HomeMy WebLinkAbout158 - 12/17/1985 - AMENDING ORDINANCE NO. 142, 1985 PROVIDING THE THE ISSUANCE OF DOWNTOWN DEVELOPMENT AUTHORITY TAX IN ORDINANCE NO. 158 , 1985
RELATING TO THE AMENDMENT OF
BOND ORDINANCE NO. 142 , 1985
PROVIDING FOR THE ISSUANCE OF
CITY OF FORT COLLINS , COLORADO
DOWNTOWN DEVELOPMENT AUTHORITY TAX INCREMENT REFUNDING BONDS
SERIES 1985A
DATED NOVEMBER 1 , 1985
IN THE AGGREGATE PRINCIPAL AMOUNT OF $8 , 885 , 000
ADOPTED: DECEMBER 17 , 1985
STATE OF COLORADO )
COUNTY OF LARIMER ) ss .
CITY OF FORT COLLINS )
The Council of the City of Fort Collins , Colorado , held a
reqular meeting in the Council Chambers , at 300 LaPorte Avenue ,
Fort Collins , Colorado 80521 , on Tuesday the 17th day of
December , 1985 , at the hour of 6 : 30 P.M.
Council Members : Barbara Rutstein , Mayor
Kelly Ohlson, Assistant Playor
John B. Knezovich
Larry Estrada
Ed Stoner
E. John Clarke
Gerald C. Horak
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 .
2 -
r)RDiNANCE NO. 158 r 1C)ft5
AN ORDINANCE RELATING TO AN AMENDMENT TO ORDINANCE NO. 142 ,
1985 PROVIDING FOR THE ISSUANCE AND SALF, OF CTTY OF FORT
COLLINS , COLORADO, DOWNTOWN DEVELOPMENT AUTHORITY TAX
INCREMENT REFUND'NG BONDS , SEPTE:, 1985A; AND DECLARING AN
EMERGENCY TO EXIST REOUTRING IMMEDIATE PASSAGE AND ADOPTION
OF THIS ORDINANCE .
WHEREAS , the City Council of r_h:, City of Fort Collins hr.s
adopted Ordinance No . 142 , 1985 ( the "Ordinance" ) , authorizing
the issuance of Ci_ry of Fort Collins , Color-ado , Downtown
Development Authority Tax Increment Refunding Bonds , Series 19851.
( the "Series 19P5A Bonds" ) ;
WHEREAS , Muni ipa1 Bond Insurance Associarion , proposed
insurer of the Series 1985A, has requested that Section 3 . 02 of
the Ordinance be amended as her ,ina*ter pr_o% ided ;
WHEREAS , the Series 1985A Bonds have been marketed on the
basis that MBIA will provide an insurance policy with respect to
the Series 1985A Bonds ; and
TIHERFAS , the sal and issu-nc,- of the Series 19n5A Bonds is
to take place on December_ 19 , 1985 , makinq it necessary to adopt
this emergency ordinance in ord,�r preserve pub is property anri
avoid losing substantial cost savings to be achieved as a result
of the issuance of the Series 1985A Bonds .
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS :
Amendment . That Section 3 . 02 of nrdin-rnce No. 142 , 19P,5 is
hereby amended so that said Section 3 . 02 reads as follows :
Section 3 . 02 . Pledge . There is her,-by
irrevocably pledged to the payment of the principal
of , premium, if any , and inr_ rest on rh<� Bonds , the
Pledged Revenues , as and when received , and moneys
and Federal and Stac:� Securities in the Bona Fund
and the Reserve Fund ; provided however, ad valorem
taxes of the Ciry shall nor he us. i or pl,,dged for
such purposes except to the extent such ad valorem
taxes consriture a parr of rh , Pldged Revenu�_s .
In addition , until such time as the Pledged
R-avenues ( ex(:ludinq investment arnings on Pledged
Revenues ) , in each of the last_ two complete
consecutive Fiscal Years sh:- l l }t.!ve he.-n sutf. icient
to pay an amount at least equal to 1500 of the
combiners maximum principal of , premium , if any, and
interest becoming due in any year ( excluding
principal of , premium, if any, and interest due on
3
the Series 19S5A Bonds � n 200^ ) on the Bonds and on
all of the City ' s outstanding tax increment
obligations issued on a p-trity with tht� Bonds
pursuant to the DDA Act , the City hereby
irrevocably pledges to the p-tym �nt of principal of ,
premium, if any, and interest on the Bonds and
hereby creates a li-n for such purposes on revenues
of the City ' s Sales and Use Tax and on the moneys
in the Sales and Use Tax Fund ; provided however , ;it
such time as the Pledged Revenues ( excluding
invest-ment earnings on Pledg_ad Revenues ) in each of
the last two complete consecutive Fiscal Years
shall have been sutficient to pay an amount at
least equal to 1501. of the combined maximum
principal of , premium, if any, and interest
becoming due in any year ( excluding principal of ,
pr.2mium , if any, and interest du,2 on the Ser es
1985A Bonds in 2004 ) on the Bones and on all of the
City ' s outstanding tax increment obligations issued
on a parity with the Bonds pursuant to the DDA Act ,
the lien and pledge creatt,d pursuant to Section
3 . 02 hereof on Sales and Use Tax revenues of the
Cir.y and tht. City ' s Sales and Us- Tax Fund shall he
forever discharged and released ; orovided further
however , that prior to the discharge and release of
the lien and pledge on the City ' s Sales and Use Tax
Revenues , the City shall deposi •: such amounts , if
any, as required to restore the Reserve Fund to a
balanc:- of moneys at least equal_ to $1 , 000 , O0n .
Until discharged or released such pledge and lien
shall_ be subordinated to all ii.ens on said Sales
and Use Tax revenues and the Sales and Use Tax Fund
moneys created as security for indebtedness of the
City so long as the ratio of Sales and Use Tax
Revenues to debt service on obligations secured
thereby, including the Bonds , is greater than 5 to
1 . If such lien has not been discharged and
released and in the event such ratio is less than 5
to 1 at any time , and so long a5 the ratio remains
less than 5 to 1 , the pledge and lien to secure the
Series 1985A Bonds authorized by this Ordinance on
revenues from the Sales and Use Tax and on the
Sales and Use Tax Fund shall he on a pati_ry with
all indebtedness of the City secured by the Sales
and Use Tax revenues and the SaLE-s and Use Tax
Fund . The City further covenants and agrees that
( i_ ) if Series l9`l5A Bonds are olarstanding after
January 1 , 2002 and ( ii ) so long as the pledge of
and lien on Sales and Use Tax revenues of the City
and the City' s Sales and Use Tax Fund is in force
pursuant to this Section 3 . 02 , ro the extent not
otherwise prohibited by law, the City will maintain
at all times the Sales and Use Pax Fund as a fund
of the City separate and distinct from all other
4
funds of the Citv and will continue to levy ,
impose , administer , enforce and collect the Sales
and Use Tax in an amount at least sufficient to
timely nay the principal of , premium, if any, and
interest of the Series 1985A Bonds .
The Pledged Revenues , as received by the City,
shell immediately be subiecr_ to the lien of the
pledge hereof , without any physical delivery
thereof , any fi I ing or any further- .acr ,, the l i,�n of
such pledge and the obligation ro perform the
contractual_ provisions mad: in this Ordinance steall
have priority over all other oh ioations and
liabilities of the City, and the, lien of such
pledge shall be valid and binding_ as against all
person having claims of anv kind in tort , contract
or otherwise dgai_nst the City , -irrespective of
wheth,.r such persons have notic, thereof , provided
however , nothing contained herein shall be
construed :Is creating a lien OM the City' s �al-,s
and Use Tax Fund superior to the lien on such Fund
in favor of obligations of the City now secured or-
to be secured in the future by �.uch Fund .
in addition , there is her -,hy irr,�vocably
pledged to payment of the Bonds the proceeds of any
refunding obligations issued by the City, and
designated therefor.
All other terms contain-d in the nrr.i_nance are hereby ratified
and confirmed .
3 . Emergency Ordinance . This ordinanc., is hereby declared
to be an emergency ordinance necessciry for the immediate and
actual preservation of the public property of the citizens of the
City and therefore shall take effect upon final nassage and
adoption . Publication of a notice of the final passage of this
ordinance shall be by title and number in a newspaper of general
circulation within the City. This Crdinanr�,� is declar-d to be an
emergency ordinance necessary for the immediate preservation of
public property for the reason rhat the sale and issuance of the
Series 19n5A Bonds and the substant , al costs savings to be
achieved by the City as a result thereof are condirioned upon the
completion of the sale of the Bonds nn c)r before December ?1 ,
1985 . Such sale cannot be complete-, on or before said date
unless this ordinance goes into eff�_,ct and full force prior to
the time required for idoption and passage of a regular non-
emergency ordinance of the City pursuant to the City ' s Charter .
- 5 -
Introduced , considered favorably on first and final_ reading
and ordered published this 17th day of December , 1985 .
Mayor
( SEAL)
ATTEST: Q
UnA�QI k P 4 L
City Clerk —T
Councilmember Knezovich moved that the foregoing
emergency Ordinance heretofore introduced and read by title by
approved on first and final reading .
Councilmember Estrada seconded the motion .
The question being the approval on first and final reading of the
Ordinance , the roll was called with the following results :
Councilmembers voting_ "AYE" : Barbara Rutstein
Kelly Ohlson
John B. Knezovich
Larry Estrada
Ed Stoner
E. John Clarke
Gerald C. Horak
Councilmembers voting "NAY" :
None
The Mayor thereupon declared that , a majority of five of the
Councilmembers present having voted in favor thereof , the motion
was carried and the Ordinance duly ipproved on first and final
reading as an emergency ordinance .
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 seven ( 7 ) days after
said final passage .
After consideration of other business to come before the
Council , the meeting was adjourned
Mayor
C_ tv of Fort Collins , Colorado
ATTEST:
j
�1"Q itcb i�'�o
City Clerk —(-)
City of Fort Collins , Colorado
STATE OF COLORADO )
)
COUNTY OF LARIMER ) ss .
CITY OF FORT COLLINS )
T , Wanda M. Krajicek , City Clerk of the City of Fort Collins ,
Colorado , do hereby certify that the attached copy of Ordinance
No . 158 , 1985 , is a true and correct copy ; that said Ordinance
was introduced and approved on first and final reading as an
emergency ordinance by the Council of the City of Fort Collins ,
at a regular meeting thereof held at 300 LaPorte Avenue , Fort
Collins , Colorado 80521 , the regular meeting place thereof , on
Tuesday, the 17th day of December , 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 in the The Coloradoan , a newspaper
of general circulation published in the City , in its issue of
December 22 , 1985 , as evidenced by the certificate$ of the
publisher attached hereto at pages 9 . d(XMXXXXX I further
certify that the foregoing pages 1 Through 6 , inclusive ,
constitute a true and correct copy of the record of the
proceedings of said Council at its *-egular meeting of December
17 , 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.
IN WITNESS WHEREOF, I have hereunto sat my hand and the
seal of the City of Fort Collins , Colorado this 23rd day of
December , 1925 .
City Clerk
City of Fort Collins , Colorado
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STATE OF COLORADO )
COUNTY OF LARIM ER ) ss .
CITY OF FORT COLLINS )
(Attach affidavit of publication )
DDA5
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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 Saturday 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 18th day of January , A.D. 19 86 ; that the last
publication of said legal notice or advertisement was In the regular and entire edition of
said newspaper on the 18th day of January , A.D. 1996, 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. U-04
L
Subscribed and sworn to before me, at and within the County of Larimer, State of Colorado
this 18th day of .Tanuary A.D. 19 86
My commission expires T;
Notary Public
City Clerk
Delivered to
City of Fund oneys created as
rlty for i mndebtedness of the
Fort Collins Tx Re so Iafeeratio Sales
J Vse tax Revenues to debt set
vice on obligations secured
ORDINANCE NO. 151,1965 thereby, including the Bonds, is
AN ORDINANCE RELATING TO greater than 5 lot.Ifsuchllenhas
AN AMENDMENT TO ORDI- not been discharged and released
NANCE NO. I42, 1985 PROVID- and in the event such ratio is less
ING FOR THE ISSUANCE AND than 5 to 1 at any time,and so long
SALE OF CITY OF FORT COL as the ratio remains less than S to
LINS,COLORADO,DOWNTOWN 1,the pledge and lien to secure the
DEVELOPMENT AUTHORITY Series 1985A Bonds authorized by
TAX INCREMENT REFUND- this Ordinance on revenues from
ING BONDS. SERIES 1985A; the Sales and Use Tax and on the
AND DECLARING AN FM ER Sales and Use Tax Fund shall be
GENCY 70 EXIST REQUIRING on a parity with all indebtedness
IMMEDIATE PASSAGE AND of the City secured by the Sales
ADOPTION OF THIS ORDI I and Use Tax revenues and the
NANCE. Sales and Use Tax Fund.The City
WHEREAS.the City Council of further convenants and agrees
the City of Fort Collin has that(i) If Series 1985A Bonds are
adopted Ordinance No. 142, 1985 outstanding after January 1,2002
(the "Ordinance"), authorliing and (It) so long as the pledge of
the issuance of City of Fort Col- and lien on Sales and Use Tax rev-
ins, Colorado, Downtown Dever enues of the City and the Clty's
opment Authority Tax Increment Sales and Use Tax Fund IS In force
Refunding Bonds, Series 1985A pursuant to this Sectlon3.02,to Thai
(the"Series 1985A Bonds"); extent not otherwise prohibited b
WHEREAS, Municipal p Bond ed time,The gin and Use Will tain Tax Fund
Insurance Assthe Series
proposed as a fund of the City Separate 41Q(1O
insurer of the Selves 1.0110 here distinct from ail other funds of flat
requested that Section].02 N the City and will continue to levy,
Ordinance be amended as impose administer, enforce and
hereinafter provided; collect me Sales and.Use TfIx Is,a�1
WHEREAS, the marketed
on 905A
amount at least su"14tht TO
Bonds have been marketed on the tknet ,VOY 1M ptincl I of, ram-'
basis that MBIA willreamprovide an Y •
insurance ppooIICY with respect fo Mum, If aBY, end In area 1fNf
the Series 1983A Bontls, and EarleAl "64, it
WHEREAS, the sale and The 1• RayttnYNr as
issuance of the Series 1905A Bonds 'recafv�d 0y.>M1al��me•
Is to take place on December liftr diately bo bled fQtlla
1965,making It necessary to aa�t pledge hereof,wnhopr any p�pptl4�
this emergency ordlnancapM ny clot delivery thereof,MY iling°in
order preserve public prol t any turther,aet,111e Ilan N Svc
and avoid losingy svDstantla cdst ppledge ON toe 0D110a1bR
savinga to be ed loved as a result IqI the contractual
of the Issuance ofthe Series 1985A aN if,this Ordinance all.
Bonds.- p prnbdtl ., }so Nhe
lra y,
ORDAINED BY THE COM1EIL IlOn ifA 1 19f I all°t Ibi
OF THB CITY•OF FORT t0f+` and pindlga:0s Soo net all per
L lNS
Amenldment, That Sac11p1 302 havkl0 Clefma N anY kind in tort,
of Ordinantir NO. 142, 19a4 bTa can11?? t(�r oth�erwlp aagqtaNNt IIM.
hereby amended W that seed Ser CI�y.t°4yrespecllve of wMmw Well
ton 3.02 reads as follows: per> have notify"Woo;p
Sect{on 3.01. Pledge, Thera is yy)yes,Itart'Wof,flothltN cMfa
hereby lrreVDcably pledded to fha hereI* Iiittbe caNtruM SacfaM
payment of the principal of,prom. Iris a,INn on Ind Ch,y S saids and
USa Tax Fund superlef to the 1Nh
soft#4 pf ucn vnd Inrtoland IsfineItirly� N ab,INa
an0f a shtls 11 y�nt tM IWuh
F 111i17.`OMV vliK a/Wo„1N(N�iR ;, .7 addhlMo MN',•�nt!
v1elMyrd�pt"mmecitynalta)R� vocably�NdgedtoWYmantof
be 1 00�0pNdOod IOf.Bush Bonds this proCONls of apvt rail .
peep akeOpl.�p thf hr»M Ifggbll 'tl011911 uad DY M
vayet�t$tasaii0datlhtti'irtb+ thetaNF "
Me 1 Rdwnuq 1 °�Aµ1F> Nrmf.abnlYinid IW 1M
tlon, }ueh' flrn� DI'IBhanse or►MreDV eat41 >W6
Ilov fMi1t; rims Irmeld.
�Aan,, OgyN .pungency Ordinance
Sit dN1r,M�s111f• otdfifanp if neregbty daclarad�»c�M,
`Ydaeniineiiligr 4 °^r°for 01mmWtl►Wall afloat
nn,, {aaraYaary#t1 use Q!�
p°50%Ot,tbe c pf t-ICltlzfeM of 2
off W> 1 -6ha1�4g1/tal�NInt
epla�fp=aM
If any, of p a nNMdf 111t�f�'1�.
p f 1
Sorl �1rIW.RetNl:
N60mb r iodinah..ex I renyht : Th I Ofdlnanr»la
Ilona I d ark prJty. be a
eondr of b tr�a D 1
���„
the cttl!'herab ..tt.
pl*dgae fio the pay� 'Noon 441 TM$ala�1of I
p N al .ppr'em101"fl,lf•a of ryN 41111gM.taOMO X"
est on%0 661111118. I ty yv
ates a lien foe' try 1ne1 CNy a
revanvea vf.NN a Vp
•Use Tak andon tINn N tno seNSales and Use t ara DKam
vldad however,at c#nrlof Datall�
Fledged Revenu xr gy pafpr sold MN un '
IMN nzein eernin los011l»etaas
RdVom af in NCU,,4 - ordine 1Npas,}Da
complete consecbti ° pr olnd Npa1fs1 m
l!MaOR�of
Yeifa Shall hove been efppCy,9r11
Sly°Itamount at lent he,309f O.tha combined mail) me eity�pwfu ant » theft
pr premium,If afw� I r' ad, ��td��
(n*W Ing due In any &W on fR•st and1111i1�
Okclud rincfpa{N,premluM; ordered pgbli�i this 1if th at
SerleO���S! Bonds In interest 4004)an the ue an the December,19Barbara S.Ru�[ri»!in
Bonds"alfd on all of the city s WP . . �WYae
slandind,tax Increment dub e•
ill"if on a parity sallyM1�pds T' xraltcek'. t `'
be ant to the ODA:Aa f Clty Clerk
me and pledge created Il Via Coloradoan,U 04,Janusl`y
emte 0a9.02 henot
and UaA stnvenvre01 -
anNtMe .s Soled Md tlga'�
Fund°halt,. forffM'•, he
dnd roldoled; proYidad iv
however, that prNT » tNa dis-
charge and release N the Nan and
pledger on Me city'5 SaIN stub Ua1
Tax Rev*rrl1ues, iM City all,
deposit sic amounts,if any,as
required to restore.I11! Reserve
Fund to a balance of moneys at
least equal to f1,000,000.Uwill dis-
charged or role ssatl wch pledge.
and lien shall be subordinated to
all 1lens on se id Sales and User Tex
revenue• and 1he Sales and Use