HomeMy WebLinkAbout1978 Resolution No. 065•
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.!! ! ! .Q ~ ~ ! ! Q !! NO. 65 SERIES OF 1978
A RESOLUTION AUTHORIZING THE ESTABLISHMENT .
OP AN ESCROW ACCOUNT IN "CONNECTION WITS
THE PAYMENT AND REDEMPTION OF GENERAL
OBLIGATION HOUSING REFUNDING BONDS, DATED
AUGUST 1, 1976, OP THB CITY OF ENGLEWOOD,
COLORADO, AND PROVIDING CERTAIN DETAILS IR
CONNECTION THEREWITH.
WHEREA S , on or about February 19, 1976, the City of
En9levood, Colorado, issued and delivered -it~ General Obligation
Hou•ing Bonds, Serie• 1976, in the principal amount of $2,225,000,
dated Pebruary 1, 1976, for the purpose of constructing and
quippi ng a 1 s t o ry, 104 unit apartment building, which haa
been l••••d to low inco .. elderly tenants: and
WHEREAS, auch i•aue of bonda has been refunded, by the
ia•uance of General Obligation Rousing Refunding Bonds, dated
August 1, 1976, in the principal amount of $2,112,000, of which -....... _. __
there 1• presently out st anding the amount of $2,022,000: and
W8EREA S , by Ordinance No. 2!._ Series 1978, finally
passed and o pted on November 20 . 1978, the City ha• authorized
the sale and conveyan •:e of the housing project to the Housing
Authority of the City of Englewood, ColoradoJ and .
WHE RE AS, the purchase price established by aaid or-
dinance shall be an a•ount equal to the principal amount of
bonds, dated August 1, 1976, outstanding as of December 1, 1978
($2,022,000): and
WHEREAS, the proceeds derived from the sale of the
hou.ain9 project to the Authority shall be placed in a special fund
and trust acc oun t . to be es tablished as authorized herein, for the
purpose of pa ying and redeemin9 the General Obligation Housing
Refunding Bonda, d at e d August 1, 1976, (the •outstanding Bonds•)
as to principal a nd in terest as they severally become due and
payable , or on the pr ior r ed em ption date, all as more particularly
et f o rth herein:
8! IT RE SOLVED BY TH! CITY COUNCIL OF THE CITY OP
CtlC L O , COLO RA DO:
S ect ion 1 . Th at the proceeds from the sale of the
housing project b y the Ci ty , being the amount of not less than
$2 ,022 ,000 , r,~al l be de po si t e d by t he City in a special fund and
•~Parate tru gt a ccount , de signa ted as the •ceneral Obligation
c
a .:>OV .:; •
Oo nd Es crow Account, 1979• (the •Escrow Ac-
tabl ish ed and maintained at The First National
, in Engle wood, Colorado, (the •eant•) for the
an d r·~deemln g t he Outstanding Bonds of the City
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2. That the a•ount on deposit in the Eacrow Account,
when invelted by the Bank, shall at all ti•• be at least •uf-
f i cient to pay the intere•t on, principal of, and redemption
pre•iua, if any, of the Out•tanding Bonds, under and in accordance
with the foll o wing •che dule:
(A) The Out•tanding Bonds, numbered and aaturing
a • f o ll o ws , s ha ll b e pa i d and retired at their reapective aaturity
da te• according to their original teraa:
Bon d• Maturing Bonds Numbered
1979 to 1987, incl. 19 to 145, incl.
CB ) Th e Out s tanding Bonds, numbered and aaturing
a• followa, shal l be c a ll e d for redemption· on Deceaber 1, 1987,
(the •Prior Red emp tion Date•> at a price of par, acctued intere•t
and • preaium of 1/2 of 1' of the principal aaount so redee•d:
Bond• Maturing Bonds Numbered
1911 to 1998, incl. 146 to 424, incl.
(C) I n t e r e •t on the Outatanding Bonda which
matures in the yeara 1979 and _thereafter shall be paid 'aeai--
annually each year on the proper interest payment dates according
to their original term•, until ••id bonds mature or are called for
prior redeaption, whichever ia earlier.
l. That the Bank •hal l inveat the fund• on deposit in
the. lacrow Ac count i n no n-callable federal sec:ur itiea ONLY, and
•hall fully •ec:ure any c:ash bala"ce in said Escrow Account in the
aanner r e quired by law for other truat funds.
4. Th a t, if for any reason, at any time, the funds on
hand in •u ch Esc row Acc o unt shall be insufficient to meet such
paym en t s , as th e same shall be about to become due and payable,
t h e City shall f or t hwith deposit in the Escrow Account such
dditi o na l f unrl!i as ma y be r e qui r e d fully t o meet the amount about
to be come due an d pa yab l e .
5. Th a t t h e Bank shall from time to time redeem at
mat uri t y all o r a po rtio n of the non-callable federal securities
i n aa id Eacro w Acco unt, i n suff i cient amounts so that the proceeds
t here f rom and t he i nt e r e s t t he reon as the same accrues, will be
suffi ci en t t o Me e t the i ntere s t requirements on t he Outstandin9
Bond s as s uch i n ter es t a c c r ues a nd to pay t he Outstand in9 Bonds at
th e i r r espe c tive m<?1tu r i t y da t es o r on t he Pr io r Re demption Date,
co r ding to t he sch e d u le set forth a bo ve, and as set forth in
Exhi bit •1• of th e Es crow Ag r e em ent.
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6. That the Mayor and Director of Finance are hereby
a uthorized •nd directed to take all necessary or appropriate
action toward the exe~tion of a proper E&crow Agreement with tbe
Bank concerning the deposits in, inveataents of and disbursements
froa said Escrow Account, and such other agreements as aay
be nece ssary or des irable to effectuate the provisions of this
Resol ution and coaply with the requirements of law. The Escrow
Agre<?ment shall be in aub&tantially the form hereto attached as
Exhibit •A•, and the same is incorporated herein by specific
reference.
7. That the Director of Finance is hereby author-
ized to give not ice of prior redemption of the Outstanding Bonda.
Onle•• additional and more extensive notice is required by law,
the notice...shall be given by publication ·in some newspaper of
general circuht ion published in the City. The notice shall be
published one time, on or about the date on which the housing
project is sold and conveyed to the Authority, and again on or
about thirty days prior to the Prior Redemption Date of the
Ouat~ding Bonds .
8. That in ad~ition to the published notice referred to
above, notice of such prior redemption shall be sent by certified
aail to the following, at the last known address thereof:
(1) The First National Bank of Englewood
Englewood, Colorado
(2) Hanifen, Imhoff ' Samford, Inc.
Denver, Colorado
(3) De nver Co nsolidated Bond Call
Denver, Colorado
9. That the officers and members of the City Council
of the Cit~-~re he reby authorized and directed to take any and all
actions necessary or appropriate to effectuate the provisions of
this Resolution, including, but not being limited to, the exe-
cution of such c ertific<1tes and affidavits as may reasonably be
r e quired.
10. That if any one or more sections or parts of this
Reso lutio n sh a l 1 be adjudged unenforceable or invalid, such
judgment shall not affec t, impair or invalidate the remaining
provisions of thi s Re s o l ution , it being the intention that the
var io us prov isions h e r eof are severable.
/\lj() 1'1' I ll 5th da y of December, 1978.
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(SEAL)
ATTEST:
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P.SC ROW _!!!_!!~~.!!!!!T
DATED a• of the lat day of December, 1978, and actually
e a ecuted o n thr day of ______ , 1978, made by and between
the City of Englewood, in the County of Arapahoe and State of
Co lorado , a City duly organized under the Conatitution and Lava of
lhe State of Co l orado, and a Home Rule Charter (the "City•), and
The Pirat National Bank of Englewood, a commercial bank duly
o rganized and existin9 under the Lava of the State of Colorado,
being a •eaber of the rederal Deposit Insurance Corporation,
having full and C011Plete trust powers, and having an office and
place of bualne•• in Englewood, Colorado, (the •aant•).
WITWESSITR1
WHEREAS, the City has previously authorized and issued,
a•on9 other s of it• iaauea of bonda, a total of $2,112,000 of
General Obligat i on Bou•in9 Refunding Bonda, dated August 1, 1976,
(tbe •aoncta•) of which there nov re .. in outstanding the amount of
$2,022,000 , maturinq Ui variou• ""'ounta on December 1 in each of
the year• 1979 to 1998, incluaive · and
WHEREAS, those bonds maturing on or before December 1,
198 5 are not redeeaable prior -to their respective maturity datea1
those bond• aatur ing on or after December 1, 1986 are redeemable
at the option of the City on December . 1, 1985, and on any interest
payaent dat e thereafter, in inverse numerical order, upon payment
of par, accrued intere•t and a premium of 1/2 of lt of the prin-
ci~al amount so redeemed: and
WHEREAS, the Bonda were issued for the purpose of
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refunding and paying a prior issue of bonds of the City, the
proceed• of wh lch ve re uaed to construct and furnish a 7 story ·
ap.irtmc n t b u I ld1nq r o ntainin9 104 units, which are leased to lov
incomt! elderly tenants (t he •project•): and
WHEREAS, the City Council of the City has determined
b y ocd LnoJ11 rf' t hal Lhe Project s hould be sold to the Housing
Auth ority o l the Ci ty of Engl e wood, Colorado, (the •Authority•):
and
WHEREAS , the City Council has further determined
hy reno lu t1 n n thnt t ho pr oce eds from the sale of the Project in
the amount o f $2,022 ,000 received by the City should be deposited
i n a special tru s t ac co un t to be created for the purpose of paying
and redeeming the Bonds d e scribed above: and
WH ERE AS said r esolution also provides that with the
amount d eposited t o t he specia l trust account, together with
any l r iv e from the in ves tment and any temporary
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r einveat11ent of such proceed• in noncallable direct obligation•
of, or obli9atlona of vhich the princi~al and intereat are un-
condit i onally quaunteed by the United States of America only,
C •federal Hcurittes•), the City shall pay in full the princi•
pal of. interest on, and prior redemption premium, if any, on the
Bond• in the •anner and at the times hereinafter set forthr
and
WHEREAS, if for any reaaon, at any time the funds on
band in auch apecial tru•t accou nt shall be in•ufficient to pay
the a•ount of principal of, intere•t on, and prior redempti~D
pre•iUll, if any, on the Bond• according to the schedule herein-
after ••t forth, the City shall •• soon as practicable depo•lt
therein auc:h additional funds a• aay be required fully to aeet the
a•ount about to become
a•ailable therefor1
•OW TREUFORB ,
due and payable from any fund or fund•
IT IS AGRBBDs That in con•ideration of
the autual cov e nant• herein contained and in con•ideration of the
aUll of ($ ) duly
paid by or on behalf of the City to the Bank at or before the
e•ecutlon and delivery of this Agreement, the receipt whereof i•
hereby acknowledged, and in order to ••cure the payaent of tb•
principal of, interest on, and prior redemption premiua, if any,
on the Bonda acco rding to the schedule aet forth herein, tb•
parties hereto autually undertake, promise and agree for them-
selves, their respective re?resentatives, succeeaors and ••sign•,
as .followar
Section l. The City shall deposit with the Bank in a
•pecial fund and separate tru•t account, designated as the •city
of Inglewood, General Obligation Housing Refunding Escrow Ac-
count, 1978 •, (the •e s crow Account•), an amount not less than
s2,022,ooo, bei ng the pro ceeds of the purchase price of the
Project paid by the Authority to the City, which amount when
invested by the Bank , will be at all times at least sufficient to
pay t he principal of , in terest on, and prior redemption premium,
if any, on the Bonds to be refunded and paid under and in accor-
dan ce wi th the f o l lowing schedule :
(A) Bon ds numbered and maturing as follows, shall
be paid and retired at their respective maturity dates according
to t heir origi n al terms : (al l numbers inclusive)
Do n Mat ~~ Bonds Numbered
1987 , incl . 19 to 145, incl.
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( B) Bond• nu•bered and maturing as follow•,
•hall be called for red .. ption on December 1, 1987, (the •prior
Redeaption Date•) end the City ahall pay par, accrued interest and
a preaim of 1/2 of 1' of the principal aaount of the Bond• ·so
called for redeaptions (all number• inclu•ive)
Bond "•turing
1988 to 1998, incl.
Bonda Nuabered
146 to 424, incl.
(C) Intereat on tbe Bonda which matures in tbe
years 1979 and thereefter ahall be paid aeaiannually ea~h year, on
the proper intereat payaent date• according to their original
tera., or until the Prior Radeaption Date, whichever is earlier.
At the ti•• of actual execution of this Agreement,
the Bent ahall iaaediately inveat the funds on deposit in tbe
Eaerov Account in the noncallable federal aecur ities listed in
Exhibit •1• attached hereto and made a part hereof, and shall
fully secure a ny cash balence in said account in the manner aet
forth in Section• 3 aud 6 of this Agree•nt.
Section 2. If, for any reason, at any time the fund•
on hand in auch Escrow Account shall be inauff icient to meet such
payaenta, aa the aaae •hall be about to become due and payable,
the City ahall aa aoon a• practicable deposit in such Escrow
Account auch additional fund• •• may be required fully to meet the
aaounta ao about to beco~• due and payable. Notice of such
inaufficiency aball be given aa hereinafter provided, but the Bank
shall in no .. nner be reaponsible for the City's failure to make
such deposit.
Section l • The Bank shall hold said special deposit,
together with the obliqation• herein authorized to be purchased, .
at all times in a special fund and separate trust account, wholly.
segregated from other funds and securities on deposit with it1 ',
shall never cont11ingle such deposit nor said securities with other \
funds or securi t ies of t he Bank, shall never at any time use, loan
o r borrow the same in any way unless said funds are fully secured
in the manner required by law for other trust funds, and shall
invest and reinvest said deposit to the fullest extent possible,
froa time to time only in federal securities as herein defined, in
such manner that sufficient funds will be available to pay the
principal of, interest on, and prior redemption premium, if any,
o n the Bonds as the same accrue and become due and payable from
ti me to time accordin9 to the schedule hereinabove set forth.
Nothinq herein containe d shall be construed as requiring the
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th• Bank to k••P the identical 110neya, or any part thereof,
rece ived for the City'• account on hand,· but aoneya of an equal
..,unt, e xcept to th• extent auch are repreaented by said fe!S-
era l secur i t ie s , •ua t a lway• be •aintained on hand as fund• held
b y th • Bank a• t ru s tee b e longing to the City, and a special
ac c o unt the re of, ••idencing auch fact, shall at all ti••• be
aaintained on the books of the Bank t09ether with aucb aecuri-
t i •• ao purchased.
Sect i o n •· Th• Bank aball froa tiJle to ti• redna at
maturity all or any portion of the federal securities in aaid
E9 crow Acco unt , a ccording to the schedule• of maturitlea aet fortb
i n lahibit •1•, without notice to tbe City, in aufficient amount•
•o that the proceeds therefro• and the interest · thereon .a• the
.... accru e •, will be aufficient to pay the interest requirement•
on the Bo nd • •• auc h i ntere•t accrues and to pay or redeem aaid
Bond• at their · r e spective •aturitie• or on the Prior Redemption
Date, 1 c cordin9 to the schedule hereinabove aet forth.
Sect i on 5. Th e Bank ahall maintain said Escrow Account
until the dat e on which all of said Bonds have been fully paid, aa
t o a l l princ i pal, intereat and prior redemption premium, if any,
or unt i l th• lat day of January 1, 1988, whichever i• the earlier
date, whereupon the Bank shall redeem any of such obligation•
r e•aining in •aid Eacrow Account and· shall remit to the City all
110neya, if any, tben reaaining in said Escrow AccountJ provided,
that b e fore a uch re•ittanc• i• •ad• to the City, sufficient fund•
au li t have bee n d epos ited with the Paying Agent to pay the prin-
cipal of, acc rue d intere•t on and prior redemption premium, if
any , on al l o f t he Bonds which remain unpaid on such date.
Sect ion 6. The Bank s hall continuously secure the money•;
in s a i d Es c r o w Ac c ou nt not s o invested, if any, by noncallable
f edera l secu r it i es o n l l, in an amount at all times at least equal
t o th• tota l u nex pe nd e d amount of said moneys.
Section 7. Th e Bank shall not be liable or responsible
f o r any los s r e s u l t ing fro• any investment made pursuant to this
Es cro w "9 reeme nt a nd in full compliance with the provision•
her eo f.
Sec tion 8 . In the event of the Bank' a failure to
ac c ount f or ~n y fund s o r s ecurities received by it for the City's
accou nt , the said f un d s a nd obligations shall be and remain the
prope rt y o f th e City, a nd if for any reason such funds or securi-
t i es c ann o t be i den t if i e d, a ll other assets of the Bank shall be
i mp r e ssed wi t h a tr us t f or the a mount thereof and the City shall
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be entitled to the preferred claia upon such asset• enjoy•~ by
tru•t beneficiary. The fun4• received by the Bank •hall not be .
considered u a banlling depo•it by the City and the Bank •hall
have no right or title with re•pect thereto • Tb• fun4• 80 're•
cei••d by the Bank •• ••crow agent and tru•t•• •ball not be
•ubject to check• drawn or witbdrawal• aade by tbe City.
Section t. Tb• Bank •hall forward or tran•f•r to ·
tbe Payin9 At•nt for the Bond•, for depo•it in a .. parate fund and
truat account, •ua• which •hall be sufficient for the payaent of
lnt•r••t and principal beeo11in9 due on each principal and intere•t
payaent date or the Prior Redeaption Date. Tb• amount 80 for-
warded or tran•ferred •ball be in auff icient ti•• to perait
•ucb pa,.ent on each principal and inter••t payaent date, or Prior
led•11Ption Date, without default, and, if po••ible, •aid aaount•
•hall be forwarded by th• Bank to tbe Paying Agent not le•i'·tban
fi99 day• before the next intere•t or principal payaent date, or
Prior Redeaption Date. such forwarding shall b• th• duty of tbe
Bank and aucb pa,.ent •ball be the duty of tbe Paying Agent. It
•hall not be nec•••ary for th• City to take any affirmative action
whataoeftr a• a condition precedent to the duty of the Bank to ·
forward or tran•fer •uch fund• to the Paying Agent at the nece•-
•ary ti••·
Tbe Bonda and the interest thereon, are payable at Th•
Pir•t Rational Bank of Englewood, Englewood, Colorado, referred to
herein a• th• •paying Agent•.
Section 10. Not less than sixty, nor more than ninety
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days prior to the Prior Redemption Date, the .,Bank shall notify
the Director of Pinance and the Paying Agent for the issue of
Bond•, by regi•tered, fir•t cla•• United States Mail, po•tage
pr e p a id, of th e P ri or Redemption Date and of the necessity of \ I I
gi ving no t i ce of s uc h prior redemption, in accordance witb\
applicable Stat utes of the State of Colorado and the Resolution \
a uthor i zing t h e creat i on of the Escrow Account. '
Se c tion 11. The Bank shall immediately notify the
Ci ty b y regist er e d, first class United States mail, postage
prepaid, if an d whenever, for any reason, the funds on hand in
•uch Es crow Ac co unt, plus the securities therein and interest on
s a i d aecur ities , a s the same mature or accrue, will be insuffi-
cient to pay the pr i ncipal of, interest on, and prior redemption
premium, if any , o n the Bo nd s as th e s ame become due and payable.
Sectio n 12. The Bank, dur i ng the month of January of
ach calendar year , c ommencing in the year 1980, so long as
Gaid Esc ro w Account is mai nta i n e d, s hall forward by letter to
t he Director of Pin ance of t h e City, a sfatement in detail of
th e i n coNe , inve stme nt s , redemptions, and transfers of money•
fro• the Escrow Acc o unt for the immediately preceding fiscal
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ye•r, which, for the purpoae of this Agreement, shall be the
calend•r yea r beginning the first day of January and ending on the
l•a t d ay o f De cem ber, including in said letter a statement,
aa o f the e nd of the iuediately preceding year, regarding the
••nner i n wh i ch it haa carried out the requirements of thia
Ac)re e•nt. In addition, the City shall have the right, at any
ti•, to ••••ine all the Bank's records regarding the status of
sai d Refunding Escrow Account and the details of said income,
inve stme nt s , redemption• and transfera.
Se ct ion 13. The B•nk shall be under no obligation to
inquire in to or be in any way responsible for the performance
or non-perfor ••nce by the City or any Paying Agent of any of the
City'• o c P•yi n9 Agent's obligations, or to protect any of the
City'• r tqht s und er any bond ordinance or any of the City'• other
contrac t wi th, o r franchiaes or privileges from, any state,
cou nty , mu nicip•l i ty or other governmental agency or with any
corpor•tio n or ind t v i dual, nor a hall the Bank be liable for any
act done or s tep t ake n or omitted by it or any mistake of fact or
law or fo r a nyth ln9 whi ch it may do or refrain from doing, except
fo r i t • ne g l igence or ita default in the performance Of any
ob lig •t i o ns i•posed upon it hereunder. The Bank shall not be
rc&ponaib l e in a ny m•n.1er whatsoever for the recitals or state-
.. nta cont•ine d he rein, or in the outstanding or proposed bonds or
any proceedings ta ke n in connection therewith, but they are made
sole ly by the Ci ty.
Sect ion 14. Ti•e shall be of the essence in the per-
for•an ce of ob ligations f r om time to time imposed upon the Bank by
his Ao re cm')~·
IN Wl TN CSS WHEREO F , t he Ci t y of Englewood, Arapaho~
Co untv . Colo r ado , a Ci ty duly o r ganized and operating under the
Laws o f t >t
thi s Aqr cem en
t he City, att
Cle r k a nd Tre
d i n it
of Co l orado , a nd a Hom e Rule Charter, has caused
to be si gned i n its co r por a t e name by the Mayor of
tcd by the Dir e ctor of Finance, ex-officio City
urer , and s ealed with its corporate seal, and
~-' Co l orado , h as c a used this Aqreement to be
c o rporate name by its President, or
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•••l•d with ita corpor•t• •••l, and atteated by
•11 •• of the d•y and Y••r firat •bove writ~en.
(SBAL)
AT'l'EST1
Director o f rln•nce, exofficlo
Clty Clerk •nd Treaaurer
(CORPORAT E S EAL)
ATT!ST1
By·~~~~~~~~~~~
T it ler~~~~~~~~~~~~
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CITY or ENGLEWOOD,
ARAPAHOE COUNTY, COLORADO
By Mayor
By ~~~~~~~~~~~~~
Title,~~~~~~~~~~~~
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STATE or COLORADO
COUNTY or AMPARO!
Cln or ENGLEWOOD
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On thi• -~ day of Deceaber, 1978, before •• appeared
J ... a L. Taylor, to .. personally known, who, being by me duly
s worn, did s ay that he ia the Mayor of the City of Englewood,
County of Arapahoe and State of Colorado, a City duly organized
and acting under the Laws of the State of Colorado, and acknow-
ledged t hat the foregoing instrument was signed and sealed on
behalf of aaid City by authority of its City Council, a~d further
acknowledg ed that said instrument to be the free act and deed of
said City .
My c ommissi on expires. _________________ _
STATB or COLORADO
COUNTY or ARAPAHOE
CITY or ENGLEWOOD
)
) ...
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(SEAL)
Notary PubUc
The foregoing instrument was acknowledged before me
this __ day of December, 1978, by
and as
a n respectively, of The First Nar
t1 o na l Bank o f En g l e wood, Englewood, Colorado; and being firat
d u l y swo r n by me , t hey severally acknowledged that they signed the
f o re9 oi n 9 d oc ument i n their respective capacities therein set
f o rth , a nd de cla r ed that the statements therein contained are true
and c o rr e c t to the b est of their knowledge, information and
b c lit:?f.
WITN ESS my ha nd and official seal the day and year
a bove wri t t e n .
(SEAL)
Notary Public
My Commission expires
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EXBlBlT •11• .
(Attach Schedule of lacrow Diaburae .. nt• and Exact Dollar AllOant•
to be forwarded to the Paying Agent and Date• for rorwardlnt)
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