HomeMy WebLinkAboutR86-065 special assessment notes for Pilgrim DownsSTATE OF COLORADO )
COUNTY OF EAGLE )
The Board of County Commissioners of Eagle County,
Colorado, met in regular session at the Commissioners Hearing
Room, Eagle County Courthouse, in Eagle, Colorado, being the
regular meeting place of the Board, at 11:30 P.M., on Monday, the
28th day of July, 1986.
There were present:
Chairman: Donald H. Welch
Commissioners: Richard L. Gustafson
John F. Loughran
County Clerk: Johnette Phillips
County Attorney: James Fritze
Absent:
Thereupon the following proceedings, among others, were
had and taken.
Commissioner Loughran introduced and there was read the
following Resolution:
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STATE OF COLORADO )
COUNTY OF EAGLE )
The Board of County Commissioners of Eagle County,
Colorado, met in regular session at the Commissioners Hearing
Room, Eagle County Courthouse, in Eagle, Colorado, being the
regular meeting place of the Board, at 11:30 P.M., on Monday, the
28th day of July, 1986.
There were present:
Chairman: Donald H. Welch
Commissioners: Richard L. Gustafson
John F. Loughran
County Clerk: Johnette Phillips
County Attorney: James Fritze
Absent:
Thereupon the following proceedings, among others, were
had and taken.
Commissioner Loughran introduced and there was read the
following Resolution:
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R E S O L U T I O N
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NO. 86- (,E-
A RESOLUTION AUTHORIZING THE ISSUANCE BY EAGLE
COUNTY, COLORADO, OF SPECIAL ASSESSMENT NOTES
IN THE PRINCIPAL AMOUNT OF $135,000, FOR THE
PILGRIM DOWNS LOCAL IMPROVEMENT DISTRICT NO.
1986 -1; PRESCRIBING THE FORM OF THE NOTES, AND
PROVIDING FOR THE PAYMENT OF THE NOTES AND THE
INTEREST THEREON.
WHEREAS, the Board of County Commissioners (the "Board ")
of Eagle County, Colorado (the "County "), has created the Pilgrim
Downs Local Improvement District No. 1986 -1 (the "District "), for
the purpose of constructing and installing certain street and
drainage improvements therein; and
WHEREAS, notice to contractors to submit bids for the
construction of the improvements in the District has been duly
published and the contract for such construction has been awarded;
and
WHEREAS, pursuant to Section 30 -20 -619, C.R.S., special
assessment notes of the County may be issued and sold under such
terms and conditions as are established by the Board; and
WHEREAS, the Board has determined that the cost of the
construction of improvements for the District, together with all
necessary incidental costs, shall not exceed the amount of
$135,000, and that notes of the County for the District should be
issued in such amount; and
WHEREAS'; the Board has heretofore received a proposal
from the First Bank of Eagle and the Daval Western Profit Sharing
Plan, for the purchase of $135,000 of said notes; and
WHEREAS, the Board has determined that said proposal is
a fair and acceptable offer for said notes, being to the best
advantage of the County, and has determined to accept said
proposal and execute a contract based thereon for the sale of said
notes, upon the terms and conditions hereinafter set forth; and
WHEREAS, it is necessary to provide for the issuance of
said notes and the form and payment thereof;
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THEREFORE BE IT RESOLVED BY THE BOARD OF COUNTY COMMIS-
SIONERS OF EAGLE COUNTY, COLORADO:
Section 1. Note Details. By virtue of and pursuant to
the Constitution of the State of Colorado; the provisions of Title
30, Article 20, Part 6, C.R.S.; and all other laws of the State of
Colorado thereunto enabling, Special Assessment Notes, (the
"Notes ") of Eagle County, Colorado (the "County "), for Pilgrim
Downs Local Improvement District No. 1986 -1 (the "District "),
shall be issued for the purpose of paying for local improvements
constructed in the District. The Notes shall be in the principal
amount of $135,000, shall be dated August 1, 1986, and shall
consist of 2 Notes in the denomination of $50,000 (No. R -1) and
$85,000 (No. R -2). The Notes shall be issued only as fully
registered notes without coupons and shall be due and payable on
December 1, 1995, subject to call and prior payment on any
interest payment date, in direct numerical order of principal
installments, upon payment of par and accrued interest. Note No.
1 shall be in the principal amount of $50,000, payable in
installments of $1,000 each, numbered 1 to 50, inclusive. Note
No. 2 shall be in the principal amount of $85,000, payable in
installments of $1,000 each, numbered 51 to 135, inclusive.
Notice of such prior redemption of princi pal installments__ shall - -bo - --
given by the Registrar by mailing a copy of the redemption notice
by registered mail, not less than twenty (20) days prior to the
date fixed for redemption, to the registered owner of each Note
with the installments to be redeemed at the address shown on the
registration books maintained by the Registrar. The notice shall
specify by number the principal installments so called, and all
installments shall be paid in direct numerical order. At the
redemption date specified in such notice, interest on the
principal installments so called shall cease.
The Notes shall bear interest at the rate of 10.00% per
annum payable semiannually on each June 1 and December 1,
commencing on June 1, 1987, until the Notes mature or the
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principal installments are called for prior redemption, whichever
is the earlier date.
The maximum net effective interest rate authorized for
this issue of Notes is 14.50% per annum, and the actual net effec-
tive interest rate on this issue of Notes is 10.22% per annum.
Section 2. Payment of Notes; Paying Agent and
Registrar. The principal installments of the Notes are payable in
lawful money of the United States of America to the registered
owner of each Note, by the County Treasurer, in Eagle Colorado, or
its successor, as paying agent (the "Paying Agent ").
Notwithstanding anything contained in this Resolution to the
contrary, the principal installments and interest on any Note are
payable to the person in whose name such Note is registered, at
his address as it appears on the registration books maintained by
the County Treasurer of Eagle County, in Eagle, Colorado, as
registrar (the "Registrar "), at the close of business on the
fifteenth (15th) day of the calendar month next preceding each
interest payment date (the "Record Date "), irrespective of any
transfer or exchange of such Note subsequent to such Record Date
and prior to such interest payment date. Such payment shall be
paid by check or draft of the Paying Agent.
Section 3. Form and Execu�on of NntPS. TheNotos --
shall be signed with the manual signature of the Chairman of the
Board of County Commissioners, sealed with a manual impression of
the seal of the County, countersigned by the manual signature of
the County Treasurer, and attested by the manual signature of the
County Clerk and Recorder. Should any officer whose manual or
facsimile signature appears on said Notes cease to be such officer
before delivery of the Notes to the purchaser, such manual or
facsimile signature shall nevertheless be valid and sufficient for
all purposes.
The Notes shall be in substantially the following form:
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[Form of Bond]
UNITED STATES OF AMERICA
STATE OF COLORADO COUNTY OF EAGLE
PILGRIM DOWNS LOCAL IMPROVEMENT DISTRICT NO. 1986 -1
SPECIAL ASSESSMENT NOTE
No. R -1
[No. R -2]
$50,000
[$85, 000]
The County of Eagle, in the State of Colorado hereby
promises to pay to the registered owner hereof, solely out of the
special fund hereinafter designated, but not otherwise, the
principal sum of
FIFTY THOUSAND DOLLARS ($50,000)
[EIGHTY -FIVE THOUSAND DOLLARS ($85,000)]
on December 1, 1995, in installments of $1,000 each, numbered _
to _, inclusive, with interest from the date on which this Note
is issued and delivered at the rate of ten per centum (10.00 %) per
annum, on the unpaid installments of principal, payable on June l -,
1987, and semiannually thereafter on the lst day of December and
the 1st day of June each year, until said sum is fully paid. Both
the principal installments hereof and interest hereon are payable
in lawful money of the United States of America, to the registered
holder hereof at the address shown on the registration books of
the County, as Registrar. The final installment of principal and
interest due on this Note shall be made only upon presentation and
surrender of this Note to the County, as Paying Agent.
Payment of each installment of interest shall be made to
the registered owner hereof whose name shall appear on the
registration books of the County at the close of business on the
fifteenth (15th) day of the calendar month next preceding each
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interest payment date (the "Record Date "), and shall be paid by
check or draft of the Paying Agent mailed to such registered owner
at his address as it appears on such registration books.
The principal installments of this Note are subject to
call and redemption in direct numerical order on any interest
payment date, upon payment of par and accrued interest to the date
of redemption. Notice of prior redemption shall be given by
mailing a copy of the redemption notice, not less than twenty (20)
days prior to the date fixed for redemption, to the registered
owner of this Note at the address shown on the registration books
maintained by the Registrar, in the manner set forth in the
authorizing Resolution. At the redemption date specified in such
notice, interest on the principal installments so called shall
cease.
This Note is one of a series aggregating One Hundred
Thirty -Five Thousand Dollars ($135,000) par value, all of like
date, tenor, date of maturity, interest rate and effect, except as
to number and principal amount, issued by the Board of County
Commissioners of Eagle County, Colorado, for the purpose of paying
the costs of constructing and installing certain street and
drainage improvements, in Pilgrim Downs Local Improvement District
No. 1986 -1, in the County of Eagle, by virtue _of and __in- _ full
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conformity with the Constitution of the State of Colorado; Title
30, Article 20, Part 6, C.R.S.; and all other laws of the State of
Colorado thereunto enabling; and pursuant to the duly adopted
Resolution authorizing the issuance of this Note.
Payment of the principal installments of this Note and
the interest thereon shall be made from, and as security for such
payment there is pledged, a special fund designated as the
"Pilgrim Downs Local Improvement District No. 1986 -1 Note Fund ",
which Fund shall contain initially any moneys in the construction
account remaining after the cost of improvements has been paid in
full, and shall thereafter contain the proceeds from special
assessments levied against the property included within the
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District and specially benefited by the construction and
installation of improvements therein. The assessments constitute
a lien on and against each lot or tract of land in the respective
amounts apportioned by a resolution of the County.
It is hereby recited, certified, and warranted that the
total issue of Notes of the County for the District, including
this Note, does not exceed the amount authorized by law; that
every requirement of law relating to the creation of Pilgrim Downs
Local Improvement District No. 1986 -1, the construction of said
local improvements, and the issuance of this Note has been fully
complied with by the proper officers of the County, and that all
conditions required to exist and things required to be done
precedent to and in the issuance of this Note to render the same
lawful and valid, have happened, been properly done and performed,
and did exist in regular and due time, form, and manner, as
required by law.
This Note does not constitute a debt or an indebtedness
of Eagle County within the meaning of any constitutional or
statutory limitation or provision, and shall not be considered or
held to be a general obligation of the County. The payment of
this Note and the interest thereon is not secured by an encum-
brance, mortgage, or other pledge of property of the County except
for such special assessments and other moneys pledged for the
payment of Notes, as set forth above. No property of the County,
subject to said exception, shall be liable to be forfeited or
taken in payment of the principal installments of this Note.
For the payment of this Note and the interest thereon,
the County pledges all of its lawful corporate powers.
The Notes are issuable only in the form of registered
notes without coupons. The Registrar shall not be required to
issue or transfer any Notes: (1) during a period beginning on the
Record Date and ending at the close of business on the ensuing
interest payment date, or (2) during the period beginning on any
date of selection of principal installments to be redeemed and
a
ending on the day on which the applicable notice of redemption is
given. The Registrar shall not be required to transfer any Notes
selected or called for redemption, in whole or in part. The
County, the Paying Agent, and the Registrar may deem and treat the
registered owner of any Note as the absolute owner thereof for all
purposes (whether or not such Note shall be overdue) and any
notice to the contrary shall not be binding upon the County, the
Paying Agent, or the Registrar.
This Note is transferable by the registered owner hereof
in person or by his attorney duly authorized in writing, at the
principal office of the Registrar, but only in the manner, subject
to the limitations, and upon payment of the charges provided in
the authorizing Resolution and upon surrender and cancellation of
this Note. This Note may be transferred upon the registration
books upon delivery to the Registrar of this Note, accompanied by
a written instrument or instruments of transfer in form and with
guaranty of signature satisfactory to the County and /or the
Registrar, duly executed by the owner of this Note or his
attorney -in -fact or legal representative, containing written
instructions as to the details of the transfer of the Note, along
with the social security number or federal employer identification
number of such transferee._ In the event of the ,transfer .of this
Note, the Registrar shall enter the transfer of ownership in the
registration books and shall authenticate and deliver in the name
of the transferee or transferees a new fully registered Note in a
denomination equal to the outstanding principal installment of the
Note, of the same maturity, and interest rate which the registered
owner is entitled to receive at the earliest practicable time.
The sequential numbers of principal installments shall remain the
same following each transfer of ownership. The Registrar shall
charge the owner of this Note for every such transfer an amount
sufficient to reimburse it for its reasonable fees and for any tax
or other governmental charge required to be paid with respect to
such transfer.
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This Note shall not be valid or become obligatory for
any purpose or be entitled to any security or benefit under the
authorizing Resolution until the certificate of authentication
hereon shall have been signed by the Registrar.
IN TESTIMONY WHEREOF, the Board of County Commissioners
of Eagle County, Colorado, has caused this Note to be signed by
the manual signature of the Chairman of the Board of County
Commissioners, sealed with am impression of the corporate seal of
the County, countersigned by the manual signature of the County
Treasurer, and attested by the manual signature of the County
Clerk and Recorder, all as of the 1st day of August, 1986.
( S E A L )
ATTESTED:
County Clerk and Recorder
EAGLE COUNTY, COLORADO
By:
airman
Board of County Commissioners
COUNTERSIGNED:
County Treasurer
Form of Registrar's Certificate of Authentication]
- CERTIFICATE OF AUTHENTICATION
This Note is one of the Notes of the issue described in
the within mentioned Resolution.
Date of Registration
and Authentication:
EAGLE COUNTY TREASURER,
as Registrar
By
Authorized Signatory
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[Form of Transfer]
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns, and
transfers unto
SOCIAL SECURITY OR FEDERAL EMPLOYER
IDENTIFICATION NUMBER OF ASSIGNEE
(Name and Address of Assignee)
the within Note and does hereby irrevocably constitute and appoint
, attorney,
to transfer said Note on the books kept for registration thereof
with full power of substitution in the premises.
Dated:
Signature of Registered Owner:
NOTICE: The signature to this
assignment must correspond with the
name of the registered owner as it
appears upon the face of the within
Note in every particular, without
alteration or enlargement or any
change whatever.
Signature guaranteed:
(Bank, Trust Company, or Firm)
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Section 4. Authentication. No Note shall be valid or
obligatory for any purpose or be entitled to any security or
benefit under this Resolution unless and until a certificate of
authentication on such Note substantially in the form hereinabove
set forth shall have been duly executed by the Registrar, and such
executed certificate of the Registrar upon any such Note shall be
conclusive evidence that such Note has been authenticated and
delivered under this Resolution. The Registrar's certificate of
authentication on any Note shall be deemed to have been executed
by it if signed by an authorized officer or signatory of the
Registrar, but it shall not be necessary that the same officer or
signatory sign the certificate of authentication on all of the
Notes issued hereunder.
Section 5. Delivery of Notes. Upon the adoption of
this Resolution, the County shall execute the Notes and deliver
them to the Registrar, and the Registrar shall authenticate the
Notes and deliver them to the purchasers thereof, as directed by
the County.
Section 6. Registration and Transfer of Notes; Persons
Treated as Owners. The Registrar shall maintain the books of the
County for the registration of ownership of each Note as provided
in this Resolution, Notes may be - transferred -- -upon the
registration books upon delivery of the Notes to the Registrar,
accompanied by a written instrument or instruments of transfer in
form and with guaranty of signature satisfactory to the County and
the Registrar, duly executed by the owner of the Notes to be
transferred or his attorney -in -fact or legal representative,
containing written instructions as to the details of the transfer
of such Notes, along with the social security number or federal
employer identification number of such transferee. No transfer of
any Note shall be effective until entered on the registration
books.
In all cases of the transfer of a Note, the Registrar
shall enter the transfer of ownership in the registration books
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and shall authenticate and deliver in the name of the transferee
or transferees a new fully registered Note in a denomination equal
to the outstanding principal installments of the Note, of the same
maturity, and interest rate which the registered owner is entitled
to receive at the earliest practicable time in accordance with the
provisions of this Resolution. The sequential numbers of
principal installments shall remain the same following each
transfer of ownership. The Registrar shall charge the owner of
such Note for every such transfer of a Note an amount sufficient
to reimburse it for its reasonable fees and for any tax or other
governmental charge required to be paid with respect to such
transfer.
The County and Registrar shall not be required to issue
or transfer any Notes: (1) during a period beginning on the
Record Date and ending at the close of business on the ensuing
interest payment date, or (2) during the period beginning on any
date of selection of principal installments to be redeemed and
ending on the day on which the applicable notice of redemption is
given. The Registrar shall not be required to transfer any Notes
selected or called for redemption, in whole or in part.
New Notes delivered upon any transfer shall be valid
special limited obligations of the County, __PVirlencing- _tho -- -same
obligation as the Notes surrendered, shall be secured by this
Resolution, and shall be entitled to all of the security and
benefits hereof to the same extent as the Notes surrendered.
The County, the Paying Agent, and the Registrar may deem
and treat the registered owner of any Note as the absolute owner
thereof for all purposes (whether or not such Note shall be
overdue), and any notice to the contrary shall not be binding upon
the County, the Paying Agent, or the Registrar.
Section 7. Destruction of Notes. Whenever any
outstanding Note shall be delivered to the Registrar for
cancellation pursuant to this Resolution and upon payment of the
principal amount and interest represented thereby, or whenever any
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outstanding Note shall be delivered to the Registrar for transfer
pursuant to the provisions hereof, such Note shall be cancelled
and destroyed by the Registrar and counterparts of a certificate
of destruction evidencing such destruction shall be furnished by
the Registrar to the County.
Section 8. Lost Notes. Any Note that is lost, stolen,
destroyed, or mutilated may be replaced or paid by the Registrar
in accordance with and subject to the limitations of applicable
law. The applicant for any such replacement Note shall post such
security, pay such costs, and present such proof of ownership and
loss as may be required by applicable law, or in the absence of
specific requirements, as may be required by the Registrar.
Section 9. Disposition and Investment of Note Proceeds.
The proceeds of the Notes shall be applied only to pay the costs
and expenses of constructing the improvements in the District and
all other costs and expenses incident thereto. Neither the
original purchaser of the Notes nor any subsequent owners shall be
responsible for the application or disposal by the County or any
of its officers of the funds derived from the sale thereof. In
the event that all of the proceeds of the Notes are not required
to pay such costs and expenses, any remaining amount shall be used
for the purpose of calling in and paying- the -- principal
installments of and interest on the Notes.
All or any portion of the Note proceeds may be tempo-
rarily invested or reinvested, pending such use, in securities or
obligations which are lawful investments. It is hereby covenanted
and agreed by the County that the temporary investment or
reinvestment of the original proceeds of the Notes, or of any
moneys treated as proceeds of the Notes within the meaning of
Section 103(c) of the Internal Revenue Code of 1954, as amended
(the "Code "), and pertinent regulations, rulings, and decisions,
shall be of such nature and extent, for such period, and at such
yield, that the Notes shall not be or become arbitrage notes
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outstanding Note shall be delivered to the Registrar for transfer
pursuant to the provisions hereof, such Note shall be cancelled
and destroyed by the Registrar and counterparts of a certificate
of destruction evidencing such destruction shall be furnished by
the Registrar to the County.
Section 8. Lost Notes. Any Note that is lost, stolen,
destroyed, or mutilated may be replaced or paid by the Registrar
in accordance with and subject to the limitations of applicable
law. The applicant for any such replacement Note shall post such
security, pay such costs, and present such proof of ownership and
loss as may be required by applicable law, or in the absence of
specific requirements, as may be required by the Registrar.
Section 9. Disposition and Investment of Note Proceeds.
The proceeds of the Notes shall be applied only to pay the costs
and expenses of constructing the improvements in the District and
all other costs and expenses incident thereto. Neither the
original purchaser of the Notes nor any subsequent owners shall be
responsible for the application or disposal by the County or any
of its officers of the funds derived from the sale thereof. In
the event that all of the proceeds of the Notes are not required
to pay such costs and expenses, any remaining amount shall be used
for the purpose of calling in and paying- the -- principal
installments of and interest on the Notes.
All or any portion of the Note proceeds may be tempo-
rarily invested or reinvested, pending such use, in securities or
obligations which are lawful investments. It is hereby covenanted
and agreed by the County that the temporary investment or
reinvestment of the original proceeds of the Notes, or of any
moneys treated as proceeds of the Notes within the meaning of
Section 103(c) of the Internal Revenue Code of 1954, as amended
(the "Code "), and pertinent regulations, rulings, and decisions,
shall be of such nature and extent, for such period, and at such
yield, that the Notes shall not be or become arbitrage notes
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within the meaning of Section 103(c) of the Code and pertinent
regulations, rulings, and decisions.
Section 10. Pilgrim Downs Local Improvement District
No. 1986 -1 Note Fund. The Notes and the interest thereon shall be
payable solely from the local improvement fund, hereby established
and designated as the "Pilgrim Downs Local Improvement District
No. 1986 -1 Note Fund" (the "Note Fund "), which shall contain
initially any moneys in the construction account remaining after
the cost of improvements has been paid in full, and shall
thereafter contain the moneys collected on account of the
assessments levied against the property within the District and
specially benefited by the construction of improvements therein.
All moneys collected from such assessments shall be deposited
immediately upon receipt to the Note Fund and applied to the
payment of the principal of and interest on the Notes until such
principal and interest is paid in full. Whenever the County
Treasurer has funds in the treasury to the credit of the Note Fund
exceeding six months' interest on the unpaid principal of the
Notes issued and outstanding, principal installments shall be
called for payment by mailed notice to the registered owner, all
in accordance with Section 1 of this Resolution.
Section 11, _Additional Covenants. In. - the -- -ease of -a
default in the payment of any installment of principal or interest
on the payment of assessments when due, the County treasurer shall
advertise and sell all property concerning which such default is
suffered for the payment of the whole of the unpaid assessments
thereon pursuant to Section 30 -20 -617, C.R.S. as from time to time
amended and supplemented. If the best bid received on any lot or
tract of land would result in an amount insufficient for the
payment of the whole of the unpaid assessments the County shall
purchase such property without payment in cash and thereafter sell
such property in an amount sufficient to pay such unpaid
assessments in whole, pursuant to Section 30- 20- 617(2) as from
time to time amended and supplemented.
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Section 12. Direction to Take Authorizin2 Action. The
appropriate officers of the County and members of the Board are
hereby authorized and directed to take all other actions necessary
or appropriate to effectuate the provisions of this Resolution,
including, but not limited to, the execution of a Paying Agent and
Registrar Agreement, a Note Purchase Agreement, and such certifi-
cates and affidavits as may reasonably be required by the
purchasers of the Notes.
Section 13. Severability. If any one or more sections
or parts of this Resolution shall be adjudged unenforceable or
invalid, such judgement shall not affect, impair, or invalidate
the remaining provisions of this Resolution, it being the
intention that the various provisions hereof are severable.
Section 14. Repealer. All acts, orders, resolutions,
or parts thereof, of the County that are inconsistent or in
conflict with this Resolution are hereby repealed to the extent
only of such inconsistency or conflict.
Section 15. Resolution Irre ealable. After the Notes
are issued, this Resolution shall be and remain irrepealable until
the Notes and the interest thereon shall have been fully paid,
satisfied, and discharged.
Section 16. Recordincfof Resolution. This Resolution,
immediately upon its passage, shall be authenticated by the
signatures of the Chairman of the Board of County Commissioners
and the County Clerk and Recorder, and shall be recorded in the
Book of Resolutions of the County kept for that purpose.
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Section 17. Effective Date. The provisions of this
Resolution shall take effect upon adoption.
ADOPTED AND APPROVED This 28th day of July, 1986.
Chaff an
Board of County Commissioners
ATTESTED: p
ounty Clerk and Recorder
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Section 17. Effective Date. The provisions of this
Resolution shall take effect upon adoption.
ADOPTED AND APPROVED This 28th day of July, 1986.
Chaff an
Board of County Commissioners
ATTESTED: p
ounty Clerk and Recorder
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Commissioner Loughran then moved that said Resolution be
passed and adopted as read. Commissioner Gustafson seconded the
motion.
The question being upon the passage and adoption of said
Resolution, the roll was called with the following result:
Those voting AYE:
Commissioners: Richard L. Gustafson
John F. Loughran
Donald H. Welch
Those voting NAY:
The presiding officer thereupon declared that a majority
of all of the Commissioners elected having voted in favor thereof,
the motion was carried and the Resolution duly passed and adopted.
y�ee
of .
ATTESTED:
UA�
ll// County Clerk and Re order
Chairman
Board of County Commissioners
STATE OF COLORADO )
COUNTY OF EAGLE )
I, Johnette Phillips, County Clerk of the County of
Eagle, State of Colorado, do hereby certify that the foregoing
pages numbered 22 to 38, inclusive, constitute a true and correct
copy of the record of proceedings of the Board of County
Commissioners of said County, taken at a regular meeting held on
Monday, the 28th day of July, 1986, at 11:30 P.M., held at the
Commissioners Hearing Room, Eagle County Chourthouse, in Eagle,
Colorado, insofar as said minutes relate to a Resolution
concerning the issuance of special assessment notes for Pilgrim
Downs Local Improvement District No. 1986 -1, a copy of which is
therein set forth; that the copy of said Resolution contained in
the minutes is a full, true, and correct copy of the original of
said Resolution as adopted by the Board of County Commissioners at
said meeting; and that the original Resolution has been duly
signed and approved by the presiding officer of the Board of
County Commissioners and the County Clerk and Recorder, sealed
with the corporate seal of the County, and recorded in the Book of
Resolutions of the County kept for that purpose.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the County, this day of
i. , 1986.
U County Clerk �—
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Ad
STATE OF COLORADO ) CERTIFICATE RELATING TO
COUNTY OF EAGLE ) THE ESTIMATE OF COSTS
I, Johnette Phillips, County Clerk of Eagle County,
Colorado, hereby certify that the estimate of costs for the
Pilgrim Downs Local Improvement District No. 1986 -1, in Eagle
County, Colorado, is as follows:
Construction costs $-L02" 209. 7S
Engineering fees 17, IP30 00
Construction contingency -1'S-.2S
Note issuance costs q, 3"75-, oo
Total Cost $ 135, 000, 00
In addition, I hereby certify that the total amount of
bonds issued for the Pilgrim Downs Local Improvement District No.
1986 -1 does not exceed the estimated cost and expense of the
improvements to be constructed and installed within the District,
or any other limitations imposed by law.
IN WITNESS WHEREOF, I have hereunto subscribed my name
and affixed the offiical seal of the County this lst day of
August, 1986.
f
STATE OF COLORADO ) GENERAL INCUMBENCY
COUNTY OF EAGLE ) CERTIFICATE
Each of the undersigned, as officers of and attorney
for, and on behalf of, Eagle County, Colorado (the "County "), in
connection with the issuance by the County of its Special
Assessment Notes, dated August 1, 1986, in the aggregate principal
amount of $135,000, for Pilgrim Downs Local Improvement District
No. 1986 -1 (the "District "), hereby certifies as follows:
1. They are respectively, the duly elected or
appointed, qualified, and acting Chairman of the Board of County
Commissioners, County Clerk and Recorder, and County Attorney of
the County.
2. The County is a duly organized and existing county
and body corporate and politic under the constitution and laws of
the State of Colorado.
3. For the period from June 1, 1986, to and including
the date of this Certificate, the following have been and now are
the duly elected or appointed and qualified members of the Board
of County Commissioners and officers of the County:
Chairman: Donald H. Welch
Commissioners: Richard L. Gustafson
John F. Loughran
County Clerk: Johnette Phillips
County Treasurer: Mary Walker
County Attorney: James Fritze
- 41 -
IN WITNESS WHEREOF, we have hereunto subscribed our
names and affixed the official seal of Eagle County, Colorado,
this 1st day of August, 1986.
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Chairman
j
J
STATE OF COLORADO ) NO LITIGATION
COUNTY OF EAGLE ) CERTIFICATE
Each of the undersigned, as an officer of or attorney
for, and on behalf of, Eagle County, Colorado (the "County "), in
connection with the issuance by the County of its Special
Assessment Notes, dated August 1, 1986, in the aggregate principal
amount of $135,000 (the "Notes "), for Pilgrim Downs Local
Improvement District No. 1986 -1 (the "District "), hereby certifies
as follows:
1. No litigation of any nature is now pending or, to
the best of our knowledge, threatened seeking to restrain or to
enjoin the issuance or delivery of any of the Notes, or the
collection or application of the special assessments to be levied
against the property within the District, or in any manner
questioning the authority or proceedings for the issuance of the
Notes, the creation of the District, or the levying of special
assessments, or affecting the validity or enforceability of the
Notes, or relating to the pledge of or lien on the special
assessments, or in any manner questioning the validity of any
resolution of the County which will impose the special
assessments,._ or-in any manner contesting or._affect.ing the .validity,
or enforceability of the resolution authorizing issuance of the
Notes, or in any manner contesting or affecting the powers of the
County or any authority or proceedings for the issuance of the
Notes or the collection of the special assessments.
2. Neither the corporate existence of the County, the
present boundaries thereof, nor the rights of the officers of the
County to hold their respective positions, is being contested or
challenged.
3. No authority or proceedings for the issuance of the
Notes has or have been repealed, revoked, amended, or rescinded,
by implication or otherwise.
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4. None of the Notes have heretofore been issued under
or pursuant to such proceedings.
5. To the best of our knowledge, belief, and informa-
tion, nothing exists to hinder or prevent the County from issuing
the Notes.
IN WITNESS WHEREOF, we have hereunto subscribed our
names and affixed the official seal of Eagle County, Colorado,
this 1st day of August, 1986.
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Chairman
V County Clerk
County Att Uney
a }
T
STATE OF COLORADO )
SIGNATURE CERTIFICATE
COUNTY OF EAGLE )
Each of the undersigned, as officers of and on behalf of
Eagle County, Colorado (the "County "), in connection with the
issuance by the County of its Special Assessment Notes, dated
August 1, 1986, in the aggregate principal amount of $135,000 (the
"Notes "), for Pilgrim Downs Local Improvement District No. 1986 -1
(the "District "), hereby certifies as follows:
1. The undersigned were the Chairman of the Board of
County Commissioners, the County Treasurer, and the County Clerk
and Recorder, respectively, of the County on the date of the
execution and on the date of delivery of the Notes.
2. The manual signatures of the officers of the County
appearing upon the Notes are the facsimile signatures of such
officers, respectively.
3. The manual signatures were duly affixed with the
knowledge and consent of the undersigned officials whose facsimile
signatures they purport to be and the same are hereby adopted.
4. The seal which appears on each of the Notes is an
impression of the duly adopted official corporate seal of the
County, -a manual impression of which is impressed on this Certi-
ficate.
IN WITNESS WHEREOF, we have hereunto subscribed our
names and affixed the official seal of Eagle County, Colorado,
this 1st day of August, 1986.
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STATE OF COLORADO )
NO ARBITRAGE CERTIFICATE
COUNTY OF EAGLE )
1. In General.
1.1. The undersigned is the County Clerk and Recorder
Of Eagle County, Colorado (the "Issuer "), and does hereby certify
that, as an officer of the Issuer, I am charged either alone or
with others with the responsibility of issuing and delivering the
Issuer's Special Assessment Notes, dated August 1, 1986, in the
aggregate principal amount of $135,000 (the "Notes "), for Pilgrim
Downs Local Improvement District No. 1986 -1 (the "District ").
1.2. This Certificate is executed for the purpose of
establishing the reasonable expectations of the Issuer as to
future events regarding the Notes. The Issuer has not been
notified of any listing or proposed listing of the Issuer by the
Internal Revenue Service as an issuer that may not certify its
notes or bonds.
1.3. To the best of the undersigned's knowledge, infor-
mation, and belief, the expectations contained in this Certificate
are reasonable.
1.4. The facts and estimates in Sections 3 and 4 of
this Certificate are based on representations made by /
fMnleoo�, 1U /Ve"]'• / Foci n r the engineers for
the Project. he Issuer isv not aware of any facts or
circumstances that would cause it to question the accuracy of
those representations.
1.5. This certificate is being executed and delivered
pursuant to Sections 1.103 -13 and 1.103 -14 of the Income Tax
Regulations promulgated under the Internal Revenue Code of 1954,
as amended.
2. The Purpose of the Notes.
2.1. The Notes are being issued for the purpose of
providing funds for paying the costs of constructing and
installing certain street and drainage facilities, together with
necessary incidentals (the "Project ").
3. Source and Disbursement of Funds.
3.1. $50,000 of the Notes will be sold to the First
Bank of Eagle at a price of par, and $85,000 of the Notes will be
sold to the Daval Western Profit Sharing Plan at a price of par,
less a discount of $2,125.
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t
STATE OF COLORADO )
NO ARBITRAGE CERTIFICATE
COUNTY OF EAGLE )
1. In General.
1.1. The undersigned is the County Clerk and Recorder
Of Eagle County, Colorado (the "Issuer "), and does hereby certify
that, as an officer of the Issuer, I am charged either alone or
with others with the responsibility of issuing and delivering the
Issuer's Special Assessment Notes, dated August 1, 1986, in the
aggregate principal amount of $135,000 (the "Notes "), for Pilgrim
Downs Local Improvement District No. 1986 -1 (the "District ").
1.2. This Certificate is executed for the purpose of
establishing the reasonable expectations of the Issuer as to
future events regarding the Notes. The Issuer has not been
notified of any listing or proposed listing of the Issuer by the
Internal Revenue Service as an issuer that may not certify its
notes or bonds.
1.3. To the best of the undersigned's knowledge, infor-
mation, and belief, the expectations contained in this Certificate
are reasonable.
1.4. The facts and estimates in Sections 3 and 4 of
this Certificate are based on representations made by /
fMnleoo�, 1U /Ve"]'• / Foci n r the engineers for
the Project. he Issuer isv not aware of any facts or
circumstances that would cause it to question the accuracy of
those representations.
1.5. This certificate is being executed and delivered
pursuant to Sections 1.103 -13 and 1.103 -14 of the Income Tax
Regulations promulgated under the Internal Revenue Code of 1954,
as amended.
2. The Purpose of the Notes.
2.1. The Notes are being issued for the purpose of
providing funds for paying the costs of constructing and
installing certain street and drainage facilities, together with
necessary incidentals (the "Project ").
3. Source and Disbursement of Funds.
3.1. $50,000 of the Notes will be sold to the First
Bank of Eagle at a price of par, and $85,000 of the Notes will be
sold to the Daval Western Profit Sharing Plan at a price of par,
less a discount of $2,125.
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y
3.2. Based upon the expected yields on available
investments and the projected schedule of construction, it is
reasonably expected that the Issuer will earn no more than
$ /$b0 on the investment of Note proceeds prior to their
disbursement to pay the costs of the Project.
3.3. The $135,000 received by the Issuer from the sale
of the Notes and available to pay the costs of the Project, plus
the $ Zyoo of investment proceeds on such amount, are expected
to be needed and spent as follows:
Source:
Use:
Note proceeds $135,000
Investment proceeds 1 Fob
TOTAL $ 13k $03
Construction costs
$/02.Z09.75
Engineering fees
ti Lao
3.2. Based upon the expected yields on available
investments and the projected schedule of construction, it is
reasonably expected that the Issuer will earn no more than
$ /$b0 on the investment of Note proceeds prior to their
disbursement to pay the costs of the Project.
3.3. The $135,000 received by the Issuer from the sale
of the Notes and available to pay the costs of the Project, plus
the $ Zyoo of investment proceeds on such amount, are expected
to be needed and spent as follows:
Source:
Use:
Note proceeds $135,000
Investment proceeds 1 Fob
TOTAL $ 13k $03
Construction costs
$/02.Z09.75
Engineering fees
ti Lao
Construction contingency
�8J 2:
Note issuance costs
including discount
rj ,3�S-,, o
TOTAL
$/3s", 000,()o
4. Temporary Period.
4.1. Within six months after the date hereof the Issuer
will enter into a binding obligation with a third party to
commence or acquire the - Project obligating ° an expenditure in
excess of 2 -1/2% of the Project cost.
4.2. _ Upon entering into a binding obligation for
construction or acquisition of the Project, construction or
acquisition will commence immediately and proceed with due
diligence to completion.
4.3. At least 85% of the spendable proceeds from the
sale of the Notes will be used for acquisition or construction
costs of the Project within three years after the date hereof.
5. Note Fund.
5.1. Money deposited in the Issuer's Note Fund will be
used to pay the principal installments of and interest on the
Notes. The Note Fund will be used to achieve a proper matching of
revenues and debt service within each bond year. Any money
deposited in the Note Fund will be spent within a thirteen -month
period beginning on the date of deposit, and any amount received
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from investment of money held in the Note Fund will be spent
within a one -year period beginning on the date of receipt. The
Note Fund will be depleted at least once a year except for an
amount not to exceed the greater of: (a) one year's earnings on
the Fund, or (b) 1 /12th of the annual debt service on the Notes.
6, Miscellaneous.
6.1. The Issuer does not reasonably expect that the
Project will be sold or leased for monetary consideration, in
whole or in part, prior to the final maturity date of the Notes.
6.2. Except as set forth in Section 5 of this Certi-
ficate, the Issuer has not created or established, nor does it
expect to create or establish, any other fund or account which it
reasonably expects to use to pay the principal of or interest on
the Notes. No amounts in any other fund or account of the Issuer
are reserved or pledged for the payment of the principal of or
interest on the Notes, nor is there any reasonable assurance or
expectation that any portion of such other funds and accounts will
be available to pay the principal of or interest on the Notes if
the Issuer encounters financial difficulty.
6.3. No portion of the proceeds of the Notes will be
used, directly or indirectly, to replace other funds of the Issuer
that otherwise were to be used to finance the Project and that
have been or will be used, directly or indirectly, to acquire
investments with a yield in excess of the yield on the Notes.
6.4. The Notes are not and will not be part of a
transaction or series of transactions that attempts to circumvent
the provisions of Section 103(c) of the Code, and the regulations
thereunder,- ._(a) - -- enabling the - Issuer to exploit the difference
between tax- exempt and taxable interest rates to gain a material
financial advantage, and (b) increasing the burden on the market
for tax - exempt obligations.
6.5. The payment of principal or interest with respect
to the Notes is not guaranteed (in whole or in part) by the United
States (or any agency or instrumentality thereof), The Notes are
not issued as part of an issue where a significant portion of the
proceeds of such issue are to be: (i) used in making loans the
payment of principal or interest with respect to which are to be
guaranteed (in whole or in part) by the United States (or any
agency or instrumentality thereof), or (ii) invested (directly or
indirectly) in federally insured deposits or accounts. The
payment of principal or interest on the Notes is not otherwise
indirectly guaranteed (in whole or in part) by the United States
(or an agency or instrumentality thereof).
6.6 It is not reasonably expected that all or a
significant portion of the proceeds of the Notes will be used
a
3
from investment of money held in the Note Fund will be spent
within a one -year period beginning on the date of receipt. The
Note Fund will be depleted at least once a year except for an
amount not to exceed the greater of: (a) one year's earnings on
the Fund, or (b) 1 /12th of the annual debt service on the Notes.
6, Miscellaneous.
6.1. The Issuer does not reasonably expect that the
Project will be sold or leased for monetary consideration, in
whole or in part, prior to the final maturity date of the Notes.
6.2. Except as set forth in Section 5 of this Certi-
ficate, the Issuer has not created or established, nor does it
expect to create or establish, any other fund or account which it
reasonably expects to use to pay the principal of or interest on
the Notes. No amounts in any other fund or account of the Issuer
are reserved or pledged for the payment of the principal of or
interest on the Notes, nor is there any reasonable assurance or
expectation that any portion of such other funds and accounts will
be available to pay the principal of or interest on the Notes if
the Issuer encounters financial difficulty.
6.3. No portion of the proceeds of the Notes will be
used, directly or indirectly, to replace other funds of the Issuer
that otherwise were to be used to finance the Project and that
have been or will be used, directly or indirectly, to acquire
investments with a yield in excess of the yield on the Notes.
6.4. The Notes are not and will not be part of a
transaction or series of transactions that attempts to circumvent
the provisions of Section 103(c) of the Code, and the regulations
thereunder,- ._(a) - -- enabling the - Issuer to exploit the difference
between tax- exempt and taxable interest rates to gain a material
financial advantage, and (b) increasing the burden on the market
for tax - exempt obligations.
6.5. The payment of principal or interest with respect
to the Notes is not guaranteed (in whole or in part) by the United
States (or any agency or instrumentality thereof), The Notes are
not issued as part of an issue where a significant portion of the
proceeds of such issue are to be: (i) used in making loans the
payment of principal or interest with respect to which are to be
guaranteed (in whole or in part) by the United States (or any
agency or instrumentality thereof), or (ii) invested (directly or
indirectly) in federally insured deposits or accounts. The
payment of principal or interest on the Notes is not otherwise
indirectly guaranteed (in whole or in part) by the United States
(or an agency or instrumentality thereof).
6.6 It is not reasonably expected that all or a
significant portion of the proceeds of the Notes will be used
Y 1
3
directly or indirectly to make or finance loans to persons who are
not "exempt persons" within the meaning of Subsection 103(b)(3) of
the Code.
IN WITNESS WHEREOF, I have hereunto subscribed my name
and affixed the official seal of the Issuer this lst day of
August, 1986.
EAGLE COUNTY, COLORADO
By:
ounty Clerk and Recorder
STATE OF COLORADO )
DELIVERY CERTIFICATE
COUNTY OF EAGLE )
Each of the undersigned, as officers of and on behalf of
Eagle County, Colorado (the "County "), in connection with the
issuance by the County of its Special Assessment Notes, Series
1986, dated August 1, 1986, in the aggregate principal amount of
$135,000 (the "Notes "), for Pilgrim Downs Local Improvement
District No. 1986 -1 (the "District "), hereby certifies as follows:
1. The Notes were delivered to the First Bank of Eagle
and the Daval Western Profit Sharing Plan, and the County
acknowledges receipt of the full purchase price, as follows:
Principal Amount: $135,000
Less Discount: (2,125)
TOTAL $132,875
2. The statements made in the Certificates executed by
the County appearing at pages 41 to 49 inclusive, concerning the
issuance of the Notes by the County, including but not limited to:
provisions therein relating to officers of the County and their
signatures; the absence of any litigation concerning the County,-
its officers, and the Notes; and the expected amount, use, and
investment of Note proceeds, remain true and correct to and
including the date of this Certificate, and each of the paragraphs
therein set forth is herein incorporated by specific reference.
IN WITNESS WHEREOF, we have subscribed our names this
1st day of August, 1986.
Chairman`
Ca my Treasurer
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EXHIBIT A
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS: That the County of
Eagle, State of Colorado, a body politic and corporate,
reposing special trust and confidence in James R. Fritze, of
the County of Eagle, 'State of Colorado, has made, constituted
and appointed, and by these presents do make, constitute and
appoint the said James R. Fritze, the true and lawful attorney
for the County of Eagle; and in its name, place and stead, for
its sole use and benefit to draw upon Irrevocable Letter of
Credit No. 1234, dated August 31, 1984 of FirstBank of Vail,
Vail, Colorado in the amount of U.S. $2,000.00; and to exe-
cute, make endorse, and accept any documents necessary to
accomplish the foregoing purpose.
Hereby giving and granting unto James R. Fritze, said
attorney, full power and authority to do and perform all and
every act and thing whatsoever requisite and necessary to be
done in and about the premises, as fully to all intents and
purposes as it might or could do if personally present, with
full power of substitution and revocation, hereby ratifying
and confirming all that its said attorney or his substitutes
shall lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the County of Eagle has caused its
name to be signed by its Chairman of the Board of County
Commissioners, and its seal to be affixed and attested by its
Clerk, all being done in the Town of Eagle, and State of
Colorado, on this 65!�--:95-- day of August, 1986.
STATE OF COLORADO )
ss
County of Eagle )
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By:
Donald H: Welch, Chairman
Address: P.O. Box 850
Eagle, CO 81631
Telephone: (303) 328 -7311
I, I , Notary Public in and for said
Eagle County, in the State aforesaid, do hereby certify that
Donald H. Welch, Chairman of the Board of County Commissioners
of the County of Eagle, State of Colorado, and Johnnette
Phillips, County Clerk and Clerk to the Board of County
Commissioners, County of Eagle, State of Colorado, personally
known to me to be the persons whose names are subscribed to
the within Power of Aztorney, appeared before me this day in
person and acknowledged that they signed, sealed and delivered
the said instrument of writing as their free and voluntary act
and deed, for the uses and purposes therein set forth.
Given under my hand and notary seal, this day of August,
1986.
My commission expires
Notary Public
