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HomeMy WebLinkAbout137 - 11/19/1985 - ISSUANCE AND SALE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS, SERIES 1985 FOR THE TULAKES ASSOCIATES PR BOND ORDINANCE NO. 137, 1985 CITY OF FORT COLLINS , COLORADO INDUSTRIAL DEVELOPMENT REVENUE BONDS SERIES 1985 (THE TULAKES ASSOCIATES PROJECT) ADOPTED: November 19 , 1985 STATE OF COLORADO ) COUNTY OF LARIMER ) ss . CITY OF FORT COLLINS ) The City Council of the City_ or Fort Collins , Colorado , held a regular meeting in the Council Chambers , at 300 LaPorte Avenue , Fort Collins , Colorado , on Tuesdav , the 5th day (-)f November. , 1985, at the hour of 6 : 30 p .m. The following persons were oresr�nt : Councilmembers : Barbara Rutstein , Mayor Kelly Ohlson , Assistant Mayor. Gerald C. Horak E. John Clarke John E. Knezovich Larry Estrada Ed Stoner Interim City Manager: Richard H. Shannon City Clerk : Wanda M. Krajicek The following persons were absent : None Councilmember Knezovich introduced the following Ordinance , which was read by title , copies of the full Ordinance having been available in the office of the City Clerk at least forty-eight ( 48 ) hours prior to the time said Ordinance was introduced for each Councilmember and for inspection and copying by the general public . ORDINANCE NO. 137, 1985 AN ORDINANCE RELATING TO THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS UNDER THE PROVISIONS OF THE COLORADO COUNTY AND MUNICIPALITY DEVELOPMENT REVENUE BOND ACT ; PROVIDING FOR THE ISSUANCE AND SALE OF CITY OF FORT COLLINS, COLORADO, INDUSTRIAL DEVELOPMENT REVENUE BONDS , SERIES 1985 ( THE TULAKES ASSOCIATES PROJECT) TN THE PRINCIPAL AMOUNT OF' $920 , 000 FOR THE PURPOSE,, OF LOANING FUNDS TO TULAKES ASSOCIATES TO FINANCE IPIPROVEMENTS RELATING TO CONSTRUCTING AN ADDITION TO AN EXISTING OFFICE AND [MANUFACTURING FACILITY IN FORT COLLINS , LARIMER COUNTY, COLORADO; APPROVING AND AUTHORIZING THE EXECUTION AND ASSIGNMENT OF A LOAN AGREEMENT AND NOTE. BETWEEN TULAKES ASSOCIATES AND THE CITY; AND AUTHORIZING THE PREPARATION AND EXECUTION OF CERTAIN RELATED DOCUMENTS AND INSTRUMENTS . Be it ordained by the Council of the City of Fort Collins , Colorado : ARTICLE I DEFINITIONS , LEGAL AUTHORIZATION AND FINDINGS I . I . Definitions The terms used herein , unless the context hereof shall require otherwise , shall have the following meanings , and any other terms defined in the Loan Agreement shall have the same meanings when used herein as assigned to them in the Loan Agreement unless the context or use thereof indicates another or different meaning or intent. 1 . Act . The County and Municipality Development Revenue Bond Act , Article 3 , Title 29 , Colorado Revised Statutes , as amended . 2. Assignment of the Loan Agreement . The assignment to be executed by the City and the Lender assigning the City ' s interest in the Loan Agreement to the Lender . 3. Bonds . The $920 , 000 Industrial Development Revenue Bonds , Series 1985 (The Tulakes Associates Project ) to be issued by the City pursuant to this Ordinance . 4 . Bond Counsel_ . The firm of Fischer_ , Brown , Huddleson , and Gunn, Fort Collins , Colorado. 5. Bond Register . The records kept by the City of Fort Collins , Colorado to provide for the registration and transfer of ownership of the Bonds . 6 . City. City of Fort Collins , Colorado , its successors and assigns . 7 . Col. later�,, l Assiqnments nt Rents . The assignment to be executed by the Company -issinnin t� the Lender as security for the Bonds the rants due the Comoanv under a lease dated Ic)n Tech , Tnc . , and all other leases , rents and other income tr-�.-n the Project . 8 . Company. Tulakes Associ -ites , a Colorado General. Partnership , its successors .in,' and any surviving , resulting or transferee business ,nrity which may assume its obligations under_ the Loan Agreeim,rr . 9 . Company Note . Means the note of the Company delivered to the Issuer and endorsed to the Lender which evidences the obligation of the Company to repav the loan of the Issuer in accordance with Section 4 . 1 of the Loan Agreement and which is in the form attached to the Loan Agreement as Exhibit C. 10 . Deed of Trust . The Deed of Trust to be executed by the Company in favor of the Lender securing payment of the Bonds and interest thereon . 11 . Guaranty. The Guaranty Agreement to be executed by the Company and Ion Tech , Inc. as security for the Bonds . 1.2. Improvements . The str_ucrur,�s and other improvements , including any tangible personal property , to be constructed or installed on the Land to be owned by the Company in accordance with the Plans and Specifications . 13 . Inducement Letter . The letter agreement from the Company to the City and the Lender dated December. 19 , 1985. 14 . Land . The real property and any other easements and rights described in Exhibit A attached to the Loan Agreement . 15 . Lender . Denver National Bank , Denver , Colorado , its successors and assigns . The Lender is the initial purchaser of the Bonds . 16 . Loan Aqreement . The aqreement to be executed by the City and the Company, providing for the issuance of the Bonds and the loan of the proceeds thereof to the Companv, including any amendments or supplements thereto made in accordance with its provisions . 17 . Margin Rate Factor means the product of ( a) one ( 1 ) minus the Maximum Federal Corporate Tax Rate times ( b ) 1 . 35185. The Margin Rate Factor shall. be 1 . 0 so long as the Maximum Federal Corporate Tax Rate shall be 4605 , and thereafter shall change from time to time effective as of the effective date_ of any change in the Maximum Federal- Corporate Tax Rate . 13 . Maximum Federal Corporate Tax Rate means the maximum statutory rate of Federal income r_ �xati )n imposed on the taxable income of corporations pursuant to Section 11 ( b ) of the Code , as in effect from time to time ( or , ; f as a result of a change in the Code the rate of income taxation imposed on corporations shall not be applicable to a bondh,c)ider , the maximum statutory rate of Federal income taxation which could apply to a bondholder) . 1-9 . Offer to Purchase . The letter agreement from the Lender to the City, dated Docem'ber 19 , 1945. 20 . Plans and Specifications . The plans and specifications for the construction and installation of the Improvements on the Land , which are approved by the Lender , together with such modifications thereof and additions thereto as are reasonably determined by the Company to he necessary or desirable for the completion of the Improvements and are approved by the Lender. 21 . Principal Balance . So much of the principal sum on the Bonds as from time to time remains unpaid . 22 . Project . The Improvements and the Land . 23. Project Costs . All costs of the Project ( i ) which are capitalized expenditures under_ generally accepted accounting principles and which must he or with a proper election may be capitalized for Federal income tax purposes and ( ii ) for which the Bond proceeds may be spent under the Act , including the following : ( a ) Payment for the preparation of plans and specifications for the Project ( including any preliminary study or planning of the Project ) , and for the acquisition , development , construction and installation of the Project ( including architectural , engineering and supervisory services with respect to any of the foregoing ) . (b) To the extent that they sha11 not be paid by a contractor, payment of the premiums on all insurance required to be maintained prior to the date the Project is completed . ( c) Payment of any fees and expenses for recording or filing such documents , instruments and financing statements which the Company , the Lender or the City may deem desirable to perfect or protect the rights of the City and the Lender under_ the Loan Agreement , t`ie Comoany Note and the Assignment of the Loan Agreement . (d ) Payment of any commitment or acceptance fee of the Lender and the legal , accounting and financial advisory fees and expenses , and all other fees and expenses incurred in the preparation of related documents . ( e ) ?nterest accrued on the Bonds prior to completion of the Project. 24 . ordinance . This Ordinan(-f- of the City, adopted November 19 , 1985 , together with any supplement or amendment hereto. 1 . 2 . Legal Authorization The City is a political subdivision of the State of Colorado and is authorized under the Act to finance the Project herein referred to , and to issue and sell the Bonds for the purpose , in the manner and upon the terms and conditions set forth in the Act and in this Ordinance . 1 . 3. Findings The City Council , based on the representations of the Company, has heretofore determined and found , and does hereby determine and find , as follows : ( a) In authorizing the Project the City' s purpose is , and in its judgment the effect thereof will be , the promotion and development of trade and other economic activities within the City by inducing the Company to acquire and construct facilities in the City and to secure and maintain a balanced and stable economy within the City ; ( b) The amount estimated to be necessary to finance the Project Costs , includinq the costs and estimated costs permitted by the Act , will require the issuance of the Bonds in the principal amount of $920 , 000 , as hereinafter provided ; ( c ) It is desirable , feasible and consistent with the objects and purposes of the Act to issue the Bonds , for the purpose of financing the construction of the Project ; (d ) The Bonds and the interest accruing thereon shall never_ constitute the debt or indebtedness of the City within the meaning of any provision or limitation of the constitution or statutes of the State of Colorado or. the Home Rule Charter of the City of Fort Collins , Colorado and shall not constitute nor_ give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers ; (e ) Pursuant to Sections 113 and 114 of the Act , the City hereby determines ( i ) the interest rate on the Bonds is a floating rate equal to 85% of the rate of interest announced from time to time by Denver National Bank at its principal office in Denver , Colorado as its Base Rate . The annual payments of principal on the Bonds and as set forth in the Loan Agreement and Company Note are based on an amortization of 8 . 5% per annum and are as rollows : - 4 - PAYMENT DATE ( First Day of the AMOUNT OF ANNUAL Following Months) PRINCIPAL PAYMENT December 1986 S 11_ , 000 December 1987 12 , 000 December 1928 14 , 000 December 1989 16 , 000 December 1990 18 , 000 December 1991 23 , 000 December 1992 28 , On0 December 1993 32 , 000 December 1994 37 , 000 December 1995 40 , 000 December 1996. 45 , 000 December 1997 50 , 000 December 1998 55 , 000 December 1999 60 , 000 December 2000 65 , 000 December 2001 70 , 000 December 2002 75 ,000 December_ 2003 80 , 000 December 2004 85 , 000 December 2005 104 , 000 $920 , 000 Interest on the Bonds is payable semi-annually on the first day of each Ju-ne and December during the term of the Bonds . The net effective interest rate on the Bonds is restricted to not more than 20% per annum, except in the event of a Determination of. Taxability in which case the net effective rate of interest on the Bonds shall not exceed 30% per annum. The Loan Agreement requires the Company to make all payments of principal and interest due on the Bonds . If an Event of Taxability shall occur , payments shall be adjusted to pay current interest at the Base Rate plus 2% ( 200 basis points ) per annum and to amortize principal at the same rate as if no Event of Taxability had occurred , ( ii ) the establishment by this Resolution of a Bond reserve fund for the retirement of the Bonds is not deemed advisable , and ( iii ) since the Loan !agreement provides that the Company shall maintain the Project and carry all proper insurance with respect thereto , no determination of the estimated cost of maintaining the Project need be made ; and ( f ) Pursuant to Section 1.20 of tho Act , the City hereby determines that the revenues of. the Company will be sufficient to , and that the Loan Agreement provides that the Company shall , pay all taxes which may be due and owing with respect to the Project . 5 - 1 . 4 . Authorization and Ratitication of Project The City hereby authorizes the Company to provide for the construction and installation of the Improvements to be included in the Project pursuant to the PlAns and Specifications by such means as shall he available to the Company and in the manner determined by the Company, and the City hereby ratifies , affirms and approves all actions heretofore taken by the Company. ARTICLE II BONDS 2. 1. Authorized Amount and Form of Bonds The Bonds issued pursuant to this Ordinance shall be in substantially the form set forth herein , with such appropriate variations , omissions and insertions as are permitted or required by this Ordinance , and in accordance with the further provisions hereof ; and the total principal amount of the Bonds that may be outstanding hereunder is expressly limited to $920 , 000 . The Bonds shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF COLORADO CITY OF FORT COLLINS , COLORADO INDUSTRIAL DEVELOPMENT REVENUE BOND ( THE TULAKES ASSOCIATES PROJECT) SERIES 1985 December 1 , 1985 R-1 $920 , 000 FOR VALUE RECEIVED, CITY OF FORT COLLINS , COLORADO ( the "City" ) hereby promises to pay to the order of DENVER NATIONAL BANK, Denver, Colorado ( the " Lender" ) , its successors or registered assigns , from the source and in the manner hereinafter provided , the principal sum of NINE HUNDRED TWENTY THOUSAND DOLLARS ( $920 , 000 ) ( the "Principal Balance" ) , and to pay interest thereon from the date hereof in consecutive semi-annual installments beginning June 1 , 19R6 , and on the first day of each succeeding December and June during the term hereof_ through and including December 1 , 2005 , at a per annum rate equal to 85% of the rate of interest publicly announced by the Lender from time to time at its principal office in Denver , Colorado , as its "Prime Rate" ( computed on the basis of a 360 day year) ( the "Prime Rate" ) multiplied by the "Margin Rate Factor" ( hereinafter defined ) ; provided that the rate of interest on this Bond shall not be less than 8% per annum or more than 1210 per annum, in any coin or currency which at the time or times of payment is legal tender for the payment of public or private debt in the United - 5 - States of America , in accordance with the terms hereinafter set forth . "Margin Rate Factor" means the product of ( a ) one ( 1 ) minus the "Maximum Federal Corporate Tax Rare" ( hereinafter defined ) times (b) 1 . 85185. The Margin Rate Factor shall be 1 . 0 so lonq_ as the Maximum Federal Corporate Tax Rate shall he 46° , and thereafter shall change from time to time effective as of the effective date of any change in the Maximum Federal Corporate Tax Rate . "Maximum Federal Corporate Tax Pate" means the maximum statutory rate of Federal income taxation imposed on the taxable income of corporations pursuant to Section 11 ( b) of the Internal Revenue Code of 1954 , as amended ( the " Code" ) , as in effect from time to time (or, if as a result of a change in the Code the rate of income taxation imposed on corporations shall not be applicable to a bondholder, the maximum statutory rate of Federal income taxation which could apply to the holder of this bond ) . 1 . (a ) The principal of this Bond shall mature and be repayable in twenty ( 20) annual installments in the amounts and on the dates as follows : See Bond Exhibit A (b) This Bond shall be subject to redemption and payment in whole or in part prior to maturity at the option of the City, upon instructions from the Lender , within six ( 6 ) months after the date of a "Determination of Taxability" (defined in the Loan Agreement ) at a redemption price equal to ( i ) the principal amount of the Bond to be redeemed , plus ( ii ) an additional amount equal to the difference between ( A) the interest on the Bond during the "Taxable Period" (defined in the Loan Agreement ) if. the Bond had horne interest during such Taxable Period at an interest rate equal to the Prime Rate plus 20. ( 200 basis points ) per annum and ( B) the interest actually paid on the Bond durinq such Taxable Period Plus ( iii. ) an amount equal to any interest , penalties on overdue interest and additions to tax as referred to in Subchapter. A of Chapter 68 of the Internal Revenue Code of 1954 , as amended , owed by the Lender . In the event of a Determination of Taxability the net effective interest rate on this Bond shall not exceed thirty ( 304 ) percent per annum. ( c) The Lender shall_ not hi-e the option to elect to cause the Company to redeem this Bond after a Determination of Taxability as set forth in subparagraph ( b ) hereof , if the City, upon instructions from the Company, within 6 months of the date of the Determination of Taxability shall ( i ) pay to the Lender , its successors or registered assigns a sum equal to the difference between (A) the interest on the Bonds during the period such bonds were taxable and outstanding prior to the date of the Determination of Taxability ( the "Prior Period" ) if the Bonds had horne interest during the - 7 - Prior Period at a rate equal_ to the Prime Pate plus 20.- ( 200 basis points ) per annum and ( B) the interest actually paid on the Bonds during the Prior Period , plus an amount equal- to any interest penalties on overdue interest and additions to tax as referred to in Subchapt-r A of Chapter 6R of the Internal Revenue Code of 1954 , as amended , owed by the Lender ; and ( ii ) elect , by giving the Lender written notice , that the rate of interest payable on this Bond from the date of the determination of Taxability through the Final Maturity Date shall be equal to the Pri-ne Rate plus 24 ( 200 basis points ) per annum. (d ) This Bond is also subject to redemption and payment , without premiums prior to maturity at the option of the City, upon instructions from the Company, as a whole at anytime , or in part in an amount not less than 20% of the outstanding principal amount of the Bonds in $5 , 000 multiples of principal on any interest payment date in inverse order of maturity, at the redemption prices ( expressed as a percentage of principal amount ) set forth in the following table , together with accrued interest thereon to the date of redemption. Redemption Period Redemption ( Dates Inclusive ) Price — December 1 , 1985 to November 30 , 1987 102% December 1 , 1987 to November 30 , 1990 101 December 1 , 1990 and thereafter 100 ( e ) This Bond is also subject to mandatory purchase by the Company, in whole but not in part , as directed by the City, upon election by and instructions from any Bondholder, on December 1 , 1990 , December 1 , 1995 and December 1 , 2000 , at a purchase price of 100% of the Principal Balance then outstanding , plus accrued interest thereon to the date fixed for purchase and payment. Notice of the Bondholder' s election to require the Company to purchase the Bonds hereunder shall be given to the Company by first class mail , postage prepaid , mailed not less than six ( 6 ) months prior to the applicable purchase date. ( f ) This Bond is also subject to purchase by the Company, in whole but not in part , on any interest payment date , solely at the option of the Company , in an amount equal to the repurchase prices (expressed as a percentage of principal amount ) set forth in the following table , together with accrued interest thereon to the date of repurchase. - 3 - with the Constitution and laws of the State of Colorado , particularly the Act and an ordinance of the Council of the City duly adopted on November 19 , 1985 ( the "nrdinance" ) . 5. This Bond is sacured by ( i ) ,n assignment of the Loan Agreement and the Company Note -!Io City to the L2nde�r_ , ( ii ) a Deed of Trust_ from the Company :,s r::nt�r , in f,,vor of the Lender , ( iii ) a Security agreement- under the Unitorm Commercial Code , ( iv ) a Guaranty Agreement h),twt,en the Company and Ion Tech , Inc . , as guarantors , and the Lencl#�r , and (v ) the Coll :3teral Assignment of P.ents dated .Is r)r `ht. �l,ire hnreot " his Bond is subject to all the terms , -onditir)ns )n,l provisions ,)t >aid Loan Agreement and Company Note , Deed r)r. Trust , Security Agreement and Guaranty Agreement . 6 . The Lender may waive an event of default hereunder caused by the nonpayment of interest ;,nd/or nrincipal due on this Bond without notice to or consent of .any party liable hereon and without releasing any such party. However, in no event shall the Final Maturity Date be beyond forty ( 40 ) years from the date hereof . 7 . The City may prepay, without a premium , all or a portion of the Principal Balance at any time upon ten ( 10) days ' written notice to the Lender , but only from funds available therefor under the Loan Agreement . No partial prepayment shall change the amount or extend r_he time of pay-nenr :)f any installment nayai)le hereunder. 8 . This Bond is further subject to prepayment , without_ a premium, in whole , upon the occurrence of certain events of damage to , or destruction or condemnation of the Project -,s specified in the Loan Agreement , the Deed of Trust and the Ordinance . 9 . The monthly payments due under the first paragraph hereof shall continue to be due and payable in full until the entire Principal Balance and accrued interest due on the Bond have been paid , regardless of any partial prepayment made hereunder . 10 . As provided in the Ordinance and subject to c-,!rtain limitations set forth therein , this Bond is transferable upon the books of the City at the office of the City Clerk , by the Lender in person or by its agent duly authorized in writinn , at-- the Lender ' s expense , upon surrender heracof rogether with a written instrument of transfer satisfactory to the City Clerk , duly executed by the Lender or its duly authorized agent . Upon such transfer the City Clerk will note the date of registration and the name and address of the new reqistered Lender in the registration blank appearing below. The City may deem and treat the person in whose name the Bond is last registered upon the books of the City as the absolute owner hereof , whether or not overdue , for the purpose of receiving payment of or on the - 10 - account of the Principal 3al .�n �, , nrepayment price or interest and for all other purposes , and AL1 such payments so made to the Lender or upon its order shall be valid and effective to satisfy and discharge the liability upon the Bond to the c,xtF�nt of the sum or sums so paid , and thr� Cit.v sh.-311 not be affected by any notice to the contrary. 11 . THIS BOND AND INTEREST THEREON AND ANY PENALTY OR PREMIUM DUE HEREUNDER ARE PAYABLE' SOLELY FRO11 THE REVENUES AND PROCEEDS DERIVED FROM THE LOAN AGREEMENT, THE NOTE , THE DEED OF TRUST, THE GUARANTY, T11F COLL,AT!?RAL \SSIG""ENT OF RENTS AND THE SECURITY AGREEMENT, AND SHALT. ":E` F'R ''ON;TTTr] I1 T!IF. DEBT OR INDEBTEDNESS OF THE CITY WITHIN THE ,•LEANING OF ANY PROVISION OR LIMITATION OF THE STATE CONSTITUTION OR STATUTES OR THE CHARTER OF THE CITY OF FORT COLLINS, COLORADO, AND SHALL :NOT CONSTITUTE NOR GIVE RISE TO A PECUNIARY LIABILITY OF THE: CITY OR A CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POLDERS . 12 . The remedies of the Lender , .is provided herein and in the Loan Agreement , the Deed of Trust , the Security Agreement , the Collateral Assignment of Rents , and the Guaranty , are not exclusive and shall be cumulative and concurrent tnd may he pursued singly, successively or together , at the sole discretion of the Lender , and may be exercised as often as occasion therefor shall occur; and the failure to exercise ,any such right or remedy shall in no event be construed as a waiver of reL�2ase thereof . 13 . The Lender shall not be deemed , by any act of omission or commission , to have waived any of its rights (),- hereunder unless such waiver is in writing and signed by the Lender, and then only to the extent specifically set forth in writing . A waiver with reference to one event shall_ not he construed as continuing or as a bar to or waiver of any right or remedy as to a subsequent event . 14 . This Bond has been issued without registration under state or federal or other securities laws , pursuant to an exemption for such issuance ; and accordingly the Bond may not be assigned or transferred in whole or part , nor may a participation interest in the Bond be given pursuant to any participation agreement , except in accordance with applicable registration requirements or an applicable exemption from such registration requirements , and the City Clerk may require an opinion of qualified counsel as to the existence of such an exemption before transferring this Bond on the books of the Citv. Furthermore , this Bond may not be transterred or -?xchanged except with such disclosure as may he appropriate under the circumstances or facts material to the investment decision of a prudent investor documented to the reasonable satist,action of the City and its counsel . IT IS HEREBY CERTIFIED AND P.ECI'rED that all conditions , acts and things required to exist , happen and be performed precedent - 11 - to or in the issuance of this Bon,-i do exist , have happened and have been performed in r_erJular and due form as required by law. IN -vJITNESS 67HERFOF, the City has causer) this Bond to be duly executed in its name by the manual signature of the Mayor of the City, to be sealed with the Seal of the City , to be siqned ,-.nd attested with the manual signature of the City Clerk and to be countersigned with the manual signature of the Finance Director of the City and has caused this Bond to be dated December 1 , 1985 . CITY OF FORT COLLINS , COLORADO By . ATTEST: Mayor City Clerk COUNTERSTGNED: ;iv : Director Finance - 12 - BOND EXHIBIT A PAYMENT DATE ( First Day of the AMOUNT OF ANNUAL Followina Months ) PRINCIPAL PAYMENT December 1986 S ll , 000 December 1987 12 , 000 December 1988 14 , 000 December 1989 16 , 000 December 1990 13 , 000 December 1991 23 , 000 December 1992 28 , 000 December 1993 32 , 000 December 1994 37 , 000 December 1995 40 , 000 December 1996 45 , 000 December 1997 50 , 000 December 1998 55 , 0()0 December 1999 60 , 000 December 2000 651000 December 2001 70 , 000 December 2002 75 , 0C10 December 2003 80 , 000 December 2004 85 , 000 December 2005 104 , 000 5920 , 00�) - 13 - Repurchase Period Repurchase ( Dates Inclusive ) Price December 1 , 1985 to November 30 , 1937 102Q December 1 , 1987 to November 30 , 1990 101 December 1 , 1990 and thereafter 100 Written notice of such purchase by the Company shall be given to the Bondholder at least_ sixty ( 60 ) days before such interest payment date. (q ) This Bond is also sub ect to mandatory redemption and payment in whole or in part , without premium, in the event and to the extent proceeds of this Bond are not disbursed in accordance with the Loan Agreement on or before December 1 , 1986 . (h) In the event this Bond is to be redeemed in whole or in part pursuant to the provisions of. the Loan Agreement , the Company shall give notice of the redemption to the Issuer and the Lender by first class mail , postage prepaid , mailed not less than thirty ( 30 ) days prier to the redemption date . No prior notice of redemption shall be required in connection with a partial redemption of this Bond from moneys remaining in the Construction Fund (defined in the Loan Agreement ) after the Completion Date . ( i ) On the first day following twenty years after_ the date hereof ( such date to be the �laturir_y Date" ) , the entire remaining Principal Balance and any interest accrued to the Final Maturity Date shall he clue and payable . 2. Interest shall be computed on the basis of a 360 day year, but charged for the actual number of days principal is unpaid. Anything in this Bond to the contrary notwithstanding , the obligations of the City under this Bond shall be subject to the limitation that payments of inr_er.>st hereunder shall not be required to the extent that receipt of any such payment by the Lender would be contrary to provisions of law applicable to the Lender which limit the maximum rate of interest which may be charged or collected by the Lender . 3 . Principal and interest due hereunder shall be payable at the principal office of the Lender, or at such other place as the Lender may designate in writing . 4 . This Bond is issued by the City to provide funds for a project , as defined in Section 103 of Article 3 , Title 29 , Colorado Revised Statutes , as amended ( the "Act" ) , consisting of the acquisition and construction of expansion of an existing building on real estate located in the City , pursuant to a Loan Agreement dated as of December 1 , 1985 , between the City and Tulakes Associates ( the "Company" ) ( the "Loan Agreement" ) , and , further, this Bond is issued pursuant to and in full compliance 9 - PROVJS?ONS AS M ' 'GISTRATION The ownership of the unpaid nriecipal Ra lance of this Pond and the interest accruing thereon i on the b�>oks of City of Fort Collins , Colorado , name apt r'Ze hr>l�for last noted below. Date of (dame and Address SiCnatur'� of City Registration of Registered owner Clerk or Deputy 2. 2. The Bonds The Bonds shall be payable at the times and in the manner , and shall be subject to such other terms and conditions as .lre set forth in the form thereof included as Section 2 . 1 of this Ordinance. The net effective interest rate on the Bonds shall not exceed twenty percent ( 20% ) per annum , unl ;-ss there shall have been a " Determination of Taxability , " in w!rich is,, the net effective interest rate on the Bonds shall not -xr"""i - }hirty percent ( 30a ) per annum. Subject to the toregoing , the Bonds shall bear interest at the rate set forth in the form thereof included as Section 2. 1 of this Ordinance . 2. 3 . Execution The Bonds shall be executed on oehalf of the City by the manual signature of the Mayor of the 'ity , shall hear the seal of the City, shall be signed and attested with the manual signature of the City Clerk , and shall be countersigned with the manual signature of the Finance Director of rZr� City. In case any officer whose signature shall am)ear on t`ie Bonds ceases to be an officer before delivery of the Bonds to the Lender , such signature shall nevertheless be valid and sufficient for 911 purposes , the same as if he had rema, ncrd in office until delivery. 2. 4. Delivery of th(> Bonds Before delivery of the Bonds there shall be delivered to the City Clerk the following items : I . Executed copies of the Loan Agreement , Company Note , the Assignment of the Loan Agreement , the Deed of Trust , the Security - 14 - Agreement , the Collateral Assignment of Rents , the Inducement Letter, the Offer to Purchase and the Guaranty ; 2 . An opinion of Counsel for the Company in scope and substance satisfactory to Bond Counsel as to the authority of the Company to enter into the transaction and other related matters , 3. An opinion of Counsel for the Issuer in scope and substance satisfactory to Bond Counsel as to the authority of the Issuer to enter into the transaction , issue the Bonds and other related matters ; and 4 . The opinion of Bond Counsel as to the validity and tax exempt status of the Bonds ; and 5. Such other documents and opinions as Bond Counsel may reasonably require for purposes of rendering its opinion required in subsection ( 4 ) above or that the Lender may require for the closing . 2. 5. Issuance of New Bonds Subject to the provisions of Section 2. 9 h--�reof , the City shall , at the request and expense of the Lender , issue new Bonds , in aggregate outstanding principal amount equal to that of the Bonds surrendered , and of like tenor except as to number , principal amount and the amount or the rnonthly installments payable thereunder , and _n the name of the Lender or such transferee as may be <:esi_�;na� v thc L�:nd� r . 2. 6 . Registration of Transt-r The City will cause to be kepr .�,t the office of the City Clerk a record of the Bond or Bonds outstanding upon and subject to which it will provide for the r-rgistration of transfers of ownership of the Bonds . The Bonds shell be transferable by the registered owner in person or by its attorney duly authorized in writing , upon surrender of the Bones together with a written instrument of transfer , duly execur__,d by the Lender or its duly authorized agent , a leqal opinion as to exemption from registration satisfactory to the City Clerk and evidence of compliance with all of the provisions of. Section � . 2 of the Loan Agreement . Upon such transfer the City Clerk shall note the date of registration and the name and address of the new Lender in such record and in the registration :dank appearing on the Bonds . 2. 7 . Mutilated , Lost or Destrovod Bond In case any Bonds issued hereunder shall become mutilated or be destroyed or lost , the City shalt , if not then prohibited by law, cause to be executed and delivered , a new Bond of like outstanding principal amount , number and tenor in exchange and substitution for and upon cancellation Of such mutilated Bond , or in lieu of and in substitution for such Bond destroyed or lost , - 15 - upon the Lender ' s paying the r�,asonab� c� exnens�s and charges of the City in connection thzr.ewith , .end in tha case of a Bond destroyed or lost , the filinq with th,� City of evidence satisfactory to the City that :,u�-h 9c)n-1 was destroyed or Lost , and furnishinq thr City with ind�rinity satisfact>>ry r_o it . Tf the mutilated , destroyed or lost i;ond I)_Is .ILC­_ adv matured or been called for redemption in accorrlanc, riith its t­r-ns it shall not be necessary to issue a new Bond prior to payment . 2 . 8 . Ownership of the Bonds The City may deem and treat t-he person in whose name the Bond is last recorded as the absolute owner of such Bond for the purpose of making payment of or on account of the Principal Balance , prepayment price and interest and for all other purposes whatsoever , and the City shall not he affected by any notice to the contrary. 2 . 9 . Limitation of Bond Transfers The Bonds have been issued without registration under state or other securities laws , pursuant to an exemption for such issuance ; and accordingly the Bonds may not be assigned or transferred in whole or part , nor may a participation interest in the Bonds be given pursuant to any participation agreement , except in accordance with applicable registration requirements or an applicable exemption from such reqistration requirements and on such terms and subject to such conditions as the Issuer and its counsel may require . 2 . 10. Additional Bonds So long as the Loan Agreement is in effect and subject to Lender ' s prior written consent , which shall not be unreasonably withheld , one or more series of Additional Bonds may be issued , authenticated and delivered for the purpose provided in the Loan Agreement . Such Additional Bonds shall be payable solely from the amounts payable under the Loan Agreement ( except to the extent paid out of moneys attributable to the proceeds derived from the sale of the Additional Bonds or to income from the temporary investment thereof and , under certain circumstances , to proceeds from insurance and condemnation awards ) . If the City, in its sole discretion , decides to issue such Additional Bonds , the Additional Bonds of each such series shall he delivered to or upon the order of the purchasers thereof , but only upon there being filed with the City : (a ) Original. , executed counterparts of a Supplemental Ordinance , an amendment of the Loan Agreement and Note and an amendment of the Deed of Trust expressly providing that , for all purposes of this Ordinance , the Loan Agreement and the Deed of Trust , the Project shall include any facilities being financed by the Additional Bonds . The date or dates of the Additional Bonds , the rate or rates of interest on the - 16 - Additional Bonds , the time or times of paymenr of the interest thereon and the princi thereof , nd th(> prepayment provisions , if :iny , -.a a ith respect tht-reto , ll shall be as proviried in t-c, �;noplem1rnt_a1 Ordimnce , rather than as provided in this Or�' in-�n�_� , ,n.i !nayf ('ifter from the provisions with respect-. tr> r_- �, .r; ,,�, 985 Ronr's set fc)rth in this Ordinance . ( b) A written opinion `)v +n .irtornev or firm of attornevs of nationally recognized standing on the subject of municipal bonds , to the eft(,ct rh ?t :.;',I ln:•t� or tho :�Jr?itionaI Bonds and the execution r_hr�r�r�t > iv- ;o,en duly authorized , all conditions precedent to th�_� thereot have been fulfilled , and that the exemption from federal income tax of the interest on the Series 1985 i;onds and any Additional Bonds theretofore issued will not be aff-cted by the issuance of the Additional Bonds bein(i i �;ued . Each series of Additional 13on,: 3 issued pursuant to this Section shall be equally and ratahly secured under this Ordinance with the Series 1985 Bonds and all other series of Additional Bonds , if any, theretofore issu�,(' )urauant- `) this �ction , without preference , priority or di-Fine*_ion oL �iny Bonds over any other thereof . Notwithstanding anything her_�, in to rh„ contr-iry, no Additional Bonds shall be issued un Lass ( i ) I,o.-in Agreement and Company Note are in effect , ( i i l thr,r� is no it the time of issuance under the Loan A,Ir�r�!nent , - !i., -ote , the Deed of Trust or under this Ordinance , and ( iii ) a1L current City regulations are complied with. 2. 11 . Establishment of Funds The City hereby establishes with tho Lender two funds , to be called the " City of Fort Collins , Colorado Thf� Tulakes Associates Project Bond Fund" and the City of Fort Collins , Colorado "The Tulakes Associates Project Construction Fund . " Accrued interest will be paid into the Bond Fund out of the proceeds of the Bonds and the remaining proceeds shall be deposited into the Construction Fund . The City hereby authorizes the Lender (a) to make disbursements from the Construction Fund in accordance with Section 3 . 3 of the Loan Agreement , ( b ) to make the payments required by the Bonds to the Bondholders from the Bond Fund and ( c ) invest the moneys on deposit in the Funds in accordance with Section 3 . 7 of the Loan Agreement. - 17 - ARTTCLE III PREPAYMENT OF BONDS BEFORE MATURITY 3 . 1 . Prepayment 1 . In the event of damage to or desr_ruction of th- Project or condemnation of the Project or any part thereof , the Bonds shall be subject to prepayment to the extent and in the manner set forth in Article V of the Loan Agreement and in the Deed of Trust . 2. The Bonds may be otherwise prepaid in accordance with the provisions of the Bonds . 3 . 2. Termination of Interest Upon payment of any prepayment amount to the Lender and the giving of requisite notice , if any , the principal amounts prepaid shall , after such date , cease to hear interest . ARTICLE IV GENERAL COVENANTS 4 . 1. Payment of Principal and Interest. The City covenants that it will promptly pay or cause to be paid the principal of and interest on the Bonds at the place , on the dates , from the source and in the manner provided herein and in said Bonds . The principal and interest are payable solely from and secured by revenues and proc,-eds derived from r_he Project and payable pursuant to the Loan Agreement , the Company Note , the Guaranty , the Collateral Assignment of Rents ;ind the Deed of Trust ; and nothing in the Bonds or in this Ordinance shall be considered as assigning , or otherwise encumbering any other funds or assets of the City. 4 . 2. Performance of and Aurnnriry for Covenants The City covenants that it will faithfully perform at all times any and all covenants , undertakings , stipulations and provisions contained in this Ordinance , the Loan Agreement , in the Bonds executed , authenticated tr.d delivered hereunder and in all proceedings of the City Council pE�rtai.ninq thereto ; that it is duly authorized under the Consriturion and laws of the State of Colorado , including particularly --mci without limitation the Act , to issue the Bonds authorized hereby , pledge the revenues and assign the Loan Agreement and -ndorse the Company Note in the manner and to the extent set forth in this Ordinance , the Bonds and the Loan Agreement and Assignment of Loan Agreement ; that all action on its part for the issuance of the Bonds and for the execution and delivery thereof has been duly and effectively taken ; and that the Bonds in the hands of the Lender are and will - 18 - be a valid and enforceable obligation of the City according to the terms thereof . In making these representations , the City relies upon the opinion of Bond Counsel as to the truth of matters asserted and the efficacy of actions taken . 4. 3. Nature of Security Notwithstanding anything contained in the Bond , the Deed of Trust , the Loan Agreement or any other document rtferr_ ed to in Section 2. 4 of this Ordinance , the Bonds shall never constitute the debt or indebtedness of the City within the meaning of any provision or limitation of the constitution or statutes of the State of Colorado or Charter of the City of Fort Collins , Colorado and shall not constitute nor give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers ; and the City, its agents , officers and employees shall not be subject to any personal or pecuniary liability thereon . ARTICLE V MISCELL:'NEOSs 5. 1. Severability If any provision of this Ordinance , except Section 4 . 3 of Article IV, hereof , shall be h�,ld ()r ieemed to he , or shall , in fact , be , inoperative or unentorcu,it) l - .is in any particular case in .iny jur_ isdicti:'Iris >r in gal casks I ,(-,1 11 se it conflicts with any provisions or .any constiturion or statute or rule or public policy, or for _any ->ther -.,ason , such circumstances shall not have t,11�' ct >f -"ndcrinq the provision in question inoner ative )r _rnenforceai� l.�, in any or.her case or circumstance , or of rendt,rii-1 any ether provision or provisions herein contained invalid , inoperative or unenforceable to any extent whatever. The inv:i L i -'1 i 'y �inv one or more phrases , sentences , clauses or narir; rapes in this Ordinance , except Section 4 . 3 of Article IV hereof , shall not affect the remaining portions of this Ordin.in,-(, )r :iny part hereof . 5 . 2. Authorization to Executt� `:gr �cmi nts The forms of the proposed Loan :'.caret merit , the Assignment_ of Loan Agreement , the Company `tote , 'Inducement Letter and the Offer to Purchase are hereby apprr-)ve,' in substantially the form presented to the City Council ; and the 'tayor end the City Clerk are authorized to endorse the Comn�inv Note and execute the Goan Agreement , the Assignment of Loan Agreement , the Inducement Letter and the Offer to Purchase in the name of and on behalf of the City and such other documents as Bond Counsel considers appropriate in connection with the issuance of the Bonds . In the event of the absence or disability of the Mayor or the City Clerk , such officers of the City is , in the opinion of the City Attorney , may act in their behalf , shall without further act or - 19 - authorization of the City Council ?o all things and execute all instruments and documents requir—� -o b ('one or_ executed by such absent or disabled officers . 5 . 3. Authority to Correct F:rror.s , Etc . The Mayor and the City Clerk ,,— her,�hv authorized and directed to make or agree to any al_ r��r.�ti.ons , changes or additions in the instruments hereby an--iroved as the Mavor and the City Attorney deem necessary or nroner to accomplish the purposes of this Ordinance , the signntur--, :�t rh,, I-ivor end the City Clerk on the instruments to be conclusi,,— vidonce of such apnrnval ; provided , however , no alteration , -hange nr addition shall be made which shall alter the maximum net effective intt-,rest rate , denomination , date , maturities , form , interest rates , registration privileges , manner of a�xecution , daces of payment or terms of prepayment of the Bonds or which shall increase the aggregate principal amount of the Bonds authorized by the City Council or in any way give rise to i pecuniary liability of the City or a charge against its general credit or taxing powers with respect to the Bonds . 5 . 4. Further Authority The Mayor and the City Clerk and other proper City officials , and each of them , are "---oby authorized to execute and deliver for and on behalf of the Citv -any anti all additional certificates , documents anti other ind to perform all other acts they may deem necessary or .�anr.»riar.�� in nrdt,r to implement and carry out the matters herein _;a h�rizerd . 5 . 5 . Repealer All ordinances or parts theranr in conflict with this Ordinance are hereby repealed . 5 . 6. Ordinance Irrepealable After said bonds are issued this Ordinance shall be and remain irrepealable until said bonds and the interest thereon shall have been fully paid , satistied and discharged . 5. 7 . Recording and Authentf ;-ion This Ordinance , as adopted by the City Council , shall be numbered and recorded , and the adontion and publication shall be authenticated by the signatures of -he Mayor and City Clerk and by the certificate of the publisher , respectively. - 20 - Introduced , considered favorably on first reading and ordered published this 5rh day of November , 19,95 , and to he presented for final passage on th-, 19th day of November , 1985 . /YAiI/LL ` Ai/ / J Mayor T ( SEAL) ATTEST: City Clerk QN Passed and adopted on final reading on this 1.9th day of November , 1985 . mayor " ATTEST: lm�k City Clerk Councilmember Knezoyicii that th- toregoinq Ordinance heretofore introduced by title ipDcoved on first reading . Councilmember Es�rada sc,conded the motion. The question being upon the approval on first reading of the Ordinance , the roll was Called With the following results : Councilmembers voting "AYE" : 3ar7ara Rutstein , Mayor Kelly Ohlson , assistant Ilayor Gera1 ? C. Horak 1% .7ohn Clark= fohn E . Knezovich LBrry Estrada E� Stoner - 21 - Councilmembers voting "NAY" : None The Playor thereupon declared thst , a majority of the Councilmembers present having vored in favor thereof , the motion was carried and the Ordinanc(� duly ipproved on first reading. Thereupon the Mayor ordered said Ordinance published once in full together with a notice giving the date when said Ordinance will be presented for final passage in The Coloradoan , a newspaper of general circulation published in the Citv , at least seven ( 7 ) days before presentation for final passage . After consideration of other business to come before the Council , the meeting was adjourned . D1 yor City of Fort Collins , Colorado ATTEST: 14 00'4yc�'�", City Clerk City of Fort Collins , Colorado STATE OF COLORADO ) COUNTY OF LARIMER ) CITY OF FORT COLLINS ) The Council of the City of Fort Collins , Colorado , held a regular meeting at 300 LaPorte Avenue , Fort Collins , Colorado, on Tuesday, the 19th day of November , 19R5 , at the hour of 6 : 30 p.m. The following persons were present : Councilmembers : Barbara Rutstein , Mayor Kolly Ohlson , Assistant Mayor G,-r_ ald C. Horak F . ,John Clarke John B. Knezovich Larry Estrada Ed Stoner 22 - Interim City Manager : Richard H . Shannon City Clerk : Uanda 11. Kraj icek The following persons ,ier_e thsent : None The Mayor informed the Council that Ordinance No. 137, 1985 , which was introduced , approved on first reading , and ordered published once in full at a regular meeting of the Council held on November 5th , 1985 , was duly published in The Coloradoan , a newspaper of general circulation published in the City , in its issue of November ln 198 5 Councilmember Clarke then read said Ordinance by its title . Thereupon , Councilmember Clarke moved the final passage of Ordinance No. 137, 1985 , and the question being upon the final passage of said Ordinance , the roll was called with the following results : Councilmembers voting "AYE" : Councilmembers : Barbara Rutstein , Mayor Kelly Ohlson , Assistant Mayor Gerald C. Hor_ak E. John Clarke John E. Knezovich Larry Estrada Ed Stoner Councilmembers voting "NAY" : None The Mayor thereupon declared that a majority of the Councilmembers present havinq voted in favor thereof , the motion was carried and the Ordinance finally passed . Thereupon the Mayor ordered said Ordinance published by number and title only together with a notice of the final passage of the Ordinance in The Coloradoan , a newspaper of general circulation published in the City, within five ( 5) days after - 23 - said final passage . After consideration of other business to come before the Council the meeting .;as adjourned . 'I°Vor � "1 vor City of Fort Collins , Colorado ATTEST: City Clerk City of Fort Collins , Colorado - 24 - STATE OF COLORADO ) ss . COUNTY OF LARIMER ) CITY OF FORT COLLINS ) I , Wanda N. Krajicek City Clerk of the City of Fort Collins , Colorado , do hereby certify that the attached copy of Ordinance No. 137, 1985 is a true and correct copy ; that said Ordinance was introduced and approved on tirst reading by the Council of the City of Fort Collins , Colorado , at a regular meeting thereof held at 300 LaPorte avenue , Fart Collins , Colorado , the regular meeting place thareot , on Tuesday, the 5th day of November , 1985 , that said Ordinance was finally passed on second reading by said Council at a regular meeting thereof held at 300 LaPorte Avenue , Fort Collins , Colorado , the r.enular meeting place thereof , on Tuesday , the 19th day of November , 1985, that a true copy of said Ordinance has been authenticated by the signatures of the Mayor of said City and myself as recorded in a book marked "Ordinance Record" kept for such purpose in my office ; and that said Ordinance was duly published twice by number and title only , •)nc2 together with a notice giving the date when said Ordinance would be presented for final passage and once together with a notice staring the date of the final passage thereof , in the Tha Coloradoan , a newspaper of general circulation puhlished in to City, in its issues of November 10, 1985 , and November 24, 1925 as evidenced by the certitic:ates of tine publisher rattached hereto at pages 26 and 27 . [ 'erriIv the foregoing pages 1 through 23 , inclusive , constitute a true and correct copy of the record of the proceedings of said Council at its regular meetings of November 5 , 1985 , and November_ i -) , 1985 , insofar as said proceedings relate to said Ordinanc , ; and that said proceedings were duly had and taken , that rho meetings were duly held ; and that the persons were present ,t sai.i meetings as therein shown. IN WITNESS WHEREOF , I have 'nc,reunto set my hand and the seal of the City of Fort Collins , Colorado this 25th day of November 1985 2 City '-lark City of Fort Collins , Colorado 25 - STATE OF COLORADO ) COUNTY OF LARIMER ) ss . CITY OF FORT COLLINS ) ( Attach affidavit of publication in full of Ordinance and notice giving date when Ordinance to be presented for_ final passaOe . ) TUL18 26 - NOTICE IS HEREBY GIVEN that the Fart Collins City Council, on Tuesday, November 6, 1985 passed and adopted the following ordinance(s)on first reading and ordered their publication by title only,with said ordinance(s)to be presented for final passage on November 19,1985-The full text of said ordinance(s) is available for public inspection and acquisition In The office of the city clerk. ORIDNANCE NO.136, 1985 AN ORDINANCE RELATING TO ,THE ISSUANCE OF INDUS- TRIAL DEVELOPMENT REVE NUE BONDS UNDER THE PRO- VISIONS OF THE COLORADO COUNTY AND MUNICIPALITY DEVELOPMENT REVENUE BOND ACT; PROVIDING FOR THE ISSUANCE AND SALE OF CITY OF FORT COLLINS,COLO- RADO, INDUSTRIAL DEVEL OPMENT REVENUE BONDS, SERIES 1985 (THE MOUNTAIN AVENUE PLAZA ASSOCIATES .PROJECT) IN THE PRINCIPALI AMOUNT OF $600,000 FOR THE I PURPOSE OF LOANING FUNDS TO MOUNTAIN AVENUE PLAZA ASSOCIATES TO FINANCE IMPROVEMENTS RELATING TO ACQUIRING, CONSTRUCTING. EQUIPPING AND RENOVATING COMMER- CIAL BUILDINGS IN FORT COL LINS,LARIMER COUNTY,COL ORADO; APPROVING AND AUTHORIZING THE EXECU TION AND ASSIGNMENT OF A LOAN AGREEMENT AND NOTE BETWEEN MOUNTAIN AVENUE PLAZA ASSOCIATES AND THE CITY;AND AUTHOR I7.ING THE PREPARATION AND EXECUTION OF CERTAIN RELATED DOCUMENTS AND INSTRUMENTS. ORDINANCE NO. 137, 1985 AN ORDINANCE RELATING TO THE ISSUANCE OF INDUS TRIAL DEVELOPMENT REVE NUE BONDS UNDER THE PRO VISIONS OF THE COLORADO COUNTY AND MUNICIPALITY DEVELOPMENT REVENUE BOND ACT, PROVIDING FOR THE ISSUANCE AND SALE OF CITY OF FORT COLLINS,COLO- RADO, INDUSTRIAL DEVEL OPMENT REVENUE BONDS, SERIES 1985 (THE TULAKES ASSOCIATES PROJECT) IN THE PRINCIPAL AMOUNT OF $920,000 FOR THE PURPOSE OF LOANING FUNDS TO TULAKES ASSOCIATES TO FINANCE IMPROVEMENTS RELATING TO CONSTRUCTING AN ADDI TION TO AN EXISTING OFFICE AND MANUFACTURING FACILITY IN FORT COLLINS, LARIMER COUNTY, COLO RADO; APPROVING AND AUTHORIZING THE EXECU TION AND ASSIGNMENT OF A LOAN AGREEMENT AND NOTE BETWEEN TULAKES ASSOCIATES AND THE CITY; AND AUTHORIZING THE PREPARATION AND EXECU TION OF CERTAIN RELATED I DOCUMENTS AND INSTRU MENTS. ORDINANCE NO.1d0, 1985 AN ORDINANCE AUTHORIZ ING THE ISSUANCE OF A CITY OF FORT COLLINS, COLO RADO,GREENBRIAR SPECIAL IMPROVEMENT DISTRICT NO. 87, SPECIAL ASSESSMENT BOND, DATED DECEMBER 15, 1985, IN THE PRINCIPAL AMOUNT OF $1,640,000; PRES- CRIBING THE FORM OF THE BOND; AND PROVIDING FOR THE PAYMENT OF THE BOND AND THE INTEREST THEREON. ORDINANCE NO. 142, 1985 AN ORDINANCE AUTHORIZ- ING THE ISSUANCE OF CITY OF FORT COLLINS,COLORADO DOWNTOWN DEVELOPMENT AUTHORITY TAX INCREMENT REFUNDING BONDS, SERIES 1985A, DATED DECEMBER 1, 1985, IN THE AGGREGATE PRINCIPAL AMOUNT OF $3.895,000, FOR THE PURPOSE ' OF REFUNDING THE CITY OF FORT COLLINS, COLORADO DOWNTOWN DEVELOPMENT AUTHORITY TAX INCREMENT BONDS,SERIES 1984A. ORDINANCE NO. Idl, 1985 AN ORDINANCE AU THORIZ ING THE ISSUANCE OF CITY OF FORT COLLINS, COLO RADO, SEWER REVENUE REFUNDING AND IMPROVE- MENT.BONDS, SERIES 1985, DATED NOVEMBER 1, 1985. IN THE AGGREGATE PRINCIPAL AMOUNT OF$30,715,000. Wanda M.Krapcek City Clerk The Coloradoan, R 15, November 10, 1985 1 The Coloradoan STATE OF COLORADO COUNTY OF LARIMER )ss. AFFIDAVIT OF PUBLICATION Suzanne K. Bielke being first duly sworn upon oath, deposes and says: That said is the Legal Clerk of The Coloradoan; that said has personal knowledge of all facts set forth in this affidavit; that The Coloradoan is a public daily newspaper of general circulation, having its principal office and place of business situated in said County of Larimer; that said Coloradoan is printed and published daily; that said Coloradoan is a daily newspaper, duly qualified for the purpose set forth within the meaning of Chapter 109, Article 1, Sections 1-1 to 1-8 inclusive of Colorado Revised Statutes 1963, and any amendment thereof passed prior to the date hereof; that said newspaper had,prior to January 1, 1936, and has ever since said date been admitted to the United States Mails as second class matter under the provisions of the Act of March 3, 1879, and any amendments thereof, that said newspaper is printed in whole in said County of Larimer and has a general circulation therein; that said newspaper has been so printed and published as a public daily newspaper of general circulation in said County of Lar- imer, uninterruptedly and continuously, during the period of more than fifty-two consecu- tive weeks next prior to the first issue thereof containing the annexed legal notice of advertisement; that said annexed legal notice or advertisement was published in the regular and entire editions of said newspaper for 1 successive weeks on Sunday of each successive week; that the first publication of said legal notice or advertisement was in the regular and entire edition of said newspaper on the loth day of November , A.D. 1985; that the last publication of said legal notice or advertisement was in the regular and entire edition of said newspaper on the 1 Orh day of NnvPmhPr , A.D. 19 85 , and that copies of each number of said paper in which said notice or advertisement was published were delivered by carriers or transmitted by mail to each of the subscribers of said paper, according to the accustomed mode of business in this office. P-15 Z�f1�1'C_/C L Subscribed and sworn to before me, at and within the County of Larimer, State of Colorado this 10th day of November A.D. 19 85 1987 1212 K;verslue, CU K524 My commission expires i City Clerk Notary Public Delivered to The Coloradoan STATE OF COLORADO COUNTY OF LARIMER )ss. AFFIDAVIT OF PUBLICATION Suzanne K. Bielke being first duly sworn upon oath, deposes and says: That said is the Legal Clerk of The Coloradoan; that said has personal knowledge of all facts set forth in this affidavit; that The Coloradoan is a public daily newspaper of general circulation, having its principal office and place of business situated in said County of Larimer; that said Coloradoan is printed and published daily; that said Coloradoan is a daily newspaper, duly qualified for the purpose set forth within the meaning of Chapter 109, Article 1, Sections 1-1 to 1-8 inclusive of Colorado Revised Statutes 1963, and any amendment thereof passed prior to the date hereof; that said newspaper had, prior to January 1, 1936, and has ever since said date been admitted to the United States Mails as second class matter under the provisions of the Act of March 3, 1879, and any amendments thereof, that said newspaper is printed in whole in said County of Larimer and has a general circulation therein; that said newspaper has been so printed and published as a public daily newspaper of general circulation in said County of Lar- imer, uninterruptedly and continuously, during the period of more than fifty-two consecu- tive weeks next prior to the first issue thereof containing the annexed legal notice of advertisement; that said annexed legal notice or advertisement was published in the regular and entire editions of said newspaper for 1 successive weeks on Sunday of each successive week; that the first publication of said legal notice or advertisement was in the regular and entire edition of said newspaper on the 24th day of November , A.D. that the last publication of said legal notice or advertisement was in the regular and entire edition of said newspaper on the 24th day of T1nvPmbar , A.D. 1985, and that copies of each number of said paper in which said notice or advertisement was published were delivered by carriers or transmitted by mail to each of the subscribers of said paper, according to the accustomed mode of business in this office. R-57 Subscribed and sworn to before me, at and within the County of Larimer, State of Colorado this 24th day of 1'ovember A.D. 19 85 My commission expires �f <cS 17 - City Clerk % Notary Public l Delivered to NOTICE IS HEREBY GIVEN'. that the Fort Collins City Council, on Tuesday, November 19, 1985,I ORDINANCE NO. 136, 1935 passed and adopted the following I OF THE COUNCIL OF THE CITY I ordinances on second reading'. I OF FORT COLLINS BEING AN ORDINANCE NO. 134, 1985 ORDINANCE AMENDING THE OF THE COUNCILOF THE CITY) ZONING ORDINANCE OF THE OF FORT COLD NS APPROPRI CITY OF FORT COLL INS BY ATING UNANTICIPATED REV CHANGING THE ZONING CLAS ENUE IN THE CULTURAL SER SIFICATIDN FOR CERTAIN VICES FUND PROPERTY KNOWN AS lHE ORDINACE NO. 135, 1985 CENTER FOR ADVANCED OFTHECOUNCILOFTHECI7Y TECHNOLOGY REZONING. OF FORT COLLINS VACATING ORDINANCE NO. 139, 1985 ALL EASEMENTS ON THE OF THE COUNCIL OF THE CITY REPLAT OF LOTS 1 AND 2 OF FORT COLLINS RELATING TIMBERLINE APARTMENTS TO CREATION AND ORGANIZA PUT) TION OF THE GREENBRIAR ORDINANCE NO. 136, 1985 SPECIAL IMPROVEMENT DIS AN ORDINANCE RELATING TO it TRICT NO.87 AND PROVIDING THE ISSUANCE OF INDUS I FOR THE CONSTRUCTION OF TRIAL DEVELOPMENT REVE IMPROVEMENTS THEREOF. NUE BONDS UNDER THE PRO ORDINANCE NO. 140, 1905 VISIONS OF THE COLORADO I AN ORDINANCE AUTHORIZ- COUNTY AND MUNICIPALITY ING THE ISSUANCE OF A CITY DEVELOPMENT REVENUE OF FORT COLLINS, COLO BOND ACT: PROVIDING FOR RADO,GREENBRIAR SPECIAL THE ISSUANCE AND SALE OF I IMPROVEMENT DISTRICT NO. CITY OF FORT COLLINS,COLO 87, SPECIAL ASSESSMENT RADO, INDUSTRIAL REVEL BOND, DATED DECEMBER 15. OPMENT REVENUE BONDS, 1985, IN THE PRINCIPAL SERIES 1985 (THE. MOUNTAIN AMOUNT OF 51,640,000: PRES AVENUE PLAZA ASSOCIATES CRIBING THE FORM OF THE, PROJECT) IN THE PRINCIPAL BOND; AND PROVIDING FOR AMOUNT OF 5600,000 FOR THE THE PAYMENT OF 1HE BOND PURPOSE OF LOANING FUNDS AND THE INIERE S T TO MOUNTAIN AVENUE THEREON. PLAZA ASSOCIATES TO ORDINANCE NO. 741, 1985 FINANCE IMPROVEMENTS OF THE COUNCIL DF THE CITY RELATING TO ACQUIRING, OF FORT COLLINS APPROPRI CONSTRUCTING, EQUIPPING ATING UNANTICIPATED REV AND RENOVATING COMMER ENUE IN THE STREET OVER CIAL BUILDINGS IN FORT COL I SIZING FUND FOR TRANSFER LINS,LARIMER C OUNTY,COL TO THE CAPITAL PROJECTS' ORADO: APPROVING AND) FUND AND APPROPRIATING) AUTHORIZING THE EXECU UNANTICIPATED REVENUE TION AND ASSIGNMENT OF A IN THE CAPITAL PROJECTS LOAN AGREEMENT AND FUND NOTE BETWEEN hOUNTAIN ORDINANCE NO. 147, 1985 AVENUE PLAZA ASSOCIATES AN ORDINANCE AUTHORIZ ANDTHECITY;ANOAUTORIZ ING THE ISSUANCE OF CITY ING THE PREPARATION AND OF FORT COLLINS.COLORADO EXECUTION OF CERTAIN DOWNTOWN DEVELOPMENT ' RELATED DOCUMENTS AND AUTHORITY TAX INCREMENT I INSTRUMENTS. REFUNDING BONDS SERIES ORDINANCE NO. 131, 1985 1905A, DATED DECEMBER I, AN ORDINANCE RELATING TO 1965. IN THE AGGREGATE THE ISSUANCE OF INDUS PRINCIPAL AMOUNT OF TRIAL DEVELOPMENT RFVE S8.e8S.W0, FOR IHE PURPOSE NUE BONDS UNDER THE PRO OF REFUNDING fHE CITY OF VISIONS OF THE COLORADO FORT COLLINS, COLORADO COUNTY AND MUNICIPALITY DOWNTOWN DEVELOPMENT DEVELOPMENT REVENUE AUTHORITY TAX INCREMENT BOND ACT. PROVIDING FOR BONDS.SERIES 1904A THE ISSUANCE AND SALE OF ORDINANCE NO TAT, 1985 CITYOF FORT COLLINS,COLO AN ORDINANCE AUTHOPIZ RADO, INDUSTRIAL DEVEL ING THE ISSUANCE OF CITY OPMENT REVENUE BONDS, OF FORT COLLINS, COLO SERIES 1985 (THE TULAKES RADO, SEWER REVENUE ASSOCIATES PROJECT) IN REFUNDING AND IMPROVE THE PRINCIPAL AMOUNT OF MENT, BONDS. SERIES 1985, $970,000 FOR THE PURPOSE OF DATED NOVEMBER I, 1985, IN LOANING FUNDS TO TULAKES THE AGGREGATE PRINCIPAL, ASSOCIATES TO FINANCE AMOUNT OF SVV15.000 IMPROVEMENTS RELATING Wanda M. Krallcek TO CONSTRUCTING AN AUDI- City Clerk TION TO AN EXISTING OFFICE The Coloradoan. R 57, November AND MANUFACTURING ) 74, 1985 FACILITY IN FORT COLLINS, LARIMER COUNTY, COLO RADO; APPROVING AND AUTHORIZING THE EXECU TION AND ASSIGNMENT OF A LOAN AGREEMENT AND NOTE BETWEEN TULAKES ASSOICATES AND THE CITY; AND AUTHORIZING THE . PREPARATION AND EXECU LON OF CERTAIN RELATED DOCUMENTS AND INSTRU MEN1S.