HomeMy WebLinkAboutbocc.res.086.2020DocuSign Envelope ID: F7D6A4EE-A92B-49C5-9E18-71109700608A
STATE OF COLORADO )
) ss.
COUNTY OF PITKIN )
I, Jeanette Jones, Deputy County Clerk and Recorder of Pitkin County, Colorado
(the "County), do hereby certify that the attached Resolution is a full, true and correct copy of
the County Board of County Commissioners Resolution No. 086-2020 Authorizing the Issuance
of Pitkin County, Colorado, Sales Tax Revenue Refunding Bonds, Series 2020, in an Aggregate
Principal Amount not to Exceed $5,165,000; Supplementing Resolutions Nos. 92-392, 93-191,
95-49, 98-206, 186-2001 and 148-2010; and Setting Forth Certain Other Matters Relating
Thereto, approved on August 26, 2020
Given my hand and official seal, as of this 23rd day of September, 2020.
[SEAL]
,-DocuSigned by:
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Jeanette Jones
Deputy County Clerk and Recorder
4817-4270-8427
CERTIFIED RECORD
OF
PROCEEDINGS OF
THE BOARD OF COUNTY COMMISSIONERS
OF
PITKIN COUNTY, COLORADO
Relating to a formal resolution supplementing the Bond Resolution (as defined herein) and
authorizing the issuance of:
Pitkin County, Colorado
Sales Tax Revenue Refunding Bonds, Series 2020
August 26, 2020
This cover page is not a part of the following ordinance and is included solely for the
convenience of the reader.
4848-2735-6344.8
TABLE OF CONTENTS
Page
Section 1. Definitions 5
Section 2. Ratification 10
Section 3. Authorization of Series 2020 Bonds 11
Section 4. Bond Details 11
Section 5. Prior Redemption 12
Section 6. Execution and Authentication 12
Section 7. Series 2020 Bonds Equally Secured 13
Section 8. Security for the Series 2020 Bonds 13
Section 9. Form of Bonds 13
Section 10. Delivery of Series 2020 Bonds 14
Section 11. Disposition of Bond Proceeds 14
Section 12. Defeasance 14
Section 13. Covenants of the County 15
Section 14. Federal Income Tax Covenants 16
Section 15. Delegation and Parameters 17
Section 16. Amendments to Bond Resolution 18
Section 17. Approval of Related Documents 18
Section 18. Various Findings, Determinations, Declarations and Covenants 19
Section 19. Contract with Owners 20
Section 20. Parties Interested Herein 21
Section 21. Effective Date 21
Section 22. Severability 21
Section 23. Repealer 21
APPENDIX A FORM OF SERIES 2020 BOND
4848-2735-6344.8
RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF PITKIN COUNTY, COLORADO,
AUTHORIZING THE ISSUANCE OF PITKIN COUNTY,
COLORADO, SALES TAX REVENUE REFUNDING BONDS,
SERIES 2020, IN AN AGGREGATE PRINCIPAL AMOUNT
NOT TO EXCEED $5,165,000; SUPPLEMENTING
RESOLUTIONS NOS. 92-392, 93-191, 95-49, 98-206, 186-2001
AND 148-2010; AND SETTING FORTH CERTAIN OTHER
MATTERS RELATING THERETO.
SUPPLEMENTAL RESOLUTION NO. 086-2020
RECITALS
1. Pitkin County, in the State of Colorado (the "County" and the "State," respectively), is a
duly created political subdivision organized and operating as a home rule county
pursuant to the Constitution and laws of the State including particularly Title 30,
Article 35, Colorado Revised Statutes, as amended, and the Home Rule Charter of the
County, adopted March 21, 1978, as amended (the "Charter").
2. The members of the Board of County Commissioners of the County (the "Board") have
been duly elected, chosen and qualified.
3. The County and the City of Aspen formed the Roaring Fork Transit Agency ("RFTA") to
provide public transit in the County pursuant to an intergovernmental agreement dated
November 21, 1983 and amended on June 9, 1986.
4. At a special election of the electors of the County, duly called and held on May 3, 1983,
in accordance with law and Resolution 83-29 adopted by the Board on April 5, 1983, as
amended (the "Sales Tax Resolution"), and pursuant to due notice, a majority of the
registered electors of the County voting at said election voted for the imposition by the
County of an additional countywide 1 % sales tax to be used for public transit purposes
(the "Sales Tax").
5. Pursuant to Title 29, Article 2, Colorado Revised Statues, as amended (together with
Title 11, Article 57, Part 2, Colorado Revised Statutes, as amended, the "Act") and the
Charter, the County is authorized to issue sales tax revenue bonds payable from the Sales
Tax.
6. Pursuant to Resolution No. 83-120, duly adopted by the Board on November 14, 1983,
(the "Series 1983 Resolution"), the County authorized the issuance of its "Pitkin County,
Colorado, Sales Tax Revenue Bonds (Aspen/Pitkin County Transit Agency Project),
Series 1983" (the "Series 1983 Bonds") in the aggregate principal amount of $1,500,000,
for the purpose of funding certain public transit projects.
4848-2735-6344.8
7. Pursuant to Resolution No. 92-392, duly adopted by the Board on October 27, 1992, (the
"Series 1992 Resolution"), the County authorized the issuance of its "Pitkin County,
Colorado, Sales Tax Improvement and Refunding Revenue Bonds, Series 1992" (the
"Series 1992 Bonds") as Sales Tax Parity Obligations, as defined in the Bond
Resolution, which term is further defined herein, in the aggregate principal amount of
$2,530,000, for the purpose of refunding the "Series 1983Bonds and providing funds to
purchase additional buses for RFTA.
8. The Series 1992 Resolution authorized the issuance of additional sales tax revenue
bonds on a parity with the Series 1992 Bonds upon compliance by the County with
certain conditions set out in Section 29(a) of the Series 1992 Resolution, or with respect
to refunding obligations, Section 30 thereof.
9. At a special election of the electors of the County, duly called and held on November 2,
1993 (the "1993 Election"), in accordance with law and pursuant to due notice, a
majority of the registered electors voting at said election approved the issuance and
payment of revenue bonds for the purpose of increasing and improving the public mass
transportation system within the Roaring Fork Valley (the "1993 Ballot Question").
10. Pursuant to the authority granted by the approval of the 1993 Ballot Question and
Resolution No. 93-191, which was duly adopted by the Board on December 21, 1993
(the "Series 1993 Resolution") and which supplemented and amended the Series 1992
Resolution, the County authorized the issuance of its "Pitkin County Colorado, Sales
Tax Revenue Bonds, Series 1993" (the "Series 1993 Bonds") as Sales Tax Parity
Obligations, in the aggregate principal amount of $2,265,000, which bonds were issued
on a parity with the Series 1992 Bonds for the purpose of acquiring and equipping
additional buses for use by RFTA.
11. Pursuant to the authority granted by the approval of the 1993 Ballot Question and
Resolution No. 95-49, which was duly adopted by the Board on April 12, 1995 (the
"Series 1995 Resolution") and which supplemented the Series 1992 Resolution, as
previously supplemented and amended by the Series 1993 Resolution, the County
authorized the issuance of its "Pitkin County, Colorado, Sales Tax Revenue Bonds,
Series 1995" (the "Series 1995 Bonds") as Sales Tax Parity Obligations, in the aggregate
principal amount of $1,325,000, which bonds were issued on a parity with the
Series 1992 Bonds and the Series 1993 Bonds for purpose of making or acquiring capital
improvements to the public mass transit system in the Roaring Fork Valley, including,
but not limited to, the acquisition and equipping of a bus maintenance and storage
facility for RFTA.
12. Pursuant to the authority granted by the approval of the 1993 Ballot Question and
Resolution No. 98-206, which was duly adopted by the Board on September 23, 1998
(the "Series 1998 Resolution") and which supplemented and amended the Series 1992
Resolution as previously supplemented and amended by the Series 1993 Resolution and
the Series 1995 Resolution, the County authorized the issuance of its "Pitkin County,
Colorado, Sales Tax Revenue Bonds, Series 1998 (the "Series 1998 Bonds") as Sales
Tax Parity Obligations, in the aggregate principal amount of $1,960,000, which bonds
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4848-2735-6344.8
were issued on a parity with the Series 1992 Bonds, the Series 1993 Bonds and the
Series 1995 Bonds for the purpose of acquiring additional buses for use by RFTA.
13. At an election held on November 7, 2000 (the "2000 Election"), a majority of the
registered electors of the County, the City of Aspen, Colorado, the Town of Basalt,
Colorado, Eagle County, Colorado, the City of Glenwood Springs, Colorado and the
Town of Snowmass Village, Colorado voting at such election approved the formation of
the Roaring Fork Transportation Authority (the "Authority") as a separate political
subdivision and body public of the State organized under and governed by the Roaring
Fork Transportation Authority Intergovernmental Agreement dated as of September 12,
2000 (the "Authority IGA") that was entered into by and among each of the foregoing
counties, cities and towns pursuant to Title 29, Article 1, Part 2, Colorado Revised
Statutes, as amended (the "Intergovernmental Relations Act"), Article IV, Section 18 of
the Colorado Constitution, and the Colorado Rural Transportation Authority Act,
Title 43, Article 4, Part 6, Colorado Revised Statues, as amended (the "Rural
Transportation Authority Act").
14. Pursuant to the Authority IGA, RFTA was reorganized and merged into the Authority
and the Authority succeeded to RFTA's assets, liabilities, revenues and responsibilities.
15. The County is empowered by the Intergovernmental Relations Act, by Article IV,
Section 18 of the Colorado Constitution and by the Rural Transportation Authority Act
to contribute revenues from the Sales Tax to the Authority and to issue sales tax revenue
bonds to finance projects for the Authority.
16. Pursuant to the authority granted by the approval of the 1993 Ballot Question (except as
described below) and Resolution No. 186-2001, which was duly adopted on November
20, 2001 (the "Series 2001 Resolution") and which supplemented and amended the
Series 1992 Resolution, as previously supplemented and amended by the Series 1993
Resolution, the Series 1995 Resolution and the Series 1998 Resolution, the County
authorized the issuance of its "Pitkin County, Colorado, Sales Tax Revenue Refunding
and Improvement Bonds, Series 2001" (the "Series 2001 Bonds"), as Sales Tax Parity
Obligations, in the aggregate principal amount of $8,460,000, which bonds were issued
on a parity with the Series 1998 Bonds, for the purpose of refunding the then -
outstanding Series 1992 Bonds, Series 1993 Bonds and Series 1995 Bonds and acquiring
buses, constructing or acquiring maintenance facility improvements, and constructing or
acquiring affordable housing for the Authority (provided that those Series 2001 Bonds
that were issued to effect such refunding were not issued pursuant to the authority of the
1993 Ballot Question, such authority not being required for the issuance of such Series
2001 Bonds).
17. At the 2000 Election, a majority of the registered electors of the County voting at such
election approved the issuance and payment of revenue bonds for the purpose of
increasing and improving the public mass transportation system within the Roaring Fork
Valley (the "2000 Ballot Question").
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4848-2735-6344.8
18. Pursuant to the authority granted by the approval of the 2000 Ballot Question (except as
described below) and Resolution No. 148-2010, which was finally adopted after
reconsideration on December 7, 2010 (the "Series 2010 Resolution") and which
supplemented and amended the Series 1992 Resolution, as previously supplemented and
amended by the Series 1993 Resolution, the Series 1995 Resolution, the Series 1998
Resolution and the Series 2001 Resolution, the County authorized the issuance of its: (a)
"Pitkin County, Colorado, Taxable Sales Tax Revenue Build America Bonds, Series
2010A" (the "Series 2010A Bonds"), as Sales Tax Parity Obligations, in the aggregate
principal amount of $2,530,000, for the purpose of constructing or acquiring certain
maintenance facility improvements for the Authority and (b) the "Pitkin County,
Colorado, Tax -Exempt Sales Tax Revenue Refunding Bonds, Series 2010B" (the "Series
2010B Bonds," and together with the Series 2010A Bonds, the "Series 2010 Bonds"), as
Sales Tax Parity Obligations, in the aggregate principal amount of $5,830,000, for the
purpose of refunding the then -outstanding Series 1998 Bonds and Series 2001 Bonds
(provided that those Series 2010B Bonds that were issued to effect such refunding were
not issued pursuant to the 2000 Ballot Question, such authority not being required for the
issuance of such Series 2010B Bonds).
19. The Series 2010A Bonds were originally issued as Taxable Build America Bonds,
pursuant to and in accordance with the 2000 Ballot Question, the Constitution of the
State of Colorado, the Act, the State Recovery and Reinvestment Act, and the Charter.
20. The Series 2010A Bonds issued as Taxable Build America Bonds constitute Taxable
Obligations.
21. The County desires to refund, defease and call for redemption all of the Outstanding (as
defined in the Bond Resolution) Series 2010A Bonds (the "Refunded Series 2010A
Bonds") and Series 2010B Bonds (the "Refunded Series 2010B Bonds," and together
with the Refunded Series 2010A Bonds, the "Refunded Bonds").
22. Pursuant to the provisions of Title 11, Article 56, Colorado Revised Statutes, as amended
(the "Refunding Act"), the County is authorized to issue refunding revenue bonds for the
purpose of refunding, paying and discharging the Refunded Bonds and for one or more
other purposes, including but not limited to reducing the net effective interest rate of the
obligations represented by the Refunded Bonds, reducing the total principal and interest
payable on such obligations, reducing the principal and interest payable on such
obligations in one or more particular year or years and effecting other economies for the
County, subject to the terms, conditions and limitations in the Refunding Act.
23. The Board has determined that it is in the best interests of the County and its residents to
issue, subject to the provisions of Section 15 hereof, the "Pitkin County, Colorado, Sales
Tax Revenue Refunding Bonds, Series 2020" (the "Series 2020 Bonds") in an aggregate
principal amount not to exceed $5,165,000, for the purpose of refunding the Refunded
Bonds in advance of their respective maturities to effect the economies described above
pursuant to the Refunding Act and paying the cost of issuance for the Series 2020 Bonds
(as further defined herein, the "Series 2020 Refunding Project").
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4848-2735-6344.8
24. As of the date of issuance of the 2020 Bonds, all Federal Direct Payments related to the
Refunded Series 2010A Bonds, if any, will cease; and
25. The Series 2020 Bonds shall be issued as Sales Tax Parity Obligations and shall be
payable from the Sales Tax on a parity with any Outstanding Sales Tax Parity
Obligations and any Sales Tax Parity Obligations later issued.
26. The issuance of Sales Tax Parity Obligations by the County is subject to the provisions
of Section 29(a) of the Bond Resolution (as amended hereby), or with respect to those
Sales Tax Parity Obligations issued for refunding purposes, Section 30 thereof, and is
subject to Section 4 of the Intergovernmental Agreement: Transportation Sales Tax
Distribution dated as of January 1, 2001 (the "Transportation Sales Tax Distribution
IGA") among the County, the City of Aspen, Colorado and the Town of Snowmass
Village, Colorado, and the Series 2020 Bonds shall be issued in accordance with such
provisions.
27. The Series 1992 Resolution, as supplemented and amended by the Series 1993
Resolution, the Series 1995 Resolution, the Series 1998 Resolution, the Series 2001
Resolution, the Series 2010 Resolution and this Supplemental Resolution, is referred to
herein as the "Bond Resolution."
28. At the 1993 Election, the registered electors of the County voting at such election
approved the imposition of an additional 0.5% Sales Tax (the "Additional Sales Tax"),
the net proceeds of which are not currently pledged to the payment of the Series 2020
Bonds but which the Board has determined may at a future date be pledged to the
payment of the then -outstanding Series 2020 Bonds and any additional Sales Tax Parity
Obligations issued thereafter, subject to the provisions of the Transportation Sales Tax
Distribution IGA.
29. There has been presented to the Board (a) a form of contract between the County and
Stifel, Nicolaus & Company, Incorporated for the purchase of the Series 2020 Bonds
(the "Series 2020 Purchase Contract"); and (b) a form of Preliminary Official Statement
relating to the Series 2020 Bonds (the "Series 2020 Preliminary Official Statement").
30. This Supplemental Resolution sets forth certain matters relating to the Series 2020 Bonds
and supplements and amends the Bond Resolution.
31. No member of the Board has a potential conflict of interest in connection with the
authorization, issuance, sale or use of proceeds of the Series 2020 Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF PITKIN COUNTY, COLORADO THAT:
Section 1. Definitions. The terms defined in this section shall have the designated
meanings for all purposes of this Supplemental Resolution and of any amendatory or additional
supplemental resolution, except where the context by clear implication requires otherwise.
Other terms are parenthetically defined elsewhere in this Supplemental Resolution, including the
recitals hereto. Capitalized terms used in this Supplemental Resolution and not defined in this
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4848-2735-6344.8
section or elsewhere in this Supplemental Resolution shall have the meanings given them in the
Bond Resolution.
"Act" means, collectively, Title 29, Article 2, Colorado Revised Statutes, as amended, or
any successor thereto, and Title 11, Article 57, Part 2, Colorado Revised Statutes, as amended,
or any successor thereto.
"Adverse Tax Event" means, with respect to a Tax -Exempt Obligation, an event that
would cause interest on the Tax -Exempt Obligation to be included in gross income for federal
income tax purposes or to be an item of tax preference for purposes of the federal alternative
minimum tax.
"Authority" means the Roaring Fork Transportation Authority, a separate political
subdivision and body public of the State created pursuant to the Authority IGA.
"Authority IGA" means the Roaring Fork Transportation Authority Intergovernmental
Agreement dated as of September 12, 2000, entered into by and among the County, the City of
Aspen, Colorado, the Town of Basalt, Colorado, Eagle County, Colorado, the City of Glenwood
Springs, Colorado and the Town of Snowmass Village, Colorado, for the purpose of creating the
Authority.
"Board" means the Board of County Commissioners of the County, and any successor
body.
"Bonds" or "Series 2020 Bonds" means the "Pitkin County, Colorado, Sales Tax
Revenue Refunding Bonds, Series 2020" issued pursuant to the provisions of Section 3 hereof.
"Bond Counsel" means (a) as of the date of issuance of the Series 2020 Bonds, Kutak
Rock LLP, and (b) as of any other date, Kutak Rock LLP or such other attorneys selected by the
County with nationally recognized expertise in the issuance of municipal bonds.
"Bond Resolution" means the Series 1992 Resolution, as supplemented and amended by
the Series 1993 Resolution, the Series 1995 Resolution, the Series 1998 Resolution, the Series
2001 Resolution, the Series 2010 Resolution and this Supplemental Resolution.
"Business Day" means any day other than (i) a Saturday or Sunday or (ii) a day on which
banking institutions in the State are authorized or obligated by law or executive order to be
closed for business.
"CAFR" means the County's Comprehensive Annual Financial Report including the
County's annual audited financial statements or, if the County discontinues the preparation of
such document in any year, any successor document.
"Charter" means the Pitkin County Home Rule Charter, adopted March 21, 1978, as
amended.
"Code" means the Internal Revenue Code of 1986, as amended. Each reference to a
section of the Code herein shall be deemed to include the United States Treasury Regulations
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4848-2735-6344.8
proposed or in effect thereunder and applicable to the Series 2020 Bonds or the use of proceeds
thereof, unless the context clearly requires otherwise.
"County" means Pitkin County, Colorado and any successor thereto.
"Dated Date" means the original dated date for the Series 2020 Bonds as set forth in the
Sale Certificate pursuant to Section 15 hereof.
"Escrow Agent" means UMB Bank, n.a., in Denver, Colorado, or any successor thereto
or assignee thereof approved by the County, in its capacity as escrow agent pursuant to the
Escrow Agreement.
"Escrow Agreement" means the Defeasance Escrow Agreement dated as of the date of
issuance of the Series 2020 Bonds, between the County and the Escrow Agent.
"Escrow Account" means the account of that name established pursuant to the Escrow
Agreement.
"Federal Direct Payments" means payments by the United States Department of the
Treasury to the County with respect to the interest on the Series 2010A Bonds pursuant to
Section 6431 of the Code.
"Interest Payment Date" means each of the dates set forth as such in the Sale Certificate.
"Maximum Annual Debt Service Coverage Ratio" is defined in Section 13(c) hereof.
"Owner" of a Bond means the registered owner of such Bond as shown in the registration
records of the Paying Agent.
"Outstanding" when used with reference to the Sales Tax Parity Obligations and as of
any particular date, means all the Sales Tax Parity Obligations theretofore duly issued except:
(a) Any Sales Tax Parity Obligations cancelled or delivered to be cancelled
by the County, or on the County's behalf, at or before such date;
(b) Any Sales Tax Parity Obligations deemed to have been paid within the
meaning of Section 26 of the Series 1992 Resolution; and
(c) Any Sales Tax Parity Obligations in lieu of or in substitution for which
another Sales Tax Parity Obligations shall have been executed and delivered pursuant to
Section 5 or 7 of the Series 1992 Resolution.
"Paying Agent" means UMB Bank, n.a., in Denver, Colorado, or any successor thereto or
assignee thereof approved by the County, in its capacity as paying agent pursuant hereto.
"Pledged Revenues" has the meaning, as of the date of effectiveness of this Resolution,
as set forth in the Bond Resolution and upon the defeasance of the Series 2010 Bonds shall
mean:
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(a) all of the revenues received from time to time by the County from the
Sales Tax (including, without limitation, any revenues received by the County from
interest and penalties on delinquent Sales Tax collections),
(b) proceeds of Sales Tax Parity Obligations or other legally available
moneys deposited into and held in the Bond Account,
(c) interest or investment income on the Bond Account; and
(d) all of the revenues received from time to time by the County from any
other sales tax hereafter pledged by the Board to the payment of the Outstanding Series
2001 Bonds, any other outstanding Sales Tax Parity Obligations, and any additional
Sales Tax Parity Obligations;
all to the extent that such moneys are at any time required by Section 17 of the
Series 1992 Resolution to be deposited into and held in the Bond Account; provided,
however, that Pledged Revenues do not include (a) moneys retained by the State
Department of Revenue of the State Treasurer for costs of collection, administration and
enforcement of the Sales Tax; (b) amounts withheld by retailers as vendors' fees pursuant
to the Sales Tax Resolution and applicable law of the State, to be subject to valid claims
for refunds; (d) amounts in or rebatable arbitrage investment earnings payable into, the
Rebate Account (or any similar account established for any other obligations payable
from Pledged Revenues) to the extent required to be paid to the United States as provided
in Section 22 of the Series 1992 Resolution Clause (i) above shall apply to Sales Tax
revenues whenever they are received by the County, notwithstanding that such revenues
could have been retained by the State for a longer period of time under the provisions of
applicable State law.
"Refinanced Projects" means the projects financed with the proceeds of the Refunded
Bonds and the Series 1992 Bonds, Series 1993 Bonds, Series 1995 Bonds, the Series 1998
Bonds, or the Series 2001 Bonds refunded with the proceeds of the Refunded Bonds.
"Refunded Bonds" means, collectively, the Refunded Series 2010A Bonds and Refunded
Series 2010B Bonds.
"Refunded Bond Requirements" means the principal, redemption premium, if any, and
interest due in connection with the Refunded Bonds through and upon prior redemption thereof.
"Refunded Series 2010A Bonds" means all of the Outstanding Series 2010A Bonds.
"Refunded Series 2010E Bonds" means all of the Outstanding Series 2010B Bonds.
"Refunding Act" means Title 11, Article 56, Colorado Revised Statutes, as amended, or
any successor thereto.
"Registrar" means UMB Bank, n.a., in Denver, Colorado, or any successor thereto or
assignee thereof approved by the County, in its capacity as registrar pursuant hereto.
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"Sale Certificate" means the certificate executed by the Sale Delegate under the authority
delegated pursuant to this Resolution which sets forth, among other things: the aggregate
principal amount of the Series 2020 Bonds; the maturity dates and Interest Payment Dates for
the Series 2020 Bonds; the interest rates and annual maturing principal of the Series 2020
Bonds; the prices at which the Series 2020 Bonds will be sold; the date of issuance of the Series
2020 Bonds; the Dated Date of the Series 2020 Bonds; and the terms, if any, on which all or any
of the Series 2020 Bonds shall be subject to optional and mandatory sinking fund redemption.
"Sale Delegate" means the County Treasurer, or in his or her absence, any member of the
Board.
"Sales Tax" means the one percent (1%) sales tax imposed for transit purposes by the
special election of the electors of the County on May 3, 1983 and does not include any other
sales tax now or hereafter imposed by the County.
"Sales Tax Resolution" means Resolution 83-29 adopted by the Board on April 5, 1983,
pursuant to that special election called and held on May 3, 1983,
"Series 1992 Bonds" means the "Pitkin County, Colorado, Sales Tax Improvement and
Refunding Revenue Bonds, Series 1992," issued on October 29, 1992 in the aggregate principal
amount of $2,530,000. The Series 1992 Bonds are no longer Outstanding.
"Series 1993 Bonds" means the "Pitkin County, Colorado, Sales Tax Revenue Bonds,
Series 1993," issued on December 29, 1993 in the aggregate principal amount of $2,265,000.
The Series 1993 Bonds are no longer Outstanding.
"Series 1995 Bonds" means the "Pitkin County, Colorado, Sales Tax Revenue Bonds,
Series 1995," issued on May 4, 1995 in the aggregate principal amount of $1,325,000. The
Series 1995 Bonds are no longer Outstanding.
"Series 1998 Bonds" means the "Pitkin County, Colorado, Sales Tax Revenue Bonds,
Series 1998," issued on November 9, 1998 in the aggregate principal amount of $1,960,000.
The Series 1998 Bonds are no longer Outstanding.
"Series 2001 Bonds" means the "Pitkin County, Colorado, Sales Tax Revenue Refunding
and Improvement Bonds, Series 2001" issued on December 3, 2001 in the aggregate principal
amount of $8,460,000. The Series 2001 Bonds are no longer Outstanding.
"Series 2010A Bonds" means the "Pitkin County, Colorado, Taxable Sales Tax Revenue
Build America Bonds, Series 2010A" issued on December 22, 2010 in the aggregate principal
amount of $2,530,000 and currently Outstanding in the aggregate principal amount of
$2,530,000.
"Series 2010E Bonds" means the "Pitkin County, Colorado, Tax -Exempt Sales Tax
Revenue Refunding Bonds, Series 2010B" issued on December 22, 2010 in the aggregate
principal amount of $5,830,000 and currently Outstanding in the aggregate principal amount of
$2,900,000.
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4848-2735-6344.8
"Series 2020 Purchase Contract" means the agreement for the purchase of the Series
2020 Bonds between the County and the Series 2020 Underwriter.
"Series 2020 Rebate Account" means the account of that name established in
Section 14(d) hereof.
"Series 2020 Refunding Project" means any purpose for which proceeds of the Series
2020 Bonds may be expended under the Refunding Act and the Charter, including, but not
limited to, paying the costs of issuance of the Series 2020 Bonds and the refunding, paying and
discharging of the Refunded Bond Requirements of the Refunded Bonds.
"Series 2020 Underwriter means Stifel, Nicolaus & Company, Incorporated. or any
successor thereto approved in writing by the County.
"State" means the State of Colorado.
"State Recovery and Reinvestment Act" means Title 11, Article 59.7, Colorado Revised
Statutes, as amended, or any successor thereto.
"Taxable Build America Bond" means any bond described in Section 54AA of the Code
for which the County is qualified to receive Federal Direct Payments and for which the County
has made an irrevocable election to have Sections 54AA(g) and 6431 of the Code apply to such
bond.
"Taxable Obligation" means any Sales Tax Parity Obligations (as defined in the Bond
Resolution) the interest on which is not excludable from gross income of the holder thereof for
federal income tax purposes.
"Tax -Exempt Obligation" means any Series 2020 Bonds and Sales Tax Parity
Obligations (as defined in the Bond Resolution) the interest on which is excludable from gross
income of the holder thereof for federal income tax purposes.
"Tax Compliance Certificate" is defined in Section 14 hereof.
"1993 Ballot Question" means the ballot question adopted by the registered electors of
the County at the special election held on November 2, 1993, as described in Recital 8 to this
Supplemental Resolution.
"2000 Ballot Question" means the ballot question adopted by the registered electors of
the County at the election held on November 7, 2000, as described in Recital 16 to this
Supplemental Resolution.
Section 2. Ratification. All action (not inconsistent with the provisions of this
Supplemental Resolution) heretofore taken by the Board and the officers of the County directed
toward effecting the Series 2020 Refunding Project and the sale and delivery of the Series 2020
Bonds for such purpose shall be, and the same is hereby, ratified, approved and confirmed.
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Section 3. Authorization of Series 2020 Bonds. In accordance with the Constitution of
the State of Colorado, the Act, the Refunding Act, the Charter, and all other laws of the State
thereunto enabling, the Board, on behalf of the County, hereby authorizes the issuance of its
"Pitkin County, Colorado, Sales Tax Revenue Refunding Bonds, Series 2020" in the aggregate
principal amount set forth in the Sale Certificate pursuant to Section 15 hereof, not to exceed
$5,165,000, for the purpose of providing funds for the Series 2020 Refunding Project.
Section 4. Bond Details. The Series 2020 Bonds shall be issued in fully registered form
(i.e., registered as to payment of both principal and interest) in book -entry form as provided in
the Bond Resolution, in denominations of $5,000 or integral multiples thereof (provided that no
Series 2020 Bond may be in a denomination which exceeds the principal coming due on any
maturity date and no individual Series 2020 Bond may be issued for more than one maturity).
The Series 2020 Bonds shall be dated as of the Dated Date and numbered in such manner as the
Registrar shall determine. The Series 2020 Bonds shall bear interest from their date to maturity,
payable on each Interest Payment Date, except that Series 2020 Bonds which are reissued upon
transfer, exchange or other replacement shall bear interest from the most recent interest payment
date to which interest has been paid or duly provided for, or if no interest has been paid, from the
date of the Series 2020 Bonds. The Series 2020 Bonds shall mature on the dates and bear
interest at the rates per annum set forth in the Sale Certificate pursuant to Section 15 hereof.
The principal of and premium, if any, on any Series 2020 Bond shall be payable to the
owner thereof as shown on the registration books kept by the Registrar upon maturity thereof or
prior redemption of any Series 2020 Bond and upon presentation and surrender at the principal
corporate trust office of the Paying Agent in Denver, Colorado. If any Series 2020 Bond shall
not be paid upon such presentation and surrender at or after maturity, it shall continue to draw
interest at the interest rate borne by said Series 2020 Bond until the principal thereof is paid in
full. Payment of interest on any Series 2020 Bond shall be made to the owner thereof by check
or draft mailed by the Paying Agent, on or before each Interest Payment Date (or, if such Interest
Payment Date is not a business day, on or before the next succeeding business day), to the owner
thereof at his or her address as it last appears on the registration books kept by the Registrar on
the Record Date; but any such interest not so timely paid or duly provided for shall cease to be
payable to the person who is the owner thereof at the close of business on the Record Date and
shall be payable to the person who is the owner thereof at the close of business on a Special
Record Date for the payment of any such defaulted interest. Such Special Record Date shall be
fixed by the Registrar whenever moneys become available for payment of the defaulted interest,
and notice of the Special Record Date shall be given to the owners of the Series 2020 Bonds not
less than 10 days prior thereto by first-class mail to each such owner as shown on the Registrar's
registration books on a date selected by the Registrar, stating the date of the Special Record Date
and the date fixed for the payment of such defaulted interest. The Paying Agent may make
payments of interest on any Series 2020 Bond by such alternative means as may be mutually
agreed to between the owner of such Bond and the Paying Agent (provided, however, that the
County shall not be required to make funds available to the Paying Agent prior to the date stated
in this Section). All such payments shall be made in lawful money of the United States of
America.
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Section 5. Prior Redemption.
(a) Optional Redemption. The terms, if any, on which all or any of the Series
2020 Bonds shall be subject to redemption at the option of the County shall be set forth
in the Sale Certificate pursuant to Section 15 hereof.
(b) Mandatory Sinking Fund Redemption. The terms, if any, on which all or
any of the Series 2020 Bonds shall be subject to mandatory sinking fund redemption
shall be set forth in the Sale Certificate pursuant to Section 15 hereof.
At its option, to be exercised on or before the forty-fifth day next preceding any
mandatory sinking fund redemption date, the County may (i) purchase and cancel any
Series 2020 Bonds of the same Series and maturity date as the Series 2020 Bonds subject
to such mandatory sinking fund redemption and (ii) receive a credit in respect of its
sinking fund redemption obligation for any Series 2020 Bonds of the same Series and
maturity date as the Series 2020 Bonds subject to such sinking fund redemption which
prior to such date have been redeemed (otherwise than through the operation of the
sinking fund) and cancelled and not theretofore applied as a credit against any sinking
fund redemption obligation. Each Series 2020 Bond so purchased and cancelled or
previously redeemed shall be credited at the principal amount thereof to the obligation of
the County on such sinking fund redemption date, and the principal amount of Series
2020 Bonds to be redeemed by operation of such sinking fund on such date shall be
accordingly reduced.
Section 6. Execution and Authentication. The Series 2020 Bonds shall be executed in
the name of and on behalf of the County and signed by the Chairperson of the Board (the
"Chairperson"), countersigned by the County Treasurer (the "Treasurer"), sealed with a manual
or facsimile impression of the seal of the County and attested by the County Clerk and Recorder
or the Deputy County Clerk and Recorder (the "Clerk"). The signatures of the Chairperson, the
Treasurer and the Clerk may be manual or by facsimile The Series 2020 Bonds bearing the
manual or facsimile signatures of the persons in office at the time of the signing thereof shall be
the valid and binding obligations of the County (subject to the requirement of authentication by
the Registrar as hereinafter provided), notwithstanding that before the delivery thereof, or before
the issuance thereof upon transfer or exchange, any or all of the persons whose facsimile
signatures appear thereon shall have ceased to fill their respective offices. The Chairperson,
Treasurer and Clerk of the County shall, by the execution of a signature certificate pertaining to
the Series 2020 Bonds, adopt as and for their respective signatures the facsimiles thereof, if any,
appearing on the Series 2020 Bonds. At the time of the execution of such a signature certificate,
the Chairperson, Treasurer and Clerk may each adopt as and for his or her facsimile signature
the facsimile signature of his or her predecessor in office in the event that such facsimile
signature appears upon any of the Series 2020 Bonds.
No Series 2020 Bond shall be valid or obligatory for any purpose unless the certificate of
authentication, substantially in the form hereinafter provided, has been duly executed by the
Registrar. The Registrar's certificate of authentication shall be deemed to have been duly
executed by it if manually signed by a duly authorized officer of the Registrar, but it shall not be
necessary that the same officer sign the certificate of authentication on all of the Series 2020
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4848-2735-6344.8
Bonds issued hereunder. By authenticating any of the Series 2020 Bonds initially delivered
pursuant to this Resolution, the Registrar and Paying Agent shall be deemed to have assented to
the provisions of this Resolution.
Section 7. Series 2020 Bonds Equally Secured. The covenants and agreements herein
set forth to be performed on behalf of the County shall be for the equal benefit, protection and
security of the owners of any and all of the Outstanding Series 2020 Bonds, all of which,
regardless of the time or times of their issuance or maturity, shall be of equal rank without
preference, priority or distinction, except as otherwise expressly provided in or pursuant to this
Supplemental Resolution.
Section 8. Security for the Series 2020 Bonds.
(a) Pledge of Pledged Revenues. All of the Series 2020 Bonds, together with
the interest accruing thereon, shall be special, limited obligations payable and collectible
from the Pledged Revenues, which are hereby irrevocably so pledged. To secure said
pledge, the County hereby grants a first priority lien on the Pledged Revenues in favor of
the Series 2020 Bonds at any time Outstanding. Such lien shall be, and is hereby
confirmed to be, on a parity with the lien on the Pledged Revenues in favor of all Sales
Tax Parity Obligations currently Outstanding and any other Sales Tax Parity Obligations
issued in accordance with the Bond Resolution. The owner or owners of the Series 2020
Bonds may not look to any general or other fund for the payment of principal or interest
on the Series 2020 Bonds, except the designated special funds pledged therefor. The
Series 2020 Bonds shall not constitute an indebtedness or a debt within the meaning of
any applicable charter, constitutional or statutory provision or limitation; nor shall they
be considered or held to be general obligations of the County.
(b) No Prohibition on Additional Security. Nothing herein shall prohibit the
County from (i) using, pledging or granting a lien on any revenues from the Sales Tax
that are not Pledged Revenues or any other moneys for the payment of the principal of,
premium, if any, or interest on the Series 2020 Bonds and any other Sales Tax Parity
Obligations currently Outstanding or issued hereafter in accordance with the Bond
Resolution, or (ii) depositing any revenues from the Sales Tax that are not Pledged
Revenues or any other moneys into the Bond Account to be used to pay the principal of,
premium, if any, and interest on the Series 2020 Bonds and any other Sales Tax Parity
Obligations currently Outstanding or issued hereafter in accordance with the Bond
Resolution.
Section 9. Form of Bonds. The Series 2020 Bonds shall be in substantially the form set
forth in Appendix A hereto, with such changes thereto, not inconsistent herewith, as may be
necessary or desirable and approved by the officials of the County executing the same (whose
manual or facsimile signatures thereon shall constitute conclusive evidence of such approval).
All covenants, statements, representations and agreements contained in the Series 2020 Bonds
are hereby approved and adopted as the covenants, statements, representations and agreements
of the County. The Series 2020 Bonds shall contain a recital that they are issued pursuant to the
Act. Although attached as an appendix for the convenience of the reader, Appendix A is an
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4848-2735-6344.8
integral part of this Resolution and is incorporated herein as if set forth in full in the body of this
Resolution.
Section 10. Delivery of Series 2020 Bonds. When the Series 2020 Bonds have been
duly executed and authenticated and on receipt of the agreed purchase price as set forth in
Section 11 hereof, the Series 2020 Bonds shall be delivered to the Paying Agent on behalf of
DTC for the account of the Series 2020 Underwriter. The Registrar shall initially register the
Series 2020 Bonds in the name of Cede & Co., as nominee for DTC and security depository for
the Series 2020 Bonds. The funds realized from the sale of the Series 2020 Bonds shall be
applied solely for the purposes set forth in Section 3 hereof and for no other purposes
whatsoever. The Series 2020 Underwriter shall in no manner be responsible for the application
or disposal by the County, or any of its officers, of any such funds.
Section 11. Disposition of Bond Proceeds. The proceeds derived from the sale of the
Series 2020 Bonds, net of Underwriter's discount, shall, immediately upon the receipt thereof,
be deposited and accounted for as follows:
(a) Moneys received as accrued interest on the Series 2020 Bonds from their
date to the date of their delivery, if any, shall be credited to the Bond Account;
(b) The amount required to be deposited to the Escrow Account to meet the
Refunded Bonds Requirements shall be transferred to the Escrow Agent, which shall
deposit the same to the Escrow Account; and
(c) The balance of such net proceeds of the Series 2020 Bonds shall be
applied by the County to the payment of the costs of issuance of the Series 2020 Bonds.
Section 12. Defeasance. When the principal of, premium, if any, and interest on any
Series 2020 Bonds have been duly paid, the pledge and lien and all obligations hereunder shall
be discharged, and such Series 2020 Bonds shall no longer be deemed to be Outstanding within
the meaning of this Supplemental Resolution. There shall be deemed to be such due payment of
any Series 2020 Bonds when the County has placed in escrow or in trust with a commercial bank
located within or without the State, and exercising trust powers, an amount sufficient (including
the known minimum yield from Federal Securities in which such amount wholly or in part may
be initially invested, which Federal Securities shall not contain provisions permitting the
redemption thereof other than at the option of the holder) to meet all requirements of principal
of, premium, if any, and interest on such Series 2020 Bonds as the same become due to (a) their
final maturities or (b) any redemption date(s) for which the County shall have given notice, or
shall have given the Paying Agent irrevocable instructions to give such notice, of the redemption
thereof on such date(s). The Federal Securities shall become due at or prior to the respective
times at which the proceeds thereof shall be needed, in accordance with a schedule established
and agreed upon between the County and such bank at the time of the creation of the escrow or
trust, or the Federal Securities shall be subject to redemption at the option of the holders thereof
to assure such schedule.
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Section 13. Covenants of the County.
(a) Sales Tax. All resolutions concerning the Sales Tax are now in full force
and effect and have not been repealed. Unless the pledge and lien hereof on the Sales
Tax shall have been released as permitted hereby, the County will not repeal or amend
such resolutions in any manner which would diminish the Pledged Revenues to a level
below the level designated in Section 29(a)(v) of the Bond Resolution. In addition, the
County will take whatever actions it deems necessary to effectuate the Sales Tax.
The County will continue to levy, impose, administer, enforce and collect the
Sales Tax within the County in accordance with the Sales Tax Resolution, without
reduction in the percentage rate of the Sales Tax or the items and/or transactions subject
thereto, except as set forth above and herein.
The County's performance of the foregoing covenants may be limited by
bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting
creditors' rights generally and by equitable principles, whether considered at law or in
equity, by the exercise by the State of Colorado and its governmental bodies of the police
power inherent in the sovereignty of the State of Colorado and by the exercise by the
United States of America of the powers delegated to it by the Constitution of the United
States of America. All of the Pledged Revenues resulting from the imposition and
collection of the Sales Tax shall be subject to the payment of principal of, premium, if
any, and interest on Sales Tax Parity Obligations and otherwise as provided herein or in
any instrument supplemental or amendatory hereof.
(b) Defense of Legality of Pledged Revenues. There is not pending or
threatened any suit, action or proceeding against or affecting the County before or by any
court, arbitrator, administrative agency or other governmental authority which affects the
validity or legality of the Bond Resolution, this Supplemental Resolution, the Sales Tax
Resolution, or the imposition and collection of the Sales Tax, any of the County's
obligations under the Bond Resolution, this Supplemental Resolution or any of the
transactions contemplated by the Bond Resolution, this Supplemental Resolution or the
Sales Tax Resolution.
The County shall, to the extent permitted by law, defend the validity and legality
of the Bond Resolution, this Supplemental Resolution and the Sales Tax Resolution, and
all amendments thereto or substitutions thereof against all claims, suits and proceedings
which would diminish or impair the Pledged Revenues as security for the Sales Tax
Parity Obligations. Furthermore, the County shall amend from time to time the
provisions of the Bond Resolution, this Supplemental Resolution, the Sales Tax
Resolution and any other resolution of the County, as necessary, to prevent impairment
of the Pledged Revenues as required to pay principal of, premium, if any, and interest on
the Sales Tax Parity Obligations when due.
Except as specified in this Supplemental Resolution, the County has not
previously assigned or pledged the Pledged Revenues in any manner except with respect
to the Series 1992 Bonds, the Series 1993 Bonds, the Series 1995 Bonds, the Series 1998
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4848-2735-6344.8
Bonds, the Series 2001 Bonds and the Series 2010 Bonds as set forth in the Bond
Resolution.
(c) Computation of Maximum Annual Debt Service Coverage Ratio. The
County covenants to include in its CAFR the following data and calculation: Pledged
Revenues for the fiscal year of the CAFR divided by the combined maximum annual
principal and interest requirements of the then -Outstanding Sales Tax Parity Obligations
(which combined maximum annual principal and interest requirements shall be computed
net of any Federal Direct Payments to be received in the year such combined maximum
annual principal and interest requirements shall occur). The result of this calculation
shall be known as the "Maximum Annual Debt Service Coverage Ratio."
Section 14. Federal Income Tax Covenants. For purposes of ensuring that the interest
on the Series 2020 Bonds is and remains excluded from gross income for federal income tax
purposes, the County hereby covenants that:
(a) Prohibited Actions. The County will not use or permit the use of any
proceeds of the Series 2020 Bonds or any other funds of the County from whatever
source derived, directly or indirectly, to acquire any securities or obligations and shall
not take or permit to be taken any other action or actions, which would cause any Series
2020 Bond to be an "arbitrage bond" within the meaning of Section 148 of the Code, or
would otherwise cause interest on any Series 2020 Bond to be includible in gross income
for federal income tax purposes.
(b) Affirmative Actions. The County will at all times do and perform all acts
permitted by law that are necessary in order to assure that interest paid by the County on
the Series 2020 Bonds will not be includible in gross income for federal income tax
purposes under the Code or any other valid provision of law. In particular, but without
limitation, the County represents, warrants and covenants to comply with the following
rules unless it receives an opinion of Bond Counsel stating that such compliance is not
necessary: (i) none of (A) the gross proceeds of the Series 2020 Bonds or (B) the
Refinanced Projects will be used in a manner that will cause the Series 2020 Bonds to be
considered "private activity bonds" within the meaning of the Code; (ii) the Series 2020
Bonds are not and will not become directly or indirectly "federally guaranteed"; and
(iii) the County will timely file an Internal Revenue Service Form 8038-G with respect to
the Series 2020 Bonds, which shall contain the information required by the Code to be
included therein.
(c) Tax Compliance Certificate. The County will comply with the tax
compliance certificate delivered by it on the date of issuance of the Series 2020 Bonds
(the "Tax Compliance Certificate"), including but not limited by the provisions thereof
regarding the application and investment of Series 2020 Bond proceeds, the calculations,
the deposits, the disbursements, the investments and the retention of records described
therein; provided that, in the event any such original tax compliance certificate is
superseded or amended by a new tax compliance certificate drafted by, and accompanied
by an opinion of, Bond Counsel stating that the use of such new tax compliance
certificate will not cause any interest on any Series 2020 Bond to be includible in gross
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4848-2735-6344.8
income for federal income tax purposes, the County will thereafter comply with the new
tax compliance certificate.
(d) Rebate Account. There is hereby created the "Pitkin County, Colorado,
Sales Tax Revenue Refunding Bonds, Series 2020, Rebate Account" (the "Series 2020
Rebate Account"). The Series 2020 Rebate Account shall be funded as provided in
Section 16 of the Bond Resolution in the amounts and at the times provided in the tax
compliance certificate or certificates. The Series 2020 Rebate Account shall be
considered to be a rebate fund established for a series of Sales Tax Parity Obligations for
the purpose of Section 16(c) of the Bond Resolution.
Section 15. Delegation and Parameters
(a) The Board hereby delegates to the Sale Delegate the authority to
determine and set forth in the Sale Certificate: (i) the matters set forth in subsection (b) of
this Section, subject to the applicable parameters set forth in subsection (c) of this
Section; and (ii) any other matters that, in the judgment of the Sale Delegate, are
necessary or convenient to be set forth in the Sale Certificate and are not inconsistent
with the Acts or the parameters set forth in subsection (c) of this Section. The Board
hereby authorizes and directs the Sale Delegate to prepare and execute the Sale
Certificate. Upon the execution of the Sale Certificate, the matters set forth in the Sale
Certificate shall be incorporated into this Resolution with the same force and effect as if
they had been set forth herein when this Resolution was adopted.
(b) The Sale Certificate shall set forth the following matters and other matters
permitted to be set forth therein pursuant to subsection (a) of this Section, but each such
matter must fall within the applicable parameters set forth in subsection (c) of this
Section:
(i) the date on which the Series 2020 Bonds will be issued; provided
that, the Sale Certificate may include a range of dates on which the Series 2020
Bonds will be issued, in which case the Sale Delegate may select the actual date
on which the Series 2020 Bonds will be issued from such range after the
execution of the Sale Certificate;
(ii) the Dated Date of the Series 2020 Bonds;
(iii) the aggregate principal amount of the Series 2020 Bonds;
(iv) the principal amount of the Series 2020 Bonds maturing in each
year and the dates on which such amounts mature;
(v) the Interest Payment Dates for the Series 2020 Bonds;
(vi) the interest rates borne by the Series 2020 Bonds; provided that
nothing herein shall prohibit Bonds maturing in the same year from bearing
interest at different rates;
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4848-2735-6344.8
(vii) the prices at which the Series 2020 Bonds will be sold pursuant to
the Series 2020 Purchase Contract; provided that nothing herein shall prohibit
Bonds maturing in the same year from being sold at different prices;
(viii) the terms, if any, on which all or any of the Series 2020 Bonds
shall be subject to redemption at the option of the County; provided that nothing
herein shall require that all or any of the Series 2020 Bonds be subject to
redemption at the option of the County; and
(ix) the terms, if any, on which all or any of the Series 2020 Bonds
shall be subject to mandatory sinking fund redemption; provided that nothing
herein shall require that all or any of the Series 2020 Bonds be subject to
mandatory sinking fund redemption.
(c) The authority delegated to the Sale Delegate by this Section shall be
subject to the following parameters:
(i) in no event shall the Series 2020 Bonds be issued after the date
that is one year after the date of adoption of this Resolution;
(ii) the aggregate principal amount of the Series 2020 Bonds shall not
exceed $5,165,000;
(iii) each maturity date of a Series 2020 Bond shall be December 1 of a
given year, and the final maturity date of the Series 2020 Bonds shall be not later
than December 1, 2041;
(iv) each Interest Payment Date for the Series 2020 Bonds shall be on
June 1 or December 1 of a given year, and the first such Interest Payment Date
shall be not later than one year after the date of issuance of the Series 2020
Bonds; and
(v) the Series 2020 Bonds shall not be issued on terms that make
untrue any of the representations, findings, determinations or declarations of the
County set forth herein, including without limitation those set forth in Sections 14
and 18 hereof.
Section 16. Amendments to Bond Resolution. Notwithstanding anything to the
contrary contained herein or otherwise in the Bond Resolution, upon the defeasance of the Series
2010 Bonds, the Bond Resolution is hereby amended by the elimination of the Reserve Account,
and all references in the Bond Resolution (except in this Section 16) to the Reserve Account and
the Minimum Reserve shall be ignored and have no further effect.
Section 17. Approval of Related Documents. The Board hereby: ratifies and approves
the distribution and use in connection with the offering of the Series 2020 Bonds of the Series
2020 Preliminary Official Statement in the form presented to the Board at this meeting, with
such changes therein, if any, not inconsistent herewith, as are approved by the Sale Delegate
(whose signature on a certificate deeming such Preliminary Official Statement final for purposes
18
4848-2735-6344.8
of Securities and Exchange Commission Rule 15c2-12 under the Securities and Exchange Act of
1934, as amended, shall constitute conclusive evidence of his approval of any changes appearing
therein); authorizes and directs the preparation of the Series 2020 Official Statement for use in
connection with the sale of the Series 2020 Bonds in substantially the form of the form of the
Series 2020 Preliminary Official Statement, with such changes therein, if any, not inconsistent
herewith, as are approved by the Chairperson of the Board (whose signature thereon shall
constitute conclusive evidence of such approval). The Chairperson of the Board is hereby
authorized and directed to execute the Series 2020 Official Statement. The Sale Delegate is
hereby authorized and directed to execute and deliver the Series 2020 Purchase Contract
between the County and the Series 2020 Underwriter, in substantially the form presented to the
Board at this meeting, with such changes therein, not inconsistent herewith, as the Sale Delegate
shall approve (whose signature thereon shall constitute conclusive evidence of such approval).
The Chairperson of the Board, the County Clerk and Recorder or any deputy thereof, the County
Treasurer, and all other appropriate County officers are hereby authorized and directed to
execute and deliver: the Escrow Agreement; an undertaking to facilitate compliance with
Securities and Exchange Commission Rule 15c2-12 (17 C.F.R. §240.15c2-12); an agreement
with the Paying Agent concerning the duties and obligations of the Paying Agent with respect to
the Series 2020 Bonds; the Tax Compliance Certificate ; an Internal Revenue Service
Form 8038-G with respect to the Series 2020 Bonds; and all other documents and certificates
necessary or desirable to effectuate the issuance or administration of the Series 2020 Bonds, the
investment of the proceed thereof and amounts on deposit in the funds and accounts described
herein, and the transactions contemplated hereby.
Section 18. Various Findings, Determinations, Declarations and Covenants. The
Board, having been fully informed of and having considered all the pertinent facts and
circumstances, hereby finds, determines, declares and covenants with the owners of the Series
2020 Bonds that:
(a) It is in the best interest of the County and its residents that the Series 2020
Bonds be authorized, sold, issued and delivered at the time, in the manner and for the
purposes provided in this Supplemental Resolution (including the Sale Certificate);
(b) the net effective interest rate on the Series 2020 Bonds as sold to the
Series 2020 Underwriters shall be less than the net effective interest rate of the Refunded
Bonds;
(c) the refunding of the obligations represented by the Refunded Bonds by the
issuance of the Series 2020 Bonds will: (i) reduce the net effective interest rate of said
obligations; (ii) reduce the total principal and interest payable on such obligations; (iii)
reduce the principal and interest payable on such obligations in one or more particular
year or years; or (iv) effect other economies for the County;
(d) to the extent that the aggregate principal amount of the Series 2020 Bonds
exceeds the combined aggregate principal amount of the Refunded Bonds, the sum of the
aggregate principal and net interest cost (as defined in the Refunding Act) of the Series
2020 Bonds for the period ending on the scheduled final maturity date of the Refunded
Bonds, without regard to the earlier redemption of the Refunded Bonds prior to such
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4848-2735-6344.8
scheduled maturity date, is the same or less than the sum of the aggregate principal
amount and net interest cost of the Refunded Bonds for the same time period, excluding
from the computation of the aggregate principal and net interest cost of the Series 2020
Bonds any interest on the Refunded Bonds that is in arrears or about to become due and
payable which is capitalized with the proceeds of the Series 2020 Bonds and any interest
on the Series 2020 Bonds which is capitalized with the proceeds of the Series 2020
Bonds;
(e) the issuance of the Series 2020 Bonds will not cause the County to exceed
its debt limit under applicable State law;
(f) the issuance of the Series 2020 Bonds and all procedures undertaken
incident thereto are in full compliance and conformity with all applicable requirements,
provisions and limitations prescribed by the Constitution and laws of the State and the
County, including the Act, the Refunding Act and the Charter, and all conditions and
limitations of the Act, the Refunding Act, the Charter and other applicable law relating to
the issuance of the Series 2020 Bonds have been satisfied;
(g) the County and DTC have previously entered into a Blanket Letter of
Representations dated April 21, 1995, which Blanket Letter of Representations will
govern the book -entry registration system for the Series 2020 Bonds;
(h) the Series 2020 Underwriter has disclosed, in writing, to the Board, the
entire income, from all sources, which the Series 2020 Underwriter anticipates receiving
from the issuance and sale of the Series 2020 Bonds, specifying all such sources and
amounts, and has disclosed all expenses which the Series 2020 Underwriter anticipates
the County will incur as a part of the refunding of the Refunded Bonds and the issuance
and sale of the Series 2020 Bonds;
(i) the Series 2020 Underwriter shall provide the Board with a comparison of
annual debt service requirements before and after the refunding of the Refunded Bonds
and the issuance of the Series 2020 Bonds, by year and amount; such comparison shows
the present value of all annual differences in debt service requirements, using as a
discount factor the net effective interest rate of the Series 2020 Bonds, all such figures
being computed from the date of issuance of the Series 2020 Bonds;
(j) the Series 2020 Refunding Project and the Series 2020 Bonds are
necessary and in the best interests of the County and the Board hereby approves the
same;
(k) the requirements of Section 30 of the Bond Resolution (as the Bond
Resolution is amended pursuant to the provisions hereof) and Section 4 of the
Transportation Sales Tax Distribution IGA have been satisfied in connection with the
issuance of the Series 2020 Bonds.
Section 19. Contract with Owners. Upon the issuance of the Series 2020 Bonds, the
Bond Resolution shall constitute an irrevocable contract between the County and the owner or
owners of the Series 2020 Bonds and, except as otherwise provided in the Bond Resolution,
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4848-2735-6344.8
shall be and remain irrepealable and unalterable until the Series 2020 Bonds and the interest
thereon shall have been fully paid, satisfied and discharged.
Section 20. Parties Interested Herein. Nothing herein expressed or implied is intended
or shall be construed to confer upon, or to give to, any person or entity, other than the County,
the Paying Agent, the Registrar and the owners from time to time of the Series 2020 Bonds any
right, remedy or claim hereunder. All the covenants, stipulations, promises and agreements
herein contained by and on behalf of the County shall be for the sole and exclusive benefit of the
County, the Paying Agent, the Registrar and any owner of the Series 2020 Bonds.
Section 21. Effective Date. This Supplemental Resolution shall become effective
immediately upon its passage.
Section 22. Severability. If any section, paragraph, clause or provision of this
Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or
unenforceability of such section, paragraph, clause or provision shall not affect any of the
remaining provisions of this Resolution.
Section 23. Repealer. All acts and resolutions in conflict with this Supplemental
Resolution are hereby rescinded, annulled and repealed. This repealer shall not be construed to
revive any act or resolution, or part thereof, heretofore repealed.
[remainder of page intentionally left blank]
21
4848-2735-6344.8
INTRODUCED, FIRST READ, AND SET FOR PUBLIC HEARING AT A REGULAR
MEETING ON THE 12TH DAY OF AUGUST, 2020.
NOTICE OF PUBLIC HEARING PUBLISHED IN THE ASPEN TIMES ON THE
DAY OF AUGUST, 2020.
APPROVED AND ADOPTED AFTER SECOND READING AND PUBLIC
HEARING ON THE 26TH DAY OF AUGUST, 2020.
PUBLISHED AFTER ADOPTION IN THE ASPEN TIMES ON THE DAY OF
, 2020.
ATTEST: BOARD OF COUNTY COMMISSIONERS
OF PITKIN COUNTY, COLORADO
By ,i -41^d t, i6tA t,S By: S4-even F. CL
It
Jeanette Jones Steven F. Child, Chair
Clerk to the Board of County
Commissioners Dateep14-2020
APPROVED AS TO FORM:
o1nti Eli
John M. Ely, County Attorney
MANAGER APPROVAL:
P Uis M4fiO,
Phylis Mattice for Jon Peacock, County Manager
22
4848-2735-6344.8
No. R-
APPENDIX A
FORM OF SERIES 2020 BOND
UNITED STATES OF AMERICA
PITKIN COUNTY, COLORADO
SALES TAX REVENUE REFUNDING BONDS
SERIES 2020
$
Interest Rate: Maturity Date: Original Dated Date: CUSIP:
% December 1, 20 , 2020 724392
REGISTERED OWNER: **CEDE & CO.**
Tax Identification Number: 13-2555119
PRINCIPAL SUM:
**
DOLLARS * *
Pitkin County, Colorado (the "County"), a legally and regularly created, established,
organized and existing political subdivision of the State of Colorado (the "State") organized and
operating as a home rule county pursuant to the Constitution and laws of the State and the home
rule charter of the County (the "Charter"), for value received, hereby promises to pay to the order
of the registered owner named above or registered assigns, solely from the special funds as
hereinafter set forth, on the maturity date stated above, the principal sum stated above, in lawful
money of the United States of America, with interest thereon from the original dated date stated
above, at the interest rate per annum stated above, payable on June 1 and December 1 of each
year, commencing 1, 20_, the principal of and premium, if any, being payable to the
registered owner hereof upon the maturity date stated above or prior redemption and upon
presentation and surrender of this bond at the principal office of UMB Bank, n.a., as Paying
Agent (the "Paying Agent"), in Denver, Colorado, and the interest hereon to be paid by check or
draft mailed by the Paying Agent mailed on or before each interest payment date (or, if such
interest payment date is not a business day, on or before the next succeeding business day) to the
registered owner hereof as of the close of business on the fifteenth day (whether or not such day
is a Business Day) next preceding such interest payment date (the "Record Date"), provided that
the Paying Agent may make payments of interest on this bond by such alternative means as may
be mutually agreed to by the registered owner of this bond and the Paying Agent (provided that
the County shall not be required to make funds available to the Paying Agent prior to the date
stated above). Any such interest not so timely paid or duly provided for shall cease to be payable
to the person who is the owner hereof at the close of business on the Record Date and shall be
payable to the person who is the owner hereof at the close of business on a Special Record Date
(as defined in Resolution No. 92-392 of the County, adopted by the Board of County
Commissioners of the County (the "Board") on October 27, 1992, as amended and supplemented
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4848-2735-6344.8
by Resolution No. 93-191 of the County, adopted on December 21, 1993, Resolution No. 95-49
of the County, adopted on April 12, 1995, Resolution No. 98-206 of the County, adopted on
September 23, 1998, Resolution No. 186-2001 of the County, adopted on November 20, 2001,
Resolution No. 148-2010 of the County, adopted on December 7, 2010 and Resolution No. -
2020 of the County (the "Series 2020 Resolution"), adopted on August 26, 2020 (as so amended
and supplemented, the "Bond Resolution")) for the payment of any defaulted interest. All such
payments shall be made in lawful money of the United States of America
This bond is one of an issue of bonds of the County designated "Sales Tax Revenue
Refunding Bonds, Series 2020," issued in the principal amount of $ (the "Series 2020
Bonds"). The Series 2020 Bonds are being issued by the County for the purposes of providing
funds for the Series 2020 Refunding Project (as defined in the Series 2020 Resolution), pursuant
to and in full conformity with the Constitution of the State of Colorado, Title 29, Article 2 and
Title 11, Article 57, Part 2, Colorado Revised Statutes, as amended (the "Act"), Title 11,
Article 56, Colorado Revised Statutes, as amended (the "Refunding Act"), the Charter, all other
laws of the State thereunto enabling, and the Bond Resolution.
[Series 2020 Bonds redemption provisions of Sale Certificate to be inserted]
At its option, to be exercised on or before the forty fifth day next preceding each sinking
fund redemption date, the County may (i) purchase and cancel any Series 2020 Bonds with the
same maturity date as the Series 2020 Bonds subject to such sinking fund redemption and (ii)
receive a credit in respect of its sinking fund redemption obligation for any Series 2020 Bonds
with the same maturity date as the Series 2020 Bonds subject to such sinking fund redemption
which prior to such date have been redeemed (otherwise than through the operation of the
sinking fund) and cancelled and not theretofore applied as a credit against any sinking fund
redemption obligation. Each Series 2020 Bond so purchased and cancelled or previously
redeemed shall be credited at the principal amount thereof to the obligation of the County on
such sinking fund redemption date, and the principal amount of Series 2020 Bonds to be
redeemed by operation of such sinking fund on such date shall be accordingly reduced.
The County shall give written instructions concerning any such prior redemption to the
Paying Agent at least 35 days prior to such redemption date. Notice of redemption shall be given
by the Paying Agent in the name of the County by sending a copy of such notice by first-class,
postage prepaid mail, not less than 30 days prior to the redemption date to Stifel, Nicolaus &
Company, Incorporated or any successor thereto approved in writing by the County, as
underwriter of the Series 2020 Bonds (the "Underwriter") and to each registered owner of any
Series 2020 Bond all or a portion of which is called for prior redemption. Failure to give such
notice to the Underwriter or the registered owner of any Series 2020 Bond, or any defect therein,
shall not affect the validity of the proceedings for the redemption of other Series 2020 Bonds.
Such notice shall identify the Series 2020 Bonds or portions thereof to be redeemed (if
less than all are to be redeemed) and the date fixed for redemption, and shall further state that on
such redemption date the principal amount thereof and the designated premium thereon, if any,
will become due and payable at the Paying Agent, and that from and after such date interest will
cease to accrue.
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4848-2735-6344.8
Any accrued interest to the redemption date will be paid by check or draft mailed to the
registered owner (or by alternative means if so agreed to by the Paying Agent and the registered
owner). Notice having been given in the manner described above, the Series 2020 Bond or
Series 2020 Bonds so called for redemption shall become due and payable on the redemption
date so designated; and upon presentation thereof at the Paying Agent, the County shall pay the
Series 2020 Bond or Series 2020 Bonds so called for redemption.
Upon surrender of any of such Series 2020 Bonds at the Registrar with a written
instrument satisfactory to the Registrar duly executed by the owner or his or her duly authorized
attorney, such Series 2020 Bond may, at the option of the owner or his or her duly authorized
attorney, be exchanged for an equal aggregate principal amount of such Series 2020 Bonds of the
same maturity of other authorized denominations, subject to such terms and conditions as set
forth in the Bond Resolution. The Registrar shall not be required to transfer or exchange (a) all
or a portion of any Series 2020 Bond subject to prior redemption during a period beginning at the
opening of business 15 days next preceding the mailing by the Registrar of a notice of prior
redemption of Series 2020 Bonds and ending at the close of business on the day of such mailing,
or (b) any Series 2020 Bond after the mailing of notice calling such Bond or any portion thereof
for prior redemption.
This Series 2020 Bond is fully transferable by the owner hereof in person or by his or her
duly authorized attorney on the registration books kept by the Registrar upon surrender of this
Series 2020 Bond together with a duly executed written instrument of transfer satisfactory to the
Registrar. Upon such transfer a new fully registered bond of authorized denomination or
denominations of the same aggregate principal amount and maturity will be issued to the
transferee in exchange for this Series 2020 Bond, subject to such terms and conditions as set
forth in the Bond Resolution. The County and the Registrar and Paying Agent may deem and
treat the person in whose name this Series 2020 Bond is registered as the absolute owner hereof
for the purpose of making payment and for all other purposes.
The Series 2020 Bonds are special, limited obligations of the County payable solely from
and secured solely by the sources provided in the Resolution and shall not constitute an
indebtedness or a debt within the meaning of any applicable charter, constitutional or statutory
provision or limitation; nor shall they be considered or held to be general obligations of the
County. Pursuant to the Bond Resolution the County has pledged for the payment of the
principal of, premium, if any, and interest on the Series 2020 Bonds, and granted a first priority
lien for such purpose on the Pledged Revenues (as defined in the Bond Resolution). The Series
2020 Bonds are issued on a parity with all Sales Tax Parity Obligations (as defined in the Bond
Resolution). The County is further authorized by the Bond Resolution to pledge and grant a lien,
on a parity with the lien for the payment of the principal of, premium, if any, and interest on the
Series 2020 Bonds and other Sales Tax Parity Obligations, on the Pledged Revenues, for the
payment of the principal of, premium, if any, and interest on additional Sales Tax Parity
Obligations, upon satisfaction of certain conditions set forth in the Bond Resolution.
This bond, including the interest hereon, is payable solely from and secured solely by the
special funds provided in the Bond Resolution and shall not constitute an indebtedness or a debt
within the meaning of any applicable charter, constitutional or statutory provision or limitation;
nor shall it be considered or held to be a general obligation of the County.
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4848-2735-6344.8
THE BOND RESOLUTION CONSTITUTES THE CONTRACT BETWEEN THE
REGISTERED OWNER OF THIS BOND AND THE COUNTY. THIS BOND IS ONLY
EVIDENCE OF SUCH CONTRACT AND, AS SUCH, IS SUBJECT IN ALL RESPECTS TO
THE TERMS OF THE BOND RESOLUTION, WHICH SUPERSEDES ANY
INCONSISTENT STATEMENT IN THIS BOND.
The County agrees with the registered owner of this bond and with each and every person
who may become the registered owner hereof, that it will keep and perform all the covenants and
agreements contained in the Bond Resolution.
The Bond Resolution may be amended or supplemented from time -to -time with or
without the consent of the registered owners of the Series 2020 Bonds as provided in the Bond
Resolution.
It is hereby certified that all conditions, acts and things required by the State Constitution,
the Act, the Refunding Act, the Charter and the Bond Resolution to exist, to happen and to be
performed, precedent to and in the issuance of this bond, exist, have happened and have been
performed, and that the Series 2020 Bonds do not exceed any limitations prescribed by the State
Constitution, the Act, the Refunding Act, the Charter and the Bond Resolution.
This bond shall not be entitled to any benefit under the Bond Resolution, or become valid
or obligatory for any purpose, until the Paying Agent shall have signed the certificate of
authentication hereon.
[remainder of this page intentionally left blank]
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4848-2735-6344.8
IN WITNESS WHEREOF, the Board of County Commissioners of the County has
caused this Bond to be signed and executed on behalf of the County by the manual or facsimile
signature of its Chairperson, to be countersigned by the manual or facsimile signature of the
County Treasurer and to be subscribed and attested with the manual or facsimile signature of the
County Clerk and Recorder; and has caused the facsimile of the County seal to be affixed
hereon, as of the date specified above.
[FACSIMILE SEAL] PITKIN COUNTY, COLORADO
By [Manual or Facsimile Signature]
Chairperson, Board of County
Commissioners
Countersigned:
By [Manual or Facsimile Signature]
Attest: County Treasurer
By [Manual or Facsimile Signature]
County Clerk and Recorder
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4848-2735-6344.8
CERTIFICATE OF AUTHENTICATION
This is one of the Series 2020 Bonds described in the within -mentioned Resolution.
Date of Authentication:
UMB Bank, n.a., as Paying Agent
By
Authorized Representative
4848-2735-6344.8
A-6
APPROVING LEGAL OPINION
Set forth below is a true copy of the approving legal opinion of Kutak Rock LLP,
delivered on the date on which the Series 2020 Bonds were originally issued:
[approving opinion of Kutak Rock LLP to be inserted]
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4848-2735-6344.8
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto
(Please print or typewrite name and address of Transferee)
(Tax Identification or Social Security No.)
the within bond and all rights thereunder, and hereby irrevocably constitutes and appoints
attorney to transfer the within bond on the books kept for
registration thereof, with full power of substitution in the premises.
Dated:
NOTICE: The signature to this assignment must
correspond with the name as it appears upon the
face of the within bond in every particular, without
alteration or enlargement or any change whatever.
Signature Guaranteed:
Signature(s) must be guaranteed by a
national bank or trust company or by
a brokerage firm having a
membership in one of the major
stock exchanges.
TRANSFER FEE MAY BE REQUIRED
A-8
4848-2735-6344.8
PREPAYMENT PANEL
The following installments of principal (or portion thereof) of this bond have been
prepaid in accordance with the terms of the Bond Resolution.
Date of Principal Signature of Authorized
Prepayment Representative of the Depository
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4848-2735-6344.8
Docu
• SECURED
Certificate Of Completion
Envelope Id: 29EF64D5E99A4AFBB1E05CF3C5868FF3
Subject: Please DocuSign: Pitkin County 2020 Sales Tax Bond Resolution (1).doc.pdf
Source Envelope:
Document Pages: 33 Signatures: 4
Certificate Pages: 5 Initials: 0
AutoNav: Enabled
Envelopeld Stamping: Disabled
Time Zone: (UTC-07:00) Mountain Time (US & Canada)
Status: Completed
Envelope Originator:
Jeanette Jones
530 East Main Street
Suite 203
Aspen, CO 81611
jeanette.jones@pitkincounty.com
IP Address: 63.246.134.228
Record Tracking
Status: Original Holder: Jeanette Jones
9/14/2020 8:23:57 AM jeanette.jones@pitkincounty.com
Location: DocuSign
Signer Events Signature
Timestamp
Phylis Mattice
phylis.mattice@pitkincounty.com
Assistant County Manager
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Not Offered via DocuSign
John Ely
john.ely@pitkincounty.com
Cty Atty
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Accepted: 9/14/2020 1:49:58 PM
ID:a33c6844-174d-4dc3-87be-0e08738f091a
Company Name: Pitkin County, Colorado
Steven F. Child
steve.child@pitkincounty.com
Pitkin County Commissioner
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Accepted: 9/14/2020 3:47:07 PM
ID: ccb938f1-494f-4660-841f-c0003130475f
Company Name: Pitkin County, Colorado
Jeanette Jones
jeanette.jones@pitkincounty.com
BOCC Clerk
Pitkin County
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
plops hafh%,
Signature Adoption: Pre -selected Style
Using IP Address: 65.38.144.66
Suati E17
Signature Adoption: Pre -selected Style
Using IP Address: 73.229.128.106
54eveA F. CI.U.
Signature Adoption: Pre -selected Style
Using IP Address: 184.63.31.73
,)ov.t,S
Signature Adoption: Pre -selected Style
Using IP Address: 63.246.134.228
Sent: 9/14/2020 8:30:26 AM
Viewed: 9/14/2020 12:46:31 PM
Signed: 9/14/2020 12:46:44 PM
Sent: 9/14/2020 12:46:46 PM
Viewed: 9/14/2020 1:49:58 PM
Signed: 9/14/2020 1:50:37 PM
Sent: 9/14/2020 1:50:40 PM
Viewed: 9/14/2020 3:47:07 PM
Signed: 9/14/2020 3:48:09 PM
Sent: 9/14/2020 3:48:13 PM
Viewed: 9/15/2020 10:05:30 AM
Signed: 9/15/2020 10:05:46 AM
Signer Events Signature Timestamp
Not Offered via DocuSign
In Person Signer Events Signature Timestamp
Editor Delivery Events Status Timestamp
Agent Delivery Events Status Timestamp
Intermediary Delivery Events Status Timestamp
Certified Delivery Events Status Timestamp
Carbon Copy Events Status Timestamp
Witness Events Signature Timestamp
Notary Events Signature Timestamp
Envelope Summary Events Status Timestamps
Envelope Sent Hashed/Encrypted 9/14/2020 3:48:13 PM
Certified Delivered Security Checked 9/15/2020 10:05:30 AM
Signing Complete Security Checked 9/15/2020 10:05:46 AM
Completed Security Checked 9/15/2020 10:05:46 AM
Payment Events Status Timestamps
Electronic Record and Signature Disclosure
Electronic Record and Signature Disclosure created on: 3/20/2020 3:28:13 PM
Parties agreed to: John Ely, Steven F. Child
ELECTRONIC RECORD AND SIGNATURE DISCLOSURE
From time to time, Pitkin County (we, us or Pitkin County) may be required by law to provide
you with certain written notices or disclosures. Described below are the terms and conditions for
providing to you such notices and disclosures electronically when we send you documents for
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Acknowledging your Access, Intent, and Consent to Receive and Sign Materials
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To confirm that you can access this information electronically, which will be similar to other
electronic notices and disclosures that we will provide to you, please verify that you were able to
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By checking the 'I Agree' box, I confirm that:
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aware of the purpose for which the signature is being provided.
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ELECTRONIC RECORD AND SIGNATURE DISCLOSURES document; and
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print it, for future reference and access; and
• Until or unless I notify Pitkin County as described above, I consent to receive from
exclusively through electronic means all notices, disclosures, authorizations,
acknowledgments, and other documents that are required to be provided or made
available to me by Pitkin County during the course of my relationship with you.
Signing Documents without a Pitkin County DocuSign Account:
Pitkin County may not require all document signers to be authorized users of the Pitkin County
DocuSign Account. Please read the information below carefully and thoroughly, and if you can
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download and retain this disclosure. Pitkin County will forward completed documents that
you've reviewed, processed or signed via email. Should you require copies of these signed
documents (e.g., if they get deleted from your email account) you should request those
documents from Pitkin County under the Colorado Open Records Act by contacting the Pitkin
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Getting paper or electronic copies
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Unless you tell us otherwise in accordance with the procedures described herein, we will provide
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How to contact Pitkin County:
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