HomeMy WebLinkAbout142 - 11/19/1985 - ISSUANCE OF DOWNTOWN DEVELOPMENT AUTHORITY TAX INCREMENT REFUNDING BONDS, SERIES 1985A CERTIFIED RECORD
OF
PROCEEDINGS OF THE COUNCIL OF
THE CITY OF FORT COLLTNS , COLORADO
RELATING TO AN ORDINANCE
AUTHORIZING THE ISSUANCE OF ITS
DOWNTOWN DEVELOPMENT AUTHORITY TAX INCREMENT REFUNDING BONDS
SERIES 1985A
DATED NOVEMBER 1 , 1985
IN THE AGGREGATE PRINCIPAL AMOUNT OF $8 , 885 , 000
TABLE OF CONTENTS
( Not a part of this Ordinance )
Pane
Section 1 . Definitions and Construction . . . . . . . . . . . . . 2
Section 1 . 01 . Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Section 1 . 02. Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Section 2 . Authorization ; Purpose of Bonds ;
Preliminary and Final Official
Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Section 2. 01 . Authorization . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Section 2. 02. Purpose of Bonds . . . . . . . . . . . . . . . . . . . . . . . 10
Section 2. 03. Preliminary and Final Official
Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Section 3. Nature of Bonds ; Security ; Pledge . . . . . . . . 11
Section 3 . 01 . Nature of Bonds ; Security. . . . . . . . . . . . . . . . 11
Section 3 . 02. Pledge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Section 4 . Bond Execution , Reqistration ,
Transfer, Details and Form of Bonds . . . . . . 14
Section 4 . 01 . Bond Execution . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Section 4 . 02. Registration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Section 4 . 03 . Transfer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Section 4 . 04. Replacement Bonds . . . . . . . . . . . . . . . . . . . . . . . . 16
Section 4 . 05 . Form of Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Section 5. Issuance and Description of Series
1985A Bonds ; Interest_ Rate . . . . . . . . . . . . . . . 27
Section 5 . 01 . Issuance and Description of Series
1985A Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Section 5 . 02. Interest Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Section 6. Redemption of Series 1985A Bonds
Prior to Maturity . . . . . . . . . . . . . . . . . . . . . . . . 28
Section 6 . 01 . General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Section 6 . 02. Procedure for Redemption . . . . . . . . . . . . . . . . . 29
Section 6. 03 . Cancellation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Section 7. Sale of Series 1985A Bonds ,
Disposition
of Bond Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . 30
Section 7 . 01. Sale of Series 1985A Bonds . . . . . . . . . . . . . . . 30
Section 7 . 02. Disposition of Bond Proceeds . . . . . . . . . . . . . 30
Section 8. The Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Section 8 . 01 . Creation of Bond Fund . . . . . . . . . . . . . . . . . . . . 31
Section 8. 02. Use of Moneys in the Development
Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Section 8 . 03. Use of Moneys in the Principal and
Interest Account . . . . . . . . . . . . . . . . . . . . . . . . . 32
Section 9 . The Reserve Fund . . . . . . . . . . . . . . . . . . . . . . . . . 32
Section 9 . 01. Creation of Reserve Fund . . . . . . . . . . . . . . . . . 32
Section 9 . 02 . Liens . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Section 9 . 03. Deposits into Reserve Fund . . . . . . . . . . . . . . . 33
Section 9 . 04 . Use of Moneys in Reserve Fund . . . . . . . . . . . . 33
Section 9 . 05. Replenishment of the Reserve Fund . . . . . . . . 35
Section 9 . 06 . Payment to the City . . . . . . . . . . . . . . . . . . . . . . 35
Section 10. The Escrow Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Section 10 . 01 . Creation of Escrow Fund . . . . . . . . . . . . . . . . . . 35
Section 10. 02. Liens . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Section 10 . 03 . Deposits into Escrow Fund . . . . . . . . . . . . . . . . 36
Section 10 . 04. Use of Moneys in Escrow Fund . . . . . . . . . . . . . 36
Section 10 . 05. Authorization of Escrow Agreement . . . . . . . . 36
Section 11. The Expense Fund . . . . . . . . . . . . . . . . . . . . . . . . . 37
Section 11 . 01 . Creation of Expense Fund . . . . . . . . . . . . . . . . . 37
Section 11. 02. Liens . . . • . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Section 11 . 03 . Deposits into Expense Fund . . . . . . . . . . . . . . . 37
Section 11 . 04. Use of Moneys in Expense Fund . . . . . . . . . . . . 37
Section 12 . Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Section 13. Issuance of 1983 Notes , Additional
Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Section 13. 01 . Issuance of 1983 motes . . . . . . . . . . . . . . . . . . . 39
Section 13 . 02 . Issuance of Additional Bonds . . . . . . . . . . . . . 39
Section 13 . 03. Subordinate Securities Permitted . . . . . . . . . 40
Section 13 . 04 . Superior Securities Prohibited . . . . . . . . . . . 41
Section 13. 05. Refunding Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Section 13 . 06 . Supplemental Ordinance . . . . . . . . . . . . . . . . . . . 41
Section 14. Covenant Regardinra Arbitrage Bonds . . . . . . . 41
Section 15 . Concerning the Payinq Agents . . . . . . . . . . . . . 42
Section16. Defeasance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Section17 . Amendments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Section 18 . Proceedings Constitute the Contract ;
Events of Default ; and Remedies of
Bondholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
Section 18 . 01 . Proceedings Constitute the Contract . . . . . . 44
Section 18 . 02. Events of Default ; Remedies . . . . . . . . . . . . . . 44
Section 18 . 03 . Nonwaiver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
Section19 . Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
Section 19 . 01 . Rights and Immunities . . . . . . . . . . . . . . . . . . . . 47
Section 19 . 02. CUSIP Numbers . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
Section 19 . 03 . Ratification. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
Section 19 . 04. Facsimile Signatures . . . . . . . . . . . . . . . . . . . . . 48
Section 19 . 05 . Authorized Action . . . . . . . . . . . . . . . . . . . . . . . . 49
Section 19 . 06 . General_ Repealer . . . . . . . . . . . . . . . . . . . . . . . . . 50
Section 19 . 07. Ordinances Irrepe-lable . . . . . . . . . . . . . . . . . . . 50
Section 19 . 08 . Severabil. ity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
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 5th day of
November , 1985 , beginning at the hour of 6 : 30 p .m.
The following persons were present :
Council Members : Barbara Rutstein , Mayor
Kelly Ohlson , Assistant Mayor
John B. Knezovich
Larry Estrada
Ed Stoner
E. John Clarke
Gerald C. Horak
Acting City Manager : Rich Shannon
City Clerk : Wanda M. Krajicek
The following persons were absent :
rlone
Council Member 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 pri )r to the time said Ordinance
was introduced for each Council Memb:�r and for inspection and
copying by the general public :
ORDINANCE NO. 142 , 19R5
AN ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF FORT
COLLINS , COLORADO DOWNTOWN DFVFLOPMENT AUTHORITY TAX
INCREMENT REFUNDING BONDS , SERIES 1985A, DATED NOVEMBER 1 ,
1985 , IN THE AGGREGATE PRINCIPAL AMOUNT OF $8 , 885 , 000 , FOR
THE PURPOSE OF REFUNDING THE CITY OF FORT COLLINS , COLORADO
DOWNTOWN DEVELOPMENT AUTHORITY TAX INCREMENT BONDS , SERTES
1984A.
WHEREAS , on April 21 , 1981 , the City of Fort Collins ,
Colorado ( the "City" ) adopted Ordinance No . 46 , 1981 ,- thereby
establishing the Fort Collins , Colorado Downtown Development
AuthorityAuthority ( the "Authority" ) ; and
17HEREAS , the Authority is a bodv corporate duly created ,
established and authorized to transact business and exercise its
powers , all under and pursuant to th,� Downtown Development
Authorities Act of the State of Colorado , Section
seg. , C.R.S . , as amended ( the "DDA Act " ) ano thn r�owr�rs; of the
Authority include the power to plan ,--nd propose development and
redevelopment of public and private property within the r-entral
business district of the City hereinafter cefinerl he
" District" ) ; and
WHEREAS , the Authority' s Plan of Development was approved by
the City on September 8 , 1981 ; and
WHEREAS , on .7une 1 , 1-9R2 , :> 1 ,'c*.ion %`as held
pursuant to Section of the :DDA '`cr_ approvina the
issuance by the City of tax incr-menr ohlinar_ions in an amount
not to exceed S25 , 000 , ,M0 in the ac�;;ren �te for th��� purpose of
financing projects of the Authority ; and
WHEREAS , the City has previously issued debt obligations on
behalf of the DDA in the aggregate )rincipa]- amount $111300 , 000 ;
and
WHEREAS , on November 27 , 1984 , pursuant to the DDA Act :and
the Charter of the City, the City issued its City of Fort
Collins , Colorado Downtown Development authority Tax Increment
Bonds , Series 198AA ( the " Series ? 9`34A Bonds" ) , in the principal
amount of $8 , 200 , 000 , which bonds are secured by Piedned Revenues
( therein defined ) and are heing refunded by the Series 1985A
Bonds ( therein defined ) ; and
WHEREAS , the Council of the City ( the "Council" ) hereby
determines that it is reasonable , necessary and Drudent at this
time to issue the its Downtown Development Authority Tax
Increment Refunding Bonds , Series 1985A ( the "Series 1985A
Bonds" ) in order to provide for the refunding of the Series 1994A
Bonds , to establish a reserve fund for the Bonds , to pay the
costs of issuance of the Bonds and further to provide for the
payment of such Bonds as hereinafter provided ; and
WHEREAS , the Bonds will be secured by a pledge of certain
incremental ad valorem property taxes , and the investment
earnings thereon , collected within the District , as authorized by
Section 31-25-807 ( 3 ) ( a ) of the DDA Act ; provided , however, ad
valorem taxes of the City shall not be used or pledged for such
purposes except to the extent such ad valorem taxes constitute a
part of the Pledqed Revenues ( hereinafter defined ) ; and
WHEREAS , the Bonds will be further secured by revenues of
the City from its Sales and Use Tax ( hereinafter defined ) to the
extent and under the terms and conditions specified herein ; and
WHEREAS , the City has received a proposal for the purchase
of such Bonds upon terms favorable to and in the best interest of
the City , and the Council has deter-tined to accept the same .
BE IT ORDAINED BY THE COUNCIL r)F THE CITY OF FORT COLLINS :
Section 1 . Definitions and Construction .
Section 1 . 01. Definitions . As used in this Ordinance , the
following terms shall have the followinq meaninqs , unless the
context otherwise requires :
2 -
( a) "Additional 3onds" means bonds or other obligations
of the City issued in the future pursuant to Section 13 . 02 of
this Ordinance and having a ) i-n on Pledqed Revenues on a
parity with the Series 19857\ ?fonds and anv Additional Bonds
outstanding .
( b) "Authority" means th, ',ort Collins , Colorado ,
Downtown Development Authority .
( c ) "Bond" or "Bonds" means the Series 1985A Bonds and
any Additional Bonds issued pursuant to authorization
contained in this Ordinance .
( (I ) "Bond "und" -neans City of Fort Collins ,
Colorado Downtown Development Authority Tax Increment Bonds ,
Bond Fund established pursuant t-) Section 8 hereof , including
the Principal. arni Tnt�,rest Account and the Development
Account therein .
( e ) "BOnd hC�1�?�'r" or " i;C� � ;:_'r° or "owner" of the Bonds or
any similar term ^E,ans thy, re i ^red owner of anv Bond as
shown on the registration '000ks r ,i_-itained by the City .
( f ) "City" *Weans the City of Fort Collins , Colorado .
( q ) "DDA Act" means the Dmsnr-)wn Development
Authorities Act of the State <Ir ^olorado , Section 31-25-801
C.R. S. , as amended .
( h) " District" means the area described in the
Authority' s Plan of Development :approved by the City ' s
Ordinance No. 46 , 1981 , on September 8 , 1981 , as amended by
the City' s Ordinance No . 162 , 13g1 and Ordinance No. 2 , 1983 ,
and as may be further amended from time to time in compliance
with the DDA Act .
3 -
( i ) " Escrow Fund" means r_he City of Fort Collins ,
Colorado Downtown Development 'v',Irhority '^ax T"croment
Refunding Bonds , Series 1984A Escrow Fund ost.-iblished
pursuant to Section 10 her((Of .
( j ) " Expense Fund" means the City of Fort Collins ,
Colorado Downtown Development Authority Tax increment Bonds ,
Expense Fund established pursuant to Section 11 hereof .
( k) " Federal Securities" means ( to the extent the
following are lawful investments for funds of the City)
direct obliqations of the United States of America or
obligations unconditionally guaranteed by the United States
of P.merica .
( 1 ) "Fiscal Year" means the year period beginning on
any January 1 and ending on the next followinq December 31 .
(m) "MBIA" means the Municipal Bond Insurance
Association in its capacity as insurer of payment of
principal of and interest on the Series 1985A Bonds or any
successor to its function as issuer of a municipal bond
guaranty insurance policy with iesD�'ct r_o the Series 1985A
Bonds .
( n) " 1983 Note" or 111983 [totes" means the City' s
Downtown Development Authority Tax Tncrement Bond
Anticipation Notes , Series ,Writ 1 , 1983 , issued on June 13 ,
1983 , and refunded by the Series 1984A Bonds .
( o) "Notice by Mail" or " notice" of any action or
condition "by Mail" means a written notice meeting the
requirements of this ordinance nailed by first class mail to
the owners of registered Bonds and at the addresses shown in
the registration books maintained by the City . Notice shall
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be deemed to have been sufficienrly rliven or served for all
purposes when deposited into thne mail , first class postage
prepaid .
( p) "Opinion of Counsel " n ans a written opinion of an
attorney or firm of attorneys of national reputation in the
field of municipal bond law. Any opinion of such counsel may
be based upon , insofar as it rc, L ,tes to factual matters ,
information which is in the possession of the City as shown
by a certificate or opinion of , or representation by , an
officer or officers of the City , unless such counsel knows ,
or in the exercise of reasonable care should have known , that
the certificate or opinion or representation with respect to
the matters upon which his opinion may be based , as
aforesaid , is erroneous .
( q) "Ordinance" means this Ordinance , as from time to
time amended in accordance with Section 17 hereof .
( r) "Ordinance No. 58" means Ordinance No. 58 , 1967 , of
the City which provides for the imposition of the initial one
percent ( 191- ) Sales and Use Tax cair.hi.n the City.
( s ) "Ordinance No . 80" means Ordinance No. 80 , 1.984 , of
the City, which provides procedure for issuing replacement
bonds for bonds that become destroyed , lost or stolen .
( t) "Ordinance No . 87" means Ordinance No. 87 , 1981 , of
the City, which provides for th,_� establishment of the Sales
and Use Tax Fund .
( u) "Ordinance No. 14f1" means Ordinance No. 140 , 1979 ,
of the City, which provides for the imposition of the addi-
tional one percent ( 1% ) Sales -nd Use Tax within the City.
(v) "Ordinance No . 1-19" means Ordinance No. 149 , 1981 ,
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of the City , which provides for the imposition of the
additional one-quarter percent ( . 250 ) Sales and Usti Tax
within the City.
( w) "Outstandinq" means . h(i n used with reference to
bonds , as at any designated data , the aggregate of all Bonds
or any other securities of the city payable in whole or in
part from the Pledgee] Pevenue5 in any manner heinq executed
and delivered , except the followina :
( 1 ) Any Bond or other security of the City payable
in whole or in part from the Pledqed Revenues cancelled
by the City, by the Paying Agent , or otherwise on the
City ' s behalf , at or before such date ;
( 2) Any Bond or other security of the City payable
in whole or in part from the Pledged Revenues held by or
on behalf of the City;
( 3 ) Any Bond or other security of the City payable
in whole or in part from the Pledged Revenues for the
payment or the redemption of which moneys or Federal
Securities sufficient to meet all of the payment
requirements of the principal of , the interest on , and
any premiums due in connection with the redemption of
such Bond or other security of the City payable in whole
or in part from the Pledged Revenues to the date of
maturity or any Redemption Date thereof , shall have
theretofore been deposited in escrow or in trust with a
bank for that purpose , as provided in and required by
Section 16 hereof ; and
( 4 ) Any lost , apparently destroyed ,_ or wrongfully
taken Bond or other security of the City payable in
whol-e or in part from the Pledged Revenues in lieu of or
in substitution for which another bond or other security
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shall have been executed .lyd delivered pursuant to this
Ordinance .
( X ) °Paylnq :gent-" means rh hireCtor of Finance of the
City, or any payinq agents arc) ; City pursuant to
this Ordinance .
( y ) "Plan of DevelgDm2nt nc rh, 1�3n ,i1opt'2d by the
City by Ordinance No . 46 , 1931 .
( z) "Pledged Revenues" means , for :?ach Fiscal Year ,
that portion of ad valorem proner_ ty taxes , and the investment
earnings thereon , produced by the levy at r.he rate fixed each
year by or for each public body having taxinq power over all
or any portion of the District ur)7rl that norrion ur the
valuation for assessment of all r-,xable oron-rtv within the
District which is in excess of thf, valuation ror_ assessment
of all taxable property within the District ()n Property
Tax Base Dates , all in accordance with Section -25-
807 ( 3 ) ( a ) ( II ) of the DDA Act ; proviried , ho.�evesr , that such
amount shall be reduced by the - mount of .any co11(,ction fees
lawfully payable to the City or L=irimer County, Colorado for
services rendered in connection with th- collecr_ion of such
ad valorem property taxes ; and however ,
that in the event of a general reassessment of taxable
property in the City, the valuation for assessment of taxable
property within the District on h Property Tax Base Dates
will he proportionately adjusted in accordance with such
reassessment as required by they DD:71 Act or ether applicable
law.
( aa ) "Project" means the acquisition of real property
and land assembly, demolishing of existinq structures ,
conducting investigations and studies , and making and
constructing improvements within the District , all in
furtherance of and pursuant to the Plan of Development , as
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more fully described in any ordinance adopt,(] in connection
with the issuance of Additional Fiords .
( bb) "Property Tax 9--j- Seeptember 15 , 1980 ,
with respect to the District in the City ' s
Ordinance No. 46 , 1981 , and September. 15 , 1981 with
respect to the area added to thF, District by virtue of the
City' s Ordinance P1o. lr2 , 19,91 , and means September 15 , 1992
with respect to the area added to the District by virtue of
the City ' s Ordinance No. 2 , 19R3 , and means the applicable
date pursuant to the DDA Act with respect to such areas as
may be added to the District by appropriate leqislative
action of the City.
( cc ) "Redemption Date" means the date fixed for the
redemption prior to their maturity of any Bonds or other
designated securities payable in whole or in part from the
Pledqed Revenues in any notice of prior redemption authorized
by the City, or otherwise fixed and designated by the City.
( dd ) "Reserve Fund" means the City of Fort Collins ,
Colorado Downtown Development Authority Tax Increment Bonds ,
Reserve Fund estahlished pursuant to Section 9 hereof .
(ee ) "Sales and Use Tax" means the sales and use tax
established by Ordinance No. 8 , Ordinance No. 140 , and
Ordinance No. 149 upon sales and purchases of tangible
personal property at retail :and storage , use , distribution
and consumption of tangible personal property purchased or
acquired at retail , within the City, in such percentages as
set forth in Ordinance No. 58 , Drdinance No. 140 , and
Ordinance No. 149 or any supplements or amendments thereof .
( ff ) Sales and Use Tax Fund" means the special fund
created by Ordinance No. 87 and referred to in Section 3
hereof .
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( gg ) "Series 1984A Bond" or "Series 1984A Bonds" means
the City ' s Downtown Development Authority Tax Increment
Bonds , Series 1984A, in the aggr(,qate principal .-i-nount of
S8 , 200 , 000 , initially dated as �)f October 1 , 1.9R4 , rind
authorized by ordinance 149 , 19;14 of the City which :ire being
refunded with the proceeds of the Series 1985A Bonds .
( hh ) "Series 1985A Bond" or "Series 1985A Bonds" means
the City' s Downtown Development Authority Tax Increment
Refunding Bonds , Series 1985A, �_n the aggreqate principal
amount of not to exceed $8 , 885 , 000, initially dated as of
November 1 , 1985 , and authorized by this Ordinance the
proceeds of which are beinq used to refund the Series 1984A
Bonds and to pay expenses incurred in connection with the
issuance of the Series 1985A Bonds .
( i.i ) "State Securities" means ( to the extent the
fol_lowinq are lawful investments for funds of the City)
direct obligations of the State of Colorado or obligations
unconditionally guaranteed by the State of Colorado.
Section 1 . 02 . Construction . This Ordinance , except where
the context by clear implication otherwise requires , shall
be construed as follows :
( a ) Words in the singular number include the plural_ ,
and words in the Mural includ,J the singular .
(b ) ['lords in the masculi7 (,ender include the feminine
and the neuter , and when the seise so indicates words of the
neuter gender refer to any gen(:er .
( c ) Articles , sections , subsections , paragraphs and
subparagraphs mentioned by number , letter , or otherwise ,
correspond to the respective arrid es , sections , subsections ,
9 -
paragraphs and subparagraphs of this Ordinance so numbered or
otherwise so designated.
(d ) The titles and headlines applied to articles ,
sections and subsections of this Ordinance are inserted only
as a matter of convenience and ease in reference and in no
way define , or limit the scope or intent of , any provisions
of this Ordinance .
Section 2. Authorization ; Purpose of Bonds ; Preliminary
and Final Official Statement .
Section 2 . 01 . Authorization . Under_ and pursuant to the DDA
Act , the City' s Charter and this Ordinance , Series 1985A Bonds of
the City in the principal amount of 58 , 885 , 000 , having a final
maturity date of December 1 , 2004 , shall be issued by the City to
provide for the advance refunding of the Series 1984A Bonds and
for other purposes related thereto as hereinafter provided .
Section 2 . 02. Purpose of Series 1.985A Bonds . The proceeds
of the Series 1985A Bonds shall be used solely to provide for the
advanced refunding of the 1984A Bonds , so as to achiNve and
provide for interest cost savings , modification of lagal and
financial covenants contained in the 1.984A Bonds and restructure
of the repayment and other debt service features of the 1984A
Bonds , to establish a reserve fund for the Bonds and to pay the
Authority ' s and the City ' s costs in connection with the issuance
of the Series 1985A Bonds , including premiums associated with
insuring the prompt payment of the principal of , premium , if any ,
and interest on the Series 1985A Bonds .
Section 2 . 03 . Preliminary and Final_ Official Statement . The
Preliminary Official Statement , in substantially the form
presented to the Council , is in all respects ratified , approved
and authorized for use by Boettcher & Company, Inc . in connection
with the pric'inq , sale and marketing of the Series 1985A Bonds .
- 1.0 -
The Mayor is hereby authorized and directed to affix her
Signature to the Final Official Sratement , for -ind on behalf of
the City, in substantially the t^ram, r� s,�ntr�d it this neetinq ,
but with such change— therrein as r_. _ ;�,iministr-ative rt.aff_ may
deem necessary or appropriat � , s id��nc_��7 h�� h.'r_ .x,�cution
thereof. The distribution by th- �, itv :nil use by the nrosnective
Purchasers of the Series 1985A Bonds , inclu-linn BOf,trch,,r .c
Company, Inc , and its associar_es , �t rho F1nr3L ntfic � ai
Statement , to contain appropriate amendments and supplements , is
hereby further authorized .
Section 3. Nature of Bonds ; S,�curity ; piedr7e .
Section 3. 01 . Nature of Fronds ; Security. "he Bonds shall
be a special , limited obligation of the City and shall be payable
and collectible and equally secur,,(1 by _In irrevoeaoie pledge of
the Pledged Revenues and monies in ho Reserve Fund as provided
in Section 9 hereof , as well as the nroceds of any subsequenr_
refunding bonds issued by the Cir_v , :n,: :;,_sir,nar !,d therefor . ;_n
the event Pledged Revenues and mo � �_��s in *n�- i<es�,°rv�.' Fund are
insufficient to pay the principal n` , pri?mium , if any, and the
interest on the Bonds when ue ::n. iy in such event , moneys in
the Sales and Use Tax Fund of the C . ty �s her_-�inafter
specifically provided shall ,e a�ai_: h � the City inr_o the Bond
Fund or the Reserve Fund as herein�� ttr. provi ed in an amount
sufficient to pay principal of , pr.�ia,ium, it any, and the interest
on the Bonds when due ; provided ho. r•v r , at such time as the
Pledged Revenues , together with all OTIeYs :available from Pledged
Revenues from previous years and amounts held by the City as
capitalized interest available for ;vment of interest on the
Bonds , in each of the last two ccmpii,?r_e consecutive Fiscal Years
shall have been sufficient to pay in amount at least equal to
1500 of the principal of , premium , if any, and interest on the
Bonds and the debt service on all of the City ' s outstanding tax
increment obligations issued on a parity with the Bonds pursuant
to the DDA Act , the lien and pledge created pursuant to Section
3 . 02 hereof on Sales and Use Tax revenues of the City and the
- 11 -
City ' s Sales and Use Tax Fund shal_ 1_ be forever discharged and
released . The Bonds shall not constitute a debt or an
indebtedness of the City within th,., meaninq of any constitutional
or statutory provision or ]_ imitation of the State of Colorado or
of the Charter of the City and sh,� ] L not be considered or held to
be a general obligation of the City. Except for the Pledged
Revenues and Sales and Use Tax Revenues as specifically herein
provided , no ad valorem taxes or other revenues of the City are
pledged to the payment of the principal of or interest on the
Bonds . Neither the members of the Council nor any persons
executing the Bonds shall be liable personally on the Bonds .
The validity of the Bonds is not and shall not be dependent
upon : ( i ) the completion of any Project or any part thereof , or
( ii ) the performance by anyone of any obligation relative to any
Project , or ( iii ) the proper expenditure of the proceeds of the
Bonds .
Nothing in this Ordinance shall preclude : ( i ) the payment
of the Bonds from the proceeds of refunding bonds issued pursuant
to law, or ( ii ) the payment of the Bonds from any legally
available funds including the proceeds derived by the City or the
Authority from the leasing , sale or other disposition of real
property within the District unless such payment would result in
interest payable on any Bond being includible in the gross income
of the owner of holder thereof .
Section 3 . 02 . Pledge . There is hereby irrevocably pledged
to the payment of the principal of , premium, if any, and interest
on the Bonds , the Pledqed Revenues , as and when received , and
moneys and Federal and State Securities in the Bond Fund and the
Reserve Fund ; provided however , ad valorem taxes of the City
shall not be used or pledged for such purposes except to the
extent such ad valorem taxes constitute a part of the Pledged
Revenues . In addition, until such time as the Pledged Revenues ,
together with• all moneys available from Pledged Revenues from
previous years and amounts held by the City as capitalized 'or
- 12 -
accrued interest available for paymonr_ of interest on the Bonds ,
in each of the last two complete consecutive Fiscal Years shall
have been sufficient to pay an amour:t at jec.�sr_ equal to 1504 of
the principal of , premium , if any , -nd interest on the Bonds and
the debt service on all of the Citv ' s outstandinq tax increment_
Obligations issued on a parity wir_h the Bonds pursuant to the DDA
Act , the City hereby irrevocably pledges to the payment_ of
principal of , premium , if any , and interest on the Bonds and
hereby creates a lien for such purposes on revenues of the City ' s
Sales and Use Tax and on the moneys in the Sales and Use Tax
Fund ; provided however , at such time as the Pledged Revenues ,
together with all moneys available from Pledged Revenues from
previous years , in each of the last two complete consecutive
Fiscal Years shall have been sufficient to pay an amount at least
equal to 150 of the principal of , premium, if any, and interest
annually due on the Bonds (other than such debt service due in
the year 2004 ) and the debt service on all of the City ' s
outstanding tax increment obligations issued on a parity with the
Bonds pursuant t_o the DDA Act , the lien and pledge created
pursuant to Section 3 . 02 hereof on Sales and Use Tax revenues of
the City and the City ' s Sales and Use Tax Fund shall he forever
discharged and released ; provided however , that prior to the
discharge and release of the lien and pledge on the City ' s Sales
and Use Tax Revenues , the City shall deposit such amounts , if
any, as required to restore the Reserve Fund to a balance of
moneys at least equal to 51 , 000 , 000 ; and provided further, until
discharged or released such pledge :and lien shall be subordinated
to all liens on said Sales and Use Tax revenues and the Sales and
Use Tax Fund moneys created as security for indebtedness of the
City so long as the ratio of Sales and Use Tax revenues to debt
service on obligations secured there:�y, including the Bonds , is
greater than 5 to 1. If such lian -as not been discharged and
released and in the event such ratio is less than 5 to 1 at any
time , and so long as the ratio remains less than 5 to 1 , the
pledge and lien to secure the Series 1985A Bonds authorized by
this Ordinance on revenues from the Sales and Use Tax and on the
- 13 -
Sales and Use Tax Fund shall be on ; oari. ty with all indebtedness
of the City secured by the Sales anci 1'se Tax revenues and the
Sales and Use Tax Fund . The City ,__:rth�r covenants and agrees
that ( i ) if Series 19n�5A Bonds .-!r,, ,utstandinc .iftr January 1 ,
2002 and ( ii ) so long as the c,f �n<l Lien on Sales and Use
Tax revenues of the City and the C ,tv ' s Sales and tTsa Tax Fund is
in force pursuant to this Section ' . 02 , to the extent not
otherwise prohibited by law, the C ty will a ,, intain at all_ times
the Sales and Use Tax Fund as a fund of the City separate and
distinct from all other funds of the City and will continue to
levy, impose , administer , enforce and collect the Sales and Use
Tax in an amount at least sufficient to timely pay the principal
of , premium, if any, and interest on the Series 1985A Bonds .
The Pledged Revenues , as received by the City, shall
immediately be subject to the lien of the pledge hereof , without
any physical delivery thereof , any filing or any further act , the
lien of such pledge and the obligation to perform the contractual
provisions made in this Ordinance shall have priority over all
other obligations and liabilities of the City , and the lien of
such pledge shall be valid and binding as against all persons
having claims of any kind in tort , contract or otherwise against
the City, irrespective of whether such persons have notice
thereof ; provided however , nothing contained herein shall be
construed as creating a lien on the City ' s Sales and Use Tax Fund
superior to or on a parity with the lien on such Fund in favor of
obligations of the City now secured or to be secured in the
future by such Fund .
In addition , there is hereby irrevocably pledged to payment
of the Bonds the proceeds of any refunding obligations issued by
the City, and designated therefor .
Section 4. Bond Execution , Registration , Transfer , Details
and Form of Bonds .
Section 4 . 01 . Bond Execution . The Bonds shall be issuable
- 14 -
only as fully registered bonds in the denomination of $5 , 000 or
any integral multiple thereof . The Bonds shall he signed by and
on behalf of the City with the facsimile sign-ture of the Mayor ,
shall bear a facsimile of the seal cf the Cite , shall he signed
and attested with the facsimile signature of the City Clerk , and
shall be countersigned with the manual signature of the City
Finance Director. Should any officer whose facsimile or manual
signature appears on the Bonds cease to be such officer before
delivery of the Bonds to the purchasers thereof , such facsimile
or manual signature shall nevertheless be valid and sufficient
for all purposes . The facsimile signatures provided for herein
shall be placed on the Bonds in the manner set forth in Section
11-55-101 et seq. , C.R. S. , as amended .
Notwithstanding the foregoing , the Bonds may be issued in
temporary form, as one or more fully registered bonds , in any
denomination or denominations. Such temporary Bonds shall
otherwise be in the form herein provided , and executed and
authenticated as herein provided . Temporary Bonds shall he
exchanged for Bonds in definitive form without charge as soon as
practicable , at which time the City shall cancel all temporary
Bonds surrendered for definitive Bonds .
The Bonds and any temporary bonds issued hereunder shal-i he
fully negotiable within the meaning of and for all purposes of
Article 8 of Title 4 , C. R. S.
Section 4 . 02 . Registration . The City will cause to be kept
at the office of the City Clerk a --,,cord of the Bond or Bonds
outstanding upon and subject to whir,h it will -)rovide for_ the
registration or transfer of ownersnirn of the Bonds . The Bonds
shall be transferable by the regist r- d owner in person or by its
attorney or nersonal representative duly authorized in writing ,
upon surrender of the Bonds together with a written instrument of
transfer , duly executed by the transf„ror or its duly authorized
agent , and , if requested by the City Clerk , a legal opinion as to
exemption from registration satisfactory to the City Clerk. Upon
- 15 -
such transfer the City Clerk shall note the date of registration
and the name and -address of the new owner in such record and in
the registration blank appearing nn the Bonds .
Section 4. 03. Transfer. Said Bonds shall not be
transferred or exchanged except in accordance with applicable
securities laws , requlations and rules and except with such
disclosure as may be appropriate under the circumstances of fact
material to the investment decision of a prudent investor
documented to the reasonable satisfaction of the City and its
counsel . The City hereby disclaims any responsibility for such
disclosure and hereby advises any transferor that such disclosure
is solely the obliqation of such transferor .
Section 4. 04 . Replacement Bonds . The procedure applicable
to any Bond that becomes mutilated , destroyed , lost or stolen
shall be as set forth in Ordinance No . 80 , as such ordinance may
be amended from time to time .
Section 4 . 05 . Form of Bonds . The Bonds shall be in
substantially the following form , with such omissions ,
insertions , endorsements , and variations as to recitals of fact
or other provisions as may be required by the circumstances and
as may be required or permitted by this Ordinance , and as may be
necessary or appropriate to conform to the rules and requirements
of any governmental authority or to any usage or requirement of
law with respect thereto:
16 -
(Form of Bonds
No . R- $
UNITED STATES OF AMERICA
STATE OF COLORADO
COUNTY OF LARIMER
CITY OF FORT COLLINS, COLORADO
DOWNTOIN DEVELOPMENT AUTHORITY
TAX INCREMENT REFUNDING BOND
SERIES 1985A
INTEREST RATE MATURITY DATE DATED AS OF CUSIP
NOVEMBER 1 , 1985
KNOW ALL PERSONS BY THESE PRESENTS THAT THE CITY OF FORT
COLLINS ( the "City" ) , in the County of Larimer and State of
Colorado, for value received , hereby promises to pay to the order
of the registered owner identified )n the reverse side hereof ,
solely from the special funds pr(,vi�ied therefor and hereinafter
specified , the Principal Sum stated above , as ^ereinafter set
forth, on the Maturity Date stated hove , and to oay solely from
said special funds interest hereon -mm the Gate hereof to the
Maturity Date hereof at the per -3nn,im Inrert;st stated above
payable commencing June 1 , 1986 , anal semiannually thereafter on
June 1 and December i of each year .
The principal of and interest E>n this Bond is payable in
lawful money of the United States of America , without deduc-tion
- 17 -
for exchange or collection charges , out of the special funds
hereinafter specified , but not otherwise , to the registered owner
hereof as shown on the registration books kept for that purpose
at the office of the City Clerk nt � j City, in Fort Collins ,
Colorado , as registrar , or her succt•ssor ( the " registrar" ) , upon
maturity and presentation and surr�,nr;,r of this hond at the
office of the Director of Finance ()t the City, in Fort Collins ,
Colorado, as paying agent , or his .�t:cCessor ( the "paying agent" ) .
The interest hereon shall be paid to the registered owner hereof
by check or draft mailed by the paying agent , on or before each
interest payment date (or , if such interest payment date is not a
business day, on or before the next succeeding business day) , to
such registered owner at his address as it last appears on the
registration books kept for that purpose by the registrar. If ,
upon presentation at maturity, payment of this Bond is not made
as herein provided , interest hereon shall continue at the same
rate per annum until the principal hereof is paid in full .
Reference is hereby made to the further provisions of this Bond
set forth on the reverse side hereof and such further provisions
shall for all purposes have the same effect as if set forth on
the front side hereof .
This Bond shall not be valid or obligatory for any purpose
until the registrar shall have manually signed the provision for
registration herein .
It is hereby recited , certified and declared that any and
all acts , conditions and things required ro exist , to happen and
to be performed precedent to and in r_he issuance of this Bond
exist , have happened and have been performed in due time , form
and manner as required by the Consr_itution and laws of the State
of Colorado.
IN WITNESS WHEREOF , the Council of the City of Fort Collins ,
Colorado, has caused this Bond to be signed by 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
- 18 -
siqned and attested with a facsimile SiCnat_ure cf the City Clerk
of the City, and to be countersigned wir_h the manual .signature of
the Director of Finance of the Citv , till as of the f4 rst 4-M'7 of
November , 1985.
CITY OF FORT COLLINS , COLOR:ADO
By : ( Facsimile Siqnature )
Mayor
( FACSIMILE)
( SEAL)
Countersigned : ATTEST:
( t4anual Siq_ nat_ure ) ( Facsimile Siqnature )
Director of Finance City Clerk
19 -
[Back of Bond Forml
CITY OF FORT C LL I`iS , COLOI2ADO
DOWNTO'r7N DEVELOPMENT AUT110RITY
TAX INCRuMENT REFUNDING BOND
UFRIES 1935A
This Bond is one of a series of Bonds issued by the Council
of the City of Fort Collins , Colorado , on behalf of said City and
the Fort Collins , Colorado Downtown Development Authority ( the
"Authority" ) in the aggregate principal amount of $8 ,885 , 000 ,
initially dated as of November 1 , 1985 ( the "Bonds" ) , for the
object and purpose of providing for the refunding of the City ' s
Downtown Development Authority Tax Increment Bonds , Series 1984A,
establishing a reserve fund for the Bonds , and paying the costs
of issuance of the Bonds ; provided , however , ad valorem taxes of
the City shall not be used or pledged for such purposes except to
the extent such ad valorem taxes constitute a part of the Pledged
Revenues hereinafter described .
The Bonds of this issue maturing on or before December 1 ,
1991 , are not redeemable prior to their respective maturity date .
Bonds of this issue maturing on or after December 1 , 1992 are
redeemable prior to their respective maturity dates , at the
option of the City, in inverse numerical order , on December 1 ,
1991 , and on any interest payment date thereafter, at the
redemption prices ( expressed as a percentage of principal amount )
set forth in the following table , together with accrued interest
thereon to the Redemption Date defined in the Ordinance .
Redemption Period Redemption
( Dates Inclusive ) Price
December 1 , 1991 to November 30 , 1992 102
December 1 , 1992 to November 30 , 1993 101 1/2
December 1 , 1993 to November 30 , 1994 101
- 20 -
December 1 , 1994 to November 95 1100 1/2
December 1 , 1995 and then .attr 100
In the event this the City shall
give notice , in the name -_._ Af tht2 redemption of such
Bond , which notice shall the Bonds to be redeemed ,
the Redemption the r �r!C-9) , 9. price , and the place or
places where amounts ('ue ii--a s,._._. retlomotion will be payable
(which shall he the principal otti.e of any Paying Agent for the
Bonds ) and , it less than all of the Bonds are redeemed , the
numbers of the Bonds , and the portions of Bonds so to be
redeemed , ( ii ) state anv condition to such redemption and ( iii )
state that on the Redemption Date , and upon the satisfaction of
any such condition , the Bonds to be redeemed shall cease to bear
interest. Such notice shall be :riven by Mail at least thirty
( 30) days prior to the date fixed for redemption to the
Reqistered Owners of the Bonds to he redeemed ; provided however. ,
that failure duly to give such notice by mail , or any defect
therein , shall not affect the validity of any proceedings for the
redemption of Hands .
This Bond and the Bonds of the series of which this is one
are a special , Limited obligation -:)r the City and the full faith
and credit of the City is not plenq,�d to pay the principal of or
interest on this Bond .
THIS BOND AND THE INTEREST ' HEREON SHALL NEVER CONSTITUTE
THE DEBT OR INDEBTEDNESS OF THE CITY WITHIN THE MEANING OF ANY
PROVISION OR LIMITATION OF T3E CO%^'TITUTION OR ANY STATUTE OF THE
STATE OF COLORADO. Payment of tie ,)r. incipal of and interest on
this Bond shall be made solely `- m , and as security for such
payment there are irrevocably (but lot necessarily exclusively )
pledged , pursuant to the Ordinance , two special funds identified
as the "City of Fort Collins , Calor_ado Downtown Development
Authority Tax Increment Refunding Bonds , Bond Fund" and "City of
Fort Collins , Colorado Downtown Development Authority Tax
Increment Refundinq Bonds , Reserve Fund , " into which funds the
- 21 -
City has covenanted in the Ordinance to pay, respectively, from
the Pledged Revenues ( herein defined ) sums sufficient to pay when
due the principal of and interest on the Bonds of the series of
which this is one and any additional rarity securities hereafter
issued and payable from such revenues , and from the proceeds of
the sale of the Bonds , to accumulate and maintain a specified
reserve for such purposes . In addition , under certain
circumstances and subject to the restrictions , terms and
conditions specified in the Ordinance , the City has pledged Sales
and Use Tax revenues and its Sales and Use Tax Fund to secure the
Bonds .
It is hereby recited , certified and warranted that for the
payment of this Bond and of the interest hereon , the City has
created and will maintain said special funds and will deposit the
Pledged Revenues therein , out of the amounts and revenues
specified in the Ordinance referred to above authorizing the
issuance of this Bond , and out of said special funds , as an
irrevocable charge thereon , will pay this Bond and the interest
hereon , in the manner provided by the Ordinance .
The Bonds of the series of which this is one are equitably
and ratably secured by a lien on the Pledged Revenues and such
Bonds constitute an irrevocable and first lien ( but not
necessarily an exclusive first lien ) upon the Pledged Revenues .
Bonds and other types of securities , in addition to the Bonds of
the series of which this is one , subject to expressed conditions ,
may be issued and made payable from the Pledged Revenues having a
lien thereon subordinate and junior t_o the lien of the Bonds of
the series of which this is one or , subject to additional,
expressed conditions , having a lien thereon on a parity with the
lien of such Bonds in accordance witn the provisions of the
Ordinance. Except as otherwise expressly provided in this Bond
and the Ordinance , the Pledged Revenues are assigned , pledged and
set aside to the payment of this Bond , the series of Bonds of
which this Bond is one , and the interest hereon and thereon in
anticipation of the collection of the Pledged Revenues .
- 22 -
"Pledged Revenues" mean , for _ach Fiscal Year ( as defined in
the Ordinance ) that portion of ar, ea1:�r_em property rases , and the
investment earnings thereon , producrc by the levy !t the rate
fixed each year by or for each pu')lic body having taxinq power_
over all or any portion of the District ( as defined in the
Ordinance ) upon that portion of t`r, valuation for assessment of
all taxable property within the District which is in excess of
the valuation of assessment of the raxahle property within the
District on the Property Tax Base Dates defined in the Ordinance ;
provided , however, that such amount shall be reduced by the
amount of any collection fees lawfully payable to Larimer County
or the City for services rendered in connection with the
collection of such ad valorem property taxes ; and provided
further, however, that in the event of a general reassessment of
taxable property in the City, the valuation for assessment of
taxable property within the District on the Property Tax Base
Dates will be proportionately adjusted in accordance with such
reassessment .
For the redemption of the Bonds of this series maturing on
December. 1 , 2004 , the City shall deposit in the Principal and
interest Account of the Bond Fund , as established under the
Ordinance , on or before December 1 , 2001 , and on or before each
December 1 thereafter to and includinq December 1 , 2004 , a sum
which, together with other moneys available therefor in the
Principal and Interest Account of the Bond Fund , is sufficient to
redeem the Bonds maturing on Decembber 1- , 2004 in the principal
amounts as set forth in the Ordinance .
The City covenants and agrees v. ith the holder of this Bond
and with each and every person who gray become the holder hereof
that it will keep and will perform ;--.11 of the covenants contained
in this Bond and the Ordinance authorizing the issuance hereof .
Reference is hereby made to the Ordinance of the Council of
the City authorizing the issuance of this Bond for a description
of the provisions , terms and conditions upon which this Bond is
- 23 -
issued and secured , includinq , without limitation , the nature and
extent of the security for this Bond , or.ovisions with respect to
the custody and application of the proceeds of this Bond , the
collection and disposition of the proceeds charged with and
pledged to the payment of the principal of and interest on this
Bond , a description of the special funds referred to above and
the nature and extent of the security and pledge afforded thereby
for the payment of this Bond and rho interest hereon and the
manner of enforcement of said pledge , and the rights , duties ,
immunities and obligations of the City and the members of its
Council and also the rights and remedies of the holders of the
Bonds .
STATE OF COLORADO )
COUNTY OF LARIMER ) SS . LEGAL OPINION CERTIFICATE
CITY OF FORT COLLINS )
IT IS HEREBY CERTIFIED that the legal opinion on the City of
Fort Collins , Colorado Downtown Development Tax Increment
Refunding Bonds , Series 1985A, is a copy of the original legal
opinion of the firms of Kutak Rock 4 Campbell and Fischer , Brown ,
Huddleson & Gunn , as Co-Bond Counsel , in substantially the torm
delivered to the City and that sucn original legal opinion is
signed on behalf of said firms of attorneys nn or prior to the
issuance , sale and delivery of such Bonds .
CITY of FORT COLLINS , COLORADO
By : ( Facsimile Signature )
City Clerk
[Opinion of Co-Bond Counsel to Appear Here]
[MBIA Statement of Insurance to be supplied by MBIA]
- 24 -
PRO� TSION FOR KEGISTRATIOP
This bond is registered in the office of the City Clerk of
the City of Fort Co Llins , in For': C llins , Colorado , as
registrar, or her successor , in th ? name of the last owner listed
below; and the principal .and interest on this Bond shall be
payable only to such owner , all. in accordance with the ordinance
author. izino the issuance of this on�i . No transfer of this Bond
shall be valid unless madr� on the r-�gistration books kept by the
registrar by the registered owner or his duly authorized attorney
and noted in the registration blank below.
NAME OF REGISTERED OWNER
DATE OF AND ADDRESS , TAX I . D. NUMBER SIGNATURE OF
REGISTRATION OR SOCIAL SECURITY NUMBER REGISTRAR
[End of Form of Bond ]
- 25 -
[Form of Assignment]
ASSIGNMENT
FOR VALUE RECEIVED, , the undersigned ,
hereby sells , assigns and transfers unto
TAX IDENTIFICATION
OR SOCIAL SECURITY NO.
( Please print or Type Name and Address of Transferee ;
the within bond and all rights thereunder_ , and hereby irrevocably
constitutes and appoints
attorney
to transfer the within bond on the books kept for registration
thereof , with full power of substitution in the premises .
Dated :
NOTICE : The signature to this
assignment must correspond s✓ith
the name as it appears upon the
Signature Guaranteed : f-ice of the within bond in
�,v-ry particular , without
-11 �t�rarion or or
wh3taVer .
NOTICE : Signature ( s ) must i)e
guaranteed by a member firm of
the New York Stock Exchange or
a commercial bank or trust
company.
- 26 -
Section 5 . Issuance and Description of Series 1985A
Bonds ; interest Rate .
Section 5 . 01 . Issuance and Description of Series 1985A
Bonds . The Series 1985A Bonds shall be issued solely in the
aggregate principal amount of 83 , 835 , 000 and shall be designated
"City of Fort Collins , Colorado Downtown Development Authority
Tax Increment Refunding Bonds , Series 1985A. " The Bonds shall be
numbered consecutively from "R-1" upward , shall be issued in
denomination of $5 , 000 or any integral multiple thereof and shall
be dated as of November 1 , 1985 . Interest on the Series 1985A
Bonds shall be payable commencing on June 1 , 1986 , and
semiannually thereafter on June 1 and December 1 of each year
until maturity. Each Series 1985A Bond shall bear interest until
the principal sum thereof has been paid ; provided , however , that
if Series 1985A Bonds have been called for redemption and funds
are available for the payment on the redemption date thereof in
full accordance with the terms of tilis Ordinance , the Series
1935A Bonds shall then cease to beer interest .
The Bonds shall :mature on the 1st day of December in the
principal amounts and years , and ::1) 411 Sear ;D�u innum interest it
the rates as shown in the t,r)l1owin,) schedule :
Maturity Dates -i ;, , 1
Interest
( December 1
- 'noun 2.s Rate
1991 5115 , _)n0
7 . 200
1992 3"5 , 0 7 . 40
1993 195 , ,�00 7 . 60
1994 135 , rlc0 7 . 80
1995 1165 , 0,i0 8 . 00
1996 495 , 0''0 8 . 20
1997 530 , fir 0 8 . 40
1998 565 , UCu) 8 . 55
1999 610 , I)n0 8 . 70
2000 655 , un0 8 . 85
2001_ 720 , 000 9 . 00
2002 780 , 000 9 . 10
2003 840 , 000 9. 15
2004 1 , 905 , OCIp 9. 20
- 27 -
The principal of the Bonds shall he nayable in lawful money
of the United States of America and -3hall he payable t_o the
registered owner thereof gs shown n `he registration books kept
for that purpose at the office. of City Clerk of the City, in
Fort Collins , Colorado , as registr_<,r , or hor successor , upon
maturity and presentation and su mrn1r of any Bond at the otf_ ice
of any Paying Agent . The int,�r_esr on the Bonds shall be paid to
the registered owner th-roof by cic or dr_att mailed by the
Paying Agent_ , on or before each interest payment date (or , if
such interest payment date is not a business day, on or before
the next succeeding business day) , to such registered owner at
his address as it last appears on the registration books kept for
that purpose by the City Clerk . If , upon presentation at
maturity, payment of any Bond is not made as provided , interest
thereon shall continue at the same rate per annum until the
principal hereof is paid in full .
Section 5. 02. Interest Rate . The maximum net effective
interest rate authorized for the Series 1985A Bonds is fifteen
percent ( 15° ) per annum. The actual net effective interest rate
on the Series 1985A Bonds is 9 . 002232� per annum.
Section 6 . Redemption of Series 1985A Bonds Prior to Maturity.
Section 6 . 01 . General_ . Series 1985A Bonds maturing on or
before December 1 , 1991 , are not redeemable prior to their
respective maturity dates . Series 1985A Bonds maturing on or
after December 1 , 1992 , are redeemable prior to their respective
maturity dates , at the option of the City, in denominations of
$5 , 000 or any integrat multiple thereof , in inverse order of
maturity, bonds within a single maturity to be selected by lot by
the City, on December 1 , 1991 , and on any interest payment date
thereafter , at the redemption prices ( expressed as a percentage
of principal amount ) set forth in the following table , together
with accrued interest thereon to the Redemption Date .
- 28 -
P.edemrition Period Redemption
( Dates Inclusiwe ) Price
December 1 , 1991 through November 30 , 1992 1020s
December 1 , 1992 through November 30 , 1993 101 -1/2
December 1 , 1993 through November 30 , 1994 101
December 1 , 1994 through November 30 , 1995 .100-1/2
December 1 , 1995 and thereafter Too
Section 6 . 02. Procedure for Redemption. In the event any
of the Bonds are called for redemption , the City shall select by
lot the Bonds to he redeemed and shall give notice , in the name
of the City, of the redemption of such Bonds , which notice shall
( i ) specify the Bonds to be redeemed , the Redemption Date , the
redemption price , and the place or. P1_ac43s where amounts due upon
such redemption will be payable ( which shall be the principal
office of any Paying Agent for the Bonds ) and , if less than all
of the Bonds are to be redeemed , the numbers of the Bonds , and
the portions of Bonds so to be redeemed , ( ii ) st�-� r_e any condition
to such redemption and ( iii ) state chat on the Redemption Date ,
and upon the satisfaction of any such condition , the Bonds to be
redeemed shall cease to bear inure:>t . Such notice shall be
given by "-fail at least thirty ( 30 ) ;lays prior to the date fixed
for redemption to the oWners of 30nds to 'oe redeemed ;
provided however , that failure duly to give such notice by Mail ,
or any defect therein , shall not the validity of any
proceedings for the redemption of ")nds . ^Jot_ice shall also be
given to the following :
Boettcher & Company, Tnc .
828 l7th Street
Denver , Colorado 30202
Section 6 . 03 . Cancellation . All Bonds which have been paid
or redeemed and paid , shall not he reissued and they shall be
cancelled and destroyed .
29 -
Section 7 . Sale of Series 1985A Bonds , Disposition of Bond
Proceeds .
Section 7 . 01 . Sale of Series 1985A Bonds . The Series 1985A
Bonds shall be sold to Boettcher & Company, Inc . , Denver ,
Colorado , at a price of Ninety-Seven and twenty-five one-hundreds
percent ( 97 . 250 ) of par plus accrued interest from November 1 ,
1985 , to the delivery date , as set forth in the Bond Purchase
Agreement attached hereto as Exhibit A. The Director of Finance
of the City is hereby authorized and directed to execute and
deliver the Bond Purchase Agreement for and on behalf of the City
in substantially the form attached to this Ordinance as Exhibit
A, but with such minor changes thereto as are consistent with
this Ordinance and as are approved by the _Director of Finance .
The execution of the Bond Purchase Agreement by the Director of
Finance shall constitute conclusive evidence of the approval of
the form and content thereof for and on behalf of the City.
Section 7 . 02. Disposition of Bond Proceeds . Upon receipt
of the purchase price established above , the Series 1935A Bonds
shall be delivered by the City to Boettcher & Company, Inc . and
the proceeds thereof shall be applied as follows :
( a ) The accrued interest raid with respect to the Series
1985A Bonds shall be deposited to the =_,(iit of the Principal
and Interest Account of the Bond Fund .
( b) $ 1 , 000 , 000 with respect to the Series 1985A Bonds
shall be deposited in the Reserve Fund ; provided however ,
such amount shall be reduced to the extent and in the amount
funds are transferred to the Reserve Fund hereunder from the
Reserve Fund established with respect to the Series 1984A
Bonds .
( c) The cost of issuance with respect to the Series 1.985A
Bonds , including the cost of the premiums on account of the
insurance policy provided by MBIA insuring the payment when
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due of the principal_ of and int �r-est on the Series 1985A
Bonds , shall he deposited in the Expense Fund .
( d ) An amount sufficient `o pay when due the principal of ,
premium, if any, dnd interest on the 1984A Bonds shall be
deposited in the Escrow Fund .
( e ) The balance of the proceeds , if any, shall be
deposited to the credit of the 2rincipal and Interest Account
of the Bond Fund .
Section 8 . The Bond Fund .
Section 8 . 01 . Creation of Bond Fund . There is hereby
created and established with the City a special fund called the
"City of Fort Collins , Colorado Downtown Development Authority
Tax Increment Bonds , Bond Fund . " The Bond Fund shall contain two
separate accounts to be known as the "Principal and Interest
Account" and the " Development Account . " So long as any of the
Series 1985A Bonds herein authorized or any Additional Bonds , or
any interest thereon , remain unpaid , the moneys in the foregoing
Bond Fund shall be used for no purpose other than those required
or permitted by this Ordinance .
Section 8 . 02 . Use of 'Moneys in the Development Account .
There shall be deposited in the Development Account the sums
remaining in the Development Account established with respect to
the Series 1984A Bonds , together with such amounts as may be
directed to be deposited therein in any subsequent ordinance
authorizing Additional Bonds . The moneys set aside and placed in
the Development Account shall remain therein until from time to
time expended by the City pursuant -o the requisite appropriation
ordinances of the City solely for t-he purpose of financing all or
a portion of the cost of the Projecr contemplated by the
ordinance authorizing the issuance of the Series 1984A Bonds , or
with respect 'to Additional Bonds , the cost of any Project
contemplated by the Ordinance authorizinq the issuance thereof ,
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other costs related thereto including undertakings set forth in
the DDA Act , and any necessary expenses incurred in connection
with the issuance and sale of the Bonds and fees of any Paying
Agent not paid from the Expense Fund , as well as the payment of
the principal of and interest on r_he Bonds to the extent of any
deficiency of funds in the Principal and Interest Account and the
Reserve Fund .
If any sum remains in the Development Account after the full
accomplishment of the objects and purposes for which the Bonds
were issued , as determined by the City, said sum shall be
transferred to the Principal and Interest Account .
Section 3 . 03 . Use of Moneys in the Principal and Interest
Account . There shall be deposited in the Principal and Interest
Account the sums set forth in Sections 7 . 02( a ) , 7 . 02 ( c ) and
7 . 02 ( f ) hereof , together with such amounts as may be directed to
be deposited therein in any subsequent ordinance authorizing
Additional Bonds . In addition , all Pledged Revenues and other
moneys designated by the City , except as hereinatter provin'(-ri ,
shall be deposited as received by the City in the Principal and
Interest Account. Such Pledged Revenues so accumul,3ted in the
Principal and Interest .account shell be used solely for the
purposes of payinq the principal ot , or_emium, it any , -ind
interest on the Bonds and for no other purpose so long as any
Bonds remain outstanding and unpaid. .
Section 9 . The Reserve Fund .
Section 9 . 01 . Creation of Pt,serve Fund . There is hereby
created and established with the City a special fund in the name
of the City to be designated "City of Fort Collins , Colorado
Downtown Development Authority T.ix Tncr. ement Bonds , Reserve
Fund . "
Section 9 . 02 . Liens . The City shall not create any lien
upon the Reserve Fund other than the lien hereby created .
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Section 9 . 03 . Deposits into R+ serve Fund .
( a ) There sh.�i1.1 be i. --ed into the Reserve Fund
( i ) from the p e :,eries 1985A Bonds an
amount equal to Sl , ��)� , 00�) ; pu,)vided however, such
amount shall he reduced to the <-xtent and in the amount
funds are transferr ,-i *-' t_ , Pes-.?rve Fond hereunder from
the Reserve Fund established with respect to the Series
1984A Bonds ;
( ii ) all other moneys received by the City from any
other source when accompanied by directions by the City
that such moneys are to be naid into the Reserve Fund ;
and
( iii ) such amounts as may be directed to he deposited
therein in any subsequent ordinance author-izinq
Additional Bonds .
( b ) All income or other .;�iin from the inv-2stment of
moneys in the Reserve Fund shail be deposited) into the
Reserve Fund . If , as a result of `he accumni'Lition of income ,
the amount of moneys in the R,,sr;rv: Fund ,,xceE,(,s 51 , 000 , 000 ,
such excess shall be transferred Annually to the Development
Account of the Bond Fund ; however-, ;)ri<;r to any such
transfer to the said Developm�>nt '.ccnunt Of the E3ond Fund ,
the City may use moneys in the Reserve Fund in excess of
$1 , 000 , 000 to reimburse the City for funds nreviously
deposited by the City in t`:e 3onl Fund or the Reserve Fund
from sources other than Pledged P-avenues .
Section 9 . 04. Use of FIoneys in Reserve Fund . The Reserve
Fund shall be in the custody of the City , and shall he used as
follows :
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( a ) If the Citv deter_min,,s that on the business Slav next_
preceding any interest payment. ? -1te with rt,spect to the
Bonds , there are insufficient r, in rho Bnnd Fllinkl
available to pay the int-�rest t � be p,�id on the T3on,is on such
interest payment ;late , the it-y shalt tr-3nsfer from monevs i.n
the Reserve Fund to the Bond Fun,3 the amount ( to the extent
available ) which , when added to the amount of monevs in the
Bond Fund available for r.he pay--i,?nt of interest , will equal
the interest to be paid on the 3onds on such interest payment
date.
(b) If the City determines that on the business day next
preceding the maturity or redemption date of any of the
Bonds , there are insufficient moneys in the Bond Fund
available to pay the sum of
( i ) the principal of the Bonds that will become due
and payable (whether by virtue of maturity or
redemption ) on such maturity date ,
( ii ) any applicable redemption premium, and
( iii ) any accrued interest which will become due and
payable on such maturity or redemption date ,
the City shall transfer from moneys in the Reserve Fund to the
Bond Fund the amount ( to the extent_ available ) which, when added
to the moneys in the Bond Fund available for payment of such sum,
will equal the sum coming due on the Bonds on such maturity or
redemption date .
Within seven ( 7 ) business days .after any transfer of moneys
from the Reserve Fund to the Bond Fund pursuant to this Section
9 . 04 , the City shall give written notice to MBIA ( 34 South
Broadway, White Plains , New York 10602, or at such other address
as may be specified in writing by MBIA to the City) of the date
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and amount of any such transfer. .
Section 9 . 05 . Renlenishment of the Reserve Fund . At anv
time the balance of monevs in the Reserve Fund is less than
$1 , 000 , 000 , prior to making additional deposits to any Fund
including the Bond Fund , the City shall cause any available
Pledged Revenues to be deposited in the Reserve Fund in amounts
sufficient to replenish the balance of moneys in the Reserve Fund
to a level at least equal to $ 1 , 000 , 000 . Prior to the discharge
and release of the lien and pledge created pursuant to
Section 3 . 02 hereof , in the event that Pledged Revenues are
insufficient to replenish the Reserve Fund , the City shall not
later than December 31 of each fiscal year replenish the Reserve
Fund to a level at least equal to $ 1 , 000 , 000 from moneys in the
Sales and Use Tax Fund of the City.
Immediately prior to the discharge and release of the lien
and pledge created pursuant to Section 3 . 02 hereof , the City
shall deposit into the Reserve Fund an amount sufficient to
replenish the balance of moneys in the Reserve Fund ro a LeveL at
least equal to $1 , 000 , 000 . If the City is required to replenish
the Reserve Fund pursuant to the .ibovo—, provision , the Authority
shall be obligated to reimburse the �"ity for the amount deposited
into the Reserve Fund .
Section 9 . 06 . Payment to the City . Any monies remaining in
the Reserve Fund , after payment in `_:11 :)f_ the principal of ,
redemption premium, if any , find int:lr_est on the Bonds , shall be
paid to the City.
Section 10 . The Escrow Fund .
Section 10 . 01 . Creation of Escrow Fund . There is hereby
created and established with the City a special fund in the name
of the City to be designated "City of Fort Collins , Colorado
Downtown Development Authority Tax Increment Refunding Bonds ,
Series 1984A Escrow Fund , " which is hereby pledged and shall be
used by the City to pay when due the principal of , premium, if
- 35 -
any, and interest on the Series 1984A Bonds .
Section 10. 02. Liens . The City shall not create any lien
upon the Escrow Fund other than the Lien hereby created .
Section 10 . 03. Deposits into Escrow Fund .
( a ) There shall be deposited into the Escrow Fund from the
proceeds of the Bonds an amount which shall be sufficient , or
Federal or State Securities which shall not contain
provisions permitting the redemption thereof at the option of
the issuer , the principal of and the interest on which when
due , and without any regard to reinvestment thereof , will
provide moneys which shall be sufficient , to pay when due the
principal of , premium, if any, and interest due and to become
due on the Series 1984A Bonds on and prior to the applicable
redemption date or maturity date thereof , as may be specified
in the escrow agreement described in Section 10 . 05 hereof .
(b) All income or other gain from the investment of moneys
in the Escrow Fund shall be deposited into the Escrow Fund .
Section 10. 04 . Use of Moneys in Escrow Fund .
( a ) ?Moneys in the Escrow Fund shall be used solely for the
payment of the principal of , premium , if any, and interest on
the Series 1984A Bonds when and ,-is due or at any applicable
redemption date .
( b) Moneys deposited into the Escrow Fund , and any income
or other gain from the investment thereof , not used for the
purpose described in subsection ( a ) , shall after payment in
full of the principal , premium , if any, and interest on the
Series 1984A Bonds be transferred to the Principal and
Interest Account of the Bond Fund .
Section 10 . 05 . Authorization of Escrow Agreement . The
- 36 -
Director of Finance is authorized and directed to enter into an
escrow agreement with a commercial hankinn institution having
trust powers of his selection for `— purpose of establishing the
Escrow Fund and carr_vinp our. th.e -urposes thereot as described in
this Section 10 . Said t�scrr)w -_qr-�e-i-nt shall contain such terms
and be in such fora as the' Director -)f Finance may deem
appropriate in the circumstances .
Section 11 . Tha EXpenSe Fund .
Section 11 . 01 . Creation of Expense Fund . There is hereby
created and established with the Citv i special fund in the name
of the City to be designated "City of Fort Collins , Colorado
Downtown Development Authority Tar Increment Bonds , Expense
Fund , " which is hereby oledged and shall be used by the City to
pay the expenses of the issuance pt the Bonds .
Section 11. . 02 . Liens . The City shall not create any lien
upon the Expense Fund oth�,r than rlio lien hereby created .
Section r, no�> i is inro ;'xnense Fund .
( a ) There shall be deposited into the Expense Fund from
the proceeds of the Series 1935A Bonds all amounts not
deposited into any other fund created hereunder , together
with such amounts as may be directed to be deposited therein
in any subsequent ordinance authorizing Additional Bonds .
( b) An amount sufficient to pay the costs of issuing the
Series 1985A Bonds , including the premiums associated with
insuring the payment when due of the principal_ of and
interest on the Series 1935A Bonds .
( c ) All income or other gain from the investment of moneys
in the Expense Fund shall be deposited into the Expense Fund .
Section 11 . 04. Use of Moneys in Expense Fund .
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( a) Moneys in the Expense Fund shall be used solely for
the payment of expenses of issuinq the Series 1985A Bonds ,
together with such amounts as may be directed to be deposited
therein in any subsequent ordinance authorizing Additional
Bonds . The City officers are authorized and empowered to
disburse amounts in the Expense Fund for the costs incurred
in connection with the issuance of the Bonds , including , but
not limited to, fees and disbursements of Bond Counsel ,
printing expenses , Paying Agent ' s fees and the premium
associated with the issuance by MBIA of a policy of insurance
insuring the timely payment of the principal of and interest
on the Series 1985A Bonds .
(b) If moneys remain in the Expense Fund after all costs
incurred in connection with the issuance of the Bonds have
been paid , any such remaining moneys shall be transferred by
the City to the Development Account of the Bond Fund .
Section 12. Investments . Ali moneys held by the City
in the Bond Fund , the Reserve Fund or the Expense Fund shall be
invested by the City in any lawful investments for funds of the
City.
Such investments shall be also subject to the following
restrictions :
(a ) Moneys in the Development .account shall be invested
only in the obligations which will by their terms mature or
are redeemable at the option of the City not later than the
date the City estimates the moneys represented by the
particular investment will be needed for withdrawal from said
Account.
(b) Moneys in the Principal and Interest Account shall be
invested only in obligations which will by their terms mature
- 38 -
or are redeemable at the option of the City on such dates as
to insure that before each interest and/or principal payment
date there will be in such Account , from matured obligations
and other moneys already in such Account , cash equal to the
interest , premium, if any, and principal payable on such date
and available therefor.
( c ) Moneys in the. Escrow '-und shall be invested as
provided in the escrow agreement descrihed in Section 1n . 05
hereof" .
Section 13 . issuance of 1933 'rotes and Series 1984A Bonds ;
Additional Bonds .
Section 13 . 01 . Tssu:ince or 1 in,] �4,�ries 193-1rA
Bonds . The City issued its City of Fort Collins , Colorado
Downtown Development Authority Tax Increment Bond Anticit)ation
Notes , Series April 1 , 1983 , in Principal amount of
$3 , 100 , 000 on June li , 1983 , and tn,? Cite issued its City of Fort
Collins , Colorado Dosmtown Develop:n �nt :authority Tax Increment
Bonds , Series 1984A, in the principal amount of $3 , 200 , 000 on
November 27 , 1934 , which notes in ! :)onds are secured by the
Pledged Revenues and :-re on a parit ; with the Series 1985A Bonds
with respect to the payment of prin;- , pal and interest .
Section 13 . 02. Issuance of Additional Bonds . Nothing
herein , subject to the limitations stated in Section 13 . 06
hereof , prevents the issuance by t'le City of Additional Bonds
payable from the Pledged Revenues and constituting a lien on the
Pledged Revenues on a parity with , 5ut not prior or superior to,
the lien thereon of the Series 1985N Bonds and any Additional
Bonds , or prevents the issuance of :)onds or other securities
refunding all or a part of the Bonds ; but before any such
Additional Bonds are authorized or actually issued ( excluding ( i )
any parity refunding securities refunding all of the Bonds , and
( ii ) any Additional Bonds refunding Additional Bonds , and ( iii )
any subordinate securities as permitted in Section 13 . 03 hereof )
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the following provisions must first be satisfied :
( a) Absence of Default . At the time of the delivery of
and payment for any Additional Bonds , the City shall not be
in default in making any payments required by the Bonds , this
Ordinance or ordinances authorizing Additional Bonds . Such
absence of default shall he certified in writing by the
Director of Finance of the City .
(b) Historic Pledged Revenues Test . As certified by the
Director of Finance , either ( i ) the Pledged Revenues derived
in each of the last two complete Fiscal Years immediately
preceding the date of the issuance of such Additional Bonds ,
or ( ii ) the Pledged Revenues derived in each of the last two
( 2 ) twelve ( 12) consecutive and complete calendar month
Periods one of which shall end not later than the third
calendar month prior to the month of issuance of Additional
Bonds and the other of which shall end not earlier than the
end of the last preceding Fiscal Year , shall have been
sufficient to pay in each period an amount at least equal to
150. of the maximum annual amount of principal of and
interest on all outstanding prior Bonds ( othf>r than the
amount of debt service due in the year 2004 on the S,rries
1985A Bonds ) , and the Additional Bonds proposed to be
issued. In determining the Pledqed Revenues derived in any
applicable two twelve ( 12 ) month periods hereunder , Pledged
Revenues to be received on account of improvements completed
and certified to the applicable taxinq jurisdiction within
thirty ( 30) days after the end )t any such Deriod shall be
included as though received within any such period .
Section 13 . 03. Subordinate Securities Permitted. nothing
herein , subject to the limitations stated in Section 13 . 06
hereof , prevents the City from issuinq additional securities for
any lawful purpose payable from the Pledqed Revenues and having a
lien thereon subordinate , inferior and junior to the lien thereon
- 40 -
of the Bonds .
Section 13 . 04 . Superior Securities Prohibited . Nothing
herein permits the City to issue additional securities or to
enter into any other contract or c,bligiticn payable from the
Pledged Revenues and havinq a liar thereon prior and superior to
the lien thereon of the Bonds .
Section 13 . 05. Refunding 3nn ±s . Refunding Bonds may be
issued pursuant to iaw than in ford , provided if less than all
of the Bonds outstandinq are to be refunded prior to issuance
thereof , the City must comply with the provisions pertaining to
Additional Bonds provided in Section 13 . 02 hereof .
Section 13. O(;. Supplemental Ordinance . Additional Bonds or
other additional securities payable? tr.om any Pledged Revenues
shall be issued only aft,2r authorizition thereof by ordinance ,
supplemental ordinance or other instrument of the Council of the
City stating the purpose or purposes of the issuance of such
additional .securities , :;irectinq tip , api�lication of the proceeds
thereof to such purposes for purposes , :3ir_ectinq the execution
thereof , and fixing and determining the date , principal amount ,
maturity or maturities , lusignati�,n and numbers thereof , the
maximum rate or rates of interest r.�� ':�e borne thereby, any prior
redemption privileges of the City w � t_h respect thereto, and other
provisions thereof in accordance �.diti? this Ordinance . �11
additional securities shall bear such date , shall bear such
numbers and series designation , i tt rs or symbols prefixed to
their numbers distinquishinq them from ether securities issued or
to be issued , shall be payable at such ;dace or places , may be
subject to redemption prior to maturity on such terms and
conditions as may be provided , and shall bear interest at such
rate or at such different or varying rates per annum, all as may
be fixed by ordinance , instrument or other document of the
Council .
Section 14 . Covenant Regarding Arbitrage Bonds . The City
shall make no investment or other use of the proceeds of the
- 41 -
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 the Code and the regulations
promulgated thereunder , unless , under any provision of law
hereafter enacted , the interest paid on the Bonds ( a ) shall be
excludable from the gross income of a recipient thereof for
federal income tax purposes without regard to whether the Bonds
are arbitrage bonds , or (b) shall be exempt from all federal
income taxation.
Section 15 . Concerning the Paying Agents . The City
hereby appoints its Director of Finance , in Fort Collins ,
Colorado , as Paying Agent for the Bonds , and may at any time or
from time to time appoint one or more other Paying Agents or a
successor Paying Agent . Such appointment shall be evidenced by
an agreement in writing executed on behalf of the City by the
Playor or any Assistant Mayor. The Mayor or any Assistant Mayor
of the City is hereby authorized to execute and deliver any such
agreement with one or more Paying Agents for and on behalf of the
City.
Section 16 . Defeasance . When all of the principal of ,
premium, if any, and the interest on the Bonds have been duly
paid , all obligations hereunder shall thereby be discharged , and
the Bonds shall no longer be deemed to be outstanding . There
shall be deemed to be such due payment when the City has placed
Federal Securities in escrow or in trust with a trust bank
located within or without the State of Colorado in an amount
sufficient ( including the known minimum yield available for such
purpose from said Federal Securities in which such amount may
wholly or in part be initially invested ) to meet all principal ,
premium, if any, and interest requirements of the Bonds as the
same become due on the maturity or redemption data , as the case
may be , of the Bonds . The Federal "Securities shall become due
prior to the respective times at which the proceeds thereof shall
be needed in accordance with a schedule established and agreed
- 42 -
upon between the City and such bank at the time of the creation
of the escrow or trust , or. the Federal Securities shall be
subject to redemption at this option of the holder thereof to
assure availability as needed to meet such schedule .
Section 17 . Amendments . This Ordinance and the rights
and obligations of the City and of the holders of the Bonds
issued hereunder , may be modified or amended at any time by
supplemental ordinance adopted by the City : ( a ) without the
consent of Bondholders , if such modification or amendment is for
the purpose of ( i ) curing any ambiguities , defects or
inconsistent provisions in this Ordinance or to insert such
provisions clarifying matters or questions arising under this
Ordinance as are necessary and desirable to accomplish the same ,
( ii ) issuing Additional Bonds pursuant to the terms of this
Ordinance , or ( iii ) adding additional security for the Bonds
and/or (b) with the written consent of Bondholders holding 67% in
aggregate principal amount of the outstanding Bonds , exclusive of
Bonds , if any, owned by the City and with the written consent of
MBIA, which consent of MBIA shall not be unreasonably withheld ;
provided , however, that no such modification or amendment shall ,
without the express written consent of the holder of the Bond
affected , reduce the principal amount of anv Bond , reduce the
interest rate payable thereon , extend its maturity or the times
for paying interest thereon or chanrae the monetary medium in
which principal and interest is pavr3ble , or reduce the percentage
of consent required for amendment or modification. Any act done
pursuant to a modification or amendment so consented to shall be
binding upon the holders of all of the Bonds and MBIA and shall
not be deemed an infringement of any -�f the provisions of this
Ordinance or of the DDA Act , whatever the character of such act
may be , and may be done and performed as fully and freely as if
expressly permitted by the terms of this Ordinance , and , after
such consent relating to such specified matters has been given ,
neither Bondholder detached therefrom nor MBIA shall have any
right or interest to object to such action or in any manner. to
- 43 -
question the propriety thereof or to enjoin or restrain the City
or any officer thereof from taking any action pursuant thereto .
Section 13 . Proceedings Constitute the Contract ; Events
of Default ; and Remedies of Bondholders .
Section 18 . 01 . Proceedings Constitute the Contract . The
Provisions of this Ordinance and of anv other ordinance
supplementing or amending this Ordinance shall constitute a
contract among the City, the Authority and the Bondholders , and
the provisions hereof and thereof shall be enforceable by any
Bondholder for the equal benefit and protection of all
Bondholders similarly situated by mandamus , accounting , mandatory
injunction or any other suit , action or proceeding at law or in
equity that is now or may hereafter be authorized under the laws
of the State of Colorado in any court of competent jurisdiction .
Said contract is made under and is to be construed in accordance
with the laws of the State of Colorado . The following provisions
shall not limit the generality of the foregoing .
Section 18 . 02 . Events of Default ; Remedies . If one or more
of the following events ( "events of default" ) shall happen :
( a ) if default shall be made in the due and punctual
payment of the principal of any Bond when and as the same
shall become due and payable , whether at maturity as therein
expressed , by declaration or ot;eraise ;
(b ) if default shall be made in the due and punctual
payment of any installment of interest on any Bond when and
as such interest installment shall become due and payable ;
( c ) if default shall be made by the City in the observance
of any other of the covenants , agreements or conditions on
its part in this Ordinance or in the Bonds contained , and
such default shall have continued for a period of 30 days ; or
- 44 -
(d ) if the City shall file a petition or answer seeking
reorganization or arrangement under the federal bankruptcy
laws or any other applicable Ir:w of the United States of
America , or if a court of competent jurisdiction shall
approve a petition , filed with or 0iithout the consent of the
City, seeking reorganization under the federal bankruptcy
laws or any other applicable law of the United States of
America , or if , under the prcvisions of any other law for the
relief or aid of debtors , any court of competent jurisdiction
shall assume custody or control of the City or of the whole
or 10% of its property :
then , and in each and every such case during the continuance of
such event of default , the holders of not less than 25R in
aggregate principal amount of the Tr�onds at the time outstandinq
shall have the right , for the equal benefit and protection of all
Bondholders similarly situated :
( a ) by mandamus , suit , action or ;)roc,-eding , to compel the
City and its members , officers , :(Lents or Employees to
perform each and every term , nr3vision and covenant contained
in this Ordinance and in the �on�is , in(! to require the
carrying out of any or all such covenants and -agreements of
the City and the fulfillment duties imposed upon it by
the DDA Act ;
(b) by suit , action or proceeding in equity, to enjoin any
acts or things which are unlawful , or in violation of any of
the Bondholders ' rights ; or
( c ) upon the happening of any event of default ( as defined
in this Section) , by suit , action or proceeding in any court
of competent jurisdiction , to require the City and its
members and employees to account as if it and they were the
trustees of_ an express trust .
- 45 -
This provision , however , is subject to the condition that
if , at any time after an event of default has occurred , and
before any judgment or decree for the payment of the moneys due
have been obtained or entered : ( i ) the City shall deposit with
any Paying Agent a sum sufficient to pay all principal on the
Bonds matured prior to such declaration ( if any) and all matured
installments of interest ( if any) upon all the Bonds , with
interest thereon at the rate borne by the respective Bonds or at
such maximum lower rate to the extent then permitted by law on
any overdue installments of principal and interest , so that the
City is currently in compliance with all payment , deposit and
transfer provisions of this Ordinance , and ( ii ) the City shall
deposit with the Paying Agent a sum sufficient to pay the
reasonable expenses of the Paying Agent and to cure any and all
other defaults known to the Paying Agent (other than in the
payment of principal of and interest on the Bonds due and payable
solely by reason of such declaration ) , and ( iii ) the City shall
have made good or cured to the satisfaction of the Paying Agent
or made provisions deemed by the Paying Agent to he adequate to
make good or cure each and every other default , then , and in
every such case , the holders of not less than a majority in
aggregate principal amount of the Bonds then outstanding , by
written notice to the City and to the Paying Agent , may, on
behalf of the holders of all of the Bonds , rescind and annul such
declaration and its consequences . However, no such rescission
and annulment shall extend to or shall affect any subsequent
default , or shall impair or exhaust any right or power consequent
thereon. Anything contained herein to contrary notwithstanding ,
the principal of the Bonds may not be accelerated without the
express written consent of MBIA.
Section 13 . 03 . Nonwaiver . Nothing in this Section or in
any other provision of this Ordinance , or in the Bonds , shall
affect or impair the obligation of the City to pay the principal
of and interest on the Bonds to the respective holders of the
Bonds at the respective dates of maturity, from the special funds
- 46 -
herein provided , o or impair the right , which is absolute
and unconditional , ui i holders t'o institute suit to : nforce
such payment by virtue ,f the contract embodied in rho 3onds .
No remed•.- conferred herahv upon any Bondholder is intended
to be exclusive of any other remedy , but each such remedy is
cumulative and in addition to every other remedy and may be
exercised without exhausting and without regard to any other
remedy conferred by the DDA Act or any other law of the State of
Colorado . No waiver of any default or breach of duty or contract
by any Bondholder shall affect any subsequent default or breach
of duty or contract or shall impair any rights or remedies of
said subsequent default or breach. No delay or omission of any
Bondholder to exercise any right or power accruing upon any
default shall impair any such right or power or shall be
construed as a waiver of any such default or acquiescence
thereon. In case any suit , action or proceeding to enforce any
right or exercise any remedy shall be brought or taken and should
said suit , action or proceeding be abandoned , or be determined
adversely to the Bondholders , then , and in every such case , the
City and the Bondholders shall be restored to their former
positions , rights and remedies as if such suit , action or
proceeding had not been brought or taken. Every substantive
right and every remedy conferred upon the Bondholders may be
enforced and exercised as often as may be deemed expedient , to
the extent permitted by law.
Section 19 . Miscellaneous .
Section 19 . 01 . Rights and Immunities . Except as herein
otherwise expressly provided , nothing herein expressed or implied
is intended or shall be construed to confer upon or to oive to
any person, other than the City, the Authority and the holders
from time to time of the Bonds , any right , remedy or claim under
or by reason hereof or any covenant , condition or stipulation
hereof . All the covenants , stipulations , promises and agreements
herein contained by and on behalf of the City and the Authority
- 47 -
shall be for the Fji -2 and exclusive benefit of the City, the
Authority and the hoider-, of the Bonds .
No recourse she h be had for thy_ payment of the principal of
and the inter_st on the Bonds or for any claim based thereon or
otherwise upon this Ordinance or any other instrument pertaining
thereto against any individual member of the Council , or any
officer or other agent of the City , past , present or future ,
either directly or indirectly through the City, or otherwise ,
whether by virtue of any constitution , charter , statute or rule
of law, or by the enforcement of any penalty or otherwise , all
such liability , if any, being by the acceptance of the Bonds and
as a part of the consideration of their issuance specially waived
and released .
Section 19 . 02. CUSIP Numbers . CUSIP identification numbers
shall be imprinted on the Bonds , but such numbers shall not
constitute a part of the contract evidenced by the Bonds , and no
liability shall hereafter attach to the City or any of the
officers or agents thereof because of or on account of said
numbers . Any error or omission with respect to said numbers
shall not constitute cause for refusal by any person to accept
delivery of and pay for the Bonds nor shall it affect the
validity of such Bonds .
Section 19 . 03 . Ratification . All action not inconsistent
with the provisions of this Ordinance heretofore taken by the
City or its officers and otherwise by the City directed toward
the issuance and delivery of the Bonds is hereby ratified ,
approved and confirmed .
Section 19 . 04 . Facsimile Signatures . Pursuant to the
Uniform Facsimile Signature of Public Officials Act of the State
of Colorado, Section 11-55-101 et sea. , C. R.S. , as amended , the
Mayor and the City Clerk of the City shall forthwith , but in any
event prior to the time the Bonds are delivered to the purchasers
thereof , file with the Colorado Secretary of State their manual
- 48 -
signatures , certified by them under oath , using a suitable
Facsimile Signature Certificate for such purpose .
Section 19 . 05. Authorized Action . 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 :
( a ) The execution of the Bond Purchase Agreement between
the City and Boettcher & Company, Inc. or its agent ;
(b) The preparation and printing of the Bonds ;
( c ) The execution of such certificates as may reasonably
be required by bond counsel or the purchasers of the Bonds
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 ; receipt of the Bonds and the purchase
price therefor ; using a suitable Signature Certificate ,
General and No-Litigation Certificates , a Delivery
Certificate ; a No Arbitrage Certificate and a Use of Proceeds
Certificate and such other certificates and documents as are
necessary to effectuate a closing of the issuance of the
Bonds ;
(d ) The making of various statements , recitals ,
certifications and warranties provided in the form of Bond
set forth in this Ordinance ;
(e) The payment of the interest on the Bonds as the same
shall accrue and the principal of the Bonds at maturity or
upon prior redemption without further warrant or order ; and
- 49 -
( f ) The execution of such documents between the City and
the Authority as may be reasonably necessary and appropriate
to carry out the purposes of this Ordinance and the Project .
(g ) The payment of the costs and expenses of issuing the
Bonds , including legal fees , underwriting or placement fees ,
insurance premiums , and similar charges.
Section 19 . 06 . General Repealer . All acts , orders ,
resolutions , ordinances or parts thereof taken by the City in
conflict with this Ordinance are hereby repealed , except that
this repealer shall not be construed so as to revive any act ,
order , resolution , ordinance or part thereof heretofore repealed .
Section 19. 07 . Ordinance Irrepealable. 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 holders of
the Bonds and shall be and remain irrepealable until the Bonds
and the interest accruing thereon shall have been fully paid ,
satisfied and discharged .
Section 19 . 08 . Severability . 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 paragraph , clauses
or provisions hereof are severable.
- 50 -
INTRODUCED, READ, APPROVED ON FIRST READING , AND ORDERED
PUBLISHED ONCE IN FULL THIS 5th day of November , 1985 .
CITY 0"' FORT COLLINS , COLORADO
( CITY)
( SEAL)
ATTEST:
o
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 19th day of November , 1985 , at 5 : 30 p .m.
- 51 -
EXHIBIT A TO THE ORDINANCE OF THE CITY OF FORT
COLLINS , COLORADO AUTHORIZING THE ISSUANCE OF
$8 , 885 , 000 OF ITS DOWNTOWN DEVELOPMENT
—„ AUTHORITY TAX INCREMENT REFUNDING BONDS ,
SERIES 1985A
Boettcher&ConVanty
828 Seventeenth Street
P.O. Box 54 November 5 , 1985
Denver,Colorado 80201
(303)6288000
Honorable Mayor and City Council
City of Fort Collins
P.O. Box 580
Fort Collins, Colorado 80522
To the Mayor and City Council :
Boettcher & Company, Inc. hereby agrees to purchase and you agree
to sell, $8, 885 , 000 City of Fort Collins, Downtown Development
Authority, Tax Increment Refunding Bonds, Series 1985A, dated
November 1 , 1985 at a discount of 97 . 25% plus accrued interest
from November 1 , 1985 to the date of delivery. The Bonds will
bear interest and will mature as shown on the attached Exhibit A
of this agreement .
The fees and costs of the bond attorneys, disclosure counsel,
insurance premium, CPA verification, bond printing, legal
publications , printing and mailing costs of the Official
Statement, bond deliverv, authentication, and registration
expenses incurred in connection with the authorization, sale, and
delivery of the Bonds will be paid out of Bond proceeds . Escrow
agent fees and out of pocket fees will be paid by Boettcher &
Company, Inc.
This agreement is subject to the receipt of a complete transcript
of legal proceedings, and an unqualified approving legal opinion
of Kutak Rock & Campbell and Fisher , Brown, Huddleson & Gunn,
Co-Bond Counsel.
Respectfully submitted,
BOETTCHER & COMPANY, INC.
Dunn Krahl
Senior Vice President
Accepted for and on behalf of the City of Fort Collins , -nursusnt
to authorizatioc by ordinance by t}:e City Council on this date,
November 5 , 1985 .
- 52 -
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53 -
Council Member Clarke moved that the foregoing
Ordinance heretofore introduced and read by title be approved on
first reading . Council Member Horak 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" : Barbara Rutstein , Mayor
Kelly Ohlson , Assistant
Mayor
John B. Knezovich
Larry Estrada
Ed Stoner
E. John Clarke
Gerald C. Horak
Council Members voting "NAY" : None
The Mayor thereupon declared that , a majority of the Council
Members 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 by
number and title only 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 .
( CITY) Mayor
( SEAL) City of Fort Collins , Colorado
ATTEST:
14"4MN.-
City Clerk
City of Fort Collins , Colorado
- 54 -
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 19th day of
November , 1985 , at the hour of 6 : 30 p .m.
The following persons were present :
Council Members : Barbara Rutstein , Mayor
Kelly Ohlson , Assistant Mayor
,John B. Knezovich
Larry Estrada
Ed Stoner
E . John Clarke
,-rald C. Horak
Interim City Manaqer: Richard H. Shannon
City Clerk: Wanda 1. Krajicek
The following persons were absent :
None
The Mayor informed the Council that Ordinance No. 142 1985 ,
which was introduced , approved on first reading , and ordered
published once by number and title only at a regular meeting of
the Council held on November 5 , 1985 , was duly published in The
Coloradoan , a newspaper of general -irculation published in the
City, in its issue of November 10 , 1985 .
Council Member Clarke then read said Ordinance by
its title .
- 55 -
Thereupon , Council Member Clarke moved the final
passage of Ordinance No. 142 , 1985. Council Member Horak
seconded the motion , and the question being upon the final
passage of said ordinance , the roll was called with the following
result :
Council Members voting "AYE" : John B. Knezovich
Gerald C. Horak
E. John Clarke
Larry Estrada
Ed Stoner
Kelly Ohlson
Barbara Rutstein
Council Members voting "NAY" : None
Council Members Absent : None
The Mayor thereupon declared that a majority of the Council
Members 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 Citv, 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 r)f Fort Collins , Colorado
( SEAL)
ATTEST:
�L"&
City Clerk
City of Fort Collins , Colorado
- 56 -
STATE OF COLORADO )
COUNTY OF LARIMER ) ss .
CITY OF FORT COLLINS )
(Attach affidavit of publication in full of Ordinance and
notice qiving date when Ordinance to be presented for final
passage . )
STATE OF COLORADO )
COUNTY OF LARIMEP. ) ss .
CITY OF FORT COLLINS )
I , Wanda M. Krajicek, City Clerk of the City of Fort
Collins , Colorado , do hereby certify that the attached copy of
Ordinance No. 142 , 1985 , is a true and correct copy ; that said
Ordinance was introduced and approved on first readinq by the
Council of the City of Fort Collins , Colorado , at a regular
meeting thereof held at Council Chambers , City Hall , 300 LaPorte
Avenue , Fort Collins , Colorado , the regular meeting place
thereof , on Tuesday, the 5th day of November , 1985 ; 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 Avenue , Fort Collins , Colorado , the regular meetinq
place thereof , on Tuesday, the 19th day of November , 1985; 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 by number and title only together with a notice givinq 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 ^ ovemher 1-0 ,
1985 , and November 24 , 1985 , as evidenced by the certificates of
the publisher attached hereto at pages60 and 61 . I further
certify that the foregoing pages 1 through 56 , inclusive ,
constitute a true and correct copy of the record of the
proceedings of said Council at its regular meetings of November
5 , 1985 and November 19 , 1985 , 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 therein shown.
IN WITNESS WHEREOF, I have hereunto set my hand and the seal
of the City of Fort Collins , Colorado , this25th day of
November 1985..
1(4n�d.A
( CITY) City Clerk
( SEAL) City of Fort Collins , Colorado
- 57 -
The Coloradoan
STATE OF COLORADO )
COUNTY OF LARIMER )ss. AFFIDAVIT OF PUBLICATION
Suzanne K. Bielke
being first duly sworn upon oath, deposes
and says: That said is the Legal 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 1963, 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
1 successive weeks on Sunday __ of each successive week; that the
first publication of said legal notice or advertisement was in the regular and entire edition
of said newspaper on the loth day of November , A.D. 1985; that the last
publication of said legal notice or advertisement was in the regular and entire edition of
said newspaper on the 1 nrh day of TQnvnmhar , A.D. 1999, 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. P.-15
Subscribed and sworn to before me, at and within the County of Larimer, State of Colorado
this loth day of November A.D. 19 85
i5, '037
:2;2 E,vers,ue, ns, CU 80524
My commission expires
City Clerk - j Notary Public
Delivered to
't I, 1'.L IS ILL I�f.", VIJL 1+
that the Fort Collins City Council,
on Tuesday, November 6, 1995
.passed and adopted the following
ordinance(s)on first reading and
ordered their publication by title
only,with said ordinance(s)to be
presented for final passage on
November 19,1985,The full text of
said ordinances) IS available for
public inspection and acquisition
in the office of the city clerk.
ORIDNANCE NO. 136, 1985
AN ORDINANCE RELATING TO
THE ISSUANCE OF INDUS
TRIAL DEVELOPMENT REVE
NUE BONDS UNDER THE PRO-
VISIONS OF THE COLORADO
COUNTY AND MUNICIPALITY
DEVELOPMENT REVENUE
BOND ACT; PROVIDING FOR
THE ISSUANCE AND SALE OF
CITY OF FORT COLLINS,COLO
RADO, INDUSTRIAL DEVELL
OPMENT REVENUE BONDS, -
SERIES 1985 (THE MOUNTAIN
AVENUE PLAZA ASSOCIATES .
PROJECT) IN THE PRINCIPAL!
AMOUNT OF S600,000 FOR THE I
PURPOSE OF LOANING FUNDS
TO MOUNTAIN AVENUE
PLAZA ASSOCIATES TO
FINANCE IMPROVEMENTS
RELATING TO ACQUIRING,
CONSTRUCTING, EQUIPPING
AND RENOVATING COMMER-
CIAL BUILDINGS IN FORT COL
LINS,LARIMER COUNTY,COL-
ORADO; APPROVING AND
AUTHORIZING THE EXECU-
TION AND ASSIGNMENT OF A
LOAN AGREEMENT AND
NOTE BETWEEN MOUNTAIN
AVENUE PLAZA ASSOCIATES
AND THE CITY;AND AUTHOR-
IZING THE PREPARATION
AND EXECUTION OF CERTAIN
RELATED DOCUMENTS AND
INSTRUMENTS.
ORDINANCE NO. 137, 1985
AN ORDINANCE RELATING TO
THE ISSUANCE OF INDUS-
TRIAL DEVELOPMENT REVE-
NUE BONDS UNDER THE PRO-
VISIONS OF THE COLORADO
COUNTY AND MUNICIPALITY
DEVELOPMENT REVENUE
BOND ACT; PROVIDING FOR
THE ISSUANCE AND SALE OF
CITY OF FORT COLLINS,COLO-
RADO, INDUSTRIAL DEVEL
OPMENT REVENUE BONDS,
SERIES 1985 (THE TULAKES
ASSOCIATES PROJECT) IN
THE PRINCIPAL AMOUNT OF
S920,000 FOR THE PURPOSE OF
LOANING FUNDS TO TULAKES
ASSOCIATES TO FINANCE
IMPROVEMENTS RELATING
TO CONSTRUCTING AN ADDI
TION TOAN EXISTING OFFICE
AND MANUFACTURING
FACILITY IN FORT COLLINS,.
LARIMER COUNTY, COLO
RADO; APPROVING AND
AUTHORIZING THE EXECU
TION AND ASSIGNMENT OF A
LOAN AGREEMENT AND
NOTE BETWEEN TULAKES
I
ASSOCIATES AND THE CITY;;
AND AUTHORIZING THE'
(PREPARATION AND EXECU
TION OF CERTAIN RELATED
DOCUMENTS AND INSTRU-
MENTS.
ORDINANCE NO. 140, 1985
AN ORDINANCE AUTHORIZ-
ING THE ISSUANCE OF A CITY
OF FORT COLLINS, COLO-
RADO,GREENBRIAR SPECIAL
IMPROVEMENT DISTRICT NO.
87, SPECIAL ASSESSMENT
BOND, DATED DECEMBER 15,
1985, IN THE PRINCIPAL
AMOUNT OF $1,640,000; PRIES
CRIBING THE FORM OF THE
BOND; AND PROVIDING FOR
THE PAYMENT OF THE BOND
AND THE INTEREST
THEREON,
ORDINANCE NO.142, 1985
AN ORDINANCE AUTHORIZ
ING THE ISSUANCE OF CITY
OF FORT COLLINS,COLORADO
DOWNTOWN DEVELOPMENT
AUTHORITY TAX INCREMENT
REFUNDING BONDS, SERIES
1985A, DATED DECEMBER 1,
1985, IN THE AGGREGATE
PRINCIPAL AMOUNT OF
51,885,100, FOR THE PURPOSE
OF REFUNDING THE CITY OF
FORT COLLINS, COLORADO
DOWNTOWN DEVELOPMENT
AUTHORITY TAX INCREMENT
BONDS,SERIES 1984A.
ORDINANCE NO. 143, 1985
AN ORDINANCE AUTHORIZ
ING THE ISSUANCE OF CITY
OF FORT COLLINS, COLO
RADO, SEWER REVENUE
REFUNDING AND IMPROVE-
MENT.BONDS, SERIES 1995, -
DATED NOVEMBER 1, 1985, IN
THE AGGREGATE PRINCIPAL
AMOUNT OF 330,715,000.
Wanda M. Krelicek
City Clerk
Thr Coloradoan, R IS,November
10, 1965
l , I
ORDINANCE NO. 142 , 1985
AN ORDINANCE OF THE CITY OF FORT COLLINS , COLORADO
AUTHORIZING THE ISSUANCE OF NOT TO EXCEED
$8 , 750 , 000 TO ITS DOWNTOWN DEVELOP%lENT AUTHORITY
TAX INCRE"1ENT REFUT"DING BONDS , SERIES 1985A
READ, ADOPTED ON SECOND READING, AND ORDERED PUBLISHED ONCE
BY NUMBER AND TITLE ONLY this 19th day of November , 1985 .
CTTY FORT COLLINS , COLORADO
( CITY)
( SEAL) Acivor
ATTEST:
NUL��
City Clerk Qs
DDA2
59 -
The Coloradoan
STATE OF COLORADO
COUNTY OF LARIMER )ss. AFFIDAVIT OF PUBLICATION
Suzanne K. Bielke being first duly sworn upon oath, deposes
and says: That said is the Legal 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 1963, 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
1 successive weeks on Sunday of each successive week; that the
first publication of said legal notice or advertisement was in the regular and entire edition
of said newspaper on the 24th day of November , A.D. 190-_; that the last
publication of said legal notice or advertisement was in the regular and entire edition of
said newspaper on the 24th day of TlwemhPr , A.D. 19 89 , 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. R-57
Subscribed and sworn to before me, at and within the County of Larimer, State of Colorado
this 24th day of November A.D. 19 85
My commission expires
/77-
City Clerk % Notary Public
Delivered to
NOTICE 15 HEREBY GIVEN
that the Fort Collins City Council,
on Tuesday, November 19, 1985, ORDINANCE NO. 138, 1985
Passed and adopted the following OF THE COUNCIL OF THE CITY ordinances on second reading: OF FORT COLLINS BEING AN ORDINANCE NO.1TH 1985 CI ORDINANCE AMENDING THE
OF THE COUNCILCOLLINS A THE CITY ZONING ORDINANCE OF THE
OF FORT UNANTICIPATED
ATED RE L CITY OF FORT COLLINS BY
ATING UNANTICIPATED REV
ENUE IN THE CULTURAL SER CHANGING THE ZONING CLAS
- SIFICATION FOR CERTAIN
VICES FUND PROPERTY KNOWN AS THE
OR DINACE IL 175, EC CENTER FOR ADVANCED
OF FORTHE COLLINS
OF VACATING
TECHNOLOGY REZONING,
OF FORT EASEMENTS
VACATING ORDINANCE NO. 139, 1985
ALL EASEMENTS ON THE OF THE COUNCILOF THE CITY
REPLAT OF LOTS 1 AND 2 OF FORT COLLINS RELATING
TIMBERLINE APARTMEN TS PUD TO CREATION AND ORGAN IZA
TION OF THE GREENBRIAR
ORDINANCE NO A3 1985 SPECIAL IMPROVEMENT 015
AN ORDINANCE RELATING TO TRICT NO.87 AND PROVIDING
THE ISSUANCE OF INDVS- FOR THE CONSTRUCTION OF
T LOPMENT REVE IMPROVEMENTS THEREOF.
NICECE B BONONDSS UNDER THE PRO- ORDINANCE NO. 140. 1985
VISIONS OF THE COLD AN ORDINANCE AUTHORIZ
DEVELOPMENT
NT REVENUES
COUNTY MUNICIPALLITYITY I ING THE ISSUANCE OF A CITY BOND ACT; PROVIDING FOR OF FORT COLLINS, COLORADO.GREENBRIAR SPECIAL THE ISSUANCE AND SALE OF IMPROVEMENT DISTRICT NO.
CITY OF INDUSTRIAFORT L
D VELOLO 87, SPECIAL ASSESSMENT
RADO, INDUSTRIAL BONDS, BOND, DATED DECEMBER 15,
DEMENT REVENUE BONDS,
SERIES 1985 (THE MOUNTAIN 1983, IN THE PRINCIPALAMOUNT OF $1,640,000; FIRESAVENUE PLAZA ASSOCIATES CRIBING THE FORM OF THE
PROJECT) IN THE PRINCIPAL BOND; AND PROVIDING FOR
AMOUNT OF f6 FOR THE THE PAYMENT OF THE BOND
TO MOUNTAIN AVENUE PURPOSE LOANING FUNDS AND THE INTEREST
PLAZA ASSOCIATES TO THEREONORDINANCENO. 141. 1985
FINANCE IMPROVEMENTS OF THECOUNCILOF THE CITY
RELATING TO ACQUIRING, OF FORT COLLINS APPROPRI
CONSTRUCTING. EQUIPPING ATING UNANTICIPATED REV 'AND RENOVATING COMMER ENUE IN THE STREET OVER
CIAL BUILDINGS IN FORT COL SIZING FUND FOR TRANSFER
LJNS,LARIMER COUNTY,COL TO THE CAPITAL PROJECTS,
ORADO; APPROVING AND FUND AND APPROPRIATING
AUTHORIZING THE EXECU UNANTICIPATED REVENUE I
TION AND ASSIGNMENT OF A IN THE CAPITAL PROJECTS
LOAN AGREEMENT AND FUND
NOTE BETWEEN MOUNTAIN ORDINANCE NO. 147, 1985
AVENUE PLAZA ASSOCIATES AN ORDINANCE AUTHORIZ
ISSUANCE ANDTHECITY;ANDAUTORIZ. ING THE CITY ING THE PREPARATION AND OF FORT COLLINS,CO LO RADO I
EXECUTION CERTAIN DOWNTOWN DEVELOPMENT
RELATED DOCUMENTS AND AUTHORITY TAX INCREMENT
INSTRUMENTS. REFUNDING BONDS, SERIES
AN OR DINANCE RELATING
ORDINANCE N0 O.F177,INDVS D .1985A, DATED DECEMBER 1,
THE ISSUANCE OF 1985, IN THE AGGREGATE
VS PRINCIPAL AMOUNT OF
TRIAL DEVELOPMENT REVS- $8,885,000. FOR THE PURPOSE NUE BONDS UNDER THE PROD OF REFUNDING THE CITY OF
VISIONS OF THE COLOR ADO FORT COLLINS, COLORADO
COUNTY AND MUNICIPALITY DOWNTOWN DEVELOPMENT
BONDEV ACT;
PROENT REVENUE AUTHORITY TAX INCREMENT
BOND ACT; PROVIDING FOR
THE ISSUANCE AND SALE OF BONDS, SERIES 1984AORDINANCE NO 143, 19R5
CITVOFPDUSTRIART INS.COLO AN ORDINANCE AUTHORIZ
OPMENRADO. INDUSTRIAL BONDSDEVEL, ING THE ISSUANCE OF CITY
SERIES REVENUE BONDS, OF FORT COLLINS, COLO
SERIES TE (THE PROJTULAECT)
ES RADO, SEWER REVENUE
ASSOCIATES PROJOU T IN REFUNDING AND IMPROVE THE PRINCIPAL AMOUNT OF
f MENT, BONDS, SERIES 1985,
LOANING
FOR THE PURPOSE OF DATED NOVEMBER 1, 19BS, IN 1
ASSOCIATES TO FINANCE
NG FUNDS TO A THE AGGREGATE PRINCIPAL i N AMOUNT OF S30.715.000.
IMPROVEMENTS RELATING Wanda M. Kraiicek�
TO CONSTRUCTING AN City Clerk
TION TO AN EXISTING OFFICE The Coloradoan, R 57, November.
AND MANUFACTURING Z4, 1985
FACILITY IN FORT COLLINS.
LARIMER COUNT V, COLD
RADO; APPRO
AUTHVING AND
AUTHORIZING THE EXECU OF
LION AND ASSIGNMENT OF A
LOAN AGREEMENT AND --- --
NOTE BETWEEN TULAKESI
A A AND THE CITY;
ANNDD AUTHORIZING THE
PREPARATION AND EXECU
LION OF CERTAIN RELATELATE
D
DOCUMENTS AND INST RU
MENTS.