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HomeMy WebLinkAbout161 - 11/20/1984 - AUTHORIZING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS SERIES 1984A AND SERIES 1984B (THE BOND ORDINANCE NO, 161, 1984 CITY OF FORT COLLINS , COLORADO INDUE;TP.lPS. DBVELOPA:ENT REVENUE BONDS SERIES 1984A AND SERIES 1984B (THE DIXON ASSOCIATES PROJECT) ADOPTED: November 20 , 1984 TABLE OF CONTENTS (This table of contents is not a part of the Ordinance but is included for convenience only. ) Page ARTICLE I DEFIivITIONS, LEGAL AUTHORIZATION AND FINDINGS Section 1 . 1 . Definition- 1 Section 1 . 2. Legal Authorization 4 Section 1. . , Findinas 5 Section 1 . 4. Authorization and Ratification of Project. 6 ARTICLE II BONDS Section 2. 1. Authorized Amount and Form of Bonds 6 Section 2. 2. Form of fully Registered Series 1984A Bonds 6 Section 2. 3. Form of fully Registered Series 1984A Bonds 12 Section 2. 4. The Bonds 16 Section 2. 5. Execution 16 Section. 2. 6. Delivery of the Bonds 17 Section 2. 7 . Issuance of New Bonds 17 Section 2. 8. Registration of Transfer 17 Section 2. 9. Mutilated, Lost or Destroyed Bonds 18 Section 2. 10. Ownership of the Bonds 18 Section 2. 11. Limitation on Bond Transfers 18 Section 2. 12. Additional Bonds 18 Section 2. 13. Establishment of Funds 20 (i) Page ARTICLE III PREPAYMENT CF BONDS BEFORE MATURITY Section 3 . 1 . Prepayment 20 Secticn 3 . 2. Termination of Interest 20 ARTICLE. IV GENERAL COVENANTS Secticn. 4. 1 . Payment of Principal and Interest 20 Section 4 . 2. Performance of and Authority for Covenants 21 Sect '-or, 4 . 3. Nature of Security 21 ARTICLE V MISCELLANEOUS Section 5. 1. Severability 21 Section 5. 2. Authorization to Execute Agreements 22 Section 5. 3. Authority to Correct Errors, Etc. 22 Section 5. 4. Further Authority 22 Sectior, 5. 5. Repealer 23 Section 5. 6 . Ordinance Irrepealable 23 Section 5. 7. Recording and Authentication 23 SIGNATURES 23 EXHIBIT A (ii) STP^ , of cor.oRF,Lo ; CCUNT`l OF LARIMER ) ss. CITY OF FORT COLLINS ) The City Council of. the City of fort Collins ; Ccloiado , held a regular meetinq in the Council Chambers , at 300 LaPorte- Avenue , Fort Collins , Colorado 80521 , on Tuesday the 30th day of October 1984 , at the hour of 5 : 30 P.M. Council Members : Gerald C . Horak_, 2dayor E. John Clarke , Assistant Mawr John B. l"nozovich William C. Elliott Ed Stoner Kelly Ohlson Barbara Eutste'_,n !'ity Planacer : John E. Arr-cld CJI-y Clerk: 1"an0a M. Kraj4cek The following persons were absent: Councilmember Clarke 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 introduces; for each Councilmember ano for inspection and copying by the General public . !iii) CIRDINANCE NO. 161, 1984 AN ORDINANCE RELATING TO THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS UNDER THE PROVISIONS OF THE CCLCRADO COUNTY AND NLUNICIPALITY DEVELCI`MENT REVENUE BOND ACT; PROVIDING FOR THE ISSUANCE AND SALE OF CITY OF FORT COLI,INS , COLCRADO, INDUSTRIAL DEVELOPMENT REVENUE BONDS , SERIES 1984P AND SERIES 1984B (THE DIXON ASSOCIATES PRO ECT) �I: t"E'N 7F GPFGATE PRINCIPAL AOUNT NOT TO EXCEED $1 , 400, 000 FOR THE PURPCSE CF LOANING FUNDS TO DIXON ASSCCIATES TO FINANCE !MPROVEN_ENTS RELATING TO ACQUIPING, IMPROVING , RE4:OVF..'ING, INSTALLING AND EQUIPPING OF A COMMERCIAL BUILDING IN FORT COLLINS, LARIMER COUNTY, COLORADO; APFP.CVING AND AUTHORIZING THE EXECUTION AND ASSIGNMENT OF A -Ci 1, AGPEFPIF.NT AND NOTE BETWEEN DIXON ASSOCIATES AND THE CITY; AND AUTHORIZING THE PREPARATION AND FNECUTION OF CERTAIN RELATED DGCUIIENTS AND INSTRUMENTS. Be it ordained by the Council of the City of Fort Collins: ARTICLE I DEFINITIONS, LEGAL AUThORIZATICN AND FID?DINCS 1 . 1 . Definitions The terms used herein, unless the context hereof shall require otherwise, shall have the following meanings , and any other terms defined in the Loan Agreement shall have the same meanings when used herein as assigned to them in the Loan Agreement unless the context or use thereof indicates another or different meaning or intent. 1. Act. The County and Municipality Development Revenue Bend Act, Article 3, Title 29, Colorado Revised Statutes , as amended. 2. Assignment of the Loan Agreement. The assignment to be executed by the City and the 'Lenders assigning the City ' s interest in the Loan Agreement to the Lenders. 3. Bonds . The Series 1984A Bonds and the Series 1984B Bonds. 4 . Bond Counsel. The firm of Fischer, Brown, Huddleson, and Gunn, Fort Collins , Colorado. 5. Bond Register. The records kept by the City of Fort Collins, Colorado to provide for the registration and transfer of ownership of the Bonds. 6. City. City of Fort Collins, Colorado, its successors and assigns. 7 . Collateral Assignments of Rents . The assignment to be executed by the Company assigning to the Lender, as security for the Bonds the rents due the Company under all 1-eases of the Project , and all other leases , rents and other income from the Project. 8 . Company. Dixon Associates , a general partnership, its successors and assigns , and any surviving, resulting or transferee business entity which may assume its obligations under the Loan Acreement. S. cm any_ Notes. The notes of the Company delivered to the Issuer and endorsecl to the Lenders which evidences the obligation of the Company to repay the loan of the Company in accordance with Section 4 . 1 of Loan Agreement and which are 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 Lenders securing payment of the Bonds and interest thereon. i1. Bank. The First Interstate Bank of Fort Collins , N.A. , its successors and assigns. 12 . Guaranty. The Guaranty Agreement to be executed by the Company, Ray Dixon, Nancy L. Dixon, W. Carey Hewitt , Nancv Hewitt, Kenneth Dean Owen, Trudy L. Owen, Edward J. Horejs , Tamara M. Horejs , Carol Horejs Hardt , Robert J. Hardt , Wayne A. Charlie, Deanna S. Durnford, Douglas Stayer, Donna Staver, Carl M. Schurman, Gail L. Schurman, Hobart D. Wagener , Violet L. Wagener, James L. VanderVorste and Joanne M. VanderVorste as security for the Bonds. 13 . Improvements. The structures and other improvements , including any tangible personal property, to be constructed or installed on the Land in accordance with the Plans and Specifications and to be owned by the Company. 14 . Inducement Letter. The letter agreement from the Company to the City and the Lenders dated December 1, 1964. i5 . Land. The real property and any other easements and rights described in Exhibit A attached to the Loan Agreement. 16 . Lenders. First Interstate Bank of Fort Coll-ins, N.A. , as initial purchaser of the Series 1984B Bonds , and James W. Cooper, Reid D. Burton, Charles H. Pope , James D. Beatty, Daniel N. Frink, E. fl. Frink, Jr. , Ward li. Fischer, Nancy J. Fischer, Robert S. Everitt, Stanley K. Everitt and Claudia E. - 2 - Gillum, as initial purchasers of the Series 1.984A Bonds , and their respective heirs, successors and assigns. 17. Loan Agreement. The agreement to be executed by the City and the Company , providing for the issuance of the Bonds and the loan of the proceeds thereof to the Company, including any amendments or supplements thereto made in accordance with its provisions. 18 . Margin Rate Factor. The product of (a) one (1) minus the Laximum Federal Corporate Tax Rate times (b) 1. 85185. The Margin Factor shall be 1. 0 so long as the Maximum Federal. Corporate ' e_:, Rate shall be 46% , and thereafter shall change from time to time effective as of the effective date of any change in the Maximum Federal Corporate Tax Rate. 14 . Maximum Federal Corporate Tax Fate. The maximum statutory rate of Federai income taxation imposed on the taxable income of corporations pursuant to Section 11 (b) of the Code , as in effect from time to time (or, if as a result of a change in the Code the rate of income taxation imposed on corporations shall not be applicable to a bondholder, the maximum statutory rate of Federal income taxation which could apply to a bondholder. 20. Offer to Purchase. The letter agreements from the Lenders to the City, dated December 1 , 1984. 21. Plans and Specifications. The plans and specifications for the construction and installation of the Improvements on the Land, which are approved by the Lenders, together with such modifications thereof and additions thereto as are reasonably determined by the Company to be necessary or desirable for the completion of the Improvements and are approved by the Lenders. 22. Principal Balance. So much of the principal sum on. the Bonds as from time to time remains unpaid. 23. Project. The Improvements and the Land. 24. Project Costs. All costs of the Project (i) which are capitalized expenditures under generally accepted accounting principles and which must be or with a proper election may be capitalized for Federal income tax purposes and (ii) for which the Bond proceeds may he 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 - 3 - (including architectural , engineering and supervisory services with respect to any of the foregoing) . (b) Tc__the extant that they shall not he paid by a contractor , payment of the premium, on all insurance recuired to be maintained prior to the date the Protect is completed . (c) Payment of any taxes , assessments and other charges payable with respect to the Project prior to the date the Project is comcleted . (d) Payment of any fees and expenses for recording or riiinc >uch documents , instruments and financing statements which the Company , the 'hunaers or the City inn/ deep, oesirabie to perfect or protect the rights of the City and the Lenders under the. Lcan Agreement , the Company Dotes and the Assignment of the Loan Agreement . (e) Payment of any corsitment or acceptance tee of the ie•nders and the legal , accounting and financial advisory fees and expenses , and all other lees and expenses incurred in the preparation of reiatc& documents . (i) Interest accrued on the Bonds rrior_ to romo_ ietion of the Project. 75 . Grainance . This Crdinance cf the City , adopted ciovember 20 , 1°84, together with any supplement or amendment hereto. 26 . Series 198AA. Dcres. The City of Fort Collins , Colorado Industrial Development Revenue Bonds , Series 1984A (The Dixon Associates Project) to be issued by the City pursuant to this Ordinance. 27 . Series 1984B Bonds . The City of Fort Collins, Colorado Industrial Development Revenue Bonds , Series 1984B (The Dixon Associates Project) to be issued by the City pursuant to this Ordinance. 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 rcterred 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. 4 1 . 3 . Findings The City Council, based or tl-e representations of the Company , has heretofore determined and found, and does hereby determine and Tina, as follows : ta) In autherizina 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 Ccmpany to acquire, ana construct facilities in the City and to secure and maintain a balanced and stable economy within. the City; (b) The $1 , 400, 000 amount of -funds 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 Series 1984A Bonds in the aggregate principal amount of 5675 , 000 and the Series 1984B Bonds in an aggregate principal amount not to exceed $725 , 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 -he meaning of any provision or limitation of the constitution or statutes of the State of Colorado or the Charter of the City of Fort Collins, Colorado and shall not constitute nor give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers; (e) Pursuant to Sections 113 and 114 of the Act the City hereby determines (i) the amount necessary in each year to pay the principal of and the interest on the Bonds as set forth in the Loan Agreement which requires such payments by the Company, (ii) the establishment by this Ordinance of a Bond reserve fund for the retirement of the Bonds is not deemed advisable, and (iii) since the Loan Agreement provides that the Company shall maintain the Project and carry all proper insurance with respect thereto, no determination of the estimated cost of maintaining the Project need be made; and (f) Pursuant to Section 120 of the Act, the City hereby determines that the revenues of the Company will be sufficient to, and that the Loan Agreement provides that the Company shall, pay all taxes which may be due and owing with respect to the Project. 5 - 1 . 4 . Auther; .,aticn and P.atirication of Project The City hereby authorizes the Company to provide for the construction and installation or the Improvements to be included in the Project pursuant to the Flans and Specifications by such means cs shall be ava= lable to the Company and in the manner dr'terrained by the Company, zinc the City her.ebv ratifies , arfirms and approves all actions heretcfcre taken by the Company. F+I.TICLE II BCNDS Authorized Amount and Form of Bonds �'he Bonds issued pursuant to this Ordinance shall be in �xl)stantialll the zorm set forth herein, with such appropriate �,ariations , omissions and insertions as are permitted or required by this Ordinance , and in accordance with the further provisions hereof; and the total aggregate principal amount of the Bonds that may be outstanding hereunder is expressly limitea to $1 , 400 , OOC. �. Form of Full.v Registered Series 1.9A-;7-. Pcnds. The Series 84F Bonds shall be ir, substantially the roliu ing form: 6 - (FORM OF SERIES 1984A BONDS) UNITED STATES, OF AMERICA STATE OF COLORADO CITY OF FORT COLLINS , COLORADO INDUSTRIAL DEVELOPMENT REVENUE BOND SERIES 1.984A (TILE DIXON ASSOCIATES PROJECT) DECEMBER 1 , 1984 R-_ $ FOR VALUE RECEIVED, CITY OF FORT COLLINS, COLORADO (the "City" ) hereby promises to pay to the order of Fort Collins, Colorado (the "Lender") , its successors or registered assigns, from the source and in the manner hereinafter provided, the principal sum of ($ I (the "rrinci— p— a l Balance" ) , and to pay interest thereon from the date hereof in consecutive quarterly installments beginning March 1, 1985, and quarterly thereafter on each succeeding March 1, June 1 , September 1 , and December 1 during the term hereof through and including December 1 , 2014 , at a per annum rate equal to 10% through October 31, 1986; at a per annum rate equal to 12% from November 1 , 1986 through April 30 , 1989; at a per annum rate equal to 1.3% from May 1 , 1989 through April 30 , 1991; and thereafter at a per annum rate equal to 80% of the rate of interest publicly announced by the First Interstate Bank of Fort Collins , N.A. 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" ) ; provided that the rate of interest on this Bond shall not be less than 5% per annum or more than 16% per annum, in any coin or currency which at the time or times of payment is legal tender for the payment of public or private debt in the United States of America , in accordance with the terms hereinafter set forth. (a) The principal of this Lund shall mature and be repayable in thirty equal semiannual installments of $ on June 1 and December 1 , of each year, commencing on June 1 , 1985 , with final maturity on December 1 , 2014 . (b) This Bond must he redeemed in whole within six (6) months after the Hate 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 - 7 - (ii) accrued interest to the date of redemption plus (iii) an amount equal to any interest , penalties on overdue interest and additions to tax as referred to in Subchapter A of Chapter 68 of the Internal Revenue Code of 1954 , as amended, owed by the Lender. In the event of a Determination of Taxability the net effective interest rate on this Bond shall not exceed thirty (30%) percent per annum. (c) This Bond is also subject to redemption and payment prior to maturity at the option of the City, upon instructions from the Company, as a whole at anytime , but not in part, on any interest payment date after December 1 , 1984 , plus accrued interest thereon to the date fixed for redemption and payment, plus the following redemption premium: Dates (Both Inclusive) Redemption. Premium December 1 , 1984 to October 31 , 1986 $48 , 163 , plus 549 . 90 per diem from the redemption date to October 31 , 1986 November 1 , 1986 to December 31 , 1989 $14 , 235 , plus $74 . 56 per diem from the redemption date to December 31 , 1989 January 1 , 1989 to April 30, 1991 $1 .00 , plus 876 . 61 per diem from the redemption date to April 30 , 1989 May 1 , 1991 and thereafter None (d) Unless the holder of this Bond shall elect and in writing instruct the Company otherwise, this Bond shall be purchased by the Company , in whole and not in part , on May 1, 1991 , at a purchase price of 100% of the Principal Balance then outstanding, plus accrued interest thereon to the date of purchase and payment. In the event the holder of this Bond elects not to have this Bond purchased by the Company on May 1 , 1991 , 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, at any time after May 1 , 1991 , 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 to the Company by the Bondholder of any election 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. - 8 - (e) In the event this Bond is to be redeemed 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 . (f) On the first day following thirty (30) years after the date hereof (such date to be the "Final Maturity Date") , the entire remaining Principal Balance and any interest accrued to the Final Maturity Date shall be due and payable. 2. Interest shall be computed on the basis of a 360 day year, but charged for the actual nurber of days principal is unpaid. Anything in this Bond to the contrary notwithstanding, the obligaticns of the City under this Bond shall be subject to the limitation that payments of interest hereunder shall not be required to the extent that receipt of any such payment by the Lender would be contrary to provisions of law applicable to the Lender which limit the mayimum rate of interest which may be charged or collected by the Lender. 3 . Principal and interest due hereunder shall be payable at the principal office of the Lender, or at such other place as the Lender may designate in writing. 4. This Bend is issued by the City to provide funds for a project, as 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 and Company Note dated as of December 1 , 1964, between the City and Dixon Associates (the "Company") (the "Loan Agreement" and the "Company Note" ) , 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 20 , 1984 (the "Ordinance") 5. This Bond is secured on a parity with all other bonds of the City of the same series and on a parity with the Industrial Develpment Revenue Bonds , Series 1984B (The Dixion Associates Project) of the City, dated December 1, 1984 , by (i) an assignment Of the Loan Agreement and the Company Note by the City to the Lender and other parties, (ii) a Deed of Trust from the Company as grantor, in favor of the Lender and other parties, (iii) a Security Agreement under the Uniform Commercial Code, (iv) a Guaranty Agreement between the Company, Ray Dixon, Nancy L. Dixon, W. Carey Hewitt, Nancy Hewitt, Kenneth Dean Owen, Trudy L. Owen, Edward J. Horejs , Tamara M. Horejs, Carol Horejs Hardt , Robert J. Hardt, Wayne A. Charlie , Deanna S. Durnford, Douglas Staver, Donna Staver, Carl M. Schurman, Gail L. Schurman, Hobart D. Wagener, Violet L. Wagener , James L. VarderVorste and Joanne M. VanderVorste, as guarantors, and the Lender and other parties, and (v) the Collateral Assignment of Rents dated as of _ 9 - 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. i . The payments due under the first paragraph hereof shall continue to be due and payable in full until the entire Principal Balance and accrued interest due on the Bond have been paid, regardless of any partial prepayment made hereunder. S . As provided in the Ordinance and subject to certain limitations set forth therein, this Bond is transferable upon the books of the City at the office of the City Clerk, by the Lender in person or by its agent duly authorized in writing, at the Lender' - 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. 9. 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 CONSTITUTF 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 FCRT 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. 10 . The remedies of the Lender, as provided herein and in the Loan Agreement, the Deed of Trust , the Security Agreement, the Collateral Assignment of Rents , and the Guaranty, are not exclusive and shall be cumulative and concurrent and may be pursued singly, successively or together, at the sole discretion - 10 - of the Lender- , and may be exercised as off�,n as occasion therefor shall occur; and the failure to exercise any such right or remedy shall in no evert be construed as a waiver or release thereof. 11 . 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. 12. This Bond has been issued without registration under state or federal or other securities laws , pursuant to an exemption for such issuance; and accordingly the Bond may not be assigned or transterred J-n whole or part , nor may a participation interest in the Bond be given pursuant to any participation agreement , except in accordance with applicable registration requirements or an applicable exemption from such registration requirements, and the City Clerk may require an opinion of qualified counsel as to the existence of such an exemption before transferring this Bond on the books of the City. Furthermore , this Bond may not be transferred or exchanged except with such <?isclosure as may be appropriate under the circumstances or facts tn.:t.erial 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 Director of Finance of the City and has caused this Bond to he dated as of December 1 , 1964. (SEAL) CITY OF FORT COLLINS, COLORADO ATTEST: By: Gerald C. Horak, Mayor Wanda M. Krajicek, City Clerk Countersigned: James H. Harmon, Director of Finance - 11 - PROVISIONS AS TG 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 Rcgistered Owner Clerk or Deputy (END OF FORM OF SERIES 1984A BGND) 2. 3 . Form of Fu L' �/ Registered Series 1984B Bonds . The form of fully registered Series 19F4B Bonds shall be identical with the form of the fully registered Series 1984A Bonds , except there should be substituted in lieu of certain paragraphs of the Series 1984A Bonds the following paragraphs : (The following heading and first paragraph, including all subparagraphs thereof, are to be substituted in 'lieu of the heading and first paragraph, including all subparagraphs thereof, of the form of the Series 1984A Bond) 12 - (FORM CF SERIES 1984D BOND) UNITED STATES OF AMERICA STATE OF COLORADO CITY OF FORT COLLINS, COLORADO INDUSTRIAL DEVELOPMENT REVENUE BOND SERIES 1984B (THE DIXON ASSOCIATES PROJECT) DECEMBER 1 , 1984 R- $ 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.P.. , Fort Collins, Colorado (the "Lender" ) , its successors or registered assigns , from the source and in the manner hereinafter provided, the principal sum of ($ ) (the "Principal Balance"j , and to pay interest thereon from the date Hereof in consecutive monthly installments beginring January 1, 1985 , and monthly thereafter on the first day of each month during the term hereof through and including December 1 , 2014 , at a per annum rate equal to 80% of the rate of interest publicly announced by the First Interstate Bank of Fort Collins, N.A. , from time to ti-tne at its principal office in Fort Collins, Colorado, as its "Prime Rate" (computed on the basis of a 360 day year) (the "Prime Rate") ; multiplied by the "Margin Rate Factor" (hereinafter defined) ; provided that the rate of interest on this Bond shall not be less than. 58 per annum or more than 16% per annum, in any coin or currency which at the time or times of payment is legal tender for the payment of public or private debt in the United States of 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 . 85185. The Margin Factor shall be 1. 0 so long as the Maximum Federal Corporate Tax Rate shall be 46% , and thereafter shall change from time to time effective as of the effective date of any change in the Maximum Federal Corporate Tax Rate. "Maximum Federal Corporate Tax Rate" means the maximum statutory rate of Federal income taxation imposed on the taxable income of corporations pursuant to Section 11 (b) of the Internal Revenue Code of 1954 , as amended (the "Cede" ) , 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) . 13 - (a) The principal of this Bond shall mature and be repayable in three hundred sixty (360) monthly installments in the amounts and on the dates as follows: PAYMENT DATE (First Day of the AMOUNT OF MONTHLY Following Months) PRINCIPAL PAYMENT January 1985 through December 1985 $ 305 January 1986 through December 1986 340 January 1987 through December 1987 375 January 1988 through December 1988 415 January 1989 through December 1989 460 January 1990 through December 1990 510 January 1991 through December 1991 570 January 1992 through December 1992 630 January 1993 through December 1993 700 January 1994 through December 1994 780 January 1995 through December 1995 865 January 1996 through December 1996 960 January 1997 through December 1997 1 , 065 January 1998 through December 1998 1 , 185 January 1999 through December 1999 1 , 315 January 2000 through December 2000 1, 460 January 2001 through December 2001 1 , 615 January 2002 through December 2002 1 , 795 January 2003 through December 2003 1 , 995 January 2004 through December 2004 2, 215 January 2005 through December 2005 2 , 460 January 2006 through December 2006 2, 730 January 2007 through December 2007 3 , 030 January 2008 through December 2008 3 , 365 January 2009 through December 2009 3 , 735 January 2010 through December 2010 4, 150 January 2011 through December 2011 4 , 605 January 2012 through December 2012 5, 110 January 2013 through December 2013 5 , 675 January 2014 through November 2014 6, 295 December 2014 2 , 775 (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 W 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 during the "Taxable Period" (defined in the Loan Agreement) if the Bond had borne interest during such Taxable Period at an interest rate equal to the Prime Rate plus 2% per annum and (B) the interest actually paid on the Bond during such Taxable Period plus (iii) an amount equal to any interest, penalties on overdue interest and additions to tax as referred to in Subchapter A of Chapter 68 of the Internal Revenue Code of - 14 - 1954 , as amended , owed by the Lender. In the event of a Determination of Taxability the net effective interest rate on this Bond shall not exceed thirty (30%) percent per annum. (c) This Bond is also subject to redemption and P payment 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 December 1 , 1984 , 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 December 1 , 1989 , December 1 , 1994 , December 1 , 1999 , December 1 , 2004 , and December 1 , 2009 , at a purchase price of 100% of the Principal Balance then outstanding, plus accrued interest thereon to the date fixed for purchase and payment. Notice of the Bondholder ' s election to require the Company to purchase the Bonds hereunder shall be given to the Company by first class mail , postage prepaid, mailed not less than six (6) months prior to the applicable purchase date. (e) This Bond is also subject to purchase by the Company, in whole but not in part, on any interest payment date , solely at the option of the Company , in an amount equal to the Principal Balance then outstanding plus accrued interest to the purchase date and without premium. written notice of such purchase by the Company shall be given to the Bondholder at least sixty (60) days before such interest payment date. (f) This Bond is also subject to mandatory redemption and payment in whole or in part, without premium, in the event and to the extent proceeds of this Bond are not disbursed in accordance with the Loan Agreement on or before December 1, 1985. (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 thirty (30) years after the date hereof (such date to be the "Final Maturity Date") , - 15 - the entire remaining Principal Balance and any interest accrued to the Final Maturity Date shall be due and payable . (The following paragraph "5" is to be substituted in lieu of paragraph " 5" of the form of the Series 1964A Bond) . 5 . This Bond is secured on a parity with all other bonds of the City of the same series and on a parity with the Industrial Development Revenue Bonds, Series 1984A (The Dixon Associates Project) of the City, dated December 1 , 1984 , by (i) an assignment of the Loan Agreement and the Company Note by the City to the Lender and other parties , (ii) a Deed of Trust from the Company as grantor, in favor of the Lender and other parties , U.ii) a Security Agreement under the Uniform Commercial Code, (iv) a Guaranty Agreement between the Ccmpany, Ray Dixon, Nancy L. Dixon, W. Carey Hewitt, Nancy Hewitt, Kenneth Dean Owen, Trudy L. Owen, Edward J. Horejs, Tamara M. Hcrejs, Carol Horejs Hardt, Robert J. Hardt, Wayne A. Charlie, Deanna S. Durnford, Douglas Stave.-, Donna Staver, Carl M. Schurman, Gail L. Schurman, Hobart D. Wagener, Violet L. Wagener, James L. VanderVorste and Joanne M. VanderVorste, as guarantors , and the Lender and other parties, 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. (In all other respects , the form of the Series 1984B Bonds shall be identical to the form of the Series 1984A Ponds. ) (END OF FORM OF SERIES 1984B BOND) 2. 4. 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 forms thereof included as Sections 2. 1 , 2. 2 and 2. 3 of this ordinance . The net effective interest rate on the Bonds shall not exceed twenty percent (200) 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 forms thereof included as Sections 2. 1, 2. 2 and 2. 3 of this Ordinance . 2. 5. 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 - 16 - signature. of the Finance Director of the City. In case any officer whose signature shall appear on. the Bonds ceases to he an officer before delivery of the Bonds to the Lenders, such signature shall nevertheless be valid and sufficient for all- purposes, the same as if he had remained in office until delivery. 2. 6. Delivery of the Bonds Before delivery of the Fonds there shall be delivered to the City Clerk the following items: 1 . Executed copies of the Loan Agreement, Company Votes , the Assignment of the Loan Agreement, the Deed of Trust, the Security Agreement, the Collateral Assignment of Rents , the Inducement Letter, the Offer to Purchase and the Guaranty; 2. An opinion of Counsel for the Company in scope and substance satisfactory to Bcnd Counsel as to the authority of the Companv 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 Lenders may require for the closing. 2. 7. Issuance of New Bonds Subject to the provisions of Section 2. 11 hereof, the City shall , at the request and expense of the owner of any Bond, 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 new owner or such transferee as may be designated by the owner thereof. 2 . 8 . 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 - 17 - writing , upon surrender of the Bonds together with a written instrument of transfer, duly executed by the owner thereof or such owner ' s duly authorized agent , a legal opinion as to exemption from registration satisfactory to the City Clerk and evidence of compliance with all o£ the provisions of Section 3 . 2 of the bean Agreement. Upon such transfer the City Clerk shall note the date of registration and the name and address of the new owner in such record and in the registration blank appearing on the Bonds. 2 . 9 . Mutilated, Lost or Destroyed Bond in case any Bonds issued hereunder shall become mutilated or he destroyed or lost , the City shall, if not then prohibited by law, cause to be executed and delivered, a new Bond c`_ 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 Lenders paying the reasonable expenses and charges of the City in connection therewith , and in the case of a Bond destroyed or lost, the filing with the City of evidence satisfactory to the City that such Bond was destroyed or lost , and furnishing the City with indemnity satisfactory to it. If the mutilated , destroyed or lost Bond has already matured or been called for redemption in accordance with its terms it shall not be necessary to issue a new Bond prior to payment. 2 . 10. Ownership of the Bonds The City may deem and treat the person in whose name the Bond is last recorded as the absolute owner of such Bond for the purpose of making payment of or on account of the Principal Balance, prepayment price and interest and for all other purposes whatsoever, and the City shall not be affected by any notice to the contrary. 2. 11. 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. 12. Additional Bonds So long as the Loan Agreement is in effect and subject to the prior unanimous written consent of all owners of all Bonds 18 - then outstanding, one or more series of Additional Bonds may be issued , authenticated and delivered for the purpose provided in the Loan Agreement. Such Additional Bonds shall be payable solely from the amounts payable under the Loan Agreement (except to the extent paid cut of moneys attributable to the proceeds derived from the sale of the Additional Bonds or to income from the temporary investment thereof and, under certain circumstances , to proceeds from insurance and condemnation awards) . If the City , in its sole discretion, decides to issue such Additional Bonds, the Additional Bonds of each such series shall be delivered to or upon the order of the purchasers thereof, but only upon there being filed with the City: (a) Original, executed counterparts of a supplemental ordinance, an amendment of the Loan Agreement and Note and an amendment of the Deed of Trust expressly providing that, for all purposes of this Ordinance , the Loan Agreement and the Deed oi: Trust , the Project shall include any facilities being financed by the Additional Bonds . The date or dates of the Additional Bonds , the rate or rates of interest on the Additional Bonds , the time or times of payment of the interest thereon and the principal thereof, and the prepayment provisions , if any, with respect thereto, all shall be as provided in the supplemental ordinance, rather than as provided in this Ordinance , and may differ from the provisions with respect to the Series 1984A and Series 1984B Bonds set forth in this Ordinance . (b) A written opinion by an attorney or firm of attorneys of nationally recognize(] standing on the subject of municipal bonds, to the effect that the issuance of the I dditional 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 1984A and Series 1984E 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 1984A and Series 1984B 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 there-of. Notwithstanding anything herein to the contrary, no Additional Bonds shall be issued unless (i) the Loan Agreement and Company Notes are in effect, (ii) there is no Default at the time of issuance under the Loan. Agreement, the Company Notes, the Deed of Trust or under this Ordinance, and (iii) all current City regulations are complied with. 19 - 2. 13. Establishment of Funds The City hereby establishes with the Bank two funds, to be called the "City of Fort Collins; Colorado The Dixon Associates Project Bond Fund" and the "City of Fort Collins, Colorado The Dixon Associates Project Construction Fund. " Accrued interest will be paid into the Bond Fund out of the proceeds of the Bonds and the remaining Proceeds shall be deposited ted into the Construction Fund. The City hereby authorizes the Bank (a) to make disbursements from the Construction Fund in accordance with Section 3 . 3 of the Loan Agreement, (b) to make the payments .required by the Bonds to the Bondholders from the Bond Fund and (c) invest the moneys on deposit in the Funds in accordance with Section 3 . 7 of the Loan Agreement. ARTICLE II= PREPAYMENT OF BONDS BEFORE MATURITY 3. 1 . Prepayment i . In the event of damage to or destruction of the Project or condemnation of the Project or any part thereof, the Bonds shall be subject to prepayment to the extent and in the manner set forth in Article V of the Loan Agreement and in the Deed of Trust. 2. The Bonds may be otherwise prepaid in accordance with the provisions of the Bonds. 3 . 2. Termination of Interest Upon payment of any prepayment amount to any Lender and the giving of requisite notice, if any, the principal amounts of an_v Bond 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 Notes, 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. 20 - 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 Notes in the manner and to the extent set forth in this Ordinance, the Bonds and the Lean 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 Lenders are and will be a valid and enforceable obligation of the City according to the terms thereof. In making these representations, the City relies upon the opinion of Bond Counsel as to the truth of matters asserted and the efficacy of actions taken. 4 . 3 . Nature of Security Notwithstanding anything contained in the Bond, the Deed of Trust, the Loan Agreement or any other document referred to in Section 2 . 4 of this Ordinance, the Bonds shall never constitute the debt or indebtedness of the City within the meaning of any provision or limitation of the constitution or statutes of the State of Colorado or Charter of the City of Fort Collins , Colorado and shall not constitute nor give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers; and the City, its agents , officers and employees shall not be subject to any personal or pecuniary liability thereon. ARTICLE V MISCELLANEOUS 5. 1 . Severability If any provision of this Ordinance, except Section. 4 . 3 of Article IV, hereof, shall be held or deemed to be, or shall , in fact, be , inoperative or unenforceable as applied in any particular case in any jurisdictions or in all cases because it conflicts with any provisions of any constitution or statute or rule or public policy, or for any other reason, such circum- stances 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, 21 - sentences , clauses or paragraphs in this Ordinance, except Section 4. 3 of Article IV hereof, shall rot affect the remaininc_r portions of this Ordinance or any part hereof. 5. 2. Authorization to Execute Agieements The forms of the proposed Loan Agreement, the Assignment of Loan Agreement , the Company Notes, the Inducement Letter and the Offer to Purchase are hereby approved in substantially the form presented to the City Ccuncil; and the Mayor and the City Clerk are authorized to endorse t_he Company Notes 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 instrur.(-W and documents required to be done or e;cecuted by such absent or disal)led officers. 5 . 3 . Authority to Correct Errors , Etc. The Mayor and the City Clerk are hereby authorized and directed to make or agree to any alterations , changes or additions in the instruments hereby approved as the. Mayor and the City Attorney deem necessary or proper to accomplish the purposes of this Ordinance, the signatures of the Mayor and the City Clerk on the instruments to be conclusive evidence of such approval; provided, however, no alteration, change or addition shall be made which shall alter the maximum net effective interest rate , denomination, date , maturities , form, interest rates , registra- tion 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 Huthorized 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 offi- cials , and each or tiieC:; ., h rrby 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 act, they may deem necessary or appropriate in order to implement and carry out the matters herein authorized. 22 5 . 5 . dealer All ordinances or parts thereof in conflict with this Ordinance are hereby repealed. 5 . 6 . Ordinance Irrepealable After said bonds are issued this Ordinance shall be and remain irrepealable until saki bonds and the interest thereon shall have been fully paid , satisfied and discharged. 5 . 7 . Recording and Authentication This Crdinance , as adopted by the City Council , shall be numbered and recorded , and the adoption and publication shall be authenticated by the signatures of the Mayor and City Clerk and by the certificate of the publisher , respectively. Introduced, considered favorably on first reading and ordered published this 30t1h clay of Cctober, and t.c he presented for final passage on the 20th day of November, 1S84. �Y Q 4/ Mayor 61— - (SEAL) ATTES City Clerk Passed and adopted on final reading on this 20th day of November , 1984. Mayor -- ATTTTE,�SpT: City' Clerk Councilmember Clarke moved that the foregoing ordinance heretofore introduced and read by title be approved on first reading. Councilmember Fllintt _ seconded the motion. _ The question being upon the approval on first reading of the Ordinance , the roll was called with the following results : 23 - Councilmembers votincr r rald C. Ncrak, Iiayor E. :chn Clarke, Assistart I•iayor 1,7illiam C. Elliott Ed Stoner :ell_; Chlsor. Farbara Rutstein Councilmembers voting "NAY" : John B. Knezovich (withdrawn from vote) The Mayor thereupon aeclared that , a maicrity of the Councilmembers present having voted in favor thr-recL, the motion was carried and the Ordinance duly apprc% ed on r�i ;t icadi_na. thereupon the Mayor ordered said Ordinance pubisheu once in -uli together �•zith a notice cj: •,i ; y the date when saici Ordinance will be presented rox final passage in The Ccicraaoan, a nec:spaper of general circulation iuhlished in the City , at least seven ;-) days befcrr presentaticr for find: passage . After consideration of other businec- ' o ct) e before the Council , the meetinc was adiourncd. '11 Mayor City of Fort Collins , Colorado ATTEST: City Clerk City of Fort Collins , Colorado STATE OF COLCP.ADO ) CGL'I.7T'Y OF LARIMER ) CITY OF FORT COLLIIdS ) The Council of the City of Fort Collins , Colorado, held a regular meeting at 300 LaPorte Avenue , Fort Collins , Colorado 80521 , on Tuesday, the 20th day of November, 1984 , at the hour of 5: 30 p.m. 24 - The following persons were present: Council Members : Gerald C. Horak, Mayor E. John Clarke , Assistant Mayor John B. Knezovich LvLTi_aid=C== CTSD2a: Ed Stoner Kelly Ohlson Barbara Rutstein City Manager: John E. Ainold City Clerk: Wanda M. Krajicek The following persons were absent: William C. Elliott, Councilmember The Mayor informed the Council that Ordinance No. 161, 1984 , which was introduced, approved on first reading, and ordered published once in full at a regular meeting of the Council held on October 30 , 1984, was duly published in The Coloradoan, a newspaper of general circulation published in the City, in its issue of November 4, 1984. Councilmember Clarke then read said Ordinance by its title. Thereupon, Councilmember Clarke moved the final passage of Ordinance No. 161, 1984 and the question being upon the final passage of said Ordinance, the roll was called with the following results: Councilmembers voting "AYE" : Gerald C. Horak, Mayor E. John Clarke , Assistant Mayor John B. Knezovich W-i blie4i-�-F,--"l iot4 Ed Stoner Kelly Ohlson Barbara Rutstein Ccuncilmembers voting "NAY" : None Cosncilmembe Knezovich withdrawn from voting. 25 - • The Mayor thereupon declared that a rlajcrity of the Counci-members present having voted in favor thereof, the motion was carried and tLe Crdinance finally passed. Thereupon the b'ayor ordered said Ordinance published by number and title only tc4ether %,ith a notice of the final passage of the Grainance in The Colcradoan, a newspaper of general circulaticn. published in the City, within five (s) days after said final passage. After consideration of other business to come he.`ore the Council the meeting was adjourned. City of Fort Collins , Colorado t'\TTFST: City Clerk --� City cf Fort Collins , Colorado STATE CF COLOriADC ) ss. COUNTY OF LARIMER ) CITY OF FORT COLLINS ) I, Wanda M. Krajicek, City Clerk of the City of Fort Collins , Colorado, do hereby certify that the attached copy of Grainance No. 161, 1984 , is a true and correct ropy; that said Crdinance was introduced and approved on t rending by the Council of the 300 LaPorte Avenue , Fort Collins , Colorado 80521 , at a regular meeting thereof held at 300 LaPorte Avenue, Fort Collins, Colorado 80521 , the regular meeting place thereof, on Tuesday, the 30th day of October, 1984 , that ;;aid 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 20th day of November, 1984 , that a true copy of said Ordinance has been authenticated by the signatures of the Mavor of said City and myself as recorded in a book marked "Ordinance Record" kept for such purpose in my office ; and that said Ordinance was duly published once in full together with a notice giving the date when said Ordinance would be presented for final passage and once by number and title only together with a notice stating the date when said Ordinance would be presented for the final passage thereof, in the The Coloradcan , a newspaper of general 26 - .irculaticn published in the City , in its issue of November 4 , 3584 , as evidenced by the certificates of the publisher attached hereto at pages 28 and 29. I further certify that the Zoregoing pages 1 through 27, inclusive , constitute a true and correct copy cf the record of the proceedings of said Council at its regular meetings of October 30 , 1964 , and November 20, 1964 , insofar as said proceedings relate to said Ordinance; and that 1(7 proceedings were duly had and taken, that the meetings were duly held; and that the persons were present at said meetings as therein show. IN UITNESS WHERECF, I have hereunto sat my hand and the seal of the City of Fort Collins , Colorado this 26th day of November 1984 City Clerk. City of Fort Collins , Colorado STATE OF COLORADO ) COUNTY OF LARINER. ) 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. ) DKW2: 15 27 - The Coloradoan STATE OF COLORADO ) )ss. AFFIDAVIT OF PUBLICATION COUNTY OF LARIMER ) Terese R. Anderson being first duly sworn upon oath, deposes and says: That said is the Legs] 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 i 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 1973, anh 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 xeeh&= _ day that the first publication of said legal notice or advertisement was in the regular and entire edition of said newspaper on the 4tb day of November , A.D. 19-44-; that the last publication of said legal notice or advertisement was in the regular and entire edition of said newspaper on the 4th day of November , A.D. 8 19 4_., 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. Z-95 Subscribed and sworn to before me, at and within the County of Larimer, State of Colorado this 4rh day of No,,embar A.D. 19�84_. ;, s nmi�sion Expires August 15, 1987 My commission expires 1312 R ue de Eort Collins,, 02:4 Notary Public Delivered to City Clerk & y1 The Coloradoan STATE OF COLORADO COUNTY OF LARIMER Iss. AFFIDAVIT OF PUBLICATION i ______Terese. R. Anderson____—_ . . being first duly sworn upon oath, deposes and says: That said is the _Legal .Clerk - of The Coloradoan; NOTICE IS HEREBY GIVE ---- - -- - -- - that the Fart Collins City Coimc that said has personal knowledge of all facts set forth in this affidavit; that The Coloradoan on Tuesday, November 20, 198 Passed and adopted the lollowir. is a public daily newspaper of general circulation, having its principal office and place of ordinances on second reading: business situated in said County of Larimer; that said Coloradoan is printed and published ORDINANCE NO. 1611984 daily; that said Coloradoan is a daily newspaper, duly qualified for the purpose set forth TIH+EOR ISSUANCNCEE OFATING INDU REV within the meaning of Chapter 109, Article 1, Sections 1-1 to 1-8 inclusive of Colorado NUIE AL BONDSELOPMENT UNDER THE PRI VISIONS OF TCOLO Revised Statutes 1973, and any amendment thereof passed prior to the date hereof; that COUNTY AND UNICI ALIT DEVELOPMENT RffVE said newspaper had, prior to January 1, 1936, and has ever since said date been admitted to BOND ACT; PROVIDING Fo the united States Mails as second class matter under the provisions of the Act of March 3, THE TYOFFORTCOLLIINS co° 1879, and anv amendments thereof, that said newspaper is printed in whole in said County OPMENTHDUSTRIAL REVENUE BOND' of Larimer and has a general circulation therein; that said newspaper has been so printed SERIES T) IN THE Pa He PA and published as a public daily newspaper of general circulation in said County of Lar- VURPOSEOF LOAT OF NING FUND FINANC imer, uninterruptedly and continuously, during the period of more than fifty-two consecu- MPROVEME IMPROVEMENTS ORELATINi TO tive weeks next prior to the first issue thereof containing the annexed legal notice of INSTALQLLING IRING AND EOU PPI N(. OF AN OFFICE AND MAN( advertisement; that said annexed legal notice or advertisement was published in the FACTORING BUILDING II FORT COLLINS, LARIME regular and entire editions of said newspaper for COUNTY, C O L O R A D O APPROVING AND AUTHORli ING THE EXECUTION AN ASSIGNMENT OF A LOAI AGREEMENT AND NOT BETWEEN COMRIDGE ANI THE CITY;ANDAUTHORIZIN, THE PREPARATION AND EXE CUTION OF CERTAI successive wee-ksbTr _!aY of-eac#i leeessive-week+ that the RELATED DOCUMENTS AN first publication of said legal notice or advertisement was in the regular and entire edition INSTRUMENTS, ORDINANCE NO.163, 19" of said newspaper on the 8th day of _December , A.D. 19 84; that the last AN ORDINANCE RELATING T, THE ISSUANCE OF INDU: publication of said legal notice or advertisement was in the regular and entire edition of TRIAL DEVELOPMENT REVE 8th December 84 NUE BONDS UNDER THE PR( said newspaper on the _ day of A.D. 19__, and that VISIONS OF THE COLORADi COUNTY AND MUNICIPALIT copies of each number of said paper in which said notice or advertisement was published DEVELOPMENT REVENUI were delivered by carriers or transmitted by mail to each of the subscribers of said paper, THE ISND SUANCE AND SALE 0 CITY OF FORT COLLINS,COL( according to the accustomed mode of business in this office. RADO, INDUSTRIAL DEVEI OPMENT REVENUE BOND: B-70 SERIES 19U THE CORPORATION PROJECT) 11 THE PRINCIPAL AMOUNT 0' /�- S2,088,0011 FOR THE PURPOSI OF LOANING FUNDS TO SYh GENE CORPORATION Ti FINANCE IMPROVEMENT RELATING TO CONSTRUCI ING, IMPROVING, INSTALL ING AND EQUIPPING OF Al OFFICE,RESEARCH,LABOR/ TORY AND MANUFACTURINI BUILDING IN FORT COLLIN.' LARIMR COUNTY, Subscribed and sworn to before me, at and within the County of Larimer, State of Colorado RADO E APPROV NGCOLC ANI AUTHORIZING THE EXECL this __ Sth day of December A.D. 19_gq__. LOAN AGREEMENTT OFJ ANI 37 a. r.. My commission expires Notary Public Delivered to City _C I e rk