Town board approves underwriter for COP funding at Waggener Farm Park
By Rudy Hemmann
Tuesday’s meeting of the town board was filled with presentations by Town Administrator Chris Kirk of concept and design provided by the Colorado Department of Transportation (CDOT) of the proposed Highway 56/ Interstate 25 interchange modifications. A good deal of the discussion related to the interchange conceptualization centered on what, if anything, should, or could, be placed at the center of a proposed roundabout which will be part of the interchange.
In other news the town has secured the services of D.A. Davidson & Co. to serve as underwriter for the town’s proposed offering and issuance of Certificates of Participation (COP) for the proposed recreation center at Waggener Farm Park. A certificate purchase agreement will be entered into by Davidson and the town, if and when the certificates are priced following successful completion of the offering process.
According to an Underwriting Engagement Letter issued by Davidson, the purchase agreement between the town and Davidson will stipulate to the following:
The issuer (Town of Berthoud) hereby engages Davidson to serve as managing underwriter of the proposed offering and issuance of the certificates, and in such capacity, Davidson agrees to provide the following services:
• Review and evaluate the proposed terms of the offering and the certificates
• Develop a marketing plan for the offering, including identification of potential investors
• Assist in the preparation of the official statement and other offering documents
• Contact potential investors, provide them with offering-related information, respond to their inquiries and, if requested, coordinate their due diligence sessions
• If the certificates are to be rated, assist in preparing materials to be provided to securities ratings agencies and in developing strategies for meetings with the ratings agencies
• Consult with counsel and other service providers with respect to the offering and the terms of the certificates
• Inform the issuer of the marketing and offering process
• Negotiate the pricing, including the interest rate, and other terms of the certificates
• Obtain CUSIP number(s) for the certificates and arrange for their DTC book-entry eligibility
• Plan and arrange for the closing and settlement of the issuance and the delivery of the certificates
• Perform such other usual and customary underwriting services as may be requested by the Issuer
As underwriter, Davidson will not be required to purchase the certificates except pursuant to the terms of the purchase agreement, which will not be signed until successful completion of the pre-sale offering period. This letter does not obligate Davidson to purchase any of the certificates.
The schedule of events begins on Dec. 18, 2019, with a kick-off call between the parties continued by more than 22 items that have to be completed before the final closing on March 30, 2020.
The total amount of the COP’s will be between $22 and $23 million.
Kirk led the trustees through a series of images which the landscape architect had drawn up to give the board members a clear idea of the concept the designers were attempting to achieve.
The trustees passed a resolution authorizing and directing the town clerk to conduct the Regular Municipal Election which is scheduled for April 7, 2020, as a mail ballot election.
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