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HomeMy WebLinkAbout149 - 12/05/1995 - AUTHORIZING AMENDMENT OF $9,800,000 INDUSTRIAL DEVELOPMENT REVENUE BOND (JOHN Q. HAMMONS PROJECT) ORDINANCE NO. 149, 1995 A BILL FOR AN ORDINANCE AUTHORIZING THE AMENDMENT OF $9,800,000 CITY OF FORT COLLINS, COLORADO, INDUSTRIAL DEVELOPMENT REVENUE BOND (JOHN Q. HAMMONS PROJECT) ISSUED ON SEPTEMBER 6, 1984; RATIFYING CERTAIN ACTION THERETOFORE TAKEN; AUTHORIZING THE EXECUTION AND DELIVERY BY THE CITY OF AN AMENDMENT TO THE FACILITIES FINANCING AGREEMENT, ASSIGNMENT OF THE AMENDMENT, CLOSING DOCUMENTS, AND SUCH BOND IN CONNECTION THEREWITH; MAKING DETERMINATIONS AS TO THE SUFFICIENCY OF REVENUES AND AS TO OTHER MATTERS RELATED TO SAID FUNDING; AND REPEALING ACTION HERETOFORE TAKEN IN CONFLICT HEREWITH. WHEREAS, the City of Fort Collins, County of Larimer, State of Colorado (the "Issuer") is a legally and regularly created, established, organized, and existing home rule municipal corporation, and a political subdivision under the constitution and laws of the State of Colorado; and WHEREAS, pursuant to the Colorado County and Municipality Development Revenue Bond Act, constituting Sections 29-3-101 through 29-3-123, inclusive, Colorado Revised Statutes, as amended (the "Act") , the City of Fort Collins, Colorado issued, sold and delivered on September 6, 1984 its Industrial Development Revenue Bond (John Q. Hammons Project) in the principal amount of $9,800,000 (the "Bond") to Vanguard Financial Company, an Ohio corporation having its principal office in the City of Cincinnati, Ohio (the "Purchaser") which Bond was subsequently assigned to the Western and Southern Life Insurance Company, an Ohio Corporation (the "Bondholder") ; and WHEREAS, John Q. Hammons Hotels, L.P. (a Missouri limited partnership and successor in interest to John Q. Hammons and Juanita K. Hammons, natural persons and residents of the State of Missouri) (the "Obligor") , have mutually consented with the Bondholder to a proposal whereby the Bond would be canceled and an amended Bond (the "Amended Bond") would be substituted in its place; and Wn=AS, concurrently with the substitution of the Amended Bond, the Obligor and Bondholder will enter into a 1st Amended Facilities Financing Agreement (the "Agreement") with the Issuer providing for payments by the Obligor sufficient to pay the principal of, redemption premium, if any, and interest on the Amended Bond and to meet other obligations as herein and therein provided; and WHEREAS, there have been presented to the Issuer: (1) the proposed form of Agreement among the Issuer, the Obligor, and the Bondholder; (2) the proposed form of 1st Amended Assignment (the "Assignment") between the Issuer and Bondholder; (3) the proposed form of the Amended Bond as set forth in the Agreement; (4) the proposed form of the 1st Amended Mortgage and Security Agreement (the "Mortgage") between the Obligor and the Bondholder; NOW THEREFORE, be it ordained by the City Council of the City of Fort Collins, Colorado: Section 1. All actions (not inconsistent with the provisions of this ordinance) heretofore taken by the Issuer City Council (the "Council") and the officers of the Issuer directed toward the amending of the Bond therefore be, and the same is hereby ratified, approved, and confirmed. Section 2. The forms, terms, and provisions of the Facilities Financing Agreement, the Assignment, and the Bond, be and they are hereby approved and the Issuer shall enter into the Facilities Financing Agreement, the Assignment, the Mortgage, and the Bond, in substantially the forms of each of such documents as presented to the Issuer or authorized herein, with such changes therein as are not inconsistent herewith; and the Mayor is hereby authorized and directed to execute and deliver such documents, the City Clerk is hereby authorized and directed to affix the Issuer's seal to and to attest and countersign such documents. Section 3. The form, terms and provisions of the Bond be, and they are hereby approved, with such changes therein as are not inconsistent herewith; and the Mayor is authorized and directed to execute the Bond, the City Clerk is hereby authorized and directed to attest the Bond and directed to countersign the Bond, and each is authorized to deliver the Bond. The seal of the Issuer is hereby authorized and directed to be affixed to the Bond manually or by facsimile. The signatures of the Mayor and of the City Clerk on the Bond may be by manual or facsimile signature. Section 4. The Mayor and all other appropriate officers and officials of the Issuer are hereby authorized and directed to sign, file, or cause to be signed or filed, or approved, except, or concur in all other necessary or appropriate documents for the issuance of the Bond and preservation and assurance of the security for the payment of the principal of and interest on the Bond. Section 5. The officers and officials of the Issuer shall take any and all action in conformity with the Act which may be necessary or reasonably required by the parties to the Bond, or their counsel or bond counsel to effectuate its conformity with the Act, to amend the Bonds, and for carrying out, giving effect to, and consummating the transactions contemplated by this ordinance, the Facilities Financing Agreement, the Assignment, and the Bond, including without limitation, the execution and delivery of any closing documents to be delivered in connection with the sale, issuance, and delivery of the Bond. Section 6. The City has determined that the amount necessary in each year to pay the principal of and the interest on the first Bonds proposed to be issued to finance the project and has also determined the amount necessary to be paid each year in any reserve funds established in connection with the retirement of the proposed Bonds and the maintenance of the project. These determinations are pursuant to Colorado Revised Statutes §29-3-113. Section 7. After the Bond is issued, this Ordinance shall be and remain irrepealable until the Bond and the interest thereon shall have been fully paid, canceled, and discharged. Section 8. If any section, paragraph, cause, or provision of this Ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, cause, or provision shall not affect any of the remaining provisions of this Ordinance. Section 9. The Mayor of the City, 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 acts as they may deem necessary or appropriate in order to implement and carry out the matters hereinafter authorized. Section 10. All Bylaws, Orders, Resolutions and Ordinances, or parts thereof, and consisted herewith and with the documents hereby approved, are hereby repealed to the extent only of such inconsistency. This repealer shall not be construed as reviving any Bylaw, Order, Resulutiofr, ox- Ordinance, or partthereof, previously repealed. Section 11. This ordinance, after its final adoption and approval, shall be recorded in a book kept for that purpose, shall be authenticated by the signatures of the Mayor and City Clerk, and shall be published in accordance with law. Section 12. This Ordinance shall take effect thirty (30) days after publication following final passage. O"TI CP.JQ2 Introduced and considered favorably on first reading and o ed published t 2 st day of November, A.D. 1995, and to be presented for final pass ie on that' th day o ecerr, A.D. 1995. s Mayor ATTEST: 1� .�� City Clerk �— Passed and adopted on final reading this 5th day of Dec er, D. 1995. ayor ATTEST: City Clerk