARD OF COUNTY COMMISSIONERS
OF PIT UN COUNTY, COLORADO
By.
J Jonas Patti Ka e Chairp
D uty Clerk& r, erson
APPROVED AS TO FORM; MANAGER APPROVAL:
John& Hilary Smith
Attorney
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