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HomeMy WebLinkAboutORDINANCE 12-72ORDINANCE NO./2-72— AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION REFUNDING WATER BONDS OF THE TOWN Of ESTES PARK,COLORADO,IN THE PRINCIPAL AMOUNT Of $750,000 FOR THE PURPOSE OF REFUNDING OUTSTANDING GENERAL OBLIGATION WATER BONDS AND REFUNDING WATER BONDS IN THE PRINCIPAL AMOUNT OF $751,000;PRO VIDING FOR THE ESTABLISHMENT OF AN ESCROW ACCOUNT FOR THE PAYMENT AND REDEMPTION OF THE OUTSTANDING BONDS;PRESCRIBING THE FORM OF SAID REFUNDING BONDS AND PROVIDING FOR THE LEVY OF TAXES T0 PAY SAID BONDS AND THE INTEREST THEREON;AND PRESCRIB ING OTHER DETAILS IN CONNECTION THEREWITH,AND DE CLARING AN EMERGENCY. WHEREAS,the Town of Estes Park,Larimer County,Colorado owns and operates a municipal water system;and WHEREAS,by Ordinance heretofore adopted and approved by the Board of Trustees,the Town authorized the issuance of its Refunding Water Bonds dated November 1,1963,in the amount of $284,000 (herein referred to as the “1963 Issue”),of which there now remain outstanding of said issue of bonds the amount of $151,000,being bonds numbered 134 to 284,inclusive,bearing in terest at the rate of 3.9O per annum,payable semiannually on May 1 and November 1 each year,and maturing November 1 as fol lows: Bond Numbers Amounts Years (All Inclusive)Maturing Maturing 13%-153 $20,000 1972 154 -174 21,000 1973 175 -196 22,000 1974 197 —218 22,000 1975 219 -240 22,000 1976 241 -263 23,000 1977 264 —284 21,000 1978 and WHEREAS,bonds maturing on and after the 1st day of Novem ber,1974 are redeemable prior to their respective maturities in inverse numerical order,at the option of the Town,on the 1st day of November,1973,or on any interest payment date thereafter, upon payment of par and accrued interest;and 5 1,0 WHEREAS,by an Ordinance heretofore adopted,the Town has also duly authorized,sold and issued $600,000 of its General Obli gation Water Bonds,dated July 1,1971 (hereinafter referred to as the “1971 Issue”);and WHEREAS,there now remain outstanding of said issue the full amount thereof,being bonds numbered 1 to 120,inclusive, bearing interest payable semiannually on January 1 and July 1 each year,and maturing on July 1,as follows: Bond Numbers Amounts Interest Rate Years (All Inclusive)Maturipg (Per Annum)Maturing 1 -6 $30,000 5.00%1972 7 -12 30,000 5.00%1973 13 -19 35,000 5.50%1974 20 -26 35,000 5.50%1975 27 -33 35,000 5.50%1976 34 -40 35,000 5.50%1977 41 -55 75,000 5.50%1978 56 -75 100,000 5.50%1979 76 -97 110,000 5.00%1980 98 -120 115,000 5.25%1981 and WHEREAS,bonds maturing in the years 1980 and thereafter are redeemable at the option of the Town on July 1,1979 and on any interest payment date thereafter,in inverse numerical order, upon payment of par and accrued interest;and WHEREAS,the Board of Trustees has determined that the outstanding 1963 and 1971 Issues described in the immediately pre ceding paragraphs,totaling $751,000,can be refunded by the issu ance of refunding bonds in the principal amount of $750,000,there by producing net savings to the Town,all to the benefit of the Town and its inhabitants,in accordance with Chapter 139,Art.44, C.R.S.1963,as amended; THEREFORE,BE IT ORDAINED BY THE BOARD Of TRUSTEES OF THE TOWN OF ESTES PARK,COLORADO: 6 tO’ Section 1.That for the purpose of providing funds with which to refund general obligation water bonds and refunding water bonds of the Town of Estes Park,Colorado,outstanding in the amount of $751,000,the Town shall issue its general obligation negotiable coupon bonds in the principal amount of $750,000,each to be desig nated “General Obligation Refunding Water Bond”.The bonds will be dated April 1,1972,shall consist of 150 bonds in the denomination of $5,000 each,numbered 1 to 150,inclusive,will bear interest at the rate of 4.80%per annum,payable on July 1,1972,and semiannual ly thereafter on the 1st day of January and the 1st day of July each year,as evidenced by interest coupons attached to said bonds,and mature serially on July 1,as follows: Amount Maturity $50,000 1972 55,000 1973 60,000 197% 65,000 1975 70,000 1976 75,000 1977 105,000 1978 115,000 1979 120,000 1980 35,000 1981 Bonds maturing in the years 1976 and thereafter are redeem able prior to maturity at the option of the Town,in inverse numeri cal order,on July 1,1975,and on any interest payment date there after,upon payment of par,accrued interest and premiums as follcws: 2%of principal if redeemed July 1,1975 to and including January 1, 1977;1%of principal if redeemed July 1,1977 to and including Janu ary 1,1979;at par and accrued interest if redeemed on or after July 1,1979. Notice of such prior redemption shall be given by publica tion once in a legal newspaper published in Estes Park,Colorado, not more than forty (40)nor less than thirty (30)days prior to the redemption date,and by mailing a copy of the Notice of Re demption by first c1as”United States mail,postage prepaid,to the original purchaser,or its successor.The Notice shall speci fy the place and date of redemption,the amount and numbers of the 7 bonds called,and that from and after such date,interest on all bonds called for redemption shall cease. Said bonds and the interest coupons attached thereto shall be payable in lawful money of the United States of America,at Che office of the Town Treasurer in Estes Park,Colorado. Thebonds shall be signed with the facsimile signature of the Mayor of the Town,with a facsimile of the seal of the Town af fixed thereto,attested by the manual signature of the Town Clerk and countersigned with the facsimile signature of the Town Treasur er.The interest coupons attached to said bonds shall bear the facsimile signature of the Town Treasurer,and when issued as aforesaid as part of said bonds,shall be the binding obligations of the Town according to their import.In addition there shall be a certificate relating to the registration of said bonds printed thereon,which certificate shall be signed with a facsimile of the signature of the Town Clerk,and sealed with a facsimile of the seal of said Town.Should any officer whose manual or facsimile signature appears on said bonds,the Certificate or the interest coupons attached thereto cease to be such officer before delivery of the bonds to the purchaser,such manual or facsimile signature shall nevertheless be valid and sufficient for all,purposes. Section 2.That the Refunding Bonds and interest coupons, and the Certificate attached thereto shall be in substantially the following form: $ (Form of Bond) UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF LARIMER TOWN OF ESTES PARK GENERAL OBLIGATION REFUNDING WATER BOND No. __________ $5,000 The Town of Estes Park,in the County of Larimer and State of Colorado,acknowledges itself indebted and hereby promises to pay to the bearer hereof the principal sum of FIVE THOUSAND DOLLARS on the 1st day of July,19,with interest thereon at the rate of fourandeighty-hundredths per centum (4.80%)per annum,payable on July 1,1972,and semiannually thereafter on the 1st day of January and the 1st day of July each year,both principal and interest being payable in lawful money of the United States of America,at the of fice of the Town Treasurer,Estes Park,Colorado,upon presentation and surrender of said coupons and this Bond as they severally become due. Bonds of this issue maturing in the years 1976 and thereafter are redeemable prior to maturity at the option of the Town,in in verse numerical order,on July 1,1975 and on interest payment dates thereafter,upon payment of par,accrued interest and premiums as follows:2%of principal if redeemed July 1,1975 to and including January 1,1977;1%of principal if redeemed July 1,1977 to and in cluding January 1,1979;at par and accrued interest..only if redeemed on or after July 1,1979. This Bond is issued by the Board of Trustees of the Town of Estes Park,Colorado for the purpose of providing funds with which to refund certain outstanding general obligation water bonds and re funding water bonds of the Town,under the authority of and in full conformity with the Constitution and laws of the State of Colorado, and particularly,Chapter 139,Article 44,C.R.S.1963,as amended, and pursuand 9 to an Ordinance duly adopted,published and made a law of said Town prior to the issuance of this Bond. It is hereby certified and recited that all the require ments of law have been duly complied with by the proper officers of the Town in the issuance of this Bond;that the total debt of the Town,including that of this Bond,does not exceed any limit of in debtedness prescribed by the Constitution or laws of the State of Colorado;and that provision has been made for the levy and collec tion of an annual tax on all the taxable property in the Town suf ficient to pay the interest on and principal of this Bond when the same become due. The full faith and credit of the Town of Estes Park,Colo rado are hereby pledged for the punctual payment of the principal of and interest on this Bond. IN TESTIMONY WHEREOF,the Board of Trustees of the Town of Estes Park,Colorado has caused this Bond to be signed with the facsimile signature of the Mayor of the Town,sealed with a fac simile of the seal of the Town,attested by the manual signature of the Town Clerk and countersigned with the facsimile signature of the Town Treasurer,and the interest coupons attached hereto to be signed with the facsimile signature of the Town Treasurer, as of the 1st day of April,1972. (Facsimile Signature) (FACSIMILE SEAL)Mayor ATTEST:COUNTERS IGNED: (Do Not Sign)(Facsimile Signature)Town Clerk Town Treasurer 10 I I (Form of Interest Coupon) No.$ January On the 1st day of July,19,unless the Bond to which this coupon is attached,if redeemable,has been called for prior redemption,the Town of Estes Park,in the County of Larimer, SLate of Colorado,will pay to the bearer the amount shown hereon in lawful money of the United States of America,at the office of the Town Treasurer,Estes Park,Colorado,being interest then due on its General Obligation Refunding Water Bond dated April 1, 1972,bearing No. __________ (Facsimile Signature) Town Treasurer REGISTRATION CERTIFICATE The undersigned hereby certifies that this Bond has been duly registered in the office of the Town Clerk of the Town of Estes Park,Colorado,in a book kept for that purpose,and that the law under which this Bond is issued provides that when so registered its legality shall not be open to contest by the Town which has issued it,or any person or corporation in behalf of such Town,for any reason whatever. IN WITNESS WHEREOF,I have caused this Certificate to be signed with a facsimile of my signature and a facsimile of the seal of said Town to be affixed hereto,as of the 1st day of April,1972. (Facsimile Signature) (FACSIMILE SEAL)Town Clerk 11 1’ - Section 3.That when said Refunding Bonds have been duly executed as aforesaid,they shall be sold and delivered to the pur chaser thereof,and the proceeds thereof shall be used for the purpose stated therein,but neither the purchaser of said bonds nor any subsequent holder of any of them shall be responsible for the application or disposal by said Town or any of its officers of any of the funds derived from the sale thereof. Section 4.The interest and principal Lo become due on said bonds in the year 1972 shall be advanced from the water or other available funds of the Town.For the purpose of reimbursing said advance and paying the interest accruing on said bonds prompt ly as the same becomes due,and for the purpose of providing for the ultimate payment and redemption of said bonds,there shall be levied on all the taxable property in said Town,in addiLion to all other taxes,direct annual taxes in each of the years 1972 to 1980,inclusive,sufficient to make such reimbursement and pro duce the principal of and interest on outstanding bonds as the same become due and payable. Said taxes when collected shall be deposited in a special fund to be known as “Estes Park General Obligation Refunding WLer Bond Fund of 1972”,and such Fund shall be applied solely to the purpose of the payment of the interest on and the principal of said bonds,respectively,and for no other purpose whatever until the indebtedness so contracted under this Ordinance,both principal and interest,shall have been fully paid,satisfied and discharged, but nothing herein contained shall be so construed as to prevent said Town from applying any other funds or revenues that may be in the Town Treasury and available for that purpose to the payment of said interest or principal as the same respectively mature,and upon such payments,the levy or levies herein provided may there upon be diminished to that extent. 12 -Q -I,Fr An amount necessary to pay all costs and expenses incident al to the issuance of said bonds and the sums hereinbefore provided to meet the interest on said bonds and to discharge the principal thereof when due are hereby appropriated for Uiat purpose,and said amount for each year shall also be included in the annual budget and the appropriation bills to be adopted and passed by the Board of Trustees of said Town in each year respectively. Section 5.It shall be the duty of the Board of Trustees of said Town,annually,at the time and in the manner provided by law for levying other Town taxes,if such action shall be neces sary to effectuate the provisions of this Ordinance,to ratify and carry out the provisions hereof with reference to the levying and collection of taxes;and said Board shall levy,certify and col lect such taxes in the manner provided by law for the purpose of creating a fund for the payment of the principal of said bonds and interest thereon,and such taxes when collected shall be kept for and applied only to the payment of the interest and principal of said bonds as hereinabove specified. Section 6.The proceeds derived from the sale of the bond authorized herein,in an amount not less than $750,000,together with cash in the amount of $3,000.00 and the accrued interest on the bonds being refunded,shall be deposited with The first Na tional Bank of Fort Collins,Fort Collins,Colorado (hereinafter called the “Bank”),in a separate fund and escrow account hereby created and known as “Town of Estes Park General Obligation WaLer Bonds Refunding Escrow Account”,herein designated as the “Re funding Escrow Account”or “Escrow Account”,which Account shall be at all times sufficient,together with any interest to be de rived from the investment and any temporary reinvestment of the deposits,or any part thereof,in direct obligations of the United 13 •0 States of America oniy,to pay the principal of and interest on the outstanding 1963 and 1971 Issues to be retired at their respec tive maturities,or on the Prior Redemption Dates,as follows: 1963 Issue: (a)Bonds numbered 134 to 263,inclusive,maturing in the years 1972 to 1977,inclusive,shall be paid and retired at their respective maturity dates,according to their original terms. (b)Bonds numbered 264 to 284,inclusive,maturing in the year 1978,shall be called for redemption prior to their respec tive maturities,at the office of the Town Treasurer,in Estes Park,Colorado,at par and accrued interest,and shall be paid.on May 1,1978,which date is hereby designated as the “Prior Redemp tion Date”for said bonds. 1971 Issue: (a)Bonds numbered 1 to 97,inclusive,maturing in the years 1972 to 1980,inclusive,shall be paid and retired at their respective maturity dates,according to their original terms. (b)Bonds numbered 98 to 120,inclusive,maturing in the year 1981,shall be called for redemption prior to their respec tive maturities,at the office of the Town Treasurer in Estes Park,Colorado,at par and accrued interest,and shall be paid on January 1,1981,which date is hereby designated as the “Prior Redemption Date”for said bonds. Interest on the bonds of the 1963 and 1971 Issues shall be paid as the same accrues,according to the original terms of said bonds,until said bonds mature or until the Prior Redemption Dates,whichever is the proper date. Section 7.The Bank shall invest the funds on deposit in the Refunding Escrow Account in direct obligations of the United States of America only,and shall fully secure any cash balance in said Account in the manner required by law for other trust funds. 14 Section 8.If,for any reason,at any time,the funds on hand in such Refunding Escrow Account shall be insufficient to meet the payments required,as the same shall be about to become due and payable,the Board of Trustees of the Town shall forthwith deposit in such Refunding Escrow Account such additional funds as may be required fully to meet the amount so about to become due and payable. Section 9.The Bank shall from time to time redeem all or a portion of the direct United States obligations in said Refunding Escrow Account,in sufficient amounts so that the proceeds there from and the interest thereon as the same accrue,will be suffi cient to meet the interest requirements on the outstanding 1963 and 1971 Issues as such interest accrues,and to pay or call in and redeem said bonds,at their respective maturities or on the Prior Redemption Dates,according to the schedule hereinabove set forth. Section 10.The Mayor,Clerk and Treasurer of the Town shall,and they are hereby authorized and directed to,take all necessary or appropriate action toward the execution of a proper Escrow Agreement with the Bank concerning the deposits in,invest ments of and disbursements from said Refunding Escrow Account,and su.ch other agreements as may be necessary or desirable to effectu ate the provisions of this Resolution and comply with the require ments of law. Section 11.On or about the date when the Refunding Bonds are delivered,or within a reasonable time thereafter,the Town Treasurer is authorized and directed to publish a notice of prior redemption one time in a newspaper published in the Town.The notice shall again be published by such newspaper before the Prior Redemption Dates,by insertion therein once,publication to be not 15 4t . rr less than four weeks before the Prior Redemption Date.The notzice shall also be sent by registered,first class United States mail, postage prepaid,at least 30 days prior to the redemption date,to Boettcher and Company,Denver,Colorado.Said notice shall describe the bonds to be called and paid by number,amount and date of issue, the place of redemption,the date on which the same will be re deemed,and shall state that after such date,interest on such bonds will cease. Section 12.That if any one or more parts of this Ordinance shall be judicially adjudged invalid or inoperative,such judgment shall not affect,impair or invalidate the remaining provisions of this Ordinance,the intention being that the provisions hereof are severable. Section 13.All ordinances,or parts thereof,in conflict with this Ordinance,are hereby repealed.After said Refunding Bonds have been issued,this Ordinance shall be irrepealable until said bonds and the interest thereon shall be fully paid,satisfied and discharged in the manner provided herein. Section 14.By reason of the fact that the Town desires immediately to take advantage of present favorab].e market condi tions and refund the outstanding 1963 and 1971 Issues,thereby effecting substantial savings to the benefit of the Town and users of the water system,it is hereby declared that an emergency exists;that this Ordinance is necessary to the immediace preserva tion of the public peace,health and safety;and that it shall be in full force and effect five days after its publication. ADOPTED AND APPROVED the 17th day of April,1972. (SEAL) ATTEST: rIOfl C erk 16 It was then moved by Trustee ________________ and second ed by Trustee __________________ that all rules of this Board, which,unless suspended,might prevent the final passage and adop tion of this Ordinance at this meeting,be and the same are hereby suspended. The question being upon the adoption of said motion and the suspension of the rules,the roll was called with the following re su 1 t: Those voting AYE: Trustees:Robert E.Burgess N.T.Petrocine Glenn Prosser Rollen Sutter Robert B.Wagner Those voting NAY: _____________________________________ 5 members of the Board of Trustees having voted in favor of said motion,the presiding officer declared said motion carried and the rules suspended. Trustee _____________ then moved that said Ordinance be passed and adopted as read.Trustee _____________ seconded the motion. The question being upon the passage and adoption of said Ordinance,the roll was called with the following result: Those voting AYE: Trustees:Robert B.Burgess N.T.Petrocine Glenn Prosser Rollen Sutter Robert E.Wagner I —— 17 -.- Those voting NAY: __________________________________ The presiding officer thereupon declared that, __________ of the Trustees elected having voted in favor thereof,the said motion was carried and the said Ordinance duly passed and adopted. On motion duly adopted,it was ordered that said Ordinance be numbered 12-72,and after approval by the Mayor,be published Trail Gazette in the Es-l-+rk-F-ra4i,the official newspaper of the Town,and be recorded according to law. L774.(SEAL)MayoE •- ATTEST: Town Clerk 18 * I S TATE OF COLORADO ) ) COUNTY OF LARIMER )ss. ) TOWN OF ESTES PARK ) I,Dale G.Hill,Town Clerk of the Town of Estes Park, County of Larimer,Colorado,do hereby certify that the foregoing pages numbered 1 to 18,inclusive,constitute a true and correct copy of the record of proceedings of the Board of Trustees of said Town,taken at a special meeting thereof held at the Town Hall in Estes Park,the regular meeting place of said Board,on Monday,the 17th day of April,1972,insofar as said proceedings relate to the passage and adoption of the Ordinance therein set forth. That attached hereto is an affidavit of publishing said Ordinance as passed and adopted by said Board of Trustees at said meeting;that said original Ordinance has been duly authenticated by the signatures of the Mayor and myself,as Clerk of said Town, sealed with the corporate seal of said Town,signed and recorded in the Book of Ordinances of said Town kept for that purpose in my office. IN WITNESS WHEREOF,I have hereunto set my hand and the seal of the Town of Estes Park,Colorado,this /76’day of April, 1972. (SEAL)Town CIer 19 STATE OF COLORADO ) )ss.CERTIFIED PUBLIC ACCOUNTANTS CITY AND COUNTY OF DENVER ) VERIFICATION The undersigned,—,of Peat,Marwick,Mitchell &Co.of Denver,Colorado,hereby certifies as follows: 1.That PEAT,MARWICK,MITCHELL &CO.is a partnership and firm of Certified Public Accountants,duly authorized and act ing as such under and pursuant to the laws of the State of Colo rado,and that he is a partner in said firm. 2.That under date of —,1972,in a let ter addressed to Boettcher and Company of Denver,Colorado,a copy of which is hereby attached as part of Exhibit “A”,said firm has reported on its review of calculations of the proposed escrow fund transactions involving the presently outstanding Refunding Water Bonds dated November 1,1963,and General Obligation Water Bonds dated July 1,1971,of the Town of Estes Park,Larimer County, Colorado. 3.That schedules of the calculations and the assumptions under which such calculations were made were included with the above letter and are also attached hereto as a further part of Ex hibit “A”. 4.That,as stated in the above letter,“in our opinion, the calculations as to transactions in the proposed escrow fund are correct,based upon information asto principal amounts,in terest rates and payment dates supplied by you (Boettcher and Company).“ 5.As indicated by the calculations in the schedule of escrow fund transactions,which are based upon the assumptions and recitals in the above letter,cash balances in.the escrow fund 21 07 g would be equal to or more than the required disbursements on the various disbursement dates. 6.That in the execution of this Certificate he is duly authorized and acting for and on behalf of the firm of Peat, Marwick,Mitchell &Co. IN WITNESS WHEREOF,he has caused this certificate to be signed this ______ day of April,1972. ___________________________________ of Peat,Marwick,Mitchell &Co. 22 0 EXHIBIT “A” (Attach Accountants’letter dated /,1972,toBoettcherandCompany;schedules of escrow transactions;and s±edulesofbondrequirements.) 23 iN t a I NOTICE OF CALL AND REDEMPTION of TOWN OF ESTES PARK,LARIMER COUNTY,COLORADO REFUNDING WATER BONDS,DATED NOVE11BER 1,1963 and GENERAL OBLIGATION WATER BONDS,DATED JULY 1,1971 PUBLIC NOTICE IS HEREBY GIVEN That Refunding Water Bonds, dated November 1,1963,numbered 134 to 284,inclusive,of the Town of Estes Park,in the County of Larimer and State of Colorado,in the amount of $151,000,and General Obligation Water Bonds,dated July 1,1971,numbered 1 to 120,inclusive,in the amount of $600,000,have been refunded by action of the Board of Trustees of the Town. Bonds of the 1963 Issue maturing in the years 1972 to 1977, inclusive,numbered 134 to 263,inclusive,and the interest there on,shall be paid at their normal maturities according to the terms thereof. Bonds of the 1963 Issue maturing in the year 1978,num bered 264 to 284,inclusive,are hereby called for payment and re demption at par and accrued interest,at the office of the Town Treasurer in Estes Park,Colorado,on the FIRST day of MAY,1978. After the date so fixed for payment and redemption,the interest on said bonds numbered 264 to 284,inclusive,shall cease. Bonds of the 1971 Issue maturing in the years 1972 to 1980, inclusive,numbered 1 to 97,inclusive,and the interest thereon, shall be paid at their normal maturities according to their terms. Bonds of the 1971 Issue maturing in the year 1981,being bonds numbered 98 to 120,inclusive,are hereby called for pay ment and redemption at par and accrued interest,at the office of the Town Treasurer,in Estes Park,Colorado,on the FIRST day of JANUARY,1981.After the date so fixed for payment and redemption, the interest on said bonds numbered 98 to 120,inclusive,shall ceae. 24 c. THIS NOTICE GIVEN by order of the Board of Trustees of the Town of Estes Park,Larimer County,Colorado,as of this 17th day of April,1972. /s/N.I.Petrocine(S E A L )Treasurer,Town of Estes Park Larimer County,Colorado Ic 25 ::;41 (Insert Affidavit of Publication of Notice of Prior Redemption.) 26 -©. STATE OF COLORADO ) )ss.CERTIFIED PUBLIC ACCOUNTANTSCIfYANDCOUNTYOFDENVER) VERIFICATION The undersigned,H.E.Williamson ,of Peat,Marwick,Mitchell &Co.of Denver,Colorado,hereby certifies as follows: 1.That PEAT,MARWICK,MITCHELL &CO.is a partnership and firm of Certified Public Accountants,duly authorized and act ing as such under and pursuant to the laws of the State of Colo rado,and that he is a partner in said firm. 2.That under date of May 2 ,1972,in a let ter addressed to Boettcher and Company of Denver,Colorado,a copy of which is hereby attached as part of Exhibit “A”,said firm has reported on its review of calculations of the proposed escrow fund transactions involving the presently outstanding Refunding Water Bonds dated November 1,1963,and General Obligation Water Bonds dated July 1,1971,of the Town of Estes Park,Larimer County, Colorado. 3.That schedules of the calculations and the assumptions under which such calculations were made were included with the above letter and are also attached hereto as a further part of Ex— hibit “A”. 4.That,as stated in the above letter,“in our opinion, the calculations as to transaclions in the proposed escrow fund are correct,based upon information as to principal amounts,in Cerest rates and payment dates supplied by you (Boettcher and Company). 5.As indicated by the calculations in the schedule of escrow fund transactions,which are based upon the assumptions and recitals in the above letter,cash balances in the escrow fund 21 0 would be equal to or more than the required disbursements on the various disbursement dates. 6.That in the execution of this CerLificaLe he is duly b authorized and acting for and on behalf of the firm of Peat, Marwick,Mitchell &Co. IN WITNESS WHEREOF,he has caused this certificate to be signed this 4th day of May ,1972. of Peat,Marwick,Mitchell &Co. 22