Loading...
HomeMy WebLinkAbout171 - 12/04/1984 - AUTHORIZING THE ISSUANCE OF CUNNINGHAM CORNER SPECIAL IMPROVEMENT DISTRICT NO. 82 SPECIAL ASSESSMENT 0099S 11/05/84 CERTIFIED RECORD OF PROCEEDINGS OF THE COUNCIL OF THE CITY OF FORT COLLINS , COLORADO RELATING TO AN ORDINANCE AUTHORIZING THE ISSUANCE OF ITS CUNNINGHAM CORNER SPECIAL IMPROVEMENT DISTRICT NO. 82 SPECIAL ASSESSMENT BONDS DATED DECEMBER 1, 1984 IN THE AGGREGATE PRINCIPAL AMOUNT OF $1 ,265,000 I STATE OF COLORADO ) COUNTY OF LARIMER ) ss. CITY OF FORT COLLINS ) The Council of the City of Fort Collins , Colorado, held a regular meeting at Council Chambers, City Hall , 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 : Council Members: Gerald Horak , Mayor E. John Clarke, Assistant Mayor John Knezovich i +}ill-iam-E�bie�z- Kelly Ohlson Barbara Rutstein Ed Stoner City Manager : John E. Arnold City Clerk : Wanda M. Krajicek The following persons were absent : William Elliott. rnlnlrilmPmhPN Council Member Ohlson 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 Council Member and for inspection and copying by the general public : -1- ORDINANCE NO. 171 , 1984 AN ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF FORT COLLINS , COLORADO, CUNNINGHAM CORNER SPECIAL IMPROVEMENT DISTRICT NO. 82 , SPECIAL ASSESSMENT BONDS, DATED DECEMBER 1 , 1984, IN THE AGGREGATE PRINCIPAL AMOUNT OF $1,265, 000 ; PRESCRIBING THE FORM OF SAID BONDS; AND PROVIDING FOR THE PAYMENT OF SAID BONDS AND THE INTEREST THEREON. WHEREAS , the Council (the "Council") of the City of Fort Collins , Colorado (the "City" ) , has heretofore created Cunningham Corner Special Improvement District No. 82 (the "District" ) and authorized the acquisition , construction and installation of street, water , sanitary sewer , and storm drainage improvements (the "Improvements" ) therein , all in accordance with the Charter of the City (the "Charter") and Chapter 16 of the Code of the City (the "Code" ) ; and WHEREAS , the Improvements will be acquired, constructed and installed as follows : DISTRICT IMPROVEMENTS A. Streets The following street improvements will consist generally of curb , gutter , sidewalk, asphalt , and base course. (1) The East one-half of Shields Street from the intersection of Shields Street and Horsetooth Road, North approximately 1325 feet to the North boundary line of Cunningham Corner. (2) The West one-half of Shields Street from the intersection of Shields Street and Horsetooth Road, North approximately 650 feet to the North boundary line of the proposed Williamsburg P.U.D. (3) The North one-half of Horsetooth Road from the intersection of Shields Street and Horsetooth Road, West approximately 1020 feet to the West boundary line of the proposed Williamsburg P.U.D. (4) WINDMILL DRIVE in Cunningham Corner from the North boundary of Chestnut Village at Cunningham Corner, approximately 700 feet North to a three-way intersection at which point the thru street name of Windmill Drive changes to Richmond Drive, continuing -long Richmond Drive approximately 900 feet. -2- (5) WINDMILL DRIVE , approximately 350 feet from the Windmill/Richmond Drive three-way intersection North to the Windmill Drive connection in Woodwest Subdivision. (6) CUNNINGHAM DRIVE , approximately 750 feet from Richmond Drive to Shields Street. (7) ARTIFICIAL STREET LIGHTING will be placed on the East one-half of Shields Street and on Windmill , Richmond and Cunningham Drives. ( 8) Artificial street lighting will be placed on the West one-half of Shields Street from the intersection of Shields Street and Horsetooth Road , North approximately 650 feet to the North boundary line of the proposed Williamsburg P.U. D. (9) Artifical street lighting will be placed along the North half of Horsetooth Road to the western boundary of the proposed Williamsburg P.U.D. B. Water (1) Approximately 830 feet of 8-inch diameter distribution mains with all valves and fittings in Windmill Drive. (2) Approximately 360 feet of 6-inch diameter distribution mains with all valves and fittings in Windmill Drive. ( 3) Approximately 900 feet of 8-inch diameter distribution mains with all valves and fittings in Richmond Drive. (4) Approximately 820 feet of 8-inch diameter distribution mains with all valves and fittings in Cunningham Drive. (5) Approximately 840 feet of 6-inch diameter distribution mains with all valves and fittings in Public Easements. ( 6) water improvements shall include all ties to the existing 24-inch diameter main in Shields Street and stub-outs to unimproved parcels in Cunningham Corner P.U.D. and the proposed Williamsburg P. U.D. (7) Water improvements shall include all necessary stub-outs to Horsetooth Road from the intersection of Horsetooth ar ' Shields Street , West to the western boundary of the proposed Williamsburg P. U.D. -3- (8) Water improvements shall include eight (8) fire hydrants placed at approximately 400 foot intervals. C. Sanitary Sewer (1) Approximately 1000 feet of 8-inch diameter mains with manholes in Richmond Drive. (2) Approximately 380 feet of 8-inch diameter mains with manholes in Windmill Drive. (3) Approximately 760 feet of 8-inch diameter mains with manholes in Cunningham Drive. (4 ) Approximately 450 feet of 8-inch diameter mains with manholes in Public Utility Easements. (5) Stub-outs to unimproved parcels in Cunningham Corner P. U.D. D. Storm Drainage (1) Approximately 1000 feet of 24-inch diameter storm drain in Richmond Drive from Parcel B to Parcel H of Cunningham Corner P.U.D. (2) Approximately 100 feet of 30-inch diameter storm drain under Shields Street at the Northwest corner of the Cunningham Corner P.U.D. WHEREAS, the acquisition , construction and installation of the Improvements in the District will confer general benefits on the City and special benefits on the assessable property within the District; and WHEREAS , the Council has determined that the portion of the cost of the acquisition , construction and installation of the Improvements to be assessed against the property within the District will not exceed $1 , 265, 000 and that special assessment bonds of the City for the District should be issued in said amount ; and WHEREAS , a proposal for the purchase of said bonds on terms favorable to the City has been received from Boettcher & Company, Inc. , Denver , Colorado (the "Purchaser") , and associates , if any, which the Council has determined, and does hereby determine , to accept; and WHEREAS , it is necessary to authorize the issuance of said bonds and to provide for the repayment thereof. BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS , COLORADO, AS FOLLOWS : -4- 1. In order to defray the cost of acquiring , constructing and installing the Improvements within the District , together with all necessary and incidental costs and expenses permitted by the Charter and the Code, the City shall issue its Cunningham Corner Special Improvement District No. 82 , Special Assessment Bonds , dated December 1 , 1984, in the aggregate principal amount of $1 , 265, 000 (the "Bonds" ) , consisting of 253 fully registered bonds in the denomination of $5, 000 each, numbered consecutively from 1 to 253, inclusive. The Bonds shall mature on December 1, 1999, and shall bear interest as herein set forth. Pursuant to the recommendations of the Committee on Uniform Security Identification Procedures , CUSIP numbers may be printed on the Bonds. 2. The following numbered Bonds in the following principal amounts shall bear per annum interest from December 1, 1984 , to December 1 , 1999, except if redeemed prior thereto, at the following rates : Bonds Numbered Principal Per Annum (both inclusive) Amounts Interest Rates 1 - 22 $110, 000 10. % 23 - 43 105, 000 10. 44 - 64 105, 000 10. 1 65 - 85 105, 000 10.2 86 - 106 105, 000 10.3 107 - 127 105, 000 10.4 128 - 148 105, 000 10.5 149 - 169 105,000 10.625 170 - 190 105, 000 10.75 191 - 211 105, 000 10.875 212 - 232 105, 000 10.875 233 - 253 105, 000 10.875 Said interest shall be payable June 1 , 1985, and semiannually thereafter on the 1st day of December and the lst day of June of each year. If upon presentation at maturity the principal of any Bond is not paid as provided herein , interest shall continue thereon at the same interest rate until the principal thereof is ' paid in full. 3. The maximum net effective interest rate for the Bonds is 18% . The actual net effective interest rate on the Bonds is 10.84 � . 4 . The principal of and interest on the Bonds shall be payable in lawful money of the United States of America to the registered owners of the Bonds by the Finance Director of the City, who is hereby designated the paying agent for the Bonds. The principal of and the final interest payment due on the Bonds shall be paid to the registered owner E each Bond upon presentation and surrender of the Bond at maLurity or upon prior -5- redemption. Except as heretofore and hereinafter provided, the interest shall be paid to the registered owner of each Bond determined as of the close of business on the regular record date, which shall be the fifteenth ( 15th) day of the calendar month next preceding the interest payment date , irrespective of any transfer of ownership of the Bond subsequent to the regular record date and prior to such interest payment date , by check or draft mailed to such registered owner at the address appearing on the registration books of the City maintained by the City Clerk as registrar. Any interest not paid when due and any interest accruing after maturity shall be paid to the registered owner of each Bond entitled to receive such interest determined as of the close of business on the special record date, which shall be fixed by the City for such purpose , irrespective of any transfer of ownership of the Bond subsequent to such special record date and prior to the date fixed by the City for the payment of such interest , by check or draft mailed as aforesaid. Notice of the special record date and of the date fixed for the payment of such interest shall be given by sending a copy thereof by first-class , postage prepaid mail , at least ten (10) days prior to the special record date , to the Purchaser and to the registered owner of each Bond upon which interest will be paid determined as of the close of business on the day preceding such mailing at the address appearing on the registration books of the City. If the registrar or paying agent initially appointed hereunder shall resign, or if the City shall reasonably determine that said registrar or paying agent has become incapable of fulfilling his or her duties hereunder , the City may, upon notice mailed to each registered owner of bonds at the address last shown on the registration books , appoint a successor registrar or paying agent , or both. Every such successor registrar or paying agent shall be a bank or trust company located in and in good standing in the State of Colorado and having a capital and surplus of not less than $5, 000, 000. It shall not be required that the same institution serve as both bond registrar and paying agent hereunder , but the City shall have the right to have the same institution serve as both registrar and paying agent hereunder. 5. The Bonds shall be subject to redemption prior to maturity at the option of the City in regular numerical order at any time at a price equal to the principal amount of the Bonds plus accrued interest, with no premium, as follows : within thirteen months of receipt of moneys initially deposited in the Cunningham Corner Special Improvement District No. 82 , Special Assessment Bonds , Bond and Interest Fund (the "Bond Fund" ) hereinafter described (other than from bond proceeds) , it shall be the duty of the Finance Director to call in and pay a suitable number of '. rods outstanding , provided that the Bond Fund (except for amounts initially deposited therein from bond proceeds) shall be depleted at least once a year except for a -6- reasonable carryover amount not to exceed the greater of one year ' s earnings on the Bond Fund or one-twelfth of annual debt service on the Bonds . Notice of such call shall be given by the Finance Director by mailing a copy thereof by first-class , postage prepaid mail , at least forty-five (45) days and not more than sixty (60) days prior to the designated redemption date to the Purchaser and to the registered owners of each of the Bonds being redeemed at their addresses as the same shall last appear on the registration books of the City. Said notice shall specify by number the Bonds so called. Bonds so called shall be redeemed in regular numerical order at a price equal to the principal amount of each Bond so redeemed plus accrued interest thereon as hereinafter provided. If any Bond shall have been duly called for redemption, then such Bond shall become due and payable upon such redemption date , and from and after such date interest shall cease to accrue thereon. Failure to mail any notice as aforesaid or any defect in any notice mailed with respect to any Bond shall not affect the validity of the redemption proceedings with respect to any other Bond. Any Bonds redeemed prior to maturity by call for prior redemption or otherwise shall not be reissued and shall be cancelled the same as Bonds paid at or after maturity. 6. The Bonds shall be executed in the name and on behalf of the City with the facsimile signature of the Mayor of the City, shall bear a facsimile of the seal of the City, shall be attested by the facsimile signature of the City Clerk of the City, and shall be countersigned with the manual signature of the Finance Director of the City. Should any officer whose manual or facsimile signature appears on the Bonds cease to be such officer before delivery of the Bonds to the Purchaser , such manual or facsimile signature shall nevertheless be valid and sufficient for all purposes. 7. Upon their execution and prior to their delivery the Bonds shall be registered for the purpose of payment of principal and interest in the office of the City Clerk as registrar . Thereafter , the Bonds shall be transferable only upon the registration books of the City at the office of the City Clerk by the registered owner thereof or by his or its duly authorized attorney-in-fact or legal representative. The City Clerk shall accept a Bond for registration or transfer only if the registered owner is to be an individual, a corporation, a partnership, or a trust. Bonds may be transferred upon surrender of the Bonds together with written instruments of transfer duly executed by the registered owners or their duly authorized attorneys-in-fact or legal representatives with guaranty of signatures satisfactory to the City Clerk, containing written instructions as to the details of the transfer of such Bonds, along with the social security numbers or f deral employer identification numbers of such transferees and , if such transferee is a trust , the names and social security numbers of the settlor, and the beneficiaries of the -7- trust . Transfers shall be made without charge, except that the City Clerk may require payment of a sum sufficient to defray any tax or other governmental charge that may hereafter be imposed in connection with any transfer of Bonds. No registration of any Bond shall be effective until entered on the registration books. Concurrently with the entry of the required information on the registration books the City Clerk shall enter the required information on the registration panel pertaining to each Bond . The City Clerk shall not be required to transfer ownership of any Bond during the fifteen ( 15) days next preceding any interest payment date nor to transfer any bond after mailing any notice of redemption as herein provided nor during the fifteen (15) days next preceding such mailing of any notice of redemption. The City may deem and treat the person in whose name any Bond is last registered upon the books of the City as the absolute owner thereof for the purpose of receiving payment of the principal of and interest on such Bond and for all other purposes , and all such payments so made to such person or upon his order shall be valid and effective to satisfy and discharge the liability of the City upon such Bond to the extent of the sum or sums so paid , and the City shall not be affected by any notice to the contrary. 8. If any Bond shall have been lost , destroyed or wrongfully taken , the City shall provide for the replacement thereof in the manner set forth and upon receipt of the evidence, indemnity bond and reimbursement for expenses provided in Ordinance No. 80, 1984 , adopted by the Council on July 17, 1984. 9. The Bonds and the registration panels pertaining thereto shall be in substantially the following form: -8- (Form of Bond) (Text of Face) UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF LARIMER CITY OF FORT COLLINS CUNNINGHAM CORNER SPECIAL IMPROVEMENT DISTRICT NO. 82 SPECIAL ASSESSMENT BOND No. $5, 000 The City of Fort Collins , in the County of Larimer and State of Colorado, for value received , hereby promises to pay to the registered owner hereof whose name , address , and identification number appear on the registration panel attached hereto, solely out of the special funds hereinafter described , but not otherwise, the principal sum of FIVE THOUSAND DOLLARS in lawful money of the United States of America , on the 1st day of December , 1999, and likewise to pay interest thereon from the date hereof to the maturity date hereof , except if redeemed prior thereto , at the rate of and hundredths per cent ( %) per annum, payable June 1 , 1985 , and semiannually thereafter on the 1st day of December and the 1st day of June of each year. If upon presentation at maturity the principal of this Bond is not paid as provided herein, interest shall continue hereon at the same interest rate until the principal hereof is paid in full. The principal of and interest on this Bond are payable to the registered owner hereof by the Finance Director of the City or a successor paying agent. The principal of and the final interest payment due on this Bond shall be paid to the registered owner hereof upon presentation and surrender of this Bond at maturity or upon prior redemption. Except as heretofore and hereinafter provided, the interest shall be paid to the registered owner hereof determined as of the close of business on the regular record date, which shall be the fifteenth (15th) day of the calendar month next preceding the interest payment date, irrespective of any transfer of ownership hereof subsequent to the regular record date and prior to such interest payment date, by check or draft mailed to such registered owner at the address appearing on the registration books of the City maintained by the City Clerk as registrar or by a successor registrar. Any interest hereon not paid when due and any interest i; reon accruing after maturity shall be paid to the registered owner of -9- this Bond determined as of the close of business on the special record date, which shall be fixed by the City for such purpose , irrespective of any transfer of ownership of the Bond subsequent to such special record date and prior to the date fixed by the City for the payment of such interest , by check or draft mailed as aforesaid. Notice of the special record date and of the date fixed for the payment of such interest shall be given by sending a copy thereof by first-class , postage prepaid mail , at least ten (10) days prior to the special record date , to Boettcher & Company, Inc. , Denver , Colorado and to the registered owner of each Bond upon which interest will be paid determined as of the close of business on the day preceding such mailing at the address appearing on the registration books of the City. The Bonds of the issue of which this is one are subject to redemption prior to maturity at the option of the City in regular numerical order at any time at a price equal to the principal amount of the Bonds redeemed plus accrued interest, with no premium, as follows : within thirteen months of receipt of moneys initially deposited in the Cunningham Corner Special Improvement District No. 82 , Special Assessment Bonds , Bond and Interest Fund hereinafter described (other than from bond proceeds) , it shall be the duty of the Finance Director of the City or his successor to call in and pay a suitable number of Bonds outstanding , provided that the Bond and Interest Fund (except for amounts initially deposited therein from bond proceeds) shall be depleted at least once a year except for a reasonable carryover amount as set forth in the Ordinance authorizing the issuance of this Bond. Notice of such call shall be Y given b the Finance Director by mailing a copy thereof 9 by first-class , postage prepaid mail , at least forty-five (45) days and not more than sixty (60) days prior to the designated redemption date, to Boettcher & Company, Inc . , Denver , Colorado , and to the registered owners of each of the Bonds being redeemed at their address as the same shall last appear on the registration books of the City. Said notice shall specify by number the Bonds so called. Bonds of this issue so called shall be redeemed in regular numercial order at a price equal to the principal amount of each Bond so redeemed plus interest thereon as hereinafter provided. If this Bond shall have been duly called for redemption, this Bond shall become due and payable upon such redemption date, and from and after such date interest shall cease to accrue hereon. Failure to mail any notice as aforesaid or any defect in any notice mailed with respect to any Bond shall not affect the validity of the redemption proceedings with respect to any other Bond. This Bond is one of a series of special assessment bonds in the aggregate principal amount of $1 , 265, 000 issued for the purpose of defraying the costs of acquiring , constructing and installing street , water , sanitai : sewer and storm drainage improvements in and for Cunningham Corner Special Improvement District No. 82 by virtue of and in full conformity with the -10- Constitution of the State of Colorado , the home rule Charter of the City, and Chapter 16 of the Code of the City and pursuant to and under the authority of an Ordinance duly adopted by the Council of the City prior to the issuance of this Bond. This Bond is not , and shall not be considered or taken to be, a general obligation or indebtedness of the City within the meaning of any requirement of or limitation imposed by law. This Bond and the interest hereon are payable solely from, and as security for such payment there is exclusively pledged, a special fund designated as the Cunningham Corner Special Improvement District No. 82, Special Assessment Bonds, Bond and Interest Fund , into which there shall initially be deposited accrued interest and capitalized interest on the Bonds and any proceeds of the Bonds remaining in the Capital Projects Fund of the City after the cost of the aforesaid improvements has been paid in full and into which there shall thereafter be deposited moneys collected on account of assessments hereafter to be levied against the property within Cunningham Corner Special Improvement District No. 82 and specially benefited by the acquisition , construction and installation of the improvements therein. Bonds of this issue , together with bonds of other special or local improvement districts of the City, are additionally secured by moneys deposited in the special Surplus and Deficiency Fund of the City. Whenever there is a deficiency in the Bond and Interest Fund for the payment of principal or interest on this Bond , the deficiency is to be paid by transferring moneys from the special Surplus and Deficiency Fund to the Bond and Interest Fund. The Ordinance authorizing the issuance of this Bond provides that whenever three-fourths ( 3/4) of the Bonds of this issue have been paid and cancelled and for any reason the remaining assessments are not paid in time to redeem the remaining Bonds and to pay the interest thereon, and there are not sufficient funds in the special Surplus and Deficiency Fund to do so, then the City shall pay the remaining Bonds when due and the interest thereon, levy additional ad valorem taxes therefor , and reimburse itself by collecting the unpaid assessments due. The City covenants with the registered owner of this Bond that it will levy and collect the assessments against the property specially benefited and deposit the same into the Bond and Interest Fund and that it will diligently enforce the lien of any unpaid assessment against the property charged therewith. The City further covenants with the registered owner of this Bond that it will keep and perform all of the covenants of this Bond and of the Ordinance authorizing the issuance hereof. Reference is hereby made to said Ordinance for a description of the provisions, terms, and conditions upon which this Bond is issued and secured, including, without limitation , -11- the nature and extent of the security for this Bond , the collection and disposition of the special assessments and moneys charged with and pledged to the payment of this Bond , the special funds referred to above , and the nature and extent of the security and pledge afforded thereby for the payment of this Bond, the rights , duties and obligations of the City and its Council , and the rights and remedies of the registered owner of this Bond. It is hereby recited, certified and warranted that the total issue of Bonds of the City for Cunningham Corner Special Improvement District No. 82, including this Bond, does not exceed any limitation imposed by law; that every requirement of law relating to the creation of said District , the acquisition , construction and installation of the aforesaid improvements , the preparation for levying of the aforesaid assessments , and the issuance of this Bond has been fully complied with by the proper officers of the City; that all acts , conditions and things required by law to be done precedent to and in the issuance of this Bond have been properly done ; and that this Bond does not contravene any constitutional or statutory provision of the State of Colorado or provision of the City Charter or ordinances. For the payment of this Bond and the interest hereon , the City pledges the exercise of all of its lawful corporate powers. REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH ON THE REVERSE HEREOF. IN TESTIMONY WHEREOF, the City of Fort Collins , Colorado , has caused this Bond to be executed in the name and on behalf of the City with the facsimile signature of the Mayor of the City, to be sealed with a facsimile of the seal of the City, to be attested by the facsimile signature of the City Clerk of the City, and to be countersigned with the manual signature of the Finance Director of the City, all as of the 1st day of December , 1984. CITY OF FORT COLLINS , COLORADO (CITY) By: _ (Facsimile Signature) (SEAL) Mayor Attest : (Facsimile Signature) City Clerk Countersigned: (Manual Signature) Finance Director -12- (Text of Reverse) This Bond is transferable only upon the registration books of the City at the office of the City Clerk or a successor registrar by the registered owner hereof or by his or its duly authorized attorney-in-fact or legal representative , upon surrender hereof together with a written instrument of transfer duly executed by the registered owner or his or its duly authorized attorney-in-fact or legal representative with guaranty of signature satisfactory to the City Clerk, containing written- instructions as to the details of the transfer , along with the social security number or federal employer identification number of the transferee and, if the transferee is a trust , the names and social security numbers of the settlor and beneficiaries of the trust . Transfers shall be made without charge, except that the City Clerk may require payment of a sum sufficient to defray any tax or other governmental charge that may hereafter be imposed in connection with any transfer of Bonds. Upon such transfer the City Clerk will enter the date of registration and the name, address , and social security number or federal employer identification number of the new registered owner of this Bond on the registration panel attached hereto. The City Clerk shall not be required to transfer ownership of any Bond during the fifteen (15) days next preceding any interest payment date nor to transfer any bond after mailing any notice of redemption as herein provided nor during the fifteen (15) days next preceding such mailing of any notice of redemption . The City may deem and treat the person in whose name this Bond is last registered upon the books of the City as the absolute owner hereof for the purpose of receiving payment of the principal of and interest on this Bond and for all other purposes , and all such payments so made to such person or upon his order shall be valid and effective to satisfy and discharge the liability of the City upon this Bond to the extent of the sum or sums so paid, and the City shall not be affected by any notice to the contrary. -13- (Registration Panel) This Bond is registered in the office of the City Clerk of the City of Fort Collins , Colorado, as registrar , or its successor registrar , in the name of the owner listed below, and the principal of and interest on this Bond shall be payable only to such owner . Name, Address , and Date of Identification Number of Signature of Registration Reqistered Owner City Clerk [End of Form of Bond] -14- (Assignment Form to be Used for Transfers) ASSIGNMENT FOR VALUE RECEIVED, the undersigned sells , assigns and transfers unto PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE (Name and Address of Assignee) the attached Bond and does hereby irrevocably constitute and appoint I I , or its successor , as registrar and transfer agent, to transfer said Bond on the books kept for registration thereof. Dated : Signature guaranteed : (Bank , Trust Company or Firm) NOTICE: The signature to this assignment must correspond with the name of the Registered Owner as it appears upon the registration panel of the attached Bond in every particular without alteration or enlargement or any change whatever. -15- 10. The proceeds of the Bonds , excluding accrued interest and capitalized interest , shall be deposited into the Capital Projects Fund of the City (the "Capital Projects Fund" ) , and thereafter said proceeds shall be used only to pay or reimburse the City for the costs and expenses of acquiring , constructing and installing the Improvements. There is hereby appropriated the sum of $847, 550 in the Capital Projects Fund for the construction of the Improvements and associated costs , including the Purchaser ' s discount. In the event that less than all of the proceeds of the Bonds are expended to pay such costs and expenses, any remaining sums shall be transferred upon completion of the Improvements to the Bond Fund and used for the purpose of calling in and paying the principal of and interest on the Bonds. Accrued interest and capitalized interest shall be deposited into the Bond Fund and applied for the payment of interest first due on the Bonds. 11. The Bonds and the interest thereon shall be payable solely from, and there is hereby created, the Bond Fund , into which there shall initially be deposited accrued interest and capitalized interest on the Bonds and any proceeds of the Bonds remaining in the Capital Projects Fund after the cost of the Improvements has been paid in full and into which there shall thereafter be deposited all moneys collected on account of assessments to be levied against the property within the District and specially benefited by the acquisition , construction and installation of the Improvements therein. The moneys in the Bond Fund shall be used for the purpose of paying the principal of and interest on the Bonds and for no other purpose whatsoever until the Bonds, both principal and interest , have been fully paid and discharged, and as security for such payment the Bond Fund is hereby exclusively pledged. 12. The Bonds , together with bonds of other special or local improvement districts of the City, shall be additionally secured by moneys deposited in the special Surplus and Deficiency Fund of the City (the "Surplus and Deficiency Fund") . Whenever there is a deficiency in the Bond Fund for the payment of principal or interest on the Bonds , the deficiency shall be paid by transferring moneys from the Surplus and Deficiency Fund to the Bond Fund. Whenever three-fourths ( 3/4) of the Bonds have been paid and cancelled and for any reason the remaining assessments are not paid in time to redeem the remaining Bonds and to pay the interest thereon, and there are not sufficient funds in the Surplus and Deficiency Fund to do so , then the City shall pay the remaining Bonds when due and the interest thereon, levy additional ad valorem taxes therefor , and reimburse itself by collecting the unpaid assessments due. 13. The Bonds, when executed and registered as provided herein and in the Code , shall be delivered by any �*ie of the officers of the City to the Purchaser upon payment tc the City of the purchase price therefor . The proceeds derived from the -16- sale of the Bonds shall be used exclusively for the purposes stated herein ; provided , however that any portion of such proceeds may be temporarily invested pending such use in securities or obligations which are lawful investments for the City with such temporary investments to be made consistent with the covenant hereinafter made concerning arbitrage bonds. Neither the Purchaser nor the registered owner of any Bond shall be in any way responsible for the application of the proceeds of the Bonds by the City or any of its officers. 14. The City covenants that it will make no investment or other use of the proceeds of the Bonds at any time during the term thereof which, if such investment or other use had been reasonably expected on the date the Bonds are issued , would have caused the Bonds to be arbitrage bonds within the meaning of Section 103 (c) of the Internal Revenue Code of 1954 , as amended, and the regulations promulgated thereunder , unless , under any provision of law hereafter enacted , the interest paid on the Bonds shall be excludible from the gross income of a recipient thereof for federal income tax purposes without regard to whether or not the Bonds are arbitrage bonds or shall be exempt from all federal income taxation. 15. The Council shall cause the assessments to be levied and collected as provided by law for the benefit of the registered owners of the Bonds. All assessments made , together with all interest thereon and penalties for default in payment thereof, shall be a lien in the several amounts assessed against each property from the date of the publication of the assessing ordinance and shall be a first and prior lien over all other liens excepting general tax liens. The Council will further cause the lien of any unpaid assessment to be diligently enforced against the property charged therewith. 16. So long as any of the Bonds remain outstanding , the City will keep or cause to be kept by Larimer County, Colorado (the "County" ) , true and accurate books of records and accounts showing full and true entries covering the collection and disposition of the assessments and any delinquencies in the collection thereof, covering deposits and disbursements in each of the special funds herein described, covering the payment of the Bonds , both principal and interest , and covering disbursements to defray the costs and expenses of the Improvements. The City will permit inspection and examination of all such books and notices maintained or received by the City at any reasonable time by the Purchaser or the registered owner of any Bond. 17. The registered owner of any Bond shall have the right and power for the equal benefit and protection of all registered owners of Bonds simil,1 ly situated : -17- a. By mandamus or other suit , action, or proceeding at law or in equity to enforce his rights against the City and to require and compel the City to perform and carry out its duties , obligations , or other commitments under this Ordinance and under its covenants and agreements with the registered owners of the Bonds ; b. By action or by suit in equity to require the City to account as if it were the trustee of an express trust ; - C . By action or by suit in equity to have appointed a receiver , which receiver may take possession of any accounts and may collect , receive, and apply all revenues or other moneys pledged for the payment of the Bonds in the same manner as the City itself might do; d. By action or by suit in equity to enjoin any acts or things which might be unlawful or might be in violation of the rights of the registered owners of the Bonds ; and e. To bring suit upon the Bonds. No right or remedy conferred by this Ordinance upon the registered owner of any Bond or any trustee therefor is intended to be exclusive of any other right or remedy, but each such right or remedy is cumulative and is in addition to every other right or remedy and may be exercised without exhausting and without regard to any other remedy conferred by this Ordinance or by any other law. The failure of the registered owner of any Bond so to proceed as provided herein shall not relieve the City of any obligation to perform or to carry out any duty, obligation , or other commitment. 18. This Ordinance is, and shall constitute , a legislative measure of the City, and after the Bonds are issued, sold , and outstanding , this Ordinance shall constitute a contract between the City and the registered owners of the Bonds , and shall be and remain irrepealable until the Bonds and the interest thereon shall have been fully paid , satisfied and discharged. 19. Pursuant to the Uniform Facsimile Signature of Public Officials Act , part 1 of article 55 of title 11 , Colorado Revised Statutes, as amended, the Mayor and the City Clerk of the City shall forthwith, but in any event prior to the delivery of the Bonds to the Purchaser , file with the Colorado Secretary of State their manual signatures and an impression of the seal of the City, certified by them under oath, using a Facsimile Signature Certificate for this purpose. 20. The officers of the City are hereby authorized and directed to enter into such agreements and take all action necessary or appropriate to effectuate the provisions of this Ordinance and to comply with the requirements of law, including without limiting the generality of the foregoing : -18- a . The printing of the Bonds, including the printing upon each of the Bonds of a copy of the approving legal opinion of Ballard , Spahr , Andrews & Ingersoll , bond counsel , duly certified by the City Clerk ; and b. The execution of such certificates as may be required by the Purchaser relating to the signing of the Bonds , the tenure and identity of the City officials, if in accordance with the facts , the absence of litigation , pending or threatened , affecting the validity of the Bonds, the - exemption of the interest on the Bonds from federal income taxation, and receipt of the Bond purchase price and of the Bonds , using a Signature Certificate, a General and No-Litigation Certificate, a Certificate as to Amount and Use of Bond Proceeds , and a Delivery Certificate for these purposes ; and C. The preparation of a Preliminary Official Statement and a final Official Statement relating to the Bonds ; and d. The making of various statements , recitals , certificates and warranties provided in the form of Bond set forth in this Ordinance ; and e. The payment of the interest on the Bonds as the same shall become due and the principal of the Bonds at maturity or upon prior redemption without further warrant or order. 21. All action heretofore taken by the City and by the officers thereof not inconsistent herewith directed toward the creation of the District , the construction and installation of the Improvements therein, and the authorization and sale of the Bonds is hereby ratified, approved and confirmed. 22. All resolutions , ordinances , or parts thereof , taken by the City and in conflict with this Ordinance are hereby repealed, except that this repealer shall not be construed so as to revive any resolution , ordinance , or part thereof , heretofore repealed. 23. If any paragraph, clause or provision of this Ordinance is judicially adjudged invalid or unenforceable , such judgment shall not affect , impair or invalidate the remaining paragraphs , clauses or provisions hereof , the intention being that the various paragraphs , clauses or provisions hereof are severable. -19- INTRODUCED, READ, APPROVED ON FIRST READING, AND ORDERED PUBLISHED ONCE IN FULL this 20th day of November , 1984. CITY OF FORT COLLINS , COLORADO (CITY) By: J/ Gtn.wNd�� (SEAL) Mayor Attest : - City Clerk The foregoing Ordinance will be presented for final passage at a regular meeting of the Council , to be held at Council Chambers , City Hall, 300 LaPorte Avenue , Fort Collins , Colorado, on Tuesday, the 4th day of December, 1984 , at 5 : 30 p.m. -20- READ , FINALLY PASSED ON SECOND READING , AND ORDERED PUBLISHED ONCE BY NUMBER AND TITLE ONLY this 4th day of December , 1984. CITY OF FORT COLLINS , COLORADO By: (CITY) Mayor (SEAL) - Attest : jT al a " City Clerk -21- Council Member Ohl son moved that the foregoing Ordinance heretofore introduced and read by title be approved on first reading . Council Member Stoner seconded the motion. The question being upon the approval on first reading of the Ordinance, the roll was called with the following results : Council Members voting "AYE" : orak Ee Johald HClarke John Knezovich -Wti-1Tam-e-l-tiott Kelly Ohlson Barbara Rutstein Ed Stoner Council Members voting "NAY" : None The Mayor thereupon declared that , a majority of the Council Members 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. ✓brew+ �Ld� Mayor (CITY) City f Fort Collins , Colorado (SEAL) Atttt e�s��t�:� City Clerk 't—cam City of Fort Collins , Colorado -22- STATE OF COLORADO ) COUNTY OF LARIMER ) ss. CITY OF FORT COLLINS ) The Council of the City of Fort Collins, Colorado, held a regular meeting at Council Chambers, City Hall, 300 LaPorte Avenue, Fort Collins , Colorado, on Tuesday, the 4th day of December , 1984 , at the hour of 5 : 30 p.m. The following persons were present : Council Members : Gerald Horak , Mayor -fir.--dokrrr-E3-e-r-ke��tssis�ant�tayo-r- John Knezovich William Elliott Kelly Ohlson Barbara Rutstein Ed Stoner City Manager : John E. Arnold City Clerk : Wanda M. Krajicek The following persons were absent: E. John Clarke, Assistant Mayor The Mayor informed the Council that Ordinance No. 171 , 1984, which was introduced , approved on first reading , and ordered published once in full at a regular meeting of the Council held on November 20, 1984, was duly published in The Coloradoan, a newspaper of general circulation published in the City, in its issue of November 26, 1984. Council Member Rutstein then read said Ordinance by its title. Thereupon, Council Member Rutstein moved the final passage of Ordinance No. 171 , 1984. Council Member Knezovich seconded the motion, and the question being upon t e ina passage of said Ordinance , the roll was called with the following result : Council Members voting "AYE" : Gerald Horak $r=SIR-L7.-.TfRL John Knezovich William Elliott Kelly Ohlson Barbara Rutstein Ed Stoner -23- Council Members voting "NAY" : None The Mayor thereupon declared that a majority of the Council Members 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) City f Fort Collins, Colorado (SEAL) Attest : C "t City of Fort Collins , Colorado -24- STATE OF COLORADO COUNTY OF LARIMER ; ss. CITY OF FORT COLLINS ) I , Wanda M . Krajicek , City Clerk of the City of Fort Collins , Colorado, do hereby certify that the attache cop said Ordinance No. 171 , 1984, is a true and correct copy; that Ordinance was introduced and approved on first reading by the Council of the City of Fort Collins, Colorado , at a regular meeting of thereof , held at Council Chambers , City Hall , 300 LaPorte Avenue, Fort Collins , Colorado , the regular meeting place thereof , on Tuesday, the 20th day of November , 1984 ; that said Ordinance was finally passed on second reading by said Council at a regular meeting thereof, held at Council Chambers, City Hall, 300 LaPorte thereof , on Tuesday,Collins ,the Colorado,4thday tof regular meeting place December , 1984 ; that a true copy of said Ordinance has been authenticated by the signatures of the Mayor of said City and myself as City Clerk thereof , sealed with the seal of the City, and numbered and recorded in a book marked "Ordinance Record" kept for that 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 of the final passage thereof in The Coloradoan, a newspaper of general circulation published in the City, in its issues of November 25, 1984, and December 9, 1984, as evidenced by the certificates of the publisher attached hereto at pages 26 and 27. I further certify that the foregoing pages 1 through 24, inclusive , constitute a true and correct copy of the record of the proceedings of said Council at its aforesaid meetings , insofar as said proceedings relate to said Ordinance ; that said proceedings were duly had and taken, that the meetings were duly held ; and that the persons were present at said meetings as therein shown. IN WITNESS WHEREOF, I have hereunto set my hand and the seal of the City of Fort Collins , Colorado, this 10thday of December, 1984. (CITY) City Clerk (SEAL) City of Fort Collins , Colorado -25- STATE OF COLORADO ) COUNTY OF LARIMER ) ss. CITY OF FORT COLLINS ) (Attach affidavit of publication in full of Ordinance and notice giving date when Ordinance to be presented for final passage. ) -26- The Coloradoan STATE OF COLORADO ) )ss. AFFIDAVIT OF PUBLICATION COUNTY OF LARIMER ) Toro x a R-- An e r 6 e n being first duly sworn upon oath, deposes and says: That said is the L e g a l C l e r k 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, an$ any amendment thereof passed prior to the date hereof; that said newspaper had,prior to January 1, 1936, and has ever since said date been admitted to the United States Mails as second class matter under the provisions of the Act of March 3, 1879, and any amendments thereof, that said newspaper is printed in whole in said County of Larimer and has a general circulation therein; that said newspaper has been so printed and published as a public daily newspaper of general circulation in said County of Lar- imer, uninterruptedly and continuously, during the period of more than fifty-two consecu- tive weeks next prior to the first issue thereof containing the annexed legal notice of advertisement; that said annexed legal notice or advertisement was published in the regular and entire editions of said newspaper for __ 1 successive weeks-m- fig Y of-eack-sk+eeessive aveek�-that the first publication of said legal notice or advertisement was in the regular and entire edition of said newspaper on the 26 t h 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 26 t h day of November , A.D. 19 0A 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. Ar97 l Subscribed and sworn to before me, at and within the County of Larimer, State of Colorado this - 916+Th day of November A.D. 19_84 My Commission Expires August 15, 1937 My commission expires 1212 Riverside Fort Collins, CO 80524 Notary Public City Clerk Delivered to — -- y STATE OF COLORADO ) COUNTY OF LARIMER ) ss. ) CITY OF FORT COLLINS ) (Attach affidavit of publication of Ordinance by number and title only and notice of final passage thereof. ) -27- The Coloradoan _ STATE OF COLORADO NOTICE IS HEREBY GIVEN f that the Fort Collins City Council, Iss. AFFIDAVIT OF PUBLICATION on Tuesday. December a. 1985, passed and adopted the following COUNTY OF LARIMER ordinances on Second reading: ORDINANCE NO. 166. 1984 OF THE COONCILOF THE CITYOF Terese R. Anderson beingfirst dui sworn upon oath, deposes FORT COLLINS ANNEXING y P P PROPERTY KNOWN AS THE and says: That said 15 the Of The Coloradoan: A NNE%ATIONEOTHEC EK SE TOYOF that said has personal knowledge of all facts set forth in this affidavit; that The Coloradoan FORT COLLINS,COLORADO is a public daily newspaper of general circulation, having its principal office and place of TTHEICOUNCILOF NANCE NO.THE CITYOF business situated in said County of Lorimer; that said Coloradoan is printed and published CORT NG HAPTER 11810E THE CODE NS I OF daily; that said Coloradoan is a daily newspaper, duly qualified for the purpose set forth THE CITY OF FORT COMMONLY KNOWN ASCOLLINS, within the meaning of Chapter 109, Article 1, Sections 1-1 to 1-8 inclusive of Colorado ZONING ORDINANCE AND CLASSIFYING FOR ZONING Revised Statutes 1973, and any amendment thereof passed prior to the date hereof; that INCLUDED IN THE PROPERTY OFOSSIL said newspaper had, prior to January 1, 1936, and has ever since said date been admitted to TO THE REEK CITYOF FORT CODS the United States Mails as second class matter under the provisions of the Act of March 3, LINS,COLORADO 1879, and any amendments thereof, that said newspaper is printed in whole in said County NO 168. 1984 OF THEICOUNU_2 —HE CITY OF FOTof Larimer and has a general circulation therein; that said newspaper has been so printed PORTION OFNTM EACATI RIIGHFT OF and published as a public daily newspaper of general circulation in said County of Lar- ROAD ALONG COLLEGETAVE imer, uninterruptedly and continuously, during the period of more than fifty-two consecu- OLDS/CNODILLOAC SUBALDS RU five weeks next prior to the first issue thereof containing the annexed legal notice of WHI LE UTILITYRETAINING EASEMENT IT AS A advertisement; that said annexed legal notice or advertisement was published in the ORDINANCE NO 169, 1984 OF THE COUNCIL OF THE CITY OF regular and entire editions of said newspaper for FORT COLLINS RESCINDING THE HISTORIC LANDMARK DESIGNATION OF PROPERTY WITHIN THE CITY OF FORT COLLINS PURSUANT TO CHAP TER 69 OF THE CODE OF THE CITY OF FORT COLLINS 1 sUCC0SS1Ve W-fee{f6-0Fi- Aay eY.�zch-successiue ; that the ORDINANCE NO. TIE, 1984 OF THE COUNCIL OF THE CITY OF first publication of said legal notice or advertisement was in the regular and entire edition THEY TRANSFER AUTHORIZING COLLINS 0 APPR 1 of said newspaper on the 9th day of _gee�9c, , A.D. 19�; that the last TALAPROJECTSTwEEN cAPI publication of said legal notice or advertisement was in the regular and entire edition of ORDINANCE NO 1T1, 198a said newspaper on the 9th day of December A.D. 193- and that AN ISS ORDINANCE RG THE UANCEE OF OF CI I2 CITY copies of each number of said paper in which said notice or advertisement was published OF FOR, COLLINS, COLO RADO CUNNINGHAM CORNER were delivered by carriers or transmitted by mail to each of the subscribers of said paper, SPECIAL IMPROVEMENT DIS p P SPECIAL NO IMPROVEMENT SPECIAL according to the accustomed mode of business In this office. ASSESSMENT BONDS, DATED DECEMBER 1, 1984, IN THE AGGREGATE PRINCIPAL AMOUNT OF S1,ZdS.000; PRIES B-49 I CRIB$N FORM OF SAID BONDS,G EPROVIDINGAND FOR THE PAYMENT OF SAID BONDS AND THE INTEREST THEREON. - .�/uC/�! ORDINANCE NO. ITI, 19U OF THE COUNCIL OF THE CITY OF FORT COLLINS AMENDING PORTIONS OF CHAPTER SO OF THE CODE OF THE CITY OF FORT COLLINS RELATING TO Subscribed and sworn to before me, at and within the County of Larimer, State of Colorado THE UNIFORM FIRE CODE Wanda M Kraicea this December-day Of Decemho A.D. 19.14 City Clerk p-Z The Coloradoan, B'a9. December Nly commission expires 1 Notary Public City Clerk Delivered --- ---- ORDINANCE NO. 171 , 1984 AN ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF FORT COLLINS , COLORADO, CUNNINGHAM CORNER SPECIAL IMPROVEMENT DISTRICT NO. 82 , SPECIAL ASSESSMENT BONDS , DATED DECEMBER 1 , 1984 , IN THE AGGREGATE PRINCIPAL AMOUNT OF $1, 265, 000 ; PRESCRIBING THE FORM OF SAID BONDS; AND PROVIDING FOR THE PAYMENT OF SAID BONDS AND THE INTEREST THEREON. READ, FINALLY PASSED ON SECOND READING , AND ORDERED PUBLISHED ONCE BY NUMBER AND TITLE ONLY this 4th day of December , 1984. CITY OF FORT COLLINS, COLORADO (CITY) Mayor (SEAL) Attest : City Clerk -28-