HomeMy WebLinkAbout004 - 01/20/2004 - APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A FIRST AMENDMENT TO TRUST INDENTURE RELATIN ORDINANCE NO. 004, 2004
AN ORDINANCE APPROVING AND AUTHORIZING
THE EXECUTION AND DELIVERY OF A FIRST
AMENDMENT TO TRUST INDENTURE RELATING
TO THE CITY OF FORT COLLINS, COLORADO
MULTIFAMILY HOUSING REVENUE BONDS,
SERIES 1997 (THE BULL RUN TOWNHOMES
PROJECT); AND AUTHORIZING THE PREPARATION
AND EXECUTION OF RELATED DOCUMENTS
WHEREAS, the City of Fort Collins, Colorado (the "City") is authorized by Part
1 of Article 3 of Title 29, Colorado Revised Statutes, as amended (the "Act"), to issue
revenue bonds for the purpose of financing projects to the end that business enterprises
will bring affordable housing to the City of Fort Collins, to enter into financing
agreements with others for the purpose of providing revenues to pay such bonds, and
further to secure the payment of such bonds; and
WHEREAS, the City has, pursuant to the Act, previously issued its Multifamily
Housing Revenue Bonds, Series 1997 (The Bull Run Townhomes Project) in the original
aggregate principal amount of $8,300,000 (the "Bonds") pursuant to a Trust Indenture
(the "Indenture") dated as of November 1, 1997 between the City and Texas Commerce
Bank National Association, as trustee (the "Trustee"); and
WHEREAS, the City now desires to amend the Indenture, at the request of AIG
Retirement Services, Inc. (formerly, AIG SunAmerica, Inc.), as the Funding Facility
Issuer under the Indenture, to (i) change the interest mode on the Bonds to a Term Rate
Mode in which the interest will be calculated on a weekly basis and will be determined
on the basis of an index (BMA plus 20 basis points) and (ii) modify the mandatory
sinking fund schedule for the Bonds; and
WHEREAS, there has been presented to the Council of the City (the "Council')
and filed in the office of the City Clerk of the City (the "Clerk"), the proposed form of
First Amendment to Trust Indenture, dated as of January 1, 2004 (the "First
Amendment") by and between the City and the Trustee;
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS,
COLORADO:
Section 1. The proposed form of First Amendment is in all respects hereby
approved, and the Mayor and the City Clerk are authorized to execute such First
Amendment in the name of and on behalf of the City and such other documents as in the
opinion of the City Attorney are necessary to effect the transactions contemplated thereby
and are not inconsistent therewith. 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 on their behalf, shall without further act or authorization of the Council do all things
UT_DOCS_A#1145445 0 S-1
and execute all instruments and documents required to be done or executed by such
absent or disabled officers.
Section 2. Counsel for the City is hereby authorized and directed to make or
agree to any alterations, changes or additions in the instruments hereby approved as it
deems necessary or proper to accomplish the purposes of this Ordinance.
Section 3. 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.
Section 4. If any provision of this Ordinance shall be held or deemed to be or
shall, in fact, be illegal, inoperative or unenforceable, the same shall not affect any other
provision or provisions herein contained or render the same invalid, inoperative or
unenforceable to any extent whatever.
Section 5. All provisions of prior ordinances, or parts thereof, in conflict with
the provisions of this Ordinance are, to the extent of such conflicts, hereby repealed.
Section 6. This Ordinance shall be in full force and effect on the tenth day
following its passage.
INTRODUCED, READ, APPROVED ON FIRST READING AND ORDERED
PUBLISHED BY NUMBER AND TITLE ONLY this 6th day of January, A.D. 2004.
CITY OF FORT COLLINS, COLORADO
By:
Mayor
(SEAL)
ATTEST:
City Clerk
READ, FINALLY PASSED ON SECOND READING AND ORDERED
PUBLISHED BY NUMBER AND TITLE ONLY this 20th day of January, A.D. 2004.
CITY OF FORT COLLINS, COLOR
RADO
By: 611 �k ._ ./ f'
Mayor Pro Tom
(SEAL)
ATTEST:
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City Clerk