HomeMy WebLinkAbout075 - 07/16/1985 - PROVIDING FOR THE ISSUANCE AND SALE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS, SERIES 1985 FOR THE TIM BOND ORDINANCE NO. 75, 1985
CITY OF FORT COLLINS, COLORADO
INDUSTRIAL DEVELOPMENT REVENUE BONDS
SERIES 1985
(THE TIMBERLINE TECH CENTER, LTD. PROJECT)
ADOPTED: JULY 16, 1985
TABLE OF CONTENTS
(This table of contents is not a part of the Ordinance but
is included for convenience only . )
ARTICLE I Page
DEFINITIONS, LEGAL AUTHORIZATION AND FINDINGS
Section 1 . 1 . Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Section 1 .2. Legal Authorization. . . . . . . . . . . . . . . . . . . . . . . . . 4
Section 1 . 3. Findings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Section 1 . 4. Authorization and Ratification of Project . . . 5
ARTICLE II
BONDS
Section 2 . 1 . Authorized Amount and Form of Bonds . . . . . . . . . 5
Section 2 .2. The Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Section 2. 3 . Execution. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Section 2 . 4 . Delivery of the Bonds . . . . . . . . . . . . . . . . . . . . . . . 13
Section 2. 5 . Issuance of New Bonds . . . . . . . . . . . . . . . . . . . . . . . 13
Section 2. 6 . Registration of Transfer . . . . . . . . . . . . . . . . . . . . 13
Section 2.7 . Mutilated , Lost or Destroyed Bond . . . . . . . . . . . 14
Section 2 . 8 . Ownership of the Bonds . . . . . . . . . . . . . . . . . . . . . . 14
Section 2. 9 . Limitation of Bond Transfers . . . . . . . . . . . . . . . . 14
Section 2 . 10 . Additional Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Section 2. 11 . Establishment of Funds . . . . . . . . . . . . . . . . . . . . . . 16
ARTICLE III
PREPAYMENT OF BONDS BEFORE MATURITY
Section 3 . 1 . Prepayment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
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Section 3 . 2 . Termination of Interest . . . . . . . . . . . . . . . . . . . . . 16
ARTICLE IV
GENERAL COVENANTS
Section 4 . 1 . Payment of Principal and Interest . . . . . . . . . . . 16
Section 4 .2. Performance of and Authority for Covenants . . 17
Section 4 . 3 . Nature of Security. . . . . . . . . . . . . . . . . . . . . . . . . . 17
ARTICLE V
MISCELLANEOUS
Section 5 . 1 . Severability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Section 5 . 2. Authorization to Execute Agreements . . . . . . . . . 18
Section 5 . 3. Authority to Correct Errors , Etc . . . . . . . . . . . . 18
Section 5 . 4 . Further Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Section5 . 5 . Repealer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Section 5.6 . Ordinance Irrepealable . . . . . . . . . . . . . . . . . . . . . . 19
Section 5 . 7. Recording and Authentication. . . . . . . . . . . . . . . . 19
SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
EXHIBIT A
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STATE OF COLORADO )
COUNTY OF LARIMER )ss .
CITY OF FORT COLLINS )
The City Council of the City of Fort Collins , Colorado , held
a regular meeting in the Council Chambers , at 300 LaPorte Avenue ,
Fort Collins , Colorado, on Tuesday, the 18th day of June , 1985 ,
at the hour of 6 : 30 P .M.
The following persons were present:
Councilmembers: Barbara Rutstein, Mayor
Kelly Ohlson , Assistant Mayor
Gerald C. Horak
E XXlx6bnx( XXm�(
John E . Knezovich
Larry Estrada
Ed Stoner
City Manager: John E . Arnold
City Clerk: Wanda M. Krajicek
The following persons were absent:
E. John Clarke, Councilmember
Councilmember Ohl son 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.
TTC16i
ORDINANCE NO. 75, 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 TIMBERLINE TECH CENTER, LTD. PROJECT) IN THE
PRINCIPAL AMOUNT OF $1 ,800 , 000 FOR THE PURPOSE OF LOANING
FUNDS TO TIMBERLINE TECH CENTER, LTD. TO FINANCE IMPROVEMENTS
RELATING TO ACQUIRING, IMPROVING, INSTALLING AND EQUIPPING OF
AN ASSEMBLYING , OFFICE AND LIGHT MANUFACTURING BUILDING IN
FORT COLLINS , LARIMER COUNTY, COLORADO; APPROVING AND
AUTHORIZING THE EXECUTION AND ASSIGNMENT OF A LOAN AGREEMENT
AND NOTE BETWEEN TIMBERLINE TECH CENTER, LTD. 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
1 . 1 . 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 $1 , 800 , 000 Industrial Development Revenue
Bonds , Series 1985 (The Timberline Tech Center , Ltd. 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 . Collateral Assignments of Rents . The assignment to be
executed by the Company assigning to the Lender as security for
the Bonds the rents due the Company under any and all leases ,
rents and other income from the Project.
8 . Company. Timberline Tech Center , Ltd. a limited
partnership, its successors and assigns , and any surviving ,
resulting or transferee business entity which may assume its
obligations under the Loan Agreement .
9 . Company Note . Means the nor_e of the Company delivered
to the Issuer and endorsed to the Lender which evidences the
obligation of the Company to repay the loan of the Issuer in
accordance with Section 4 . 1 of 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 security payment of the Bonds and
interest thereon.
11 . Guaranty. The Guaranty Agreement to be executed by the
Company and Everitt Enterprises , Inc . as security for the Bonds.
12 . Improvements . The structures and other improvements ,
including any tangible personal property, to be constructed or
installed on the Land in accordance with the Plans and
Specifications and to be owned by the Company.
13 . Inducement Letter . The letter agreement from the
Company to the City and the Lender dated August 6 , 1985.
14 . Land. The real property and any other easements and
rights described in Exhibit A attached to the Loan Agreement.
15. Lender. First Interstate Bank of Fort Collins , N.A. ,
Fort Collins , Colorado, its successors and assigns. The Lender
is the initial purchaser of the Bonds .
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16. Loan Agreement . The agreement 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 Company, 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 . 85185 .
The Margin Rate Factor shall be 1 . 0 so long as the Maximum
Federal Corporate Tax Rate shall be 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 .
18. Maximum Federal Corporate Tax Rate means the maximum
statutory rate of Federal income taxation imposed on the taxable
income of corporations pursuant to Section 11 (b) of 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 a
bondholder) .
19. Offer to Purchase . The letter agreement from the Lender
to the City, dated August 6 , 1985.
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 be 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 be 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) .
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(b) To the extent that they shall 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 , the Company Vote 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) Interest accrued on the Bonds prior to completion of
the Project .
24 . Ordinance . This Ordinance of the City, adopted July 2,
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, including the costs and estimated costs
permitted by the Act, will require the issuance of the Bonds
in the principal amount of $1 , 800 , 000 , as hereinafter
provided;
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(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 amount necessary in each year to
pay the principal of and the interest on the Bonds as set
forth in the Loan Agreement which requires such payments by
the Company, (ii ) the establishment by this Ordinance 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 120 of the 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.
1 . 4 . Authorization and Ratification 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 be 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 $ 1 , 800 , 000 . The
Bonds shall be in substantially the following form:
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UNITED STATES OF AMERICA
STATE OF COLORADO
CITY OF FORT COLLINS , COLORADO
INDUSTRIAL DEVELOPMENT REVENUE BOND
( THE TIMBERLINE TECH CENTER, LTD. PROJECT)
SERIES 1985
August 1 , 1985
R-1 $ 1 , 800 , 000
FOR VALUE RECEIVED, CITY OF FORT COLLINS , COLORADO ( the
"City" ) hereby promises to pay to the order of FIRST INTERSTATE
BANK OF FORT COLLINS , N.A. , Fort Collins , Colorado ( the
"Lender" ) , its successors or registered assigns , from the source
and in the manner hereinafter provided , the principal sum of ONE
MILLION EIGHT HUNDRED THOUSAND DOLLARS ( $1 , 800 , 000 ) ( the
"Principal Balance" ) , and to pay interest thereon from the date
hereof in consecutive installments beginning September 1 , 1985 ,
and on the first day of each succeeding monthly during the term
hereof through and including August 1 , 2015 , at a per annum rate
equal to 75 % of the rate of interest publicly announced by the
Lender from time to time at its principal office in Fort Collins ,
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 6 . 5% per annum or more than 13 . 5% 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 States of Amezica , in accordance with the terms
hereinafter set forth.
"Margin Rate Factor_ " means the product of ( a) one ( 1 ) minus
the "Maximum Federal Corporate Tax Rate (hereinafter defined)
times ( b) 1 . 85185. The Margin Rate Factor shall be 1 . 0 so long
as the Maximum Federal Corporate Tax Rate shall be 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 Rate" 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) .
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1 . (a) The principal of this Bond shall mature and be
repayable in 360 monthly installments in the amounts and on
the dates as follows:
PAYMENT DATE
(First Day of the AMOUNT OF MONTHLY
Following Months) PRINCIPAL PAYMENT
September 1985 through August 1986 $1 ,285 .00
September 1986 through August 1987 1 , 390 .00
September 1987 through August 1988 19500 . 00
September 1988 through August 1989 1 , 625 .00
September 1989 through August 1990 1 , 760 .00
September 1990 through August 1991 19900 .00
September 1991 through August 1992 29055 . 00
September 1992 through August 1993 2, 225 .00
September 1993 through August 1994 29405 .00
September 1994 through August 1995 2, 600 .00
September 1995 through August 1996 29815 . 00
September 1996 through August 1997 3,045 . 00
September 1997 through August 1998 39295 .00
September 1998 through August 1999 39565 .00
September 1999 through August 2000 3 , 855 .00
September 2000 through August 2001 4, 170 . 00
September 2001 through August 2002 49510 .00
September 2002 through August 2003 4 ,880 .00
September 2003 through August 2004 5 ,275 .00
September 2004 through August 2005 59710 .00
September 2005 through August 2006 69175 .00
September 2006 through August 2007 6 , 680 . 00
September 2007 through August 2008 72225 .00
September 2008 through August 2009 79815 .00
September 2009 through August 2010 89455 .00
September 2010 through August 2011 99145 . 00
September 2011 through August 2012 99895 .00
September 2012 through August 2013 109700 .00
September 2013 through August 2014 119575 . 00
September 2014 through July 2015 129520 . 00
August 2015 11 ,920 .00
(b) This Bond must be redeemed in whole 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, lu
ns
(ii ) an additional amount equal to the difference betwee A)
the interest on the Bond during the "Taxable Period" (defined
in the Loan Agreement) if the Bond had borne interest during
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such Taxable Period at an interest rate equal to the Prime
Rate plus 2% per annum and (B) the interest actually paid on
the Bond during 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 ( 30%) percent per annum.
(c) 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 $5 ,000 multiples of principal on any interest
payment date after August 1 , 1985 , in inverse order of
maturity, plus accrued interest thereon to the date fixed for
redemption and payment .
(d) 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
August 1 , 1995 and August 1 , 2005 , 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.
(e) 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 Principal Balance then outstanding plus accrued interest
to the purchase date and without premium. Written notice of
such purchase by the Company shall be given to the Bondholder
at least sixty (60) days before such interest payment date .
(f) This Bond is also subject 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 August 1 ,
1987 .
(g) 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 prior to the redemption date. No
prior notice of redemption shall be required in connection
with a partial redemption of this Bond from moneys remaining
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in the Construction Fund (defined in the Loan Agreement)
after the Completion Date.
(h) On the first day following 30 years after the date
hereof ( such date to be the "Final Maturity Date" ) , the
entire remaining Principal Balance and any interest accrued
to the Final Maturity Date shall be due 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 interest 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 Revenue Statutes , as amended ( the "Act" ) , consisting of
the acquisition and construction of a building on real estate
located in the City, pursuant to a Loan Agreement dated as of
August 1 , 1985 , between the City and Timberline Tech Center ( the
"Company" ) ( the "Loan Agreement" ) , and , further , this Bond is
issued pursuant to and in full compliance 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 July 2 , 1985
( the "Ordinance" ) .
5 . This Bond is secured by ( i ) an assignment of the Loan
Agreement and the Company Note by the City to the Lender , ( ii ) a
Deed of .Trust from the Company as grantor , in favor of the
Lender , ( iii ) a Security Agreement under the Uniform Commercial
Code , ( iv) a Guaranty Agreement between the Company and Everitt
Enterprises , Inc . , as guarantors , and the Lender, and (v ) the
Collateral Assignment of Rents dated as of the date hereof . This
Bond is subject to all the terms , conditions and provisions of
said Loan Agreement and Company Note , Deed of Trust , Security
Agreement and Guaranty Agreement.
6. The Lender may waive an event of default hereunder_
caused by the nonpayment of interest and/or principal 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.
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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 the time of payment of any installment payable
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 as
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 certain
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 writing , at the
Lender' s expense, upon surrender hereof together 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 registered 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
account of the Principal Balance, prepayment price or interest
and for all other purposes, and all 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 extent of the
sum or sums so paid , and the City shall 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 FROM THE REVENUES AND
PROCEEDS DERIVED FROM THE LOAN AGREEMENT, THE NOTE , THE DEED OF
TRUST, THE GUARANTY, THE COLLATERAL ASSIGNMENT OF RENTS AND THE
SECURITY AGREEMENT, AND SHALL NEVER CONSTITUTE THE DEBT OR
INDEBTEDNESS OF THE CITY WITHIN THE MEANING OF ANY PROVISION OR
LIMITATION OF THE STATE CONSTITUTION OR STATUTES OR THE CHARTER
OF THE CITY OF FORT COLLINS , C0LORAD09 AND SHALL NOT CONSTITUTE
NOR GIVE RISE TO A PECUNIARY LIABILITY OF THE CITY OR A CHARGE
AGAINST ITS GENERAL CREDIT OR TAXING POWERS.
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12 . The remedies of the Lender , as 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 and may be
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 release thereof.
13. The Lender shall not be deemed, by any act of omission
or commission, to have waived any of its rights or remedies
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 be
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 City. Furthermore,
this Bond may not be transferred or exchanged except with such
disclosure as may be appropriate under the circumstances or facts
material to the investment decision of a prudent investor
documented to the reasonable satisfaction of the City and its
counsel .
IT IS HEREBY CERTIFIED AND RECITED that all conditions , acts
and things required to exist , happen and be performed precedent
to or in the issuance of this Bond do exist , have happened and
have been performed in regular and due form as required by law.
IN WITNESS WHEREOF, the City has caused 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 signed and
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 August 1 , 1985 .
CITY OF FORT COLLINS , COLORADO
By:
Barbara S . Rutstein, Mayor
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ATTEST:
City Clerk
PROVISIONS AS TO REGISTRATION
The ownership of the unpaid Principal Balance of this Bond
and the interest accruing thereon is registered on the books of
City of Fort Collins , Colorado , in the name of the holder last
noted below.
Date of Name and Address Signature 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 are
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, unless there shall
have been a "Determination of Taxability, " in which case the net
effective interest rate on the Bonds shall not exceed Thirty
percent ( 30%) per annum. Subject to the foregoing, 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 behalf of the City by the
manual signature of the Mayor of the City , shall bear 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 the City. In case any
officer whose signature shall appear on the Bonds ceases to be an
12 -
... �. 4.1 t. ' .r. ul...:..�..:.. .:. m4.nry'uX :..itwr.s •' ..::..:'t•..� ..:::'.
officer before delivery of the Bonds to the Lender , such
signature shall nevertheless be valid and sufficient for all
purposes, the same as if he had remained in office until
delivery.
2. 4. Delivery of the Bonds
Before delivery of the Bonds there shall be delivered to the
City Clerk the following items:
1 . Executed copies of the Loan Agreement , Company Note , the
Assignment of the Loan Agreement , the Deed of Trust , the Security
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 hereof , 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 of the monthly installments
payable thereunder, and registered in the name of the Lender or
such transferee as may be designated by the Lender.
2.6. Registration of Transfer
The City will cause to be kept at the office of the City
Clerk a record of the Bond or Bonds outstanding upon and subject
to which it will provide for the registration of transfers of
ownership of the Bonds. The Bonds shall be transferable by the
registered owner in person or by its attorney duly authorized in
writing, upon surrender of the Bonds together with a written
13 -
instrument of transfer, duly executed by the Lender or its duly
authorized agent , a legal opinion as to exemption from
registration satisfactory to the City Clerk and evidence of
compliance with all of the provisions of Section 3 . 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 blank appearing on the Bonds .
2.7 . Mutilated, Lost or Destroyed Bond
In case any Bonds issued hereunder shall become mutilated or
be destroyed or lost , the City shall , 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 ,
upon the Lender' s paying the reasonable expenses and charges of
the City in connection therewith, and in the case of a Bond
destroyed or lost , the filing with the City of evidence
satisfactory to the City that such Bond was destroyed or lost ,
and furnishing the City with indemnity satisfactory to it. If
the mutilated , destroyed or lost Bond has already matured or been
called for redemption in accordance with its terms 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 the 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 be 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 registration 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
14 -
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 be 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
Additional Bonds , the time or times of payment of the
interest thereon and the principal thereof, and the
prepayment provisions, if any, with respect thereto , all
shall be as provided in the Supplemental Ordinance , rather
than as provided in this Ordinance , and may differ from the
provisions with respect to the Series 1985 Bonds set forth in
this Ordinance.
(b) A written opinion by an attorney or firm of attorneys
of nationally recognized standing on the subject of municipal
bonds , to the effect that the issuance of the Additional
Bonds and the execution thereof have been duly authorized ,
all conditions precedent to the delivery thereof have been
fulfilled, and that the exemption from federal income tax of
the interest on the Series 1985 Bonds and any Additional
Bonds theretofore issued will not be affected by the issuance
of the Additional Bonds being issued .
Each series of Additional Bonds issued pursuant to this
Section shall be equally and ratably secured under this Ordinance
with the Series 1985 Bonds and all other series of Additional
Bonds, if any, theretofore issued pursuant to this Section,
without preference, priority or distinction of any Bonds over any
other thereof.
Notwithstanding anything herein to the contrary, no
Additional Bonds shall be issued unless ( i ) the Loan Agreement
and Company Note are in effect, ( ii ) there is no Default at the
time of issuance under the Loan Agreement , the Company Note , the
Deed of Trust or under this Ordinance , and ( iii ) all current City
regulations are complied with.
15 -
2. 11 . Establishment of Funds
The City hereby establishes with the Lender two funds , to be
called the "City of Fort Collins , Colorado The Timberline Tech
Center, Ltd. Project Bond Fund" and the City of Fort Collins ,
Colorado "The Timberline Tech Center, Ltd. 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.
ARTICLE III
PREPAYMENT OF BONDS BEFORE MATURITY
3. 1. Prepayment
1 . In the event of damage to or destruction of the 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 bear 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 proceeds derived from the
Project and payable pursuant to the Loan Agreement , the Company
Note , the Guaranty, the Collateral Assignment of Rents and the
Deed of Trust; and nothing in the Bonds or in this Ordinance
16 -
shall be considered as assigning, pledging or otherwise
encumbering any other funds or assets of the City .
4 . 2 . Performance of and Authority 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 and delivered hereunder and in
all proceedings of the City Council pertaining thereto; that it
is duly authorized under the Construction and laws of the State
of Colorado, including particularly and without limitation the
Act, to issue the Bonds authorized hereby, pledge the revenues
and assign the Loan Agreement and endorse 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
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 referred 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
MISCELLANEOUS
5. 1 . Severability
If any provision of this Ordinance, except Section 4 . 3 of
Article IV, hereof, shall be held or deemed to be , or shall , in
fact, be , inoperative or unenforceable as applied in any
particular case in any jurisdictions or in all cases because it
conflicts with any provisions of any constitution or statute or
rule or public policy, or for any other reason, such
17 -
circumstances shall not have the effect of rendering the
provision in question inoperative or unenforceable in any other
case or circumstance , or of rendering any other provision or
provisions herein contained invalid, inoperative or unenforceable
to any extent whatever. The invalidity of any one or more
phrases , sentences , clauses or paragraphs in this Ordinance ,
except Section 4 . 3 of Article IV hereof, shall not affect the
remaining portions of this Ordinance or any part hereof.
5.2. Authorization to Execute Agreements
The forms of the proposed Loan Agreement , the Assignment of
Loan Agreement , the Company Note , the Inducement Letter and the
Offer to Purchase are hereby approved in substantially the form
presented to the City Council; and the Mayor and the City Clerk
are authorized to endorse the Company Note and execute the Loan
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 as , in the opinion of the City
Attorney, may act in their behalf, shall without further act or
authorization of the City Council do all things and execute all
instruments and documents required to be done or executed by such
absent or disabled officers .
5. 3• Authority to Correct Errors , Etc .
The Mayor and the City Clerk are hereby authorized and
directed to make or agree to any alterations , changes or
additions in the instruments hereby approved as the Mayor and the
City Attorney deem necessary or proper to accomplish the purposes
of this Ordinance, the signatures of the Mayor and the City Clerk
on the instruments to be conclusive evidence of such approval ;
provided , however , no alteration, change or addition shall be
made which shall alter the maximum, net effective interest rate ,
denomination, date , maturities , form, interest rates ,
registration privileges , manner of execution , places 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 a 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 hereby authorized to execute and
deliver for and on behalf of the City any and all additional
18 -
certificates , documents and other papers and to perform all other
acts they may deem necessary or appropriate in order to implement
and carry out the matters herein authorized .
5. 5. Repealer
All ordinances or parts thereof 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, satisfied and discharged.
5 .7. Recording and Authentication
This Ordinance, as adopted by the City Council, shall be
numbered and recorded, and the adoption and publication shall be
authenticated by the signatures of the Mayor and City Clerk and
by the certificate of the publisher, respectively.
Introduced , considered favorably on first reading and
ordered published this 18th day of June, 1985 , and to be
presented for final passage on the 16th day of July, 1985 .
M yor
(SEAL)
ATTEST:
�aML)��
City Clerk
19 -
Passed and adopted on final reading on this 16th day of July ,
1985 .
Mayor
ATTEST:
City Clerk'
Councilmember Ohlson moved that the foregoing
Ordinance heretofore introduced and read by title be approved on
first reading. Councilmember Stoner seconded 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" :
Councilmembers: Barbara Rutstein, Mayor
Kelly OhIson
Gerald C. Horak
John B. Knezovich
Larry Estrada
Ed Stoner
Councilmembers voting "NAY" :
None
The Mayor thereupon declared that , a majority of the
Councilmembers present having voted in favor thereof , the motion
was carried and the Ordinance duly approved on first reading.
Thereupon the Mayor ordered said Ordinance published once by
title and number only together with a notice giving the date when
said Ordinance will be presented for final passage in Coloradoan ,
a newspaper of general circulation published in the City , at
least seven (7) days before presentation for fi.nal passage .
- 20 -
After consideration of other business to come before the
Council , the meeting was adjourned .
ay or
City of Fort Collins , Colorado
ATTEST:
JJ"
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 16th day of July, 1985 , at the hour of 6:30 p.m. .
The following persons were present:
Councilmembers: Barbara Rutstein, Mayor
Kelly Ohlson, Assistant Mayor
X3;0(#tX1X1(X9XX)R(xKW
E. John Clarke
John B. Knezovich
Larry Estrada
Ed Stoner
City Manager: John E. Arnold
City Clerk: Wanda M. Krajicek
The following persons were absent:
Gerald C. Horak, Councilmember
21 —
The Mayor informed the Council that Ordinance
No. 75, 1985 , which was introduced , approved on
first reading, and ordered published at a regular meeting of the
Council held on June 18 , 1985 , was duly published in Coloradoan,
a newspaper of general circulation published in the City, in its
issue of Monday, July 8, 1985.
Councilmember Knezovich then read said Ordinance by
its title.
Thereupon, Councilmember Clarke moved the final
passage of Ordinance No. 75, 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
E. John Clarke
John B. Knezovich
Larry Estrada
Ed Stoner
Councilmembers voting "NAY" :
None
The Mayor thereupon declared that a majority of the
Councilmembers present having 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 Coloradoan, a newspaper of general
circulation published in the City, within seven (7) days after
said final passage.
22 -
After consideration of other business to come before the
Council the meeting was adjourned.
�A4�11,0Z.4. Z A&26�6V�
Mayor
City of Fort Collins , Colorado
ATTEST:
City Clerk
City of Fort Collins, Colorado
STATE OF COLORADO )
ss .
COUNTY OF LARIMER )
CITY OF FORT COLLINS )
I , Wanda M. Krajicek, City Clerk of the City of Fort
Collins , Colorado, do hereby certify that the attached copy of
Ordinance No.75, 1985, is a true and correct copy; that said
Ordinance was introduced and approved on first reading by the
Council of the City of Fort Collins, Colorado , at a regular
meeting thereof held at 300 LaPorte Avenue, Fort Collins ,
Colorado, the regular meeting place thereof, on Tuesday, the 18th
day of June , 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 regular
meeting place thereof, on Tuesday, the 16th day of July, 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 once by title
and number only together with a notice giving the date when said
Ordinance would be presented for final passage and once by number
and title only in the Coloradoan, a newspaper of general
circulation published in the City, in its issues of July 8, 1985
and July 21, 1985 , as evidenced by the certificates of the
publisher attached hereto at pages 25 and 26 . I further certify
that 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 June 18 , 1985 , and July 16,
1985 , insofar as said proceedings relate to said Ordinance; and
that said proceedings were duly had and taken, that the meetings
were duly held; and that the persons were present at said
meetings as therein shown.
- 23 -
IN WITNESS WHEREOF , I have hereunto set my hand and the seal
of the City of Fort Collins, Colorado this 22nd day of July,
1985 .
City Clerk
City of Fort Collins , Colorado
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 passage . )
TTC16
24 _
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 ega er 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 21st day of 1111y A.D. 19 85 ; that the last
publication of said legal notice or advertisement was in the regular and entire edition of
said newspaper on the 21st day of July , 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 mall to each of the subscribers of said paper,
according to the accustomed mode of business in this office. M-07
L
Subscribed and sworn to before me, at and within the County of Larimer, State of Colorado
this 21st day of Julv A.D. 19 85
My commission expires
Notary Public
City Clerk
Delivered to
NOTICE IS HEREBY GIVEN
Thal the Fort C011bts City Council'
on Tuesday, July 16. Passed
and adopled The 10110W1ng ordi
mantes on second reading:
ORDINANCE NO.75,1985
AN THE ORDINANCE ISSUAN ISSUANCERELATING
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 I
RADO INDUSTRIAL DEVELOP I
MENT SERVES REVENUE
85 (THE TIMBER
LIN
PROJECT) INC
CTHE PRINCIPAL
AMOUNT OF$1 8o0,000 FOR THE
PURPOSE OF LOANING FUNDS
TO TIMBERLINE TECH CEN
TER TO FINANCE IMPROVE
MENTS RELATING
To IMPROVING'
ACQUIRING.
INSTALLING AND EQUIPPING
OF AN ASSEMBLYING,OFFICE
AND LIGHT MANUFACTURING
BUILDING IN FORT COLLINS.
LARIMER COUNTY, COLO
RADIO APPROVING AND.
AUTHORIZING THE E%ECU
TION AND ASSIGNMENT OF A
LOAN AGREEMENT AND
NOTE BETWEEN TIMBER-
LINE TECH CENTER AND THE
CITY;AND AUTHORIZING THE
PREPARATION AND EXECU
CERTAINTION OF
DO UMENTS AND RELATED
NSTRU
MENTS.
ORDINANCE NO.77, 1995
OF THE O
OF FORT COLLIN9 APPROPRI
ATING UNANTICIPATED REV-
ENUE IN THE COMMUNICA
TIONS FUND,
Wanda M. Kraiicek
City Clerk
The Coloradaan. M 07, July 21,
1985
The Coloradoan
STATE OF COLORADO )
)ss. AFFIDAVIT OF PUBLICATION
COUNTY OF LARIMER )
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 11onday 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 8th day of July , A.D. 19 85; that the last
publication of said legal notice or advertisement was in the regular and entire edition of
said newspaper on the 8th day of July , 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. L-51
Subscrib d and sworn to before me, at and within the County of Larimer, State of Colorado
this �th day of tt July A.D. 19 85
My commission expires
Notary Public
City Clerk
Delivered to
NOTICE IS HEREBY GIVEN that
the Fort Collins City Council on
Tuesday,June IB,1985,passed and
adopted the following ordi
nance151 on the first reading and
ordered their pobhcatron by Inic
only.to be presented for final pas
sage on July 16, 1985.
ORDINANCE NO. 75, 1985
AN ORDINANCE RELATING 10
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,COLD
RADO INDUSTRIAL DEVELOP
MFNT REVENUE BONDS.
SERIES 1985 (THE TIMBER
LINE TECH CENTER
PROJECT) IN THE PRINCIPAL
AMC JNT OF 51,800,000 F OR THE
r PURPOSE OF LOANING FUNDS
TO TIMBERLINE TECH CEN
TER TO FINANCE IMPROVE
MENTS RELATING TOACQUIR
ING.IMPROVING, INSTALLING
AND EQUIPPING OF AN
ASSEMBLYING. OFFICE AND
LIGHT MANUFACTURING
BUILDING IN FORT COLLINS, -
LARIMER COUNTY, COLO
RADO; APPROVING AND
AUTHORIZING THE E%ECU
11ON AND ASSIGNMENT OF A
LOANAGREEMENT ANDN OTEI
BETWEEN TIMBERLINE TECH
CENTER AND TIIE CIT V; AND
AUTHORIZING 111E PREPA RA
TION AND EXECUTION OF
CERTAIN RELATED DOCU
MENTS AND INSTRUMENTS.
The full text of this ordinance i5
available for public Inspechou and
acquisition in the Office of the City
Clerk,300 LaPorte Ave.,Fort Col
lies.Colorado.
Wanda M. Kralicek
City Clerk
The Cotoradoan,L 51,July B,1985