RESOLUTION NO. CC98-530

A RESOLUTION CALLING AN ELECTION IN THE JEFFERSON COUNTY MEADOW RANCH PUBLIC IMPROVEMENT DISTRICT;



AND PROVIDING OTHER DETAILS RELATING THERETO.

WHEREAS, Jefferson County Meadow Ranch Public Improvement District (the "District"), is a quasi-municipal corporation duly organized and existing under the Constitution and laws of the State of Colorado; and

WHEREAS, the members of the Board of County Commissioners of Jefferson County (the "County Board") have been duly elected and qualified and serve ex offico as the Board of Directors of the District (the "District Board"); and

WHEREAS, Article X, Section 20 of the Constitution ("Amendment 1") requires voter approval for incurring debt, the creation of any tax, and for spending certain moneys above limits established by Amendment 1; and

WHEREAS, Amendment 1 also requires the District to submit ballot issues (as defined in Amendment 1) to the District's electors on limited election days before action can be taken on such ballot questions; and

WHEREAS, November 3, 1998, is one of the election dates at which ballot issues and spending questions may be submitted to the District's eligible electors pursuant to Amendment 1; and

WHEREAS, the District Board elects to utilize the provisions of the Uniform Election Code of 1992 in order to conduct a mail ballot election on November 3, 1998; and

WHEREAS, the District Board hereby determines that it is necessary to submit to the electors of the District, at the election to be held on November 3, 1998, the questions of authorizing the District Board to incur debt, increase taxes and spend the revenues thereof; and

WHEREAS, it is necessary to set forth certain procedures concerning the conduct of the election.

BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF JEFFERSON COUNTY AS THE EX OFFICIO BOARD OF DIRECTORS OF JEFFERSON COUNTY MEADOW RANCH PUBLIC IMPROVEMENT DISTRICT:

Section 1. All action heretofore taken (not inconsistent with the provisions of this ordinance) by the District and the officers thereof, directed towards the election, the and the objects and purposes herein stated is hereby ratified, approved and confirmed.

Section 2. Unless otherwise defined herein, all terms used herein shall have the meanings defined in the Uniform Election Code of 1992, Title 1, Articles 1 through 13, C. R. S., as amended.

Section 3. The District Board hereby determines to call a special election to be conducted on November 3, 1998 pursuant to the Uniform Election Code of 1992 as a mail ballot election (the "election"). The Board hereby determines that at the election to be held on November 3, 1998, there shall be submitted to the eligible electors of the District the questions set forth in Section 4 hereof. Because the election will be a mail ballot election, the District Board hereby authorizes the Secretary to file a mail ballot election plan with the Secretary of State. The officers of the District are authorized to enter into an intergovernmental agreement with the County Clerk pursuant to Section 1-7-116, C. R. S. Any such intergovernmental agreement heretofore entered into in connection with the election is hereby ratified, approved and confirmed.

Section 4. The County Board hereby authorizes and directs the designated election official to certify to the County Clerk, on or before September 4, 1998, the questions in substantially the form hereinafter set forth. Such questions shall be submitted to the eligible electors of the District at election in substantially the following forms:

Street Improvement Question

SHALL JEFFERSON COUNTY MEADOW RANCH PUBLIC IMPROVEMENT DISTRICT DEBT BE INCREASED $902,602 WITH A REPAYMENT COST OF $1,908,000 AND SHALL DISTRICT TAXES BE INCREASED $96,000 ANNUALLY FOR THE PURPOSE OF FINANCING STREET IMPROVEMENTS IN THE DISTRICT; AND SHALL THE MILL LEVY BE INCREASED IN ANY YEAR WITHOUT LIMITATION AS

TO RATE BUT ONLY IN AN AMOUNT SUFFICIENT TO PAY THE PRINCIPAL OF AND PREMIUM, IF ANY, AND INTEREST ON SUCH DEBT OR ANY REFUNDING DEBT WHEN DUE; SUCH DEBT TO BE EVIDENCED BY GENERAL OBLIGATION BONDS, LOAN AGREEMENTS OR OTHER FORMS OF INDEBTEDNESS BEARINGINTEREST AT A MAXIMUM NET EFFECTIVE INTEREST RATE NOT TO EXCEED 8.5%; SUCH DEBT TO BE SOLD IN ONE SERIES OR MORE, ON TERMS AND CONDITIONS AS THE BOARD OF DIRECTORS OF THE DISTRICT MAY DETERMINE, INCLUDING PROVISIONS FOR REDEMPTION OR PREPAYMENT PRIOR TO MATURITY WITH OR WITHOUT PAYMENT OF THE PREMIUM; AND SHALL THE EARNINGS FROM THE INVESTMENT OF THE PROCEEDS OF SUCH DEBT AND TAX REVENUES BE COLLECTED AND SPENT WITHOUT LIMITATION OR CONDITION, AS A VOTER-APPROVED REVENUE CHANGE UNDER ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION OR ANY OTHER LAW?

Drainage Improvement Question

SHALL JEFFERSON COUNTY MEADOW RANCH PUBLIC IMPROVEMENT DISTRICT DEBT BE INCREASED $121,451 WITH A REPAYMENT COST OF $257,000 AND SHALL DISTRICT TAXES BE INCREASED $12,900 ANNUALLY FOR THE PURPOSE OF FINANCING DRAINAGE IMPROVEMENTS IN THE DISTRICT; AND SHALL THE MILL LEVY BE INCREASED IN ANY YEAR WITHOUT LIMITATION AS TO A RATE BUT ONLY IN AN AMOUNT SUFFICIENT TO PAY THE PRINCIPAL OF AND PREMIUM, IF ANY, AND INTEREST ON SUCH DEBT OR ANY REFUNDING DEBT WHEN DUE; SUCH DEBT TO BE EVIDENCED BY GENERAL OBLIGATION BONDS, LOAN AGREEMENTS OR OTHER FORMS OF INDEBTEDNESS BEARING INTEREST AT A MAXIMUM NET EFFECTIVE INTEREST RATE NOT TO EXCEED 8.5%; SUCH DEBT TO BE SOLD IN ONE SERIES OR MORE, ON TERMS AND CONDITIONS AS THE BOARD OF DIRECTORS OF THE DISTRICT MAY DETERMINE, INCLUDING PROVISIONS FOR REDEMPTION OR PREPAYMENT PRIOR TO MATURITY WITH OR WITHOUT PAYMENT OF THE PREMIUM; AND SHALL THE EARNINGS FROM THE INVESTMENT OF THE PROCEEDS OF SUCH DEBT AND TAX REVENUES BE COLLECTED AND SPENT WITHOUT LIMITATION OR CONDITION, AS A VOTER-APPROVED REVENUE CHANGE UNDER ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION OR ANY OTHER LAW?

Sewer Improvement Question

SHALL JEFFERSON COUNTY MEADOW RANCH PUBLIC IMPROVEMENT DISTRICT DEBT BE INCREASED $565,852 WITH A REPAYMENT COST OF $1,196,000 AND SHALL DISTRICT TAXES BE INCREASED $59,800 ANNUALLY FOR THE PURPOSE OF FINANCING SANITARY SEWER IMPROVEMENTS IN THE DISTRICT; AND SHALL THE MILL LEVY BE INCREASED IN ANY YEAR WITHOUT

LIMITATION AS TO RATE BUT ONLY IN AN MOUNT SUFFICIENT TO PAY THE PRINCIPAL OF AND PREMIUM, IF ANY, AND INTEREST ON SUCH DEBT OR ANY REFUNDING DEBT WHEN DUE; SUCH DEBT TO BE EVIDENCED BY GENERAL OBLIGATION BONDS, LOAN AGREEMENTS OR OTHER FORMS OF INDEBTEDNESS BEARING INTEREST AT A MAXIMUM NET EFFECTIVE INTEREST RATE NOT TO EXCEED 8.5%; SUCH DEBT TO BE SOLD IN ONE SERIES OR MORE, ON TERMS AND CONDITIONS AS THE BOARD OF DIRECTORS OF THE DISTRICT MAY DETERMINE, INCLUDING PROVISIONS FOR REDEMPTION ORPREPAYMENT PRIOR TO MATURITY WITH OR WITHOUT PAYMENT OF THE PREMIUM; AND SHALL THE EARNINGS FROM THE INVESTMENT OF THE PROCEEDS OF SUCH DEBT AND TAX REVENUES BE COLLECTED AND SPENT WITHOUT LIMITATION OR CONDITION, AS A VOTER-APPROVED REVENUE CHANGE UNDER ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION OR ANY OTHER LAW?

Landscaping Improvement Question

SHALL JEFFERSON COUNTY MEADOW RANCH PUBLIC IMPROVEMENT DISTRICT DEBT BE INCREASED $160,095 WITH A REPAYMENT COST OF $338,350 AND SHALL DISTRICT TAXES BE INCREASED $17,000 ANNUALLY FOR THE PURPOSE OF FINANCING LANDSCAPING IMPROVEMENTS IN THE DISTRICT; AND SHALL THE MILL LEVY BE INCREASED IN ANY YEAR WITHOUT LIMITATION AS TO RATE BUT ONLY IN AN AMOUNT SUFFICIENT TO PAY THE PRINCIPAL OF AND PREMIUM, IF ANY, AND INTEREST ON SUCH DEBT OR ANY REFUNDING DEBT WHEN DUE; SUCH DEBT TO BE EVIDENCED BY GENERAL OBLIGATION BONDS, LOAN AGREEMENTS OR OTHER FORMS OF INDEBTEDNESS BEARING INTEREST AT A MAXIMUM NET EFFECTIVE INTEREST RATE NOT TO EXCEED 8.5%; SUCH DEBT TO BE SOLD IN ONE SERIES OR MORE, ON TERMS AND CONDITIONS AS THE BOARD OF DIRECTOR OF THE DISTRICT MAY DETERMINE, INCLUDING PROVISIONS FOR REDEMPTION OR PREPAYMENT PRIOR TO MATURITY WITH OR WITHOUT PAYMENT OF THE PREMIUM; AND SHALL THE EARNINGS FROM THE INVESTMENT OF THE PROCEEDS OF SUCH DEBT AND TAX REVENUES BE COLLECTED AND SPENT WITHOUT LIMITATION OR CONDITION, AS A VOTER-APPROVED REVENUE CHANGE UNDER ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION OR ANY OTHER LAW?

Operations and Maintenance Mill Levy Question

SHALL JEFFERSON COUNTY MEADOW RANCH PUBLIC IMPROVEMENT DISTRICT TAXES INCREASE $36,000 ANNUALLY, OR SUCH OTHER AMOUNT AS MAY BE RECEIVED, FROM THE LEVY OF AN ADDITIONAL PROPERTY TAX AT A RATE OF NOT TO EXCEED 18 MILLS FOR THE PURPOSE OF PAYING OPERATIONS AND MAINTENANCE EXPENSES OF THE DISTRICT, AND SHALL THE DISTRICT BE AUTHORIZED TO COLLECT, KEEP AND EXPEND ALL REVENUES FROM SUCH ADDITIONAL TAX IN 1999 AND EACH YEAR THEREAFTER AS A VOTER-APPROVED REVENUE CHANGE AND EXCEPTION TO THE SPENDING, REVENUE-RAISING, OR OTHER LIMITATIONS IN ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION, SECTION 29-1-301, C.R.S., AND OTHER LAWS OF THE STATE?

TABOR Question

WITHOUT INCREASING ANY TAX RATES OR IMPOSING ANY NEW TAX, SHALL JEFFERSON COUNTY MEADOW RANCH PUBLIC IMPROVEMENT DISTRICT BE AUTHORIZED TO COLLECT, KEEP AND EXPEND ALL DISTRICT REVENUES RECEIVED IN 1999 AND EACH YEAR THEREAFTER AS A VOTER-APPROVED REVENUE CHANGE AND EXCEPTION TO THE SPENDING, REVENUE-RAISING, OR OTHER LIMITATIONS IN ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION, SECTION 29-1-301, C.R.S., AND OTHER LAWS OF THE STATE?

Section 5. Sharon Weinstein is hereby appointed as the designated election official of the District for purposes of performing acts required or permitted by law in connection with the election, and is authorized to appoint such assistants as she deems necessary.

Section 6. Pursuant to Section 1-5-205, C.R.S., not less than ten days prior to the election, the designated election official of the District is hereby instructed to give notice of the election, by causing a printed notice of the election to be published at least one time in a legal newspaper of general circulation in the District. Such notice shall also be posted at least ten days prior to the election and until two days after the election in a conspicuous place in the office of the designated election official.

Section 7. The designated election official shall cause the notice required by Section 20(3)(b) of Article X of the Colorado Constitution to be prepared and transmitted to the County Clerk at least 42 days prior to the election (no later than September 22, 1998) as required by Section 1-7-904, C. R. S.

Section 8. If any section, paragraph, clause or provision of this resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall in no manner affect any remaining provisions of this resolution.

Section 9. All resolutions or parts of resolutions inconsistent herewith are hereby repealed to the extent only of such inconsistency. This repealer shall not be construed to revive any ordinance or part of any ordinance heretofore repealed.

Section 10. This resolution shall be in full force and effect immediately upon enactment following final passage. This resolution shall be recorded in the Book of Resolutions kept

for that purpose, and shall be authenticated by the signatures of the Chairman of the County Board and County Clerk, and published in accordance with law.

INTRODUCED, PASSED AND ADOPTED on August 25, 1998

___________________________________

Chairman of the County Board, ex officio President of the District

ATTESTED:

________________________

County Clerk ex officio

Secretary of the District

STATE OF COLORADO )

)SS.

COUNTY OF JEFFERSON )

JEFFERSON COUNTY MEADOW )

RANCH PUBLIC IMPROVEMENT )

DISTRICT )

I, Joan Fitz-Gerald, the County Clerk of Jefferson County and ex officio Secretary of Jefferson County Meadow Ranch Public Improvement District (the "District"), do hereby certify:

1. The foregoing pages are a true and correct copy of a resolution (the "Resolution") passed and adopted by the Board of Directors (the "Board") of the District at a meeting of the Board held on August 25, 1998.

2. The resolution was duly moved and seconded and the resolution was adopted at the meeting of August 25, 1998, by an affirmative vote of a majority of the members of the Board as follows:

Those Voting Aye: Commissioner John P. Stone

Commissioner Patricia B. Holloway

Commissioner Michelle Lawrence, Chairman

Those Voting Nay: None

Those Absent: None

Those Abstaining: None

3. The members of the Board were present at such meetings and voted on the passage of such ordinance as set forth above.

4. There are no bylaws, rules or regulations of the Board which might prohibit the adoption of said ordinance.

5. The Resolution was approved and authenticated by the signature of the Chairman of the Board of County Commissioners, sealed with the County seal, attested by the Clerk and recorded in the minutes of the District's Board.

6. Notice of the meeting of August 25, 1998 in the form attached hereto as Exhibit A was posted in at the Jefferson County Courthouse not less than twenty-four hours prior to the meeting in accordance with law.

_________________________

Joan Fitz-Gerald, County Clerk

Ex officio Secretary of the District

EXHIBIT A

PROOF OF PUBLICATION

THE GOLDEN TRANSCRIPT

1000 10TH STREET, GOLDEN CO

(SEE ACTUAL MINUTES OF August 25, 1998 FOR PROOF OF PUBLICATION)