HomeMy WebLinkAbout136 - 11/19/1985 - ISSUANCE AND SALE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS, SERIES 1985, FOR THE MOUNTAIN AVENUE PLA BOND ORDINANCE NO. 136, 1985
CITY OF FORT COLLINS , COLORADO
INDUSTRIAL DEVELOPMENT REVENUE BONDS
SERIES 1985
( THE MOUNTAIN AVENUE PLAZA ASSOCIATES PROJECT)
ADOPTED: November 19 , 1985
TABLE OF CONTENTS
(This table of contents is not a part of the Ordinance but is
included for convenience only. )
Page
ARTICLE I
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 12
Section 2. 5 . Issuance of New Bonds 13
Section 2. 6 . Registration of Transfer 13
Section 2. 7. Mutilated , Lost or Destroyed Bonds 13
Section 2. 2 . 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 15
ARTICLE III
PREPAYMENT OF BONDS BEFORE MATURITY
Section 3 . 1 . Prepayment 15
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 16
Section 4. 3. Nature of Security 16
ARTICLE V
MISCELLANEOUS
Section 5 . 1. Severability 17
Section 5 . 2. . Authorization to Execute Agreements 17
Section 5. 3 . Authority to Correct Errors , Etc. 17
Section 5 . 4 . Further Authority 18
( i )
Page
Section 5 . 5 . Repe al.er 18
Section 5. 6 . Ordinance Irrepealahle 18
Section 5. 7 . Recordinq and Authentication 1B
SIGNATURES 19
MAP)_6a
( ii )
STATE OF COLORAnO )
1
COUNTY OF LARI'4ER ) 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 80521 , on Tuesday, the 5th day of
November , 1985 , at the hour. of 6 : 30 P.M.
The following persons were present :
Council-members : Barbara Rutstein, Mayor
Kelly Ohlson , Assistant Mayor
Gerald C. Horak
E. John Clarke
John E. Knezovich
Larry Estrada
Ed Stoner
Acting City Manager Rich Shannon
City Attorney: John H . Huisjen
City Clerk : Wanda Pl. 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. 136, 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 19f15 ( THE MOUNTAIN AVENUE PLAZA ASSOCIATES PROJECT) IN
THE PRINCIPAL APIOUNT OF S600 , 000 FOR THE PURPOSE OF LOANING
FUNDS TO MOUNTAIN AVENUE PLAZA ASSOCIATES TO FINANCE
IMPROVEMENTS RELATING TO ACQUIRING, CONSTRUCTING, EQUIPPING
AND RENOVATING COMMERCIAL BUILDINGS IN FORT COLLINS , LARIMER
COUNTY, COLORADO; APPROVING AND AUTHORIZING THE EXECUTION AND
ASSIGNMENT OF A LOAN AGREEMENT AND NOTE BETWEEN MOUNTAIN
AVENUE PLAZA ASSOCIATES AND THE CITY; AND AUTHORIZING THE
PREPARATION AND EXECUTION OF CERTAIN RELATED DOCUMENTS AND
INSTRU"•TENTS .
Be it ordained by the Council of the City of Fort Collins ,
Colorado :
ARTT_CLE I
DEFINITIONS , LEGAL AUTHORIZATION AND FINDINGS
I . I . Definitions
The terms used herein , unless the context hereof shall
require otherwise , shall have the frl-lo•.ainq 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 *hereof 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 A(ir�,ement . The assignment to be
executed by the City and the Lender -issignina the City ' s interest
in the Loan Agreement to the Lend-r .
3 . Bonds . The $600 , 000 Tndusrri;il Development Revenue
Bonds , Series 1985 ( The Mountain v ,nue Plaza Associates Project )
to be issued by the City pursuant to this Ordinance .
4 . Bond Counsel_ . The firm Of Fischer , Brown , Huddleson ,
and Gunn , Fort CoLl.ins , Colorado.
5 . Bond Register . The records kept by the City of Fort
Collins , Colorado to provide for thF� registration and transfer of
ownership of the Bonds .
6 . City. Citv of Forr. Collins , Color::.ido , its successors
and assigns .
7 . Collateral Assignments of Rents . The assignment to be
executed by the Company assianinq to the Lender as security for
the Bonds the rents clue the Companv under any and all leases ,
rents and other income from the Project .
8 . Company. Mountain Avenue Plaza Associates , a Colorado
general partnership , its successors and assigns , and any
survivinq , resultinq or transferee business entity which may
assume its obligations under the Loan Agreement.
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 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 securing payment of the Bonds and
interest thereon.
11 . Guaranty. The Guaranty Agreement to be executed by the
Company, Theodore R. Davis , Leonard C. Wilson and Lloyd Jenkins
as security for the Bonds .
12 . Improvements . The structures and other_ improvements ,
including any tangible personal property, to be constructed ,
renovated 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.
1.4 . 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 .
16. Loan Aqreement . 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 . n so long as the Maximum
Federal Corporate Tax Rate shall be 469 , 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 ^nrnor ,to "`'. v Bata means the maximum
statutory rate of Fe<',-ral income ra; :tion 1 -nIposed on the taxable
income of corpora rinns nur_suarr_ ro tinn 11 ( b ) of the Code , as
in effect from time to ti -- ( nr , = as i -esuLt of a change in
the Code the r�'ro of inCO['ie C-7!YatLOn ;i'nnosed on corporations
shall_ not he applicahl.r_� ro a '��-�ndho '_d�r , the maximum statutory
rare of Federal_ in(-(-)me t ixarion 1h, :-1) paid apply to a
bondholder ) .
19 . Off-r_ to Purchase . The lol r— agreement from the Lender
to the City , 1 ted nacemher 19 ,
20 . Plans and Sn,�citications . Th- plans and specifications
for the construction and installation of the Improvements on the
Land , which are approved by the Lender , together with such f
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 . Princi.na L Balance . So much of the principal sum on the
Bonds as from time to time remains unpaid .
22 . P m jeer . The Improvements and the Land .
2'� . Project Costs . All costs of the Project ( i ) which are
capitalized expenditur-s under gene�raily accepted accounting
principLes and which must he or with a proper election may be
capitalized for Ft-rler. al income tax Purposes and ( ii ) for which
the Bond pr_oc_��ds :nay �e 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
( includinq archite(-tural , eng ne and supervisory
services with respect to any of the foregoing ) .
( b ) To the extent chat thr,v shall_ not be paid by a
contractor , payment of the nremiums on all insurance required
to be maintained prior to the -late the Project is completed .
( c ) Payment of any tees and expenses for recording or
filing such documents , insrrumerts an,i r_inanci_nq statements
which the Company, the Lender or the City may deem desirable
to perfect or protect the r_ ighr�: ()f t`:a City and the Lender_
under the Loan Agreemenr , the Cc,mpany ';ote and the Assignment
of the Loan Agreement .
(d ) Payment of any commitment or acceptance fea of the
Lender and the legal , iccounrirc, and financial advisory fees
and expenses , and all other fe�Js -rnd 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
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 ) Tn 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 $600 , 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 amount necessary in each year to
pay the principal of and the interest on the Bonds as set
forth in the Loan Agreement whim 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
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proper insurance with respect t'.uor_ eto , no determination of
the estimated cost of maintnin�_,is the Project need be made ;
and
( f ) Pursuant to Section "10 of the Act , the City hereby
determines that the revenues (-)f 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
acquisition , 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 -inprooriate
variations , omissions and insertions as :are permitted or required
by this Ordinance , and in accordance with the turther provisions
hereof ; and the total principal amount of the Bonds that may be
outstanding hereunder is expressly limited to 5600 , 000. The
Bonds shall be in substantially the following for,, :
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UNITED STATES OF AMERICA
STATE OF COLORADO
CITY OF FORT COLLINS , COLORADO
INDUSTRIAL DEVELOPMENT REVENUE BOND
( THE MOUNTAIN AVENUE PLAZA ASSOCIATES PROJECT)
SERIES 1985
December 1 , 1985
R-1 $600 , 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 SIX
HUNDRED THOUSAND DOLLARS ( $600 , 000 ) ( the "Principal Balance" ) ,
and to pay interest thereon from the date hereof in consecutive
installments beginning January 1 , 1986 , and on the first day of
each succeeding month during the term hereof through and
including December 1 , 2015 , at a per annum rate equal to 800 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 however , the amount of the monthly payment due
hereunder each month shall not be less than the amount of
interest accrued to the interest payment date , 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
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 Rate" ( hereinafter defined )
times ( b) 1 . 851.85 . 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 chance 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 ) .
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 :
6 -
PAYMENT DATE
( First Day of the AMOUNT OF MONTHLY
Following Months ) PRINCIPAL PAYMENT
January 1986 through December. 1986 S 450
January 1987 through December 1997 490
January 1988 through December 1988 525
January 1989 through December_ 1989 565
January 1990 through December 1990 610
January 1991 through December 1991 660
January 1992 through December 1992 710
January 1993 through December. 1993 770
January 1994 through December 1994 830
January 1995 through December 1995 895
January 1996 through December 1996 965
January 1997 through December 1997 1 , 040
January 1998 through December 1998 1 , 120
January 1999 through December 1999 1 , 210
January 2000 through December 2000 1 , 305
January 2001 through Decembar 2001 1 , 410
January 2002 through December 2002 1 , 520
January 2003 through Decembar 2003 1 , 640
January 2004 through December 2004 1 , 770
January 2005 through December 2005 1 , 910
January 2006 through December 2006 2 , 060
January 2007 through December 2007 2 , 220
January 2008 through December 2008 2 , 395
January 2009 through December 2009 2 , 530
January 2010 through December 2010 2, 785
January 2011 through December 2011 3 , 005
January 2012 through December 2012 3 , 240
January 2013 through December 2013 3 , 495
January 2014 through December 2014 3 , 770
January 2015 through November 2015 4 , 070
December 2015 3 , 890
(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 , plus
( ii ) an additional amount equal to the difference between ( A)
the interest on the Bond durin;l the "Taxable Period" (defined
in the Loan Agreement ) if the 9ond had borne interest durinq
such Taxable Period at an interest rate equal to the Prime
Rate plus 20 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 t-� 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 ( 300 ) 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 January 1 , 1986 , 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
November 30 , 1990 , November 30 , 1995 , November 30 , 2000 ,
November 30 , 2005 , and November 30 , 2010 , 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 sand
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 ,
1988 .
(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
in the Construction Fund (defined in the Loan Agreement )
after the Completion Date .
(h ) On the first day following December 31 , 2015 , after
the date hereof ( such date to be the " Final Futurity 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
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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 tho maximum rate of interest which may be
charged or cnll_ected 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 -nay deli-,hate in writing .
4 . This Bond is issued by the City to provide funds for a
project , is defined in Section 103 of Article 3 , Title 29 ,
Colorado Revised 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
December 1 , 1985 , between the City and Mountain Avenue Plaza
Associates ( 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
November 19 , 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, Theodore R.
Davis , Leonard C. Wilson and Lloyd Jenkins , 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 .
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 , tl. e Deed of Trust and the
Ordinance .
9 . The monthly payments clue under the first paragraph
hereof shall continue to be due and payable in full until the
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entire Principal Balance and accrued interest due on the Bond
have been paid , regardless of any nartial prepayment made
hereunder .
10 . As provided in the Ordinance and subject to certain
limitations set forth therein , this Bond is transferable upon th-
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 , COLORADO , AND SHALL 2]OT CONSTITUTE
NOR GIVE RISE TO A PECUNIARY LIABILITY OF THE, CITY OR A CHARGE
AGAINST ITS GENERAL CREDIT OR TAXING POWERS.
12 . The remedies of the Lender , s 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 thereot .
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
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exemption for such issuance ; and accordingly the Bond may not he
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 reqistration
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 December 1 ,
1985 .
CITY OF PORT COLLINS , COLORADO
( SEAL)
By
Barbara S . Rutstein , ?layor
ATTEST:
City Clerk
COUNTERSIGNED:
3y :
Dir ctor of Finance
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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
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 ;
- 12 -
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
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 deli,. ered , 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
- 13 -
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 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 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
withheld , one or more series of Additional Bonds may be issued ,
authenticated and delivered for the purpose provided in Lhe Loana
Agreement . Such Additional Bonds shall he pyable 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 condemn-ition awards ) . If the City,
in its sole discretion , decides to issue such Additional Bonds ,
the Additional Bonds of each such series shall :-)e 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 Trusr_ xpressly 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 , pith respect thereto, all
- 14 -
shall be as provided in the Supplemental Ordinance , rather
than as provided in this Ordinance , and may diffar from the
provisions with respect to the Series 1985 Bonds set forth in
this Ordinance .
( b ) � ,;ricten 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 A(ar-ement , the Companv Note , the
Deed of Trust or under this Ordinance , and ( iii ) all current City
regulations are complied with.
2 . 11 . Establishment of Funds
The City hereby establishes with the Lender two funds , to be
called the "City of Fort Collins , �'i)I�)rado - 1'he 'Mountain avenue
Plaza Associates Project Bond Fund " _nd the "City of Fort
Collins , Colorado - The lountair: '. . . nu Plaza ',ssociates Project
Construction Fund . " rVCCrued intl'r-11 :11Ll r- ' pala into the Bond
Fund out of the proceeds of the Bonc:s and the remaining proceeds
shall be deposited into the Construction Fund . The City hereby
authorizes the Lender ( a ) to . i ;;hursements from the
Construction Fund in accordance �ection of the roan
Agreement , ( b) to make the pavments r ;;, fired by the Bonds to the
Bondholders from the Bond Fund ,and ic ) invest the moneys on
deposit in the Funds in accordance :. ir_h Section 3 . 7 of the Loan
Agreement .
ARTICLE : I
PREPAYMENT OF BONDS EFORE 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
- 15 -
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
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 Constitution 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
- 16 -
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 live rise to a pecuniary
liability of the City or a charge ac;ainst its general credit or
taxing powers ; and the City , its :�(- onts , officers and employees
shall not be subject to any personal or pecuniary liability
thereon .
�RTICL,F' 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
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 her—oE , shall not ::tfeut 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
- 17 -
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
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 Ir_reoealable
After said bonds are issued this Ordinance shall be and
remain irreoealable 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.
- 18 -
Introduced , considered favorably on first. reading rin(l
ordered published this 5th day of November , 1985 , ind to he
presented for final passage on the 19th day of November , 1985 .
M or
( SEAL)
ATTEST:
y
City Clerk
Passed and adopted on final reading on this 19th day of
November , 1985.
ayor
ATTEST:
City Clerk
Councilmember Knezovich -roved that the foregoing
Ordinance heretofore introduced and read by title he approved on
first reading . Councilmember Estrada seconded the
motion.
The question being upon the approval on first reading of the
Ordinance , the roll was called witn the following results :
Councilmembers votinq "AYE" :
Councilmembers : Barbara Rutstein , r-layor
Kelly Ohlson , assistant Mayor
Gerald C. Horak
E. John Clarke
John i3. Knezovich
Larry Estrada
Ed Stoner
City Attorney : John H . Huisjen
City Clerk : Wanda M. Krajicek
- 19 -
Councilmembers votinq "NAY" :
(done
The Mayor thereupon declared that , a majority of the
Councilmembers present havinq voted in favor_ thereof , the motion
was carried and the Ordinan^e duly ionrcved on first reading .
Thereupon the Mayor ordered said Ordinance published once"
full together with a notice qivinq the date when said Ordinance ^
will be presented for final passage in Color.adoan , a newspaper of
general circulation published in the City, at least seven ( 7 )
days before presentation for final passage .
After consideration of other business to come before the
Council , the meeting was adjourned .
ayor
City of Fort Collins , Colorado
ATTEST:
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
80521 , on Tuesday, the 19th day of November , 1985 , at the hour of
6 : 30 P.M.
The following persons were present :
Councilmembers : Barbara Rutstein , layor_
Kelly Ohlson , Assistant Mayor
Gerald C. Horak
E. John Clarke
John B. Knezovich
Larry Estrada
Ed Stoner
City Attorney: John H. Huisjen
- 20 -
City Clerk : Wanda M. Krajicek
The following persons were absent:
None
The Mayor informed the Council that Ordinance
No. 136, 1985 , which was introduced, approved on
first reading, and ordered published once in full at a regular
meeting of the Council held on November 5 , 1985 , was duly
published in Coloradoan, a newspaper_ of general circulation
published in the City, in its issue of November 10 1985 .
Councilmember Clarke then read said Ordinance by
its title.
Thereupon, Councilmember Clarke moved the final
passage of Ordinance No. 136, 1935 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. Horak
E . ,John Clarke
John 13 . Knezovich
Larry Estrada
Ed Stoner
City Attorney: John H. Huisjen
City Clerk : Wanda 'I. Krajicek
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
- 21 -
of the Ordinance in Coloradoan , a newspaper of general
circulation published in the City , within five ( 5) days after
said final passage .After consideration of other business to come
before the Council the meeting was <ic ourneri .
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 certity that the attached copy of
Ordinance No . 136, 198,5 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 80521 , the regular meetinc place thereof , on Tuesday,
the 5th day of November , 1985 , that s<iid Ordinance was finally
passed on second reading by said Council at a regular meeting
thereof held at 300 LaPorte -Avenue , Fort Collins , Colorado
80521 , the regular meeting place thereof , on Tuesday, the 19th
day of November , 1935 , 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 :i_y office ; and that said Ordinance was duly
published once in full together with t notice giving the date
when said Ordinance would be presented for final passage and once
by number and title only together pith a notice stating the date
when said Ordinance would be present�2.i for the final passage
thereof , in the Coloradoan , a newspaper of general circulation
published in the City , in its issuE-�s ->t tdovenber 10 , 1985 , and
November 24 , 1985 , as evidenced by t certificates of the
publisher attached hereto at Pares ;; i and 22 . I further certify
that the foregoing pages 1 througn 19 , inclusive , constitute a
true and correct copy of the record nt the proceedings of said
Council at its regular meetings of "]ovember 5 , 1985, and
November 19 , 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.
- 22 -
IN WITNESS WHEREOF, I have hereunto set my hand and the seal
of the City of Fort Collins , Colorado this 25th day of
November , 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 . )
MAP16
- 23 -
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. 1989; that the last
publication of said legal notice or advertisement was in the regular and entire edition of
said newspaper on the 1 Crh day of Nnvomhar , 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. P.-15
11
Subscribed and sworn to before me, at and within the County of Larimer, State of Colorado
this loth day of November A.D. 19 85
15, 1987
My commission expires 1212 Ewersiue, CO 86524 t r I!is,
City Clerk Notary Public
Delivered to
"I Iti Py GIVEN
that the For Collins City Council,
on Tuesday, November 6, )985
Passed and adopted the Following
ordinances)on first reading and
'ordered their pub lica lion by title
only,with said o'of ance(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 PRINCIPAL
AMOUNT OF 5600,000 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
)_INS,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
)ZING THE PREPARATION
AND E%E CUTION OF CERTAIN
RELATED DOCUMENTS AND
INSTRUMENTS.
ORDINANCE NO. 137, 1985
AN ORDINANCE RELATING TO
THE ISSUANCE OF INDUS-
1RIAL 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
RADIO, INDUSTRIAL DEVEL
OPMENT REVENUE BONDS,
SERIES 1785 (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 TOAN EXISTINGOFFICE
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
DOCUMENTS AND INSTRU
MEN TS.
ORDINANCE NO. 140, 1985
AN ORDINANCE AUTHORIZ
ING THE ISSUANCE OF A CITY
OF FORT COLLINS, COLO-
RADO.GREENBRIAR SPECIAL
IMPROVEMENT DISTRICT NO.
67, SPECIAL ASSESSMENT
BOND, DATED DECEMBER 15,
1985, IN THE PRINCIPAL
AMOUNT OF S1,640,000; 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 ),
1985, IN THE AGGREGATE
PRINCIPAL AMOUNT OF
$8,885,000, FOR THE PURPOSE '
OF REFUNDING THE CITY OF
FORT COLLINS, COLORADO
DOWNTOWN DEVELOPMENT
AUTHORITY TAX INCREMENT
BONDS,SERIES 1904A,
ORDINANCE NO. 143, 1985
AN ORDINANCE AUTHORIZ.
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,D00.
Wanda M. Kraiicek
The Coloratloan, R95, City ClerkNovember
10, 7985 i
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. 19L5__; that the last
publication of said legal notice or advertisement was in the regular and entire edition of
said newspaper on the 24rh day of *TovPmhar A.D. 1989, 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
JC.C. I KfL / O ��P✓
Subscribed and sworn to before me, at and within the County of Larimer, State of Colorado
this 24th day of November A.D. 19 85
My commission expires
r
City Clerk % �' Notary Public
Delivered to
NOTICE IS HEREBY GIVEN!
that the Fort Collins City Council,
on Tuesday, November 19, 1905, ORDINANCE NO. IJB, 1985
passed and adopted The following I OF THE COUNCILOF 111E CITY
ordinances on second reading I OF FORT COLLINS BEING AN
ORDINANCE NO.134, 1985 ORDINANCE AMENDING THE
OFTHECOUNCILOF THECITY I ZONING ORDINANCE OF THE
OF FORT COLLINS APPROPRI-I CITY OF FORT COLLINS BY
ATING UNANTICIPATED REV '. CHANGING THE ZONING Cl-AS
ENUE IN THE CULTURAL SER I SIFICATION FOR CERTAIN
VICES FUND I PROPERTY KNOWN AS THE
ORDINACE NO. 135, 1985 CENTER FOR ADVANCED
OF THE COUNCILOF THE CITY I TECHNOLOGY REZO IJ ING
OF FORT COLLINS VACATING ORDINANCE NO. 139, 1985
ALL EASEMENTS ON THE OF THECOUNCILOF TIIECIIY
REPLAT OF LOTS I AND 2 OF FORT COLLINS RELATING
TIMBERLINE APARTMENTS' TO CREATION AND ORGAN I ZA
PUD TION OF THE GREENBRIAR
ORDINANCE NO. 136, 1985 SPECIAL IMPROVEMENT DIS
AN ORDINANCE RELATING TO TRICE NO.87 AND PROVIDING
THE ISSUANCE OF INDUSI FOR THE CONSTRUCTION OF
TRIAL DEVELOPMENT REVE IMPROVEMENTS THEREOF.
NICE BONDS UNDER THE PRO ORDINANCE NO. 140, 1985
VISIONS OF THE COLORADO 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 DEVEL BOND, DATED DE CT'MBER I5,
OPMENT REVENUE BONDS, 1985, IN THE PRINCIPAL.
SERIES 1985 (THE MOUNTAIN AMOUNT OF 51,640.OW: PRES
AVENUE PLAZA ASSOCIATES CRIBING THE FORM OF 1HEI
PROJECT) IN THE PRINCIPAL BOND: AND PROVIDING FOR
AMOUNT OF$600,000 FOR THE THE PAYMENT OF THE BONDI
PURPOSEOF LOANINGFUNDS A N D T H E I N I F R F S TI
TO MOUNTAIN AVENUE THEREON.
PLAZA ASSOCIATES TO ORDINANCE NO. lel, 1985
FINANCE IMPROVEMENTS OFTHECOV NCIL OF THE CITY
RELATING TO ACQUIRING, OF FORT COLLINS APPROPRI
CONSTRUCTING, EQUIPPING ATING UNANTICIPATED REV
AND RENOVATING COMMER I ENUE IN THE STREET OVER
CIAL BUILDINGS IN FORT COL I SIZING FUND FOR 1 TRANSFERLINS,LARIMER COUNTY,COL TO THE CAPITAL PROJECTS',
ORADO; APPROVING AND FUND AND APPROPRIATING
AUTHORIZING THE EXECU UNANTICIPATED REVENUE
TION AND ASSIGNMENT OF A IN THE CAPITAL PROIFCI'S
LOAN AGREEMENT AND FUND
NOTE BETWEEN MOUNTAIN ORDINANCE NO. 142. 1985
AVENUE PLAZA ASSOCIATES AN ORDINANCE AUTHORIZ
AND THE CITY;AND AUTORIZ ING THE ISSUANCE_ OF CITY
ING THE PREPARATION AND OF FORT COLLINS,C.OLORADOI
EXECUTION OF CERTAIN DOWNTOWN DEVELOPMENT
RELATED DOCUMENTS AND AUTHORITY TAX INCREMENT
INSTRUMENTS PEFUNDING BONDS SERIES
ORDINANCE NO. 137. 1985 1%11 DATED DECEMBER I,
AN ORDINANCE RELATING TO 19B5, IN THE AGGREGATE
THE ISSUANCE OF INDUS PRINCIPAL AMOUNI OF
TRIAL DEVELOPMENT REVE S8,BB5.Df10. FOR THE PURPOSE
NUE BONDS UNDER THE PRO OF REFUNDING THE CITY OF
VISIONS OF THE COLORADO FORT COLLINS. COLORADO
COUNTY AND MUNICIPALITY DO'r'INTOWN DEVFLOPMENT
DEVELOPMENT REVENUE AUTHORITY TAX INCREMENT
BOND ACT. PROVIDING FOR BONDS. SERIES 1784A
THE ISSUANCE AND SALE OF ORDINANCE NO UT, 1985
CITY OF FORT COLLINS,COLO AN ORDINANCE AVIHORIZ
RADO, INDUSTRIAL DEVEL ING THE ISSUAN(F. OF CITY
OPMENT REVENUE BONDS, OF FORT COLLINS, COLO-
SERIES 1985 THE TULAKES RADO, SEWER REVENUE
ASSOCIATES PROJECT) IN REFUNDING AND %iPROVF-
THE PRINCIPAL AMOUNT OF MENT, BONDS, SEPIE5 19B5,.
$920.000FOR THE PURPOSE OF DATED NOVEM13ER L 1985, IN
LOANING FUNDS TO TULAKES I THE AGGREGATE PRINCIPAL'.
ASSOCIATES TO FINANCE AMOUNT OF S10.715.ON
IMPROVEMENTS RELATING Wanda M. Krajice),
TO CONSTRUCTING AN ADDI City Clerk
TION TO AN EXISTING OFFICE The Coloradoan. R 57. Novembers
AND MAN OF ACiV RING 24, 1985
FACILITY IN FORT COLLINS.
LARIMER COUNTY, COLO
RADO; APPROVING ANDI
AUTHORIZING THE EXECU
TION AND ASSIGNMENT OF A
LOAN AGREEMENT AND
NOTE BETWEEN TULAKES
ASSOICATES AND THE CITY; '
AND AUTHORIZING THE
PREPARATION AND EXECU
TION OF CERTAIN RELATED)
DOCUMENTS AND INSTRU
MENTS.