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HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 04/21/2009 - FIRST READING OF ORDINANCE NO. 035, 2009, AUTHORIZ ITEM NUMBER: 11 AGENDA ITEM SUMMARY DATE: April 21, 2009 FORT COLLINS CITY COUNCIL STAFF: Chuck Seest SUBJECT First Reading of Ordinance No. 035, 2009, Authorizing the Issuance and Sale of the City of Fort Collins,Colorado,Revenue Bond(Larimer Center for Mental Health Project)Series 2009,in a Total Principal Amount Not to Exceed$1,400,000;Making Determinations as to Sufficiency of Revenues and as to Other Matters Related to the Project and Approving the Form and Authorizing the Execution of Certain Documents Relating Thereto. RECOMMENDATION Staff recommends adoption of the Ordinance on First Reading. This item was presented to the City Council Audit and Finance Committee on March 16,2009 and recommended for consideration by the full City Council at its regular meeting. EXECUTIVE SUMMARY This Ordinance would authorize the issuance of revenue bonds in an amount not to exceed $1,400,000 of 501(c)(3) for the Larimer Center for Mental Health project(a non-profit corporation). Under State Statute,the City can utilize its tax exempt status and issue revenue bonds for financing a project that will induce a non-profit corporation to locate,expand or remain within its boundaries. From a financial standpoint, the issuance of tax exempt revenue as compared to conventional financing will result in cashflow savings of$315,000 of present value savings of$194,000 over the life of the bonds. These bonds are not an obligation of the City of Fort Collins. BACKGROUND THE PROJECT Under the federal and.state laws governing the use of tax-exempt private activity bonds, the City may issue the bonds,but may not use its own revenues to support the project. The revenue required to repay the bonds will be derived from the revenues received by operations of the Larimer Center for Mental Health.. In the event of default on a bond payment, the bondholders may accelerate the bonds and make them immediately due and payable and exercise all remedies under the financing agreement on the deed of trust. The total amount of private activity bonds to be issued will not exceed $1,400,000. The project proponent, Larimer Center for Mental Health will use the bond proceeds for repayment of a line of credit used to acquire and make improvements to a building April 21, 2009 -2- Item No. 11 located at 125 Crestridge Street in the City of Fort Collins. The facility is used for administrative purposes as well as the delivery of mental health services to residents of the community. THE CITY'S ROLE IN ISSUANCE OF 501(C) BONDS Under the federal tax laws and the Colorado Revised Statutes, the City's role in this transaction is to be the Issuer of the Bonds. City staff has also reviewed the application and related financial statements of the Larimer Center for Mental Health. THE BONDS SHALL BE SPECIAL, LIMITED OBLIGATIONS OF THE CITY. THE CITY WILL NOT BE OBLIGATED TO PAY THE BONDS OR THE INTEREST THEREON,EXCEPT FROM THE ASSETS OR REVENUES PLEDGED THEREFOR. IN NO EVENT SHALL THE STATE, THE CITY (OTHER THAN THE FROM THE BORROWER'S ASSETS PLEDGED THEREFORE)OR ANY POLITICAL SUBDIVISION THEREOF BE LIABLE FOR THE BONDS, AND THE BONDS SHALL NOT CONSTITUTE A DEBT OF THE STATE,THE CITY OR ANY SUCH POLITICAL SUBDIVISION THEREOF. The proceeds of the Bonds will be loaned to Larimer Center for Mental Health according to the terms of the Financing Agreement to provide the financing of the project. SOURCES AND USES The estimated sources and uses of funds relating to the Bonds are summarized below: Estimated Amount SOURCES OF FUNDS: Proceeds of Series 2009 Bonds $1 400 000 USES OF FUNDS: Deposit to Project Fund: $1,370,000 For payment of Costs of Issuance, including Underwriter's fee 30,000 TOTAL USES OF FUNDS 1 400 000 Sources and uses are estimates and may change prior to second reading. STRUCTURE OF BOND ISSUE The objective of this financial transaction is to achieve the lowest possible borrowing costs for the Project through tax-exempt financing. In return for the tax-exempt financing, the City is able to assist and retain a non-profit entity that has been a long standing member of the community. April 21, 2009 -3- Item No. 11 According to the City of Fort Collins policies regarding issuance of tax-exempt financing for this type of project, the City charges an issuer's fee when the bonds are issued. This fee is estimated to be $1,400 based on the projected debt service. GENERAL DESCRIPTION OF BOND PROCEEDINGS In connection with the issuance of the Revenue Bonds,the City Council will consider First Reading of an ordinance authorizing the bonds. On May 4th at 5:30 at the City Hall, 300 La Porte Avenue, a Tax Equity and Fiscal Responsibility Act of 1982("TEFRA")Hearing will be conducted allowing the general public opportunity to comment on the bond issuance and nature of the project. Any comments received will be reported back to the Council at Second Reading of the Ordinance on May 5, 2009. ATTACHMENTS 1. Powerpoint presentation given to Council Finance Committee on March 16, 2009. 2. Council Finance Committee Minutes, March 16, 2009. 3. Larimer Center for Mental Health Board of Directors. -a► Overview of Organization 85% of consumers live in families with incomes under$20,000 7,500 people served each year Larimer County's primary provider of behavioral health services L A R I M l R CENTER MENTAL Emeing gency S Housupport Clinical HEALTH Services Care Services fo At-Risk Senior • . . • Youth Services ommunity- Based CENTER Outpatient Services Treatment MENTAL HEALTH Vocational Support Early Programs Childhood Programs Services for Intensive Homeless unit Case Residential Co Corrections Mmgt. Housing \partnership CENTER MENTAL HEALTH l 125 Crestridge Street Future location of Larimer Center for Mental Health 2 CFFNTFh Total Cost $1.95 Million MENTAL H EALTH Description $1.35 Million $1.2 Million Project Renovations $600,,, ,,, ,,, rn CENTER MENTAL Tax-Exempt Bonds HEALTH • Purchased by First National Bank Approximately $315,000 Savings through interest savings • Minimize costs of issuance • Bond documentation will include Tri-Party Financing Agreement between City, First National Bank and Larimer Center Financing Plan ..Serving more in need 3 ys ATTACHMENT 2 �It� ®� 215 N.Maso Administration 215 N.Mason Fort oor PO Box 680 Fort Collins,CO 80622F rtCothns 970.221.6788 970.221.6782-fax fcgov.com Council Finance Committee Minutes b 03/16/09 � � 10:30 a.m. - 12:00 p.m. Council Attendees: Mayor Doug Hutchinson, Councilmember Ben Manvel City Staff Attendees: Darin Atteberry, Mike Freeman, Chuck Seest, Carrie Daggett, John Voss, Jeremy Reese, Terri Bryant, Heather Shepherd Others: David May, Chamber of Commerce; President from Larimer County Health Services. Approval of the Minutes from the February meeting. Ben Manvel moved t minu es and Doug Hutchinson seconded the e ouncil Finance Committee approved the February minutes. "Mad) Larimer Center for Mental Health—Tax Exempt Revenue Bonds Overview of the Organization: • 21 locations (3 in Fort Collins) • 220 employees • 7,500 people served each year • 65% of people served are from Fort Collins • Served Larimer County for 52 years • 12.5 million budget for 2008 One building currently used by LCHC is a Fort Collins City owned building. It will be displaced by the amphitheater and they are planning to move out by September 2009. There are plans for new location at 125 Crestridge Street. The building at the new location will be used for some current programs that need more space. • Spirit Crossing—learn skills—daily classes • Domestic Violence Program • Administration/Offices The budget for this project is approx. $1.8 million. The Purchase Price $1.8 million and renovations will be about $600,00. Fort Collins Financial Plan: DRAFT • Purchased by First National Bank. • Approx. 315,000 savings through interest savings. • Minimize costs of issuance. • Bond documentation includes tri-party financing agreement between City, FN Bank, and Larimer Center. These bonds either have to be issued through the City or the County and City already has a mechanism already in place so it will be a more simplified process. Doug Hutchinson asked if staff is supports this plan. City staff recommends that this be brought to Fort Collins City Council for approval. Continuation of Financial Services Summary Transportation Fund John Voss stated that the main reasons for a spike in the (chart) • 3 years of deficit spending • 2005 CDOT money $13.7 million for Harmony maintena e Without significant modification to the 2009 budget, it is pro' cted that all Transportation fund balances, other than the Harmony reserve, will be d leted by end of 2009. Personnel ACTION: Show Overtime hours by service area. ng this information/chart to the next Council Finance Meeting. Utilities Revenues • Electric revenue decreased 0.7%.o r 2007 — Residential & Commercial ales are down — Industrial Sales increasi slightly — YTD kWh billed custo ers decreased 0.9% • Stormwater revenue 3.00 igher than 2007 due to growth in customer base • Wastewater increased .5% - rate increase in 2008 was 11.0% to all rate classes • Water revenues ar own 2.2% compared to 2007 Li ht and Power--Util' es Ex enses • YTD Purcha d Power increased 1.5% after a 3.5% rate increase from PRPA — Pro ble impacts included energy conservation, DSM programs, e�e Homy, and weather /Overal�l ng & Maintenance Expenses - up 11.0% (will continue to rise) Maintenance costs to distribution system dditional program costs for Energy Services operating expenses increased 3.7% I 1. A R I Ni E R CENTER - - ., .... Azo 7777777777,� _. . .; -FOR-' MENTAL re: ee• HEALTH Contact Information Area of Expertise Offices Held Terms Chairperson - Linda Gabel 970/797-2395 Financial/Business Vice Chairperson -07/08 Elected 08/2006 826 Blondel Street—C101 lindagabe108( gmail.com Management Chairperson—08/09 1 sc term: 08/2006—08/2009 Fort Collins, CO 80524 Vice Chairperson Sue Taigman 970/593-1736 Executive Coach and Vice Chairperson—08/09 Elected 08/2007 324 Colt Drive staigman cbipbroadband.net Mediator 15t term: 08/2007—08/2008 Loveland, CO 80537 2nd term: 08/2008—08/2011 Secretary - Joni Friedman 970/498-6604 Director of Larimer Secretary—07/08, 08/09 Elected 08/2007 Larimer County Work Force 'friedman@larimer.org County Work Force 15t term: 08/2007—08/2009 P.O. Box 2367 Center 2nd term: 08/2009—08/2012 Fort Collins, CO 80522 Treasurer Sherman Harrison 720/947-7619 Finance/Banking Treasurer—04/05, 05/06, Elected 02/2003 2936 Brumbaugh Dr. Slmsl5harrison(o)msn.com 06/07,07/08,08/09 15f term: 08/2003—08/2006 Fort Collins, CO 80526 2nd term: 08/2006—08/2009 Members- <. Charles Davidshofer 970/980-8779 Retired Psychologist Elected 08/2004 4112 Attleboro Court Charles.davidshofercncolo University Professor 1s1 term:-08/2004—08/2007 Fort Collins, CO 80525 state.edu 2nd term: 08/2007—08/2010 a Bill Frame 970/667-0846 Real Estate Broker Elected 08/2007 3805 Valley Oak Drive bill cOillframe.com 151 term: 08/2007—08/2010 Y Loveland, CO 80538 t�7 z W Contact Information Area of Expertise Offices Held Terms Michael Daine 970/491-1613 Mental Health/Dual Elected 08/2008 University Counseling Center/CSU mjdaine(wahoo.com Diagnosis Services 151 term: 08/2008—08/2011 1354 Green Gables Court Fort Collins, CO 80525 Michelle Brinegar 970/667-3448 Judicial System Elected 10/2008 7911 Handy Ct. brinegmc(a.co.larimer.co.us 15'term:08/2009—08/2012 Fort Collins, CO 80525 Janie Caradec 970/223-3826 Finance Elected 10/2008 1207 Mariposa Ct. jcaradec@sampleandbailev. V term:08/2009—08/2012 Fort Collins, CO 80526 com Paul Lugo 970/372-1335 Business Elected 10/2008 2450 Reception Ct. PaulLugo ar7.yahoo.com 15t term: 08/2009—08/2012 Fort Collins, CO 80521 Sharyn Salmen 970/226-3761 Nurse/Healthcare Elected 12/2008 700 Breakwater Dr. ssalmen(a)frii.com Administrator 1It term: 08/2009-08/2012 Fort Collins, CO 80525 Dan Robinson 970/224-4278 Healthcare Elected 01/2009 4923 LaPaz Dr. dr10(a pvhs.org Administrator 15t term: 08/2009-08/2012 Fort Collins, CO 80524 Mark Keller 970/219-5570 Special Education Elected 02/2009 719 Sandpiper Pt. mark(a)ftcollinshomes.com Real Estate Broker 1It term: 08/2009-08/2012 Fort Collins, CO 80525 03/02/2009 ORDINANCE NO. 035, 2009 AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF THE CITY OF FORT COLLINS, COLORADO, REVENUE BOND (LARIMER CENTER FOR MENTAL HEALTH PROJECT) SERIES 2009, IN A TOTAL PRINCIPAL AMOUNT NOT TO EXCEED $1,400,000; MAKING DETERMINATIONS AS TO SUFFICIENCY OF REVENUES AND AS TO OTHER MATTERS RELATED TO THE PROJECT AND APPROVING THE FORM AND AUTHORIZING THE EXECUTION OF CERTAIN DOCUMENTS RELATING THERETO. WHEREAS, the City of Fort Collins, Colorado (the "Issuer"), is authorized by the provisions of the County and Municipality Development Revenue Bond Act, article 3 of title 29, Colorado Revised Statutes, as amended (the "Act"), to issue revenue bonds for the purpose of financing projects to be located inside or within eight (8) miles of the boundaries of the Issuer for the purposes enumerated in the Act, to enter into financing agreements with others for the purpose of providing revenues to pay such bonds, and further to secure the payment of such bonds; and WHEREAS, the Act provides that title to any project may at all times remain in the name of the user of the project; and WHEREAS, Larimer Center for Mental Health, a Colorado nonprofit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the 'Borrower"), has requested that the Issuer issue its revenue bond in accordance with the Charter and the Act, such bond to be designated the City of Fort Collins, Colorado, Revenue Bond (Larimer Center for Mental Health Project) Series 2009 (the 'Bond"), the proceeds of which shall be loaned to the Borrower for the purposes of(i) refinancing an existing line of credit currently held with First National Bank (the "Bank"), the proceeds of which were used for the acquisition of and improvements to a building located at 125 Crestridge Street, Fort Collins, Colorado and (ii) paying certain costs relating to the issuance of the Bond (collectively, the "Project"); and WHEREAS, a Financing Agreement, to be dated as of May 1, 2009 (the "Agreement"), among the Issuer, the Borrower and the Bank has been submitted to the City Council (the "Council") and filed in the office of the Fort Collins City Clerk (the "Clerk"), and is there available for public inspection; and WHEREAS, the Council desires at this time to authorize the issuance of the Bond, for the purpose of the Project; and WHEREAS, a public hearing concerning the proposed Bonds and the nature and location of the Project is scheduled to be held on May 4, 2009, and such public hearing in accordance with Section 147(f) of the Internal Revenue Code of 1986 will be required as condition to the issuance and sale of the Bonds; and WHEREAS, it is necessary or desirable to authorize the issuance of the Bond by Ordinance and to approve the form and authorize the execution of the Agreement. BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS AS FOLLOWS: Section 1. Determinations. It is hereby found, determined and declared, that: (a) The City is a duly organized and existing home rule municipality of the State of Colorado, created and operating pursuant to Article XX of the Constitution of the State of Colorado and the home rule charter of the City (the "Charter") and is authorized under the Act and the Supplemental Public Securities Act, part 2 of article 57 of title 11, Colorado Revised Statutes (the "Supplemental Act") to issue and sell its economic development revenue bonds in 2 the form of one or more debt instruments, such as the Bond, for the purpose, in the manner and upon the terms and conditions set forth in the Act, the Supplemental Act , this Ordinance, and in the Agreement. (b) The financing of the Project will promote the public health, welfare, safety, convenience and prosperity and promote and develop trade or other economic activity by inducing a non-profit corporation to locate, expand or remain in the Issuer and the State of Colorado to secure and maintain a balanced and stable economy for the Issuer and the State of Colorado. (c) The maximum amounts necessary in each year to pay the principal of and interest on the Bond and the interest rate or rates to be borne by the Bond are as provided in the Agreement. (d) The payments required in the Agreement to be made are sufficient to pay the principal of and interest on the Bond when due, and to pay all other costs required in the Agreement to be paid, including all sums referred to in paragraphs (b), (d) and (e) of this section. (e) No reserve funds have been established pursuant to the Agreement. (f) The Agreement provides that the Borrower shall maintain the Project in good repair and carry all proper insurance with respect thereto. (g) The Agreement requires that the Borrower pay the taxes and other governmental charges with respect to the Project, including taxes and charges which the taxing entities specified in C.R.S. Section 29-3-120 are entitled to receive, and sufficient revenues for such purpose are thereby provided. Section 2: Issuance and Sale of Bond. The Issuer shall issue its Revenue Bond (Larimer Center for Mental Health Project) Series 2009, to be in registered form and to be dated 3 as provided in the Agreement, in a total principal amount not to exceed $1,400,000, for the purposes, in the forms and upon the terms set forth in this Ordinance and the Agreement, including the form of the Bond as set forth in the Agreement. The Bond shall be payable in the manner and to the persons set forth in the Agreement and the form of the Bond set forth therein. The maximum net effective interest rate authorized for the Bond shall not exceed 12% per annum, until the date of maturity. The Council hereby elects to apply all of the Supplemental Act to the issuance of the Bonds Section 3. Approvals and Authorizations. The form of the Agreement, including the form of Bond (collectively, the "Issuer Documents") are hereby approved. The City Manager of the City of Fort Collins, Colorado or any other Council Member and the City Clerk are hereby authorized and directed to execute the Issuer Documents and to affix the seal of the Issuer thereto, and further to execute and authenticate such other documents, instruments or certificates as are deemed necessary or desirable by bond counsel in order to issue and secure the Bond. Such documents are to be executed in substantially the form hereinabove approved, provided that such documents may be completed, corrected, or revised as deemed necessary by the parties thereto in order to carry out the purposes of this Ordinance. Copies of all of the documents shall be delivered, filed and recorded as provided therein. The rights, title and interest of the Issuer in the Agreement when executed, shall, by the terms thereof, have been assigned to the Trustee except as therein provided. The proper officers of the Issuer are hereby authorized and directed to prepare and furnish to bond counsel certified copies of all proceedings and records of the Issuer relating to 4 the Bond and such other affidavits and certificates as may be required to show the facts relating to the authorization and issuance thereof, as such facts appear from the books and records in such officers' custody and control. The approval hereby given to the various documents referred to above include the approval of such additional details therein as may be necessary and appropriate for their completion and such modifications thereof, deletions therefrom, and additions thereto as may be approved by bond counsel prior to the execution of the documents. The execution of any instrument by the appropriate officers of the Issuer herein authorized shall be conclusive evidence of the approval by the Issuer of such instrument in accordance with the terms hereof. Section 4. Nature of Obligation. Under the provisions of the Act, and as provided in the Agreement and the Bond, the Bond shall be a special, limited obligation of the Issuer payable solely from, and secured by a pledge of, the revenues derived from the Agreement, and any deed of trust provided by the Borrower. The.Issuer will not pledge any of its property or secure the payment of the Bond with its property. The Bond and the interest thereon shall never constitute the debt or indebtedness or a multi-year fiscal obligation or the financial obligation of the State of Colorado or any political subdivision thereof, including the Issuer, within the meaning of any provision or limitation of the Colorado Constitution or statutes of the State of Colorado, and shall not constitute or give rise to a pecuniary liability of the Issuer, its agents, employees or officers, or a charge against its general credit or taxing powers. In entering into the Issuer Documents, the Issuer will not obligate itself, except with respect to the application of the revenues derived from the Agreement and the Bond proceeds. The Issuer will not pay out of its general fund or otherwise contribute any part of the cost of financing the Project. No costs are to be borne by the 5 Issuer in connection with the issuance of the Bond. The Agreement provides that all fees and expenses of the Issuer shall be paid by the Borrower. Section 5. Limitation of Rights. With the exception of any rights herein expressly conferred, nothing expressed or mentioned in or to be implied from the Ordinance or the Bond is intended or shall be construed to give to any person, other than the City, the Borrower and the Bank, any legal or equitable right, remedy or claim under or with respect to this Ordinance or any covenants, conditions and provisions herein contained; this Ordinance and all of the covenants, conditions and provisions hereof being intended to be and being for the sole and exclusive benefit of the City, the Borrower and the Bank as herein provided. Section 6. Pledge of Revenues. The creation, perfection, enforcement, and priority of the pledge of the security to secure or pay the Bond as provided herein and in the Agreement shall be governed by Section I 1-57-208 of the Supplemental Act. The security for the payment of the Bond, as received by or otherwise credited to the City and the Bank, shall immediately be subject to the lien of such pledge without any physical delivery, tiling, or further act. The lien of such pledge on the security shall have priority over any or all other obligations and liabilities of the City. The lien of such pledge shall be valid, binding, and enforceable as against all persons having claims of any kind in tort, contract, or otherwise against the City irrespective of whether such persons have notice of such liens. Section 7. Immunity of Officers. . Pursuant to Section I 1-57-209 of the Supplemental Act, if a member of the Council, or any officer or agent of the City acts in good faith, no civil recourse shall be available against such commissioner, officer, or agent for payment of the principal of or interest on the Bond. No recourse for the payment of any part of the principal of, 6 premium, if any, or interest on the Bond for the satisfaction of any liability arising from, founded upon or existing by reason of the issue, purchase or ownership of the Bond shall be had against any official, officer, councilmember or agent of the City or the State, all such liability to be expressly released and waived as a condition of and as a part of the consideration for the issue, sale and purchase of the Bond. Section 8. Limitation on Actions. In accordance with the Act, no action shall be brought questioning the legality of any contract, financing agreement, mortgage, proceeding relating to the Bond, or the Project on and after thirty days from the effective date of this Ordinance. Section 9. Validity of Bond. The Bond shall contain a recital that such Bond is issued pursuant to the Act and the Supplemental Act, and such recital shall be conclusive evidence of its validity and of the regularity of its issuance Section 10. Charter. Pursuant to Article XX of the State Constitution and the Charter, all State statutes that might otherwise apply in connection with the provisions of this ordinance are hereby superseded to the extent of any inconsistencies between the provisions of this ordinance and such statutes. Any such inconsistency is intended by the Council and shall be deemed made pursuant to the Charter. Section 11. Bond Printing and Related Matters. The officers of the Issuer are hereby authorized and directed to arrange for the printing of the Bond, provided that, subject to Section 3(c) above, the Borrower shall pay for all costs in connection with the preparation and printing of 7 the Bond and no such costs are to be bome by the Issuer. The Bond will be purchased by the Bank in accordance with the Agreement. Section 12. Bond Ordinance Irrepealable. After the Bond is issued, this Ordinance shall constitute an irrevocable contract between the Issuer and the holder(s) of the Bond and shall be and remain irrepealable until the Bond, both principal and interest, shall be fully paid, cancelled and discharged. Section 13. Ratification. All actions heretofore taken by the Issuer and by the officers thereof or on their behalf not inconsistent herewith directed toward the financing of the Project and the issuance and sale of the Bond, or the conduct of a public hearing relating to the issuance of the Bond or the location and nature of the Project, are hereby ratified, approved and confirmed. Section 14. Repealer. All acts, orders, ordinances, or parts thereof, taken by the Issuer and in conflict with this Ordinance, are hereby repealed except that this repealer shall not be construed so as to revive any act, order, ordinance, or part thereof heretofore repealed. Section 15. Other Matters. By the passage of this Ordinance, the Council does not intend to approve, nor is it approving hereby, any matters relating to licensing, permitting, subdivision zoning, planning or landscaping of the Project. Approval of such matters must be obtained under normal procedures of the Issuer. Section 16. Severability. If any, paragraph, clause, section or provision of this Ordinance, except Section 4 hereof, is judicially adjudged invalid or unenforceable, such judgment shall not affect, impair or invalidate the remaining paragraphs, clauses, sections or provisions hereof. 8 Section 17. Effective Date. This Ordinance shall be effective ten days after its passage. [The balance of this page is intentionally blank] 9 INTRODUCED, READ, APPROVED ON FIRST READING AND ORDERED PUBLISHED this 2151 day of April, A.D. 2009. Mayor ATTEST: City Clerk 10 READ, APPROVED ON SECOND READING AND ORDERED PUBLISHED this 5th day of May, A.D. 2009. Mayor ATTEST: City Clerk 11 CERTIFIED RECORD OF PROCEEDINGS OF THE CITY COUNCIL OF THE CITY OF FORT COLLINS, COLORADO RELATING TO AN ORDINANCE AUTHORIZING THE ISSUANCE OF ITS REVENUE BOND (LARIMER CENTER FOR MENTAL HEALTH PROJECT) SERIES 2009 IN A TOTAL PRINCIPAL AMOUNT NOT TO EXCEED $1.400.000 12 STATE OF COLORADO ) COUNTY OF LARIMER ) ss. CITY OF FORT COLLINS ) I, Wanda M. Krajicek, City Clerk of the City of Fort Collins, Colorado (the "City"), do hereby certify the following: 1. The attached copy of Ordinance No. 035, Series of 2009 (the "Ordinance") is a true, correct and complete copy thereof. 2. The Ordinance was introduced, read, and approved on first reading by the City Council of the City (The "Council") at a regular meeting of the Council held at Council Chambers, City Hall, 300 West LaPorte Avenue, Fort Collins, Colorado, the regular meeting place thereof, on Tuesday, the 21 st of April, 2009, by the members of the Council as follows: Name "Yes" "No" Absent Doug Hutchinson, President Aislinn Kottwitz Ben Manvel Kelly Ohlson Lisa Poppaw David Roy Wade Troxell 3. The Ordinance was duly published in full at least seven days before its final passage on the City's official internet web site. In addition, the Ordinance was duly published by number and title only, together with a statement that the text thereof was available for public inspection and acquisition in the office of the City Clerk of the City and on the City's internet web site, in The Coloradoan, a newspaper of general circulation published in the City in its issue of April 26, 2009, as evidenced by the certificate of the publisher attached hereto as Exhibit A. Both publications contained a notice giving the date when the Ordinance would be presented for final passage. 4. The Ordinance was amended, read and finally passed on second reading as amended by the Council at a regular meeting of the Council held at Council Chambers, City Hall, 300 West LaPorte Avenue, Fort Collins, Colorado, the regular meeting place thereof, on Tuesday, the 5`h day of May, 2009, by the members of the Board as follows: Name "Yes" "No" Absent Doug Hutchinson, President Aislinn Kottwitz Ben Manvel Kelly Ohlson Lisa Poppaw. David Roy Wade Troxell 5. Following its final passage, the Ordinance was duly published in full on the City's official intemet web site within seven days following its final passage. In addition, a notice of the final passage of the Ordinance was duly published in The Coloradoan, a newspaper of general circulation published in the City, in its issue of May 10, 2009, as evidenced by the certificate of the publisher attached hereto as Exhibit B. 6. A true copy of the Ordinance has been authenticated by the signatures of the Mayor and myself as City Clerk, sealed with the seal of the City, and numbered and recorded in a book marked "Ordinance Record" kept for that purpose in my office. 14 IN WITNESS WHEREOF, I have hereunto set my hand and the seal of the City of Fort Collins, Colorado this_day of May, 2009. City Clerk, City of Fort Collins, Colorado (SEAL) 15 Exhibit A (Attach certificate of publication of Ordinance after first reading) Exhibit B (Attach certificate of publication of Ordinance after final passage)