HomeMy WebLinkAbout164 - 11/20/1984 - RELATING TO THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS SERIES 1984 (THE EMPIRE LABORATORIE BOND ORDINANCE NO. 164, 1984
CITY OF FORT COLLINS , COLORADO
INDUSTRIAL DEVELOPMENT REVENUE BONDS
SERIES 1984
(TEE EMPIRE LABORATORIES, INC. PROJECT)
ADOPTED: November 20 , 1984
TAELE 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 Patification of
Project 5
ARTICLE II
BCNDS
Secticn 2 . 1 . Authorized Amount and Form of Bonds 6
Section 2. 2. The Bonds 12
Section 2. 3. Execution 12
Section 2 , 4 . Delivery of the Bonds i2
Section 2 .5 . Issuance of New Bonds 13
Section 2. 6 . Registration of Transfer 13
Section. 2. 7 . Mutilated, Lost or Destroyed Bonds 14
Section 2. 8 . Ownership of the Bonds 14
Section 2. 9 . Limitation on Bond Transfers 14
Section 2. 10. Additional Bonds 14
Section 2. 11. Establishment of Funds 16
(i)
Page
ARTICLE III
PREPAY14ENT OF BONDS BEFORE MATURITY
Section. 3 . 1. . Prepayment 16
Section 3 . 2. Termination of Interest 16
ARTICLE 1V
GENERAL COVENANTS
Section 1 . 1 . Payment of Principal and Interest 16
Section 4 . 2. Performance of and Authority for
Covenants 17
Section 4. 3 . Nature of Security 17
ARTICLE V
MISCELLANEOUS
Section 5. 1 . Severability 17
Section 5. 2. Authorization to Fxecute Agreements 18
Section 5 . 3. Authority to Correct Errors , Etc. 18
Section 5. 4. Further Authority 18
Section 5 .5 . Repealer 19
Section 5. 6 . Ordinance Irrepealable 19
Section 5. 7. Recording and Authentication 19
SIGNATURES 19
EXHIBIT A
(ii)
STATE OF CCLORADO )
)
COUNTY OF LARIMER ) ss.
CITY OF FORT COLLINS j
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, on Tuesday, the 30th day of October,
1984, at the hour of 5 : 30 p.m.
The following persons were present:
Councilmembers : Gerry Horak
E. John Clarke
John B. Knezovich
William C. Elliot
Kelly Ohlson
Barbara Rutstein
Ed Stoner
City Manager: John Arnold
City Clerk: Wanda M. Krajicek
The following persons were absent:
None
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
introduced for each Councilmember and for inspection and copying
by the general public.
(iii)
ORDINANCE NO. 164, 1984
AN ORDINANCE RELATIN;C TO THE ISSUANCE OF INDUSTRIAL
DEVELOPMENT REVENUE BONDS UNDER THE PROVISIONS OF THE
COLORALC COUNTY AND MUNICIPALITY DEVELOPMENT REVENUE BOND
ACT; PPCVIDING FOR THE ISSUANCE AND SALE OF CITY OF FORT
COLLINS , COLOPA.DC, INDUSTRIAL DEVELOPMENT REVENUE BONDS,
SERIES 1.984 (TEE EMPIRE LABORATORIES, INC. PROJECT) IN THE
PRINCIPAL AMOUNT OF $700 , 000 FOR THE PURPOSE OF LOANING
FUNDS TO CHESTER C. SMITH AND MARJORIE J. SMITH TO FINANCE
IMPROVEMENTS RELATING TO DEVELOPING, CONSTRUCTING AND
EQUIPPING OF AN OFFICE AND LABORATORY BUILDING IN FORT
COLLINS , LARIMER COUNTY, COIOR.ADG; APPROVING AND AUTHORIZING
THE EXECUTION AND ASSIGNMENT OF A LOAN AGREEMENT AND NOTE
BETWEEN CHESTER C. SMITH AND 111IRJORIE J. SMITH AND THE CITY;
AND AUTHORIZING THE PREPARATION AND EXECUTION OF CE.P.':A1N
RELATED DOCUMENTS AND INSTRUMENTS.
Be it ordained by the Council of the City of Fort Collins,
Colorado:
ARTICLE I
DEFINITIONS , LEGAL AUTI:ORIZATION AND FINDINGS
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
Bond Act, Article 3 , Title 29 , Colorado Revised Statutes, as
amended.
2. Assignment of the Loan Agreement. The assignment to be
executed by the City ana the Lender assigning the City' s interest
in the Loan Agreement to the Lender.
3. Bonds. The $700, 000 Industrial Development Revenue
Bonds, Series 1984 (The Empire Laboratories, Inc. Project) to be
issued by the City pursuant to this Ordinance.
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
CO-3lins, Colorado to provide for the registration and transfer of
ownership of the Bonds.
6. City. The City of Fort Collins, Colorado, its
successors and assigns.
7. Collateral Assignments of Rents . The assignment to be
executea by thc- C(unq)aliv assigning to the Lender as security for
the Bonds the rents due the Company under a lease dated
December 1 , 1984 with Empire Laboratories, Inc. , a Colorado
corporation , and Drilling Engineers, Inc. , a Colorado
corporation, and all other leases , rents and other income from
the Project.
S. Company. Chester C. Smith and Marjorie J. Smith, their
successors and assigns, and any surviving, resulting or
transferee person or business entity which may assume their
obligations under the Loan. Agreement.
9 . Company Note. Means the note of the Company delivered
tc 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 Dec-d of Trust to be executed by the
Company in favor of the Lender securing payment of the Bond and
interest thereon.
11. Guaranty. The Guaranty Agreement to be executed by
Chester C. Smith and Marjorie a . Smith as security for the Bonds.
12. Improvements. The structures and other improvements ,
including any tangible pNrsonal property, to be constructed or
installed on the Land in accordance with the Plans and
Specifications and to be owned by the Company.
13 . Inducement Letter. The letter agreement from the
Company to the City and the Lender dated December 21 , 1984.
14 . Land. The real property and any other easements and
rights described it, Fxhibit 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 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
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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 Nargin Factor shall be 1 . 0 so long as the Maximum Federal
Corporate Tax Rate shall be 46%, and thereafter shall chance from
time to time effective as of the effective date of any change in
the Maximum Federal Corporate Tax Rate .
1S. i°aximum Federal Corporate Tax Rate means 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 Ccde the rate of income taxation imposed on corporations
shall not be aFplicable to a bondholder, the maximum statutory
rate of Federal income taxation which could apply to a
bondholder) .
19 . Cffer to Purchase. The letter agreement from the
Lender to the City , dated December 21 , 1984.
20 . Plans and Specifications. The plans and specifications
for the constructicrn, and installation of the Improvements on the
Land, which are approved by the Lender, 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 Lender.
21 . Principal Balance. So much of the principal sum on the
Bonds as from time to time remains unpaid.
22. Project. The Improvements and the Land.
23. Project Costs. All costs of the Project (i) which are
capitalized expenditures under generally accepted accounting
principles and which must he or with a proper election may be
capitalized for Federal income tax purposes and (ii) for which
the Bond proceeds may be 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
(including architectural, engineering and supervisory
services with respect to any of the foregoing) .
(b) To the extent that they shall not be paid by a
contractor, payment of the premiums on all insurance
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•
required to he maintained prior to the date the Project is
completed.
(c) Payment of any taxes , assessments and other
charges payable with respect to the Project prior to the
date the Project is completed.
(d) Payment of any fees and expenses for recording or
filing such documents , instruments and financing statements
which the Company, the Lender or the City may deem desirable
to perfect or protect the rights of the City and the Lender
under the Loan Agreement, the Company Note and the
Assignment of the Loan Agreement.
(e) Payment of any commitment or acceptance fee of the
Lender and the legal, accounting and financial advisory fees
and expenses , and all ether fees and expenses incurred in
the preparation of related documents.
(f) Interest accrued on the Bonds prior to completion
of the Project.
24 . Ordinance. This Ordinance of the City, adopted
November 20 , 1984 , 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 cn the representations of the
Company, has heretofore determined and found, and does hereby
determine and find, as follows:
(a) In 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
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in the principal amount of 8700 , 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
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
(girth 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.
1 . 4 . Authorization and Ratification of Project
The City hereby authorizes the Company to provide for the
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.
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ARTICLE II
BONDS
2. 1. Authorized Amount and Form of Bonds
The Bends issued pursuant to this Ordinance shall be in
substantially the form set forth herein, with such appropriate
variations , omissions and insertions as are permitted or required
by this Ordinance, and in accordance with the further previsions
hereof; and the total principal amount of the Bonds that may be
outstanding hereunder is expressly limited to $700, 000. The
Bonds shall be in substantially the following form:
UNITED STATES OF AMERICA
STATE OF COLORADO
CITY 01' FORT COLLINS, COLORADO
INDUSTRIAL DEVELOPMENT REVENUE BOND
(THE EMPIRE LABORATORIES, INC. PROJECT)
SERIES 1984
December 1 , 1984
R-1 $700, 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
SEVEN HUNDRED THOUSAND DOLLARS ($700 , 000) (the "Principal
Balance") , and to pay interest thereon from the date hereof in
consecutive installments beginning January 1 , 1985, and on the
first day of each succeeding month during the term hereof through
and including December 1 , 2014 , at a per annum rate equal to 75 %
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 that the rate of interest on this Bond shall
not be less than 6. 5% per annum or more than 13. 5% 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 chance from time to time effective as of the effective date
of any change in the Yaximum 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) .
(a) The principal of this Bond shall mature and be
repayable in 360 installments in the amounts and on the
dates set forth on Bond Exhibit "A" .
(b) This Bond shall be subject to redemption and
payment in whole or in part prior tc waturity at the option
of the City, upon instructions from Lender, within six (6)
month-- 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 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 Prine Rate plus 20 (200 basis points) per annum
and (B) the interest actually paid on the Bond during such
Taxable Period plus (iii) an amount equal to any interest,
penalties or, 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) The Lender shall not have the option to elect to
cause the Company to redeem this Bond after a Determination
of Taxability as set forth in subparagraph (b) hereof, if
the City , upon instructions from the Company, within 6
months of the date of the Determination of Taxability shall
(i) pay to the Lender, its successors or registered assigns
a sum equal to the difference between (A) the interest on
the Bonds during the period such bonds were taxable and
outstanding prior to the date of the Determination of
Taxability (the "Prior Period" ) if the Bonds had borne
interest during the Prior Period at a rate equal to the
Prime Rate plus 2% (200 basis points) per annum and (B) the
interest actually paid on the Bonds during the Prior Period,
plus 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
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amended, owed by the Lender; and (ii) elect, by giving the
Lender written notice, that the rate of interest payable on
this Bond from the date of the determination of Taxability
through the Final Maturity Date shall be equal to the Prime
Rate plus 2% (200 basis points) per annum.
(d) This Bond is also subject to redemption and
payment, without premium, prior to maturity at the option of
the City, upon instructions from the Company, as a whole at
anytime , or in part in $5 ,OCO multiples of principal on any
interest payment in inverse order of maturity, plus accrued
interest thereon to the date fixed for redemption and
payment.
(e) 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 , 1994, and December 1 , 20C4 , at a purchase
price of 100% of the Principal Balance then outstanding,
plus accrued interest thereon to the date fired 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 .
(f) 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.
(g) 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.
(h) 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.
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(i) On the first day following thirty year,.-; .,'tor the
date hereof (such date to be the "Final 2?a.turity Date" ) , the-
entire remaining Principal Balance and any interest. r.ccrued
to the Final Maturity Date shall be due and payable .
2. Tnterest shall be computed on the basis ci a 360 day
year , but charged for the actual number of days principal is
unpaid. Anything in this Bond to the contrary notwithstandin.a,
the obligations of the City under this Bond shall be subject to
the limitation that payments of interest hereunder shall not he
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 maximum rate of interest which may be
charged cr collected by the Lender.
3. Principal and interest due hereunder shall be payable
at the principal office of the render, or at such other place as
the Lender may designate in writing.
4. This Bond is issued by the City to provide funds for a
project, as defined in Section 103 of Article 3 , Title 29 ,
Colorado Fevised 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 , 1984, between the City and Chester C. Smith and
Marjorie J. Smith (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 20, 1984 (the "Ordinance" )
5 . This Bond is secured by (i) an assignment of the Loan
Agreement anal 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, Chester C.
Smith and Marjorie J. Smith, 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, Deer of
Trust , Security Agreement, Collateral Assignment of Rents 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 '
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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
P uFr.premium, in whole , c the occuzrer_ce of certain events of
damage to, or destruction or condemnation of the Project as
specified in the Loan Agreement , the Deed of Trust and the
Ordinance .
9. The monthly 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 .
10. As provided in the Ordinance and subject to certain
limitations set forth therein, this Bond is transferable upon the
books cf the City at the office cf 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
i:ur: or sums so paid, and the City shall not be affected by any
notice to the contrary.
il. THIS BOND AND INTEREST THEREON AND ANY PENALTY OR
PREMIU11 DUE HEREUNDER ARE PAYABLE SOLELY FRCP: THE REVENUE'S 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 CR
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 NOT 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, 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
of the Lender, and may be exercised as often as occasion therefor
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shall occur; and the failure to exercise any such right or remedy
shall in no event be construed as a waiver or release thereof.
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
exemption for such issuance; and accordingly the Bond may net be
assignea or transferred in whole or part , nor may a participation
interest ir. 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
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,
1984.
CITY OF FORT COLLINS, COLORADO
ATTEST: By:
Mayer
City Clerk COUNTERSIGNED:
By:
Finance Director
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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 cf Registered Owner Clerk or Deputy
2. 2. The Bonds
The Bonds shall be payable at the times and in the manner,
anal 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 :
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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,
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 Bons 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 dccumeias and opinions as Pond 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 expen.sP of the Lender , issue new Bonds ,
in aggregate outstanding principal amount caual 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
- 13 -
of registration and the name and address of the new Lender in
such record and in the registration b-a: '-, anrearing on the Bonds.
2 . 7. Mutilated, Lost or Destroyed pond
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 delivered, a new Bond of like
outstanding principal amount, number and tenor in exchange and
substitution for and upon cancellation of such mutilated Dond, 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
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 . Cwnership 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 nct be 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 the Loan
Agreement. Such Additional Bonds shall be payable solely from
14 -
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 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 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 tire 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
previsions with respect to the Series 1984 Bends set forth
in this Ordinance.
(b) A written opinion by an attorney or firm of
attorneys at nationally recognized standing on the subject
of municipal bonds, to the effect that the issua.r.ce 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 1984 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 1984 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 W the Loan Agreement
and Company Note are in effect, (ii) there is no Default at the
time of issuance under the Loan Agreement , the Company Note , the
Deed of Trust or under this Ordinance, and (iii) all current City
regulations are complied with.
15 -
. ..... .... ...... .. ____.
2 . 11 . Establishment of Funds
The City hereby establishes with the Lender two funds , to be
called the "City of Fort Collins , Colorado The Empire
Laboratories , Inc. Project Bond Fund" and the "City of Fort
Collins, Colorado The Empire Laboratories , Inc. 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 into the Construction Fund. The City hereby
authorizes the Lender (a) to make disbursements --rom 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 III
PREPAYMENT OF BONDS BEFORE t1ATURITY
3. 1 . Prepayment
In the event of damage to or destruction of the Project
or condemnation of the Froiect or any part thereof, the Bonds
shall be subject to prepayment to the extent and in the manner
.,et F c 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 previsions 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 hear 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
16 -
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 £or 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
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
17 -
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 anv
axtent whatever. The invalidity of any one or more phrases ,
sentences , clauses or paragraphs in this Ordinance, except
Section 4 . 3 of Article IV hereof, shall not affect the remaining
portions of this Ordinance or any part hereof.
5. 2 . Authorization to Execute Acreements
The forms of the proposed Loan Agreement , the Assignment of
Loan Agreement, the Company Note, the inducement Letter and the
Otter 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 t:ayor 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 1,Iayor 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
or other officer of the City described in Section 5. 2 hereof 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 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 offi-
cials, and each of them, are hereby authorized to execute and
deliver for and on behalf of the City any and all additional
18 -
certificates , documents and other papers ana to perfcrr. all other
acts they may deem, necessary or appropriate in order to implement
and carry out the matters herein authorized.
5. 5 . Lepeaier
All ordinances or parts thereof in conflict with this
Ordinance are hereby repealed.
S. G . Ordinance Irrepealable
After said bonds are issued this Ordinance shall be and
remain irrepealable until said bonds and the interest thereon
shall have been fully paid, satisfied and discharged.
5 . ' . 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.
Introduced, considered favorably on first reading and
ordered published this 30th day of October, and to be presented
for final passage on the 20th day of November, 1984.
Mayor
(SEAL)
ATTE
City Clerk TQ
Passed and adopted on final reading on this 20th day of
November, 1984.
Mayor
TTlS^1 :
City Clerk
- 19 -
e
Councilmember Clarke moved that the foregoing
Ordinance heretofore introduced and read by title be approved on
first reading. Ccuncilmember Knezovich seconaed the
motion.
The question being upon the approval on first reading of the
Ordinance , the roll was called with the following results :
Councilmembers voting "AYE" : Gerry Horak
E. Jchn Clarke
John B. Knezovich
William C. Elliot
Kelly Ohlson
Barbara Rutstein
Td Stoner
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 duly approved on first reading.
Thereupon the Mayor ordered said Ordinance published once in
full together with a notice giving the date when said Ordinance
will. be presented for final passage in The Coloradoan, 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.
Plavor l
City of Fort Collins, Colorado
ATTEST:
City clerk
City of Fort Collins, Colorado
- 20 -
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, on
Tuesday , the 20th day of November, 1984 , at the hour of 5: 30 p.m.
The following persons were present:
Councilmembers: Gerry Horak
E. John Clarke
John B. Knezovich
Wj 33-i ate-E-.--B33--i of
Kelly Ohlson
Barbara Rutstein
Ed Stoner
City Manager: John Arnold
City Clerk: Wanda M. Krajicek
The following persons were absent:
William Elliott, Councilmember
The Mayor informed the Council that Ordinance No. 164 ,
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 Knezovich then read said Ordinance by its
title.
- 21 -
Thereupon, Councilmember Knezovich moved the final
passage cf Ordinance No. 164 , and the question being upon the
final passage of said Ordinance , the roll was called with the
following results :
Councilmembers voting "AYE" :
Councilmembers : Gerry Horak
E. John Clarke
John B. Knezovich
441 I-14-aw-Er-E 1 i34t
Icelly Ohlson
Barbara Rutstein
Ed Stoner
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
of the Ordinance in The 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 adjourned.
• �
Mayor
City of Fort Collins, Colorado
ATTEST:
City Clerk QS
City of Fort Collins, Colorado
22 -
r
STATE OF COLORADO )
ss.
COUNTY OF LARIMER )
)
CITY OF FORT COLLINS )
I , Wanda L. Krajicek, City Clerk of the City of Fort
Collins , Colorado, do hereby certify that the attached copy of
Ordinance No. 164, 1184 , 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, the regular meeting place thereof , on Tuesday, the 30th
day of October, 1984 , that said Ordinance was finally passed on
second -reading by said Council at o regular meeting thereof held
at 300 Laporte Avenue , Fort Collins , Colorado, the regular
meeting place thereof, on Tuesday, the 20th day of November,
1984 , that a true copy of said Crdinance has been authenticated
by the signatures of the Mayor of said City and myself as
recorded in a book marked "Ordinance Record" kept for such
purpose in my office; and that said Ordinance was duly published
once in full together with a notice giving the date when Laid
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 Coloradoan, a newspaper of general circulation published
in the City, in its issues of November 4 , 1984 , and December 8 ,
1984 , as evidenced by the certificates of the publisher attached
hereto at pages 24 and 25 . I further certify that the foregoing
pages I through 22, inclusive, constitute a true and correct copy
of the record of the proceedings of said Council at its regular
meetings of October 30 , 1984 , and November 20 , 1984 , 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 show.
IN S7ITNESS WHEREOF, I have hereunto sat my hand and the
seal of the City of Fort Collins , Colorado this loth day of
December 1984
City Clerk
City of Fort Collins , Colorado
(Attach affidavit of publication in full of Ordinance and notice
giving date when Ordinance to be presented for final passage. )
EMP1 : 17
23 -
The Coloradoan
STATE OF COLORADO )
COUNTY OF LARIMER )ss. AFFIDAVIT OF PUBLICATION
_ Teresa�_c_,_ e...+-' .gn being first duly sworn upon oath, deposes
and says: That said is the Leara I 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 1973, 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
I successive week-9-an- _ ri0y ofeaoh-successive week; that the
first 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. 19 84 ; that the last
publication of said legal notice or advertisement was in the regular and entire edition of
said newspaper on the 4 t h _ day of November , A.D. 1944, 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-98
Subscribed and sworn to before me, at and within the County of Larimer, State of Colorado
this -- d+h day of Novomh-r A.D. 1984
My commission expires 1212 Rive d� Fort C:;:ii7 gp
*'Qot;al ublic
City Clerk
Delivered to _—
t
The Coloradoan
STATE OF CCLORADO
COUNTY OF LARI\fER
)ss. AFFIDAVIT OF PI'131AC_1TION
I
_Terese .R. Anderson___.. _ ..__ _ ____ . being first duly sworn upon oath, deposes
and says: That said is the __Legal Clerk._-__ ___-__ ._. _ _ of The Coloradoan: NOTICE IicHEREBvcIVE,
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 foltowin
is a public daily newspaper of general circulation, having its principal office and place of erdinan es on second reading:
business situated in said County of Larimer; that said Coloradoan is printed and published ORDINANCE NO. 162, 19U
AN T
daily; that said Coloradoan is a daily newspaper, duly qualified for the purpose set forth THE ORDINANCE SSUA CER ING OF TINDU'
TRIAL DEVELOPMENT REVI
within the meaning of Chapter 109, Article 1, Sections 1-1 to 1-8 inclusive of Colorado NUE BONDS UNDER THE FRI
VISIONS OF THE COLORAD
Revised Statutes 1973, and any amendment thereof passed prior to the date hereof; that COUNTY AND MUNICIPALIT
ENT REVE
said newspaper had, prior to January 1, 1936, and has ever since said date been admitted to BOND A°CTMPROVIDING FO
the United Stales Mails as second class matter under the provisions of the Act of March 3, CITYOF FORT COLLINS,COLTHE ISSUANCE AND SALE
°(
RADO, INDUSTRIAL DEVEI
1879, and any amendments thereof, that said newspaper is printed in whole in said County OPMENT REVENUE BOND'.
SERIES 1994 (THE COMRIDGi
of Larimer and has a general circulation therein; that said newspaper has been so printed PROJECT) IN THE PR I NCIPA
AMOUNT OF S1,500.000 FOR THi
and published as a public daily newspaper of general circulation In said County of i.ar- PURPOSE OF LOANING FUN❑
imer, uninterruptedly and continuously, during the period of more than fifty-two consecu- MPROVEMENTSTORE Ai11N
TO ACQUIRING. IM PROVIN(
tive weeks next prior to the first issue thereof containing the annexed legal notice of INSTALLING AND EDUIPPIN,
OF AN OFFICE AND MAN)
advertisement; that said annexed legal notice or advertisement was published in the FACTURING BUILDING I
FORT COLLINS, LARIME
regular and entire editions of said newspaper for COUNTY, C O L O R A D O
APPROVING AND AUTHORIi
ING THE EXECUTION AN
ASSIGNMENT OF A LOA
AGREEMENT AND NOT.
BETWEEN COMRIDGE AN
THE CITY:ANOAUTHORIZ,N
THE PREPARATION AND E%I
CUTION OF CERTAI
1_ successive weeksbrl- _ day Bt-eaL l-St16 e@6fi1-V2 ii(6eaSr that the RELATED DOCUMENTS AN
-- INSTRUMENTS.
first publication of said legal notice or advertisement was in the regular and entire edition ORDINANCE NO. 160,1984
of said newspaper on the 8th day of _December A.D. 19 84; that the last AN ORDINANCE RELATINGT
THE ISSUANCE OF INDU
publication of said legal notice or advertisement was in the regular and entire edition Of TRIAL DEVELOPMENT REVI
8th December 84 NUE BONDS UNDER THE PRI
said newspaper On the day of A.D. 19_ _, and that VISIONS OF THE COLORAD
COUNTY AND
copies of each number of said paper in which said notice or advertisement was published DEVELOPME TU NPALIT REIVENU
were delivered by carriers or transmitted by mail to each of the subscribers of said paper, THEE°ISSUANCE AMID Ise E O
CITY OF FORT COLLINS,COLT
according to the accustomed mode Of business in this office. RADO, INDUSTRIAL DEVE
OPMENT REVENUE BOND'
B-70 CORPORATIONES 19MA T PROJECT) I
THE PRINCIPAL AMOUNT 0
$2.000.000 FOR THE PURPOS
OF LOANING FUNDS TO SYI
GENE CORPORATION T
✓Ii(. hLY �11 4WL FINANCE IMPROVEMENT
RELATING TO CON
ING, IMPROVING, O I FNSTA A
ING AND EQUIPPING B A
BULLOFFICE,RESEARCH,LA
TORY AND N FORT COLLIN
.. BUILDING IN FORT CO MINERMER COUNTY, COLT COI)
Subscribed and sworn to before me, at and within the County of Lorimer, State of Colorado UO APPROVING AN
AUTHORIZING THE E%ECI
this __ 8 t h day Of _ noroMhor A.D. 19 84,_. TION LOAN AGREEMENT TAGRASSIGNMENT
EEMENT OF
AN
7
My commission expires
j y
otar Public
- N
I
Delivered to C i t y ,C I e r k _