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HomeMy WebLinkAbout155 - 12/06/1983 - INDUSTRIAL DEVELOPMENT REVENUE BONDS, SERIES 1983 (THE OLD TOWN FORT COLLINS PROJECT II) CITY OF FORT COLLINS , COLORADO ORDINANCE NO. 83-155 AUTHORIZING THE ISSUANCE AND SALE OF $7, 020, 000 INDUSTRIAL DEVELOPMENT REVENUE BONDS, SERIES 1983 (OLD TOWN FORT COLLINS PROJECT II) TO FINANCE OFFICE AND RETAIL FACILITIES FOR OLD TOWN PARTNERS II ; RATI- FYING CERTAIN ACTION HERETOFORE TAKEN; AUTHORIZING THE EXECUTION AND DELIVERY BY THE CITY OF A FINANCING AGREEMENT, INDEN- TURE OF TRUST, SUCH BONDS AND CLOSING . DOCUMENTS IN CONNECTION THEREWITH; AND MAKING DETERMINATIONS AS TO THE SUFFICIENCY OF REVENUES AND AS TO OTHER MATTERS RELATED TO SUCH PROJECT. WHEREAS, the Colorado County and Municipality Devel- opment Revenue Bond Act , constituting Sections 29-3-101 through 29-3-123, inclusive , Colorado Revised Statutes (the "Act") , authorizes municipalities to finance one or more projects or parts thereof to promote industry and develop trade or other economic activity by inducing manufacturing, industrial , com- mercial or business enterprises to locate , expand or remain in the State of Colorado, to mitigate the serious threat of exten- sive unemployment in parts of the State of Colorado, to secure and maintain a balanced and stable economy in all parts of the State of Colorado or to further the use of its agricultural products or natural resources ; and WHEREAS, such municipalities are further authorized by the Act to issue revenue bonds for the purpose of defraying the cost of financing any project, including interest on such bonds during the period of construction of the project and all incidental expenses incurred in issuing such bonds , and to secure the payment of such bonds as provided in the Act ; and WHEREAS, a proposal has been presented to the City of Fort Collins , Colorado (the "City") whereby the City will , pursuant to the Act , finance a project consisting of land, buildings , improvements and related equipment (the "Project") to be owned by Old Town Partners II , . a limited partnership existing under the laws of the State of Wisconsin (the "Part- nership") , which Project qualifies as a "project" within the meaning of the Act ; and WHEREAS, the Project will be leased by the Partner- ship as retail and office space ; and WHEREAS, such financing of the Project by the City will induce the Partnership to locate the Project in the City; and WHEREAS, City of-Fort Collins , Colorado, Industrial Development Revenue Bonds , Series 1983 (Old Town Fort Collins Project II) , in the aggregate principal amount of $7, 020, 000 (the "Bonds") will be . issued, sold . and delivered-by the City to finance the cost .of the Project, principal . and interest on the Bonds during the construction period of the Project and the costs incidental to the authorization, issuance and sale of the Bonds ; and WHEREAS, on April 5 , 1983 , the City Council of the City, in order to induce the Partnership to construct the Project in the City, adopted-a , resolution expressing its will- ingness to issue the Bonds ; and .WHEREAS, concurrently with the issuance of the Bonds , the Partnership will enter into a financing agreement with the City providing for payments sufficient to pay the principal of , premium, if any, and interest on the Bonds and to meet other obligations as herein and therein provided ; and WHEREAS, there have been presented to the City : ( 1 ) the proposed form of Financing Agreement , dated as of December 1 , 1983 (the "Financing Agreement") , between the City and the Partnership , (2) the proposed form of Indenture of Trust , dated as of December 1 , 1983 (the "Indenture") between the City and United Bank of Fort Collins , National Association as Trustee (the "Trustee") , (3) the proposed form of Assignment of Rents and Leases , dated as of December 1 , 1983 (the "Assign- ment of Rents and Leases") , from the Partnership to the Trustee and Continental Casualty Company ("CCC") , (4) the proposed form of Deed of Trust , Security Agreement and Financing Statement , dated as of December 1 , 1983 (the "Deed ' of Trust") , from the Partnership to the Public Trustee of Larimer County (the "Pub- lic Trustee") , for the benefit of the Trustee and CCC, and (5) the proposed form of Financial Guaranty Bond, (the "Guar- anty Bond") from CCC to the Trustee . WHEREAS , proposed federal legislation, if enacted, will effectively preclude interest on any industrial develop- ment revenue bonds issued to finance the Project from being excluded from gross income pursuant to Section 103 of the Internal Revenue Code of 1954, as amended (the "Code") and such preclusion presents a substantial likelihood that the Project will not go forward and that the City will lose jobs , tax base , and the historic preservation of property . NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS , COLORADO: Section 1 . Ratification of Prior Actions . All action (not inconsistent with the provisions of this Bond Ordinance) heretofore taken by the City directed toward the financing of the Project and the issuance and sale of the Bonds therefor be , and the same is hereby, ratified , approved and confirmed . -2- Section 2 . Loan of Proceeds . The City shall finance a portion of the cost of the Project, principal and interest on the Bonds during the construction period of the Project and the costs incidental to the authorization, issuance and sale of the Bonds by loaning the proceeds of the Bonds to the Partnership in accordance with the provisions of the Financing Agreement for the purposes decribed above. Section 3 . Authorization of Bonds , Terms of Bonds , Sale of Bonds . To defray a portion of the cost of the Project , principal and interest on the Bonds during the construction period of the Project and the costs incidental to the authori- zation, issuance and sale of the Bonds , there is hereby author- ized and created an issue of industrial development revenue bonds designated "City of Fort Collins , Colorado, Industrial Development Revenue Bonds , Series 1983 (Old Town Fort Collins Project II )" in the aggregate principal amount of $7, 020, 000 issuable as fully registered Bonds , without coupons , in denomi- nations of $5, 000 or any integral multiples thereof, dated as provided in the Indenture, bearing interest from their date payable semiannually on June 1 and December 1 in each year , commencing their date of issuance , (i) from December 1 , 1983 until November 30, 1988, at the rate of 9 . 0% per annum; (ii) from December 1 , 1988 until November 30, 1993 at a rate which, in the judgment of United Bank of Denver , National Association as Remarketing Agent , or its successors or assigns (the "Remarketing Agent") having due regard to the prevailing financial market conditions , is the interest rate necessary , but does not exceed the interest rate necessary , to enable the Remarketing Agent to sell any Bonds which may be delivered to the Remarketing Agent pursuant to the Indenture between Novem- ber 7, 1988 and November 21 , 1988, at a price of 100% of the principal amount thereof, provided that the interest rate so determined shall not be more than 110% nor less than 90% of the Five Year Kenny Index as most recently published on or prior to October 29 , 1988 and in any event shall not exceed 14% (The "Five Year Kenny Index" shall mean the average of the five year evaluations at par of not less than 20 issues of securities the interest on which is exempt from federal income taxation selected by Kenny Information Systems , Inc . , a subsidiary of J. J. Kenny Co . , Inc . ("Kenny") which securities have , in the judgment of Kenny, an investment quality the same as or compar- able to that of the Bonds ; provided that any of the specific securities selected by Kenny may be changed from time to time by Kenny , in its discretion; if Kenny has ceased operations , a comparable index selected by the Trustee shall be substituted for the Five Year Kenny Index . ) ; and (iii) from and including December 1 in any calendar year , commencing December 1 , 1993 to and including November 30 of the next succeeding calendar year ("Rate Period") , at the rate which , in the judgment of the Remarketing Agent, having due regard to prevailing financial market conditions , is the interest rate necessary to enable the Remarketing Agent to sell any Bonds which may be delivered to -3- the Remarketing Agent between . the November 7 and the Novem- ber 21 preceding the Rate Period commencing on the next suc- ceeding December 1 at a price equal to 100% of the principal amount thereof, provided that the interest rate so determined shall not be more than 110% nor less than 90% of the Kenny Index as of the October 29 preceding the Rate Period for which the interest rate is to be determined (The "Kenny Index" shall mean the average of one year evaluations at par of not less than 20 issues of securities the interest on which is exempt from federal income taxation selected by Kenny which securities have , in the judgment of Kenny , an investment quality the same as or comparable to that of . the Bonds ; provided, that any of the specific securities selected by Kenny may be changed from time to time by Kenny, in its discretion; if Kenny has ceased operations , a comparable index selected by the Trustee shall be substituted for the Kenny Index . ) . The Bonds shall mature on December 1 in the years and principal amounts set forth on the attached Schedule A. The Bonds shall be payable , shall be subject to redemption prior to maturity and shall be substantially in .the form set forth in the Indenture . The Bonds shall be sold to the purchasers at a private sale at a purchase price equal to 100% of the principal amount of the Bonds . The maximum net effective interest rate on the Bonds , taking into account the commitment fee of the purchasers , is 20% ; which rate is hereby determined to be the maximum net effective interest rate on the Bonds . Section 4. Statutory Determinations . The following determinations and findings are hereby made in accordance with Sections 29-3-113 , 29-3-114 and 29-3-120 of the Act : (a) Annual Debt Service. The amount necessary in each year to pay principal of and the interest on the Bonds , assuming a thirty year amortization of principal of and inter- est on the Bonds at 9 . 0% per annum is as specified on the attached Schedule B . (b) Reserve Fund . The City Council deems it advisa- ble to establish or contingent use in connection with the retirement of the Bonds the trust fund created and established by the Indenture designated "City of Fort Collins , Colorado , Industrial Development Revenue Bonds (Old Town Fort Collins Project II ) Reserve Fund" (the "Reserve Fund") . Moneys depos- ited in the Reserve Fund shall be used to provide a one year reserve for the payment of principal of, premium, if any, and interest on the Bonds . There shall be deposited in the Reserve Fund $700, 000 pursuant to the Financing Agreement . The Reserve Fund shall be fully funded as of the date of issuance of the Bonds . -4- (c) Insurance . The terms under which the Project is to be financed provide that the Partnership shall maintain the Project and carry all proper insurance with respect thereto . (d) Sufficiency of Revenues - Debt Service and Insurance . The revenues payable under the Financing Agreement ar�ficient to pay, in addition to all other requirements of the Financing Agreement and this Ordinance , all sums referred to in paragraphs (a) and (c) of this Section . (e) Sufficiency of Revenues - Taxes . The revenues payable under the Financing Agreement are sufficient to pay, in addition to all other requirements of the Financing Agreement and this ordinance , all taxes payable pursuant to Section 29-3-120 of the Act. Section 5 . Authorization of Financing Agreement , Indenture, Deed of Trust , Assignment of Rents and Leases , Guar- anty Bond. The forms , terms and provisions of the Financing Agreement , the Indenture, the Assignment of Rents and Leases , the Deed of Trust, and the Guaranty Bond are hereby approved , and the City shall enter into "the Financing Agreement and the Indenture in the forms of each of such documents presented to the City at this meeting, with such changes therein as are not inconsistent herewith; and the Mayor is hereby authorized and directed to execute and deliver the Financing Agreement and the Indenture and the City Clerk is hereby authorized and directed to affix the City seal to and to attest the Financing Agreement and the Indenture . Section 6 . Authorization of Bonds . The form, terms and provisions of the Bonds in the form contained in the Inden- ture , are hereby approved, with such changes therein as are not inconsistent herewith; the Mayor is hereby authorized and directed to execute and deliver the Bonds , the City Clerk is hereby authorized and directed to affix the seal of the City or a facsimile thereof to the Bonds and to attest the Bonds and the Director of Finance is authorized to countersign the Bonds . The signature on the Bonds of the Mayor , the City Clerk and the Finance Director on the Bonds shall be manual or by facsimile . Section 7 . Authentication and Delivery of Bonds . The City Clerk is hereby authorized to execute and deliver to the Trustee the written order of the City for the authentica- tion and delivery of the Bonds by the Trustee, in accordance with the Indenture . Section 8. Trustee as Registrar and Co-Paying Agent ; Bankers Trust Company as Co-Paying Agent . United Bank ot Fort Collins , National Association, Fort Collins , Colorado is hereby appointed as Trustee under the Indenture (thereby also serving as registrar) and co-paying agent under the terms of the Inden- ture and Bankers Trust Company, New York, New York, is hereby appointed as co-paying agent pursuant to the terms of the Indenture . -5- Section 9 . Remarketing Agent . United Bank of Denver, National Association, is hereby appointed as Remarket- ing Agent under the terms of the Indenture . Section 10. Further Assurances . The officers of the City shall take all action necessary or desirable in conformity with the Act to finance the Project and for carrying out , giving effect to and consummating the transactions contemplated by this ordinance , the Financing Agreement , the Indenture , the Deed of Trust and the Assignment of Rents and Leases , including without limitation the execution and delivery of any documents necessary to elect to have Section 103 (b) (6) (D) of the Internal Revenue Code of 1954, as amended , apply to the Bonds and of any closing documents to be delivered in connection with the sale and delivery of the Bonds . Section 11 . Bonds Not a General Obligation of the City The cost of the Project will be paid partially out o to proceeds of the Bonds and none of the Bonds will be .the general obligation of the City, nor shall any of the Bonds , including interest thereon, constitute the debt or indebtedness of the City within the meaning of the Constitution or statutes of the State of Colorado , nor shall anything contained in this Ordinance or in the Bonds , the Financing Agreement , the Inden- ture , the Assignment of Rents and Leases , the Deed of Trust , the Guaranty Bond, or any other instrument give rise to a pecuniary liability or a charge upon the general credit or taxing powers of the City , nor shall the breach of any agree- ment contained in this Ordinance , the Bonds , the Financing Agreement , the Indenture, the Assignment of Rents and Leases , the Deed of Trust , the Guaranty Bond , or any other instrument constitute or give rise to a pecuniary liability of the City or a charge upon its general credit or against its taxing powers , the City having no power to pay out of its general funds , or otherwise contribute any part of the costs of financing the Project , nor power to operate the Project as a business or in any manner , nor shall the City condemn any land or other prop- erty for the Project nor contribute any land or other property to the Project. Section 12. Ordinance Irre ealable . After any of the Bonds are issued , this Ordinance shall be and remain irre- pealable until the Bonds and the interest thereon shall have been fully paid, cancelled and discharged . Section 13 . Severabilit . If any section, para- graph, clause or provision of this Ordinance shall for any reason be held to be invalid or unenforceable , the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Ordinance . Section 14. Repeal of Inconsistent Actions . All by- laws , orders , regulations , resolutions , and ordinances , or parts thereof, of the City inconsistent herewith and with the documents hereby approved are hereby repealed to the extent -6- only of such inconsistency . This repealer shall not be con- strued as reviving any bylaw, order , regulation, resolution, or ordinance, or part thereof. Section 15 . Effective Date/Emergency Date/Emergency Clause . Unless the Bonds are legally issue prior to December 83, there is a substantial likelihood that the Project will not go for- ward and that the City will lose jobs , tax base and the his- toric preservation of the property. Therefore , the City Council has determined that an emergency exists , and that this Bond Ordinance is to take effect immediately as an emergency measure to preserve the public peace , health, safety or prop- erty in order to take advantage of the tax benefit afforded by section 103 of the Code and thus facilitate the completion of the Project. Section 16. Cit 's Records . This Ordinance , imme- diately on its passage and a option, shall be numbered and recorded in the Ordinance Book or similar record of the City for that purpose . Section 17 . Captions . The captions or headings in this Ordinance are for convenience of reference only and shall in no way define, limit or describe the scope of intent of any provision or section of the Ordinance . PASSED, ADOPTED AND OVED THIS23rd day of November 1983. (!: k4.4. 11,Kyoil, City o Fort o ins , of ado (SEAL) Attes � (� City Clerk -7- . SCHEDULE A Principal Amount Year $ 50, 000 1985 55 , 000 1986 60, 000 1987 65 , 000 1988 70, 000 1989 75 , 000 1990 80, 000 1991 90, 000 1992 100, 000 1993 105 , 000 1994 120, 000 1995 130, 000 1996 140, 000 1997 155 , 000 1998 170, 000 1999 185 , 000 2000 200, 000 2001 220, 000 2002 240, 000 2003 260, 000 2004 285, 000 2005 310, 000 2006 340, 000 2007 370, 000 2008 405, 000 2009 445 , 000 2010 485 , 000 2011 530, 000 2012 1 , 280, 00011 2013 TOTAL: $7 , 020, 000 * Includes repayment of Reserve Fund . -8- SCHEDULE B Annual Period Interest Principal to be Annual to and Including for such Retired in such Debt Service December 1 Period Period Requirement 1984 $ 631 ,800. 00 $ -0- $ 631, 800. 00 1985 631 , 800. 00 50 , 000 6R1 , 800 . 00 1986 627, 300. 00 55, 000 682, 300. 00 1987 622, 350. 00 60, 000 682 , 3.50. 00 1988 616,950 .n0 65,000 681 , 950. 00 1989 611 , 100. 00 709000 681 , 100. 00 1990 604,800. 00 75, 000 679 , 800. n0 1991 598 , 050. 00 80, 000 6789050 . 00 1992 590 , 850.00 90 ,000 680, 850. 00 1993 582 , 750. 00 100, 000 6827750 . 00 1994 573, 750.00 105, 000 678, 750. 00 1995 564, 300. 00 1201000 684, 30n. On 1996 553, 500. 00 130,000 683, 500. n0 1997 541 , 800. 00 1409000 681 , 800 . 00 1998 529 , 200. 00 155,000 684, 200. 00 1999 515 , 250. 00 1709000 685 , 25n. 00 2000 499, 950.00 185, 000 684,950. 00 2001 483 , 300. 00 200, 000 683 , 30n. 00 2002 465, 300.00 220, 000 685, 300. nn 2003 445 , 5nn. 00 2409000 685 , 500. 00 2004 423 ,900.00 2.60, 000 683, 900.00 2005 400 , 500. 00 285, 000 6859500. 00 2006 374, 850. 00 310,000 684, 850. 00 2nn7 346 , 950. 00 3409000 686, 95n. 00 2008 316, 350.00 370, 000 686, 350.00 2009 283 , 050. 00 405 , O00 6889050. 00 2010 246, 600. 00 445,000 691 , 600.00 2011 266 , 5.50. 00 485, 000 691 , 55n , 00 2012 162,900.00 530,000 6929900. 00 2013 115 , 200. 00 1 , 280, 000 1 , 395 , 20n . 00 TOTALS : S14, 166,450.00 $ 7,020, 000 521 , 186,450. 00 includes payment of Reserve Fund -9- c CITY OF FORT COLLINS , COLORADO SECOND AMENDMENT TO ORDINANCE NO. 83-155 AUTHOR- _______ __ __IZ.ING THE ISSUANCE AND SALE OF $7 , 015, 000 INDUS- TRIAL DEVELOPMENT REVENUE BONDS, SERIES 1983 (OLD TOWN FORT COLLINS PROJECT II ) TO FINANCE OFFICE AND RETAIL FACILITIES FOR OLD TOWN PARTNERS II ; RATIFYING CERTAIN ACTION HERE- TOFORE TAKEN ; AUTHORIZING THE EXECUTION AND DELIVERY BY THE CITY OF A FINANCING AGREEMENT, INDENTURE OF TRUST, SUCH BONDS AND CLOSING DOCUMENTS IN CONNECTION THEREWITH; AND MAKING DETERMINATIONS AS TO THE SUFFICIENCY OF REVENUES AND AS TO OTHER MATTERS RELATED TO SUCH PROJECT. Move that Ordinance No. 83-155 be amended as follows : 1 . Caption. By deleting from the caption the amount of "$7, 015 , 000" and by inserting "$7 , 020, 000" in lieu thereof. 2. Whereas Clause. By deleting "$7, 015, 000" in whereas clause six and inserting in lieu thereof "$7 , 020, 000. " 3. Whereas Clause. By inserting a new clause between the last whereas clause and prior to the ordaining clause in a form as follows : "WHEREAS , proposed federal legislation, if enacted, will effectively preclude interest on any industrial development revenue bonds issued to finance the Project from being excluded from gross income pursuant to Section 103 of the Internal Revenue Code of 1954, as amended (the "Code") and such preclusion presents a substan- tial likelihood that the Project will not go forward and that the City will lose jobs , tax base , and the historic preservation of property. " 4. Section 3 . By deleting the entire Section 3 and by inserting in lieu thereof the following : "Section 3 . Authorization of Bonds , Terms of Bonds , Sale of Bonds . To defray a portion of the cost of the Project , principal and interest on the Bonds during the construction period of the Project and the costs incidental to the authorization, issuance and sale of the Bonds , there is hereby authorized and created an issue of industrial development revenue bonds desig- nated "City of Fort Collins , Colorado, Industrial Development Revenue Bonds , Series 1983 (Old Town Fort Collins Project II ) " in the aggregate principal amount of $7, 020, 000 issuable as fully registered Bonds , without coupons , in denomi- nations of $5 , 000 or any integral multiples thereof , dated as provided in the Indenture , bearing interest from their date payable semi- annually on June 1 and December 1 in each year , commencing their date of issuance , (i) from December 1 , 1983 until November 30, 1988, at the rate of 9 . 0% per annum; (ii) from December 1 , 1988 until November 30, 1993 at a rate which, in the judgment of United Bank of Denver, National Association as Remarketing Agent , or its succes- sors or assigns (the "Remarketing Agent") having due regard to the prevailing financial market conditions , is the interest rate necessary, but does not exceed the interest rate necessary, to enable the Remarketing Agent to sell any Bonds which may be delivered to the Remarketing Agent pursuant to the Indenture between November 7 , 1988 and November 21 , 1988, at a price of 100% of the principal amount thereof, provided that the interest rate so determined shall not be more than 110% nor less than 90% of the Five Year Kenny Index as most recently published on or prior to October 29 , 1988 and in any event shall not exceed 14% (The "Five Year Kenny Index" shall mean the average of the five year evaluations at par of not less than 20 issues of securities the interest on which is exempt from federal income taxation selected by Kenny Infor- mation Systems , Inc . , a subsidiary of J. J. Kenny Co . , Inc . ("Kenny") which securities have , in the judgment of Kenny, an investment quality the same as or comparable to that of the Bonds ; provided that any of the specific securities selected by Kenny may be changed from time to time by Kenny, in its discretion; if Kenny has ceased operations , a comparable index selected by the Trustee shall be substituted for the Five Year Kenny Index . ) ; and (iii) from and including December 1 in any calendar year , commencing December 1 , 1993 to and including November 30 of the next succeeding calendar year ("Rate Period") , at the rate which, in the judgment of the Remar- keting Agent , having due regard to prevailing financial market conditions , is the interest rate necessary to enable the Remarketing Agent to sell any Bonds which may be delivered to the Remarketing Agent between the November 7 and the November 21 preceding the Rate Period commencing on the next succeeding December 1 at a price equal to 100% of the principal amount thereof , provided that the interest rate so determined -2- shall not be more than 110% nor less than 90% of the Kenny Index as of the October 29 preceding the Rate Period for which the interest rate is to be determined (The "Kenny Index" shall mean the average of one year evaluations at par of not less than 20 issues of securities the inter- est on which is exempt from federal income taxation selected by Kenny which securities have , in the judgment of Kenny , an investment quality the same as or comparable to that of the Bonds ; provided , that any of the specific secur- ities selected by Kenny may be changed from time to time by Kenny , in its discretion; if Kenny has ceased operations , a comparable index selected by the Trustee shall be substituted for the Kenny Index . ) . The Bonds shall mature on December 1 in the years and principal amounts set forth on the attached Schedule A. The Bonds shall be payable , shall be subject to redemption prior to maturity and shall be substantially in the form set forth in the Indenture . The Bonds shall be sold to the purchasers at a private sale at a purchase price equal to 100% of the principal amount of the Bonds . The maximum net effective interest rate on the Bonds , taking into account the commitment fee of the purchasers , is 20% , which rate is hereby determined to be the maximum net effective interest rate on the Bonds . " 5 . Section 4. (a) By deleting from subsection 4(a) "94%" and inserting in lieu thereof "9 . 0%" and by deleting "Sche- dule A" and inserting in lieu thereof "Schedule B. " (b) By inserting in subsection 4(b) after tl-e sen- tence ending "interest on the Bonds" and prior to the sentence beginning "The Reserve Fund shall be" the fol- lowing new sentence : "There shall be deposited in the Reserve Fund $700, 000 pursuant to the Financing Agree- ment. " 6. Section 8 . By deleting from the caption of Section 8 the words '-Paying Agent" and inserting in lieu thereof the words "Co-Paying Agent ; Bankers Trust Company as Co-Paying Agent" by deleting the word "paying" as it appears on line four of Section 8 between "as registrar) and" and "agent under the terms" and inserting in lieu thereof the word "co-paying" and by adding "and Bankers Trust Company , New York , New York , is hereby appointed as co-paying agent" prior to the period at the end of Section 8. -3- 7. Section 9 . By retitling Section 9 as "Remarketing Agent", by deleting "and Bankers Trust Company, New York, New York", by deleting "are" from the third line of Section 9 between "New York" and "hereby" and inserting in lieu thereof "is", and by deleting the "s" from the end of "Remarketing Agents" as it appears on the fourth line so that it will read "Remarketing Agent . " 8 . Section 15 . By deleting Section 15 in its entirety and inserting in lieu thereof the following : Section 15. Effective Date/Emergency Date/Emergency Clause . Unless the Bonds are legally issued prior to December 31 , 1983 , there is a substantial like- lihood that the Project will not go forward and that the City will lose jobs , tax base and the historic preservation of the property. There- fore, the City Council has determined that an emergency exists , and that this Bond Ordinance is to take effect immediately as an emergency measure to preserve the public peace , health, safety or property in order to take advantage of the tax benefit afforded by Section 103 of the Code and thus facilitate the completion of the Project . 9 . New Schedule A. By inserting prior to "Schedule A" the following schedule : -4- SCHEDULE A Principal Amount Year $ -0- 1984 50, 000 1985 55 , 000 1986 60, 000 1987 65 , 000 1988 70, 000 1989 75, 000 1990 80, 000 _.- _ - 199-1 90, 000 1992 100, 000 1993 105 , 000 1994 120, 000 1995 130, 000 1996 140, 000 1997 155, 000 1998 170, 000 1999 - 185 , 000 2000 200, 000 2001 220, 000 2002 240, 000 2003 260 , 000 2004 285 , 000 2005 310, 000 2006 340, 000 2007 370, 000 2008 405, 000 2009 445 , 000 2010 485, 000 2011 530, 000 2012 1 , 280, 000'- 2013 TOTAL $ 7 , 020, 000 includes repayment of Reserve Fund -5- 10. Schedule A. By deleting the entire schedule and inserting in lieu thereof the following : -6- SCHEDULE B Annual Period Interest Principal to be Annual to and Including for such Retired in such Debt Service December 1 Period Period Requirement 1984 $ 631 , 800. 00 $ -0- $ 631 , 800. 00 1985 631 , 800. 00 50, 000 681 , 800. 00 1986 627, 300. 00 55, 000 682, 300. 00 1987 622, 350. 00 60, 000 682, 350. 00 1988 616, 950. 00 65, 000 681 , 950. 00 1989 611 , 100. 00 70, 000 681 , 100. 00 1990 604, 800. 00 75, 000 679 , 800. 00 1991 598, 050. 09 80, 000 678, 050. 00 1992 590, 850. 00 90, 000 680, 850. 00 1993 582, 750. 00 100, 000 682, 750. 00 1994 573 , 750. 00 105 , 000 678, 750. 00 1995 564, 300. 00 120, 000 684, 300. 00 1996 553 , 500. 00 130, 000 683 , 500. 00 1997 541 , 800. 00 140, 000 681 , 800. 00 1998 529 , 200. 00 155 , 000 684, 200. 00 1999 515 , 250. 00 170, 000 685, 250. 00 2000 499 , 950. 00 185 , 000 684, 950. 00 2001 483, 300. 00 200, 000 683, 300. 00 2002 465, 300. 00 220 , 000 685 ,.300. 00 2003 445, 500. 00 240, 000 685, 500. 00 2004 423 , 900. 00 260, 000 683 , 900. 00 2005 400, 500. 00 285, 000 685 , 500. 00 2006 374, 850. 00 310, 000 684, 850. 00 2007 346 , 950. 00 340, 000 686 , 950. 00 2008 316, 350. 00 370, 000 686 , 350. 00 2009 283, 050. 00 405, 000 688, 050. 00 2010 246, 600. 00 445 , 000 691 , 600. 00 2011 206, 550. 00 485, 000 691 , 550, 00 2012 162 , 900. 00 530 , 000 692 , 900. 00 2013 115, 200. 00 1 , 280, 000 1 , 395, 200. 00 TOTALS : $14, 166 , 450. 00 $7, 020, 000 $21 , 186, 450. 00 * includes payment of Reserve Fund -7-