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HomeMy WebLinkAbout136 - 11/19/1985 - ISSUANCE AND SALE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS, SERIES 1985, FOR THE MOUNTAIN AVENUE PLA BOND ORDINANCE NO. 136, 1985 CITY OF FORT COLLINS , COLORADO INDUSTRIAL DEVELOPMENT REVENUE BONDS SERIES 1985 ( THE MOUNTAIN AVENUE PLAZA ASSOCIATES PROJECT) ADOPTED: November 19 , 1985 TABLE OF CONTENTS (This table of contents is not a part of the Ordinance but is included for convenience only. ) Page ARTICLE I DEFINITIONS , LEGAL AUTHORIZATION AND FINDINGS Section 1 . 1 . Definitions 1 Section 1 . 2. Legal Authorization 4 Section 1. 3. Findings 4 Section 1 . 4 . Authorization and Ratification of Project 5 ARTICLE II BONDS Section 2 . 1 . Authorized Amount and Form of Bonds 5 Section 2. 2 . The Bonds 12 Section 2. 3 . Execution 12 Section 2 . 4 . Delivery of the Bonds 12 Section 2. 5 . Issuance of New Bonds 13 Section 2. 6 . Registration of Transfer 13 Section 2. 7. Mutilated , Lost or Destroyed Bonds 13 Section 2. 2 . Ownership of the Bonds 14 Section 2. 9 . Limitation of Bond Transfers 14 Section 2.. 10 . Additional Bonds 14 Section 2.. 11 . Establishment of Funds 15 ARTICLE III PREPAYMENT OF BONDS BEFORE MATURITY Section 3 . 1 . Prepayment 15 Section 3 . 2. Termination of Interest 16 ARTICLE IV GENERAL COVENANTS Section 4 . 1 . Payment of Principal and Interest 16 Section 4. 2. Performance of and Authority for Covenants 16 Section 4. 3. Nature of Security 16 ARTICLE V MISCELLANEOUS Section 5 . 1. Severability 17 Section 5 . 2. . Authorization to Execute Agreements 17 Section 5. 3 . Authority to Correct Errors , Etc. 17 Section 5 . 4 . Further Authority 18 ( i ) Page Section 5 . 5 . Repe al.er 18 Section 5. 6 . Ordinance Irrepealahle 18 Section 5. 7 . Recordinq and Authentication 1B SIGNATURES 19 MAP)_6a ( ii ) STATE OF COLORAnO ) 1 COUNTY OF LARI'4ER ) ss . CITY OF FORT COLLINS ) The City Council of the City of Fort Collins , Colorado , held a regular meeting in the Council Chambers , at 300 LaPorte Avenue , Fort Collins , Colorado 80521 , on Tuesday, the 5th 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 Gerald C. Horak E. John Clarke John E. Knezovich Larry Estrada Ed Stoner Acting City Manager Rich Shannon City Attorney: John H . Huisjen City Clerk : Wanda Pl. Krajicek The following persons were absent : None Councilmember Knezovich introduced the following Ordinance , which was read by title , copies of the full Ordinance having been available in the office of the City Clerk at least forty-eight ( 48 ) hours prior to the time said Ordinance was introduced for each Councilmember and for inspection and copying by the general public . ORDINANCE NO. 136, 1985 AN ORDINANCE RELATING TO THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS UNDER THE PROVISIONS OF THE COLORADO COUNTY AND MUNICIPALITY DEVELOPMENT REVENUE BOND ACT ; PROVIDING FOR THE ISSUANCE AND SALE OF CITY OF FORT COLLINS , COLORADO, INDUSTRIAL DEVELOPMENT REVENUE BONDS , SERIES 19f15 ( THE MOUNTAIN AVENUE PLAZA ASSOCIATES PROJECT) IN THE PRINCIPAL APIOUNT OF S600 , 000 FOR THE PURPOSE OF LOANING FUNDS TO MOUNTAIN AVENUE PLAZA ASSOCIATES TO FINANCE IMPROVEMENTS RELATING TO ACQUIRING, CONSTRUCTING, EQUIPPING AND RENOVATING COMMERCIAL BUILDINGS IN FORT COLLINS , LARIMER COUNTY, COLORADO; APPROVING AND AUTHORIZING THE EXECUTION AND ASSIGNMENT OF A LOAN AGREEMENT AND NOTE BETWEEN MOUNTAIN AVENUE PLAZA ASSOCIATES AND THE CITY; AND AUTHORIZING THE PREPARATION AND EXECUTION OF CERTAIN RELATED DOCUMENTS AND INSTRU"•TENTS . Be it ordained by the Council of the City of Fort Collins , Colorado : ARTT_CLE I DEFINITIONS , LEGAL AUTHORIZATION AND FINDINGS I . I . Definitions The terms used herein , unless the context hereof shall require otherwise , shall have the frl-lo•.ainq meanings , and any other terms defined in the Loan Agreement shall_ have the same meanings when used herein as assigned to them in the Loan Agreement unless the context or use *hereof indicates another or different meaning or intent . 1 . Act . The County and Municipality Development_ Revenue Bond Act , Article 3, Title 29 , Colorado Revised Statutes , as amended . 2 . Assignment of the Loan A(ir�,ement . The assignment to be executed by the City and the Lender -issignina the City ' s interest in the Loan Agreement to the Lend-r . 3 . Bonds . The $600 , 000 Tndusrri;il Development Revenue Bonds , Series 1985 ( The Mountain v ,nue Plaza Associates Project ) to be issued by the City pursuant to this Ordinance . 4 . Bond Counsel_ . The firm Of Fischer , Brown , Huddleson , and Gunn , Fort CoLl.ins , Colorado. 5 . Bond Register . The records kept by the City of Fort Collins , Colorado to provide for thF� registration and transfer of ownership of the Bonds . 6 . City. Citv of Forr. Collins , Color::.ido , its successors and assigns . 7 . Collateral Assignments of Rents . The assignment to be executed by the Company assianinq to the Lender as security for the Bonds the rents clue the Companv under any and all leases , rents and other income from the Project . 8 . Company. Mountain Avenue Plaza Associates , a Colorado general partnership , its successors and assigns , and any survivinq , resultinq or transferee business entity which may assume its obligations under the Loan Agreement. 9 . Company Note . Means the note of the Company delivered to the Issuer and endorsed to the Lender which evidences the obligation of the Company to repay the loan of the Issuer in accordance with Section 4 . 1 of Loan Agreement and which is in the form attached to the Loan Agreement as Exhibit C. 10. Deed of Trust . The Deed of Trust to be executed by the Company in favor of the Lender securing payment of the Bonds and interest thereon. 11 . Guaranty. The Guaranty Agreement to be executed by the Company, Theodore R. Davis , Leonard C. Wilson and Lloyd Jenkins as security for the Bonds . 12 . Improvements . The structures and other_ improvements , including any tangible personal property, to be constructed , renovated or installed on the Land to be owned by the Company in accordance with the Plans and Specifications . 13 . Inducement Letter . The letter agreement from the Company to the City and the Lender dated December 19 , 1985. 1.4 . Land . The real property and any other easements and rights described in Exhibit A attached to the Loan Agreement . 15. Lender . First Interstate Bank of Fort Collins , N.A. , Fort Collins , Colorado , its successors and assigns . The Lender is the initial purchaser of the Bonds . 16. Loan Aqreement . The agreement to be executed by the City and the Company, providing for the issuance of the Bonds and the loan of the proceeds thereof to the Company, including any amendments or supplements thereto made in accordance with its provisions . 17 . Margin Rate Factor means the product of (a ) one ( 1 ) minus the Maximum Federal Corporate Tax Rate times ( b) 1 . 85185 . The Margin Rate Factor shall be 1 . n so long as the Maximum Federal Corporate Tax Rate shall be 469 , and thereafter_ shall change from time to time effective as of the effective date. of any change in the Maximum Federal Corporate Tax Rate . 18 . Maximum Federal ^nrnor ,to "`'. v Bata means the maximum statutory rate of Fe<',-ral income ra; :tion 1 -nIposed on the taxable income of corpora rinns nur_suarr_ ro tinn 11 ( b ) of the Code , as in effect from time to ti -- ( nr , = as i -esuLt of a change in the Code the r�'ro of inCO['ie C-7!YatLOn ;i'nnosed on corporations shall_ not he applicahl.r_� ro a '��-�ndho '_d�r , the maximum statutory rare of Federal_ in(-(-)me t ixarion 1h, :-1) paid apply to a bondholder ) . 19 . Off-r_ to Purchase . The lol r— agreement from the Lender to the City , 1 ted nacemher 19 , 20 . Plans and Sn,�citications . Th- plans and specifications for the construction and installation of the Improvements on the Land , which are approved by the Lender , together with such f modifications thereof and additions thereto as are reasonably determined by the Company to he necessary or desirable for the completion of the Improvements and are approved by the Lender. 21 . Princi.na L Balance . So much of the principal sum on the Bonds as from time to time remains unpaid . 22 . P m jeer . The Improvements and the Land . 2'� . Project Costs . All costs of the Project ( i ) which are capitalized expenditur-s under gene�raily accepted accounting principLes and which must he or with a proper election may be capitalized for Ft-rler. al income tax Purposes and ( ii ) for which the Bond pr_oc_��ds :nay �e spent under the act , including the following : ( a ) payment for the preparation of plans and specifications for the Project ( including any preliminary study or planning of the Project ) , and for the acquisition , development , construction and installation of the Project ( includinq archite(-tural , eng ne and supervisory services with respect to any of the foregoing ) . ( b ) To the extent chat thr,v shall_ not be paid by a contractor , payment of the nremiums on all insurance required to be maintained prior to the -late the Project is completed . ( c ) Payment of any tees and expenses for recording or filing such documents , insrrumerts an,i r_inanci_nq statements which the Company, the Lender or the City may deem desirable to perfect or protect the r_ ighr�: ()f t`:a City and the Lender_ under the Loan Agreemenr , the Cc,mpany ';ote and the Assignment of the Loan Agreement . (d ) Payment of any commitment or acceptance fea of the Lender and the legal , iccounrirc, and financial advisory fees and expenses , and all other fe�Js -rnd expenses incurred in the preparation of related documents . ( e ) Interest accrued on the Bonds prior to completion of the Project. 24 . Ordinance . This Ordinance of the City, adopted November 19 , 1985 , together with any supplement or amendment hereto. 1 . 2 . Legal Authorization The City is a political subdivision of the State of Colorado and is authorized under the Act to finance the Project herein referred to , and to issue and sell the Bonds for the purpose , in the manner and upon the terms and conditions set forth in the Act and in this Ordinance . 1 . 3. Findings The City Council , based on the representations of the Company, has heretofore determined and found , and does hereby determine and find , as follows : ( a ) Tn authorizing the Project the City' s purpose is , and in its judgment the effect thereof will be , the promotion and development of trade and other economic activities within the City by inducing the Company to acquire and construct facilities in the City and to secure and maintain a balanced and stable economy within the City; ( b) The amount estimated to be necessary to finance the Project Costs , including the costs and estimated costs permitted by the Act , will require the issuance of the Bonds in the principal amount of $600 , 000 , as hereinafter provided ; ( c ) It is desirable , feasible and consistent with the objects and purposes of the Act to issue the Bonds , for the purpose of financing the construction of the Project ; (d ) The Bonds and the interest accruing thereon shall never constitute the debt or indebtedness of the City within the meaning of any provision or limitation of the constitution or statutes of the State of Colorado or the Home Rule Charter of the City of Fort Collins , Colorado and shall not constitute nor give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers ; (e ) Pursuant to Sections 113 and 114 of the Act the City hereby determines ( i ) the amount necessary in each year to pay the principal of and the interest on the Bonds as set forth in the Loan Agreement whim requires such payments by the Company, ( ii ) the establishment by this Ordinance of a Bond reserve fund for the retirement of the Bonds is not deemed advisable , and ( iii ) since the Loan Agreement provides that the Company shall maintain the Project and carry all - 4 - proper insurance with respect t'.uor_ eto , no determination of the estimated cost of maintnin�_,is the Project need be made ; and ( f ) Pursuant to Section "10 of the Act , the City hereby determines that the revenues (-)f the Company will be sufficient to , and that the Loan Agreement provides that the Company shall , pay all taxes which may be due and owing with respect to the Project . 1 . 4 . authorization and Ratification of Project The City hereby authorizes the Company to provide for the acquisition , construction and installation of the Improvements to be included in the Project pursuant to the Plans and Specifications by such means as shall be available to the Company and in the manner determined by the Company, and the City hereby ratifies , affirms and approves all actions heretofore taken by the Company. ARTICLE II BONDS 2. 1 . Authorized Amount and Form of Bonds The Bonds issued pursuant to this Ordinance shall be in substantially the form set forth herein , with such -inprooriate variations , omissions and insertions as :are permitted or required by this Ordinance , and in accordance with the turther provisions hereof ; and the total principal amount of the Bonds that may be outstanding hereunder is expressly limited to 5600 , 000. The Bonds shall be in substantially the following for,, : - 5 - UNITED STATES OF AMERICA STATE OF COLORADO CITY OF FORT COLLINS , COLORADO INDUSTRIAL DEVELOPMENT REVENUE BOND ( THE MOUNTAIN AVENUE PLAZA ASSOCIATES PROJECT) SERIES 1985 December 1 , 1985 R-1 $600 , 000 FOR VALUE RECEIVED, CITY OF FORT COLLINS , COLORADO ( the "City" ) hereby promises to pay to the order of FIRST INTERSTATE BANK OF FORT COLLINS , N.A. , Fort Collins , Colorado ( the " Lender" ) , its successors or registered assigns , from the source and in the manner hereinafter provided , the principal sum of SIX HUNDRED THOUSAND DOLLARS ( $600 , 000 ) ( the "Principal Balance" ) , and to pay interest thereon from the date hereof in consecutive installments beginning January 1 , 1986 , and on the first day of each succeeding month during the term hereof through and including December 1 , 2015 , at a per annum rate equal to 800 of the rate of interest publicly announced by the Lender from time to time at its principal office in Fort Collins , Colorado, as its "Prime Rate" ( computed on the basis of a 360 day year) ( the "Prime Rate" ) multiplied by the "Margin Rate Factor" ( hereinafter defined ) ; provided however , the amount of the monthly payment due hereunder each month shall not be less than the amount of interest accrued to the interest payment date , in any coin or currency which at the time or times of payment is legal, tender for the payment of public or private debt in the United States of America , in accordance with the terms hereinafter set forth . "Margin Rate Factor" means the product of ( a ) one ( 1 ) minus the "Maximum Federal Corporate Tax Rate" ( hereinafter defined ) times ( b) 1 . 851.85 . The Margin Rate Factor shall be 1. 0 so long as the Maximum Federal Corporate Tax Rate shall be 46% , and thereafter shall change from time to time effective as of the effective date of any chance in the Maximum Federal Corporate Tax Rate . "Maximum Federal Corporate Tax Rate" means the maximum statutory rate of Federal income taxation imposed on the taxable income of corporations pursuant to Section 11 ( b ) of the Internal Revenue Code of 1954 , as amended ( the " Code" ) , as in effect from time to time (or , if as a result of a change in the Code the rate of income taxation imposed on corporations shall not be applicable to a bondholder , the maximum statutory rate of Federal income taxation which could apply to the holder of this bond ) . 1 . ( a) The principal of this Bond shall mature and be repayable in 360 monthly installments in the amounts and on the dates as follows : 6 - PAYMENT DATE ( First Day of the AMOUNT OF MONTHLY Following Months ) PRINCIPAL PAYMENT January 1986 through December. 1986 S 450 January 1987 through December 1997 490 January 1988 through December 1988 525 January 1989 through December_ 1989 565 January 1990 through December 1990 610 January 1991 through December 1991 660 January 1992 through December 1992 710 January 1993 through December. 1993 770 January 1994 through December 1994 830 January 1995 through December 1995 895 January 1996 through December 1996 965 January 1997 through December 1997 1 , 040 January 1998 through December 1998 1 , 120 January 1999 through December 1999 1 , 210 January 2000 through December 2000 1 , 305 January 2001 through Decembar 2001 1 , 410 January 2002 through December 2002 1 , 520 January 2003 through Decembar 2003 1 , 640 January 2004 through December 2004 1 , 770 January 2005 through December 2005 1 , 910 January 2006 through December 2006 2 , 060 January 2007 through December 2007 2 , 220 January 2008 through December 2008 2 , 395 January 2009 through December 2009 2 , 530 January 2010 through December 2010 2, 785 January 2011 through December 2011 3 , 005 January 2012 through December 2012 3 , 240 January 2013 through December 2013 3 , 495 January 2014 through December 2014 3 , 770 January 2015 through November 2015 4 , 070 December 2015 3 , 890 (b ) This Bond must be redeemed in whole within six ( 6 ) months after the date of a " Determination of Taxability" ( defined in the Loan Agreement ) at a redemption price equal to ( i ) the principal amount of the Bond to be redeemed , plus ( ii ) an additional amount equal to the difference between ( A) the interest on the Bond durin;l the "Taxable Period" (defined in the Loan Agreement ) if the 9ond had borne interest durinq such Taxable Period at an interest rate equal to the Prime Rate plus 20 per annum and ( B) the interest actually paid on the Bond during such Taxable Period plus ( iii ) an amount equal to any interest , penalties on overdue interest and additions to tax as referred t-� in Subchapter A of Chapter 68 of the Internal Revenue Code of 1954 , as amended , owed by the Lender. In the event of a Determination of Taxability the net effective interest rate on this Bond shall not exceed thirty ( 300 ) percent per annum . ( c ) This Bond is also subject to redemption and payment , without premiums prior to maturity at the option of the City , upon instructions from the Company, as a whole at anytime , or in part in $5 , 000 multiples of principal on any interest payment date after January 1 , 1986 , in inverse order of maturity, plus accrued interest thereon to the date fixed for redemption and payment . ( d ) This Bond is also subject to mandatory purchase by the Company, in whole but not in part , as directed by the City, upon election by and instructions from any Bondholder , on November 30 , 1990 , November 30 , 1995 , November 30 , 2000 , November 30 , 2005 , and November 30 , 2010 , at a purchase price of 100% of the Principal Balance then outstanding , plus accrued interest thereon to the date fixed for purchase and payment . Notice of the Bondholder ' s election to require the Company to purchase the Bonds hereunder shall be given to the Company by first class mail , postage prepaid , mailed not less than six ( 6 ) months prior to the applicable purchase date . ( e ) This Bond is also subject to purchase by the Company, in whole but not in part , on any interest payment date , solely at the option of the Company, in an amount equal to the Principal Balance then outstanding plus accrued interest to the purchase date and without premium. Written notice of such purchase by the Company shall be given to the Bondholder at least sixty ( 60) days before such interest payment date . ( f ) This Bond is also subject to mandatory redemption sand payment in whole or in part , without premium , in the event and to the extent proceeds of this Bond are not disbursed in accordance with the Loan Agreement on or before December 1 , 1988 . (g ) In the event this Bond is to be redeemed in whole or in part pursuant to the provisions of the Loan Agreement , the Company shall give notice of the redemption to the Issuer and the Lender by first class mail , postage prepaid , "mailed not less than thirty ( 30 ) days prior to the redemption date . No prior notice of redemption shall be required in connection with a partial redemption of this Bond from moneys remaining in the Construction Fund (defined in the Loan Agreement ) after the Completion Date . (h ) On the first day following December 31 , 2015 , after the date hereof ( such date to be the " Final Futurity Date" ) , the entire remaining Principal Balance and any interest accrued to the Final maturity Date shall be due and payable . 2. Interest shall be computed on the basis of a 360 day year, but charged for the actual number of days principal is unpaid . Anything in this Bond to the contrary notwithstanding , the obligations of the City under this Bond shall be subject to the limitation that payments of interest hereunder shall not be - 8 - required to the extent that receipt of any such payment by the Lender would be contrary to provisions of law applicable to the Lender which limit tho maximum rate of interest which may be charged or cnll_ected by the Lender . 3 . Principal and interest due hereunder shall be payable at the principal office of the Lender , or at such other place as the Lender -nay deli-,hate in writing . 4 . This Bond is issued by the City to provide funds for a project , is defined in Section 103 of Article 3 , Title 29 , Colorado Revised Statutes , as amended ( the "Act" ) , consisting of the acquisition and construction of a building on real estate located in the City, pursuant to a Loan Agreement dated as of December 1 , 1985 , between the City and Mountain Avenue Plaza Associates ( the "Company" ) ( the "Loan Agreement" ) , and , further , this Bond is issued pursuant to and in full compliance with the Constitution and laws of the State of Colorado , particularly the Act and an ordinance of the Council of the City duly adopted on November 19 , 1985 ( the "Ordinance" ) . 5. This Bond is secured by ( i ) an assignment of the Loan Agreement and the Company Note by the City to the Lender , ( ii ) a Deed of Trust from the Company as grantor, in favor of the Lender , ( iii ) a Security Agreement under the Uniform Commercial Code , ( iv ) a Guaranty Agreement between the Company, Theodore R. Davis , Leonard C. Wilson and Lloyd Jenkins , as guarantors , and the Lender , and ( v ) the Collateral Assignment of Rents dated as of the date hereof . This Bond is subject to all the terms , conditions and provisions of said Loan Agreement and Company Note , Deed of Trust , Security Agreement and Guaranty Agreement . 6 . The Lender may waive an event of default hereunder caused by the nonpayment of interest and/or principal due on this Bond without notice to or consent of any party liable hereon and without releasing any such party . However , in no event shall the Final Maturity Date be beyond forty ( 40) years from the date hereof . 7 . The City may prepay, without a premium, all or a portion of the Principal Balance at any time upon ten ( 10) days ' written notice to the Lender , but only from funds available therefor under the Loan Agreement. No partial prepayment shall change the amount or extend the time of payment of any installment payable hereunder. 8 . This Bond is further subject to prepayment , without a premium, in whole , upon the occurrence of certain events of damage to , or destruction or condemnation of the Project as specified in the Loan Agreement , tl. e Deed of Trust and the Ordinance . 9 . The monthly payments clue under the first paragraph hereof shall continue to be due and payable in full until the - 9 - entire Principal Balance and accrued interest due on the Bond have been paid , regardless of any nartial prepayment made hereunder . 10 . As provided in the Ordinance and subject to certain limitations set forth therein , this Bond is transferable upon th- books of the City at the office of the City Clerk, by the Lender in person or by its agent duly authorized in writing , at the Lender ' s expense , upon surrender hereof together with a written instrument of transfer satisfactory to the City Clerk , duly executed by the Lender or its duly authorized agent . Upon such transfer the City Clerk will note the date of registration and the name and address of the new registered Lender in the registration blank appearing below. The City may deem and treat the person in whose name the Bond is last registered upon the books of the City as the absolute owner hereof , whether or not overdue , for the purpose of receiving payment of or on the account of the Principal Balance , prepayment price or interest and for all other purposes , and all such payments so made to the Lender or upon its order shall be valid and effective to satisfy and discharge the liability upon the Bond to the extent of the sum or sums so paid , and the City shall not be affected by any notice to the contrary. 11 . THIS BOND AND INTEREST THEREON AND ANY PENALTY OR PREMIUM DUE HEREUNDER ARE PAYABLE SOLELY FROM THE REVENUES AND PROCEEDS DERIVED FROM THE LOAN AGREEMENT , THE NOTE , THE DEED OF TRUST, THE GUARANTY, THE COLLATERAL ASSIGNMENT OF RENTS AND THE SECURITY AGREEMENT , AND SHALL NEVER CONSTITUTE THE DEBT OR INDEBTEDNESS OF THE CITY WITHIN THE MEANING OF ANY PROVISION OR LIMITATION OF THE STATE CONSTITUTION OR STATUTES OR THE CHARTER OF THE CITY OF FORT COLLINS , COLORADO , AND SHALL 2]OT CONSTITUTE NOR GIVE RISE TO A PECUNIARY LIABILITY OF THE, CITY OR A CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POWERS. 12 . The remedies of the Lender , s provided herein and in the Loan Agreement , the Deed of Trust , the Security Agreement , the Collateral Assignment of Rents , and the Guaranty, are not exclusive and shall be cumulative and concurrent and may be pursued singly , successively or together , at the sole discretion of the Lender , and may be exercised as often as occasion therefor shall occur ; and the failure to exercise any such right or remedy shall in no event be construed as a waiver of release thereot . 13 . The Lender shall not be deemed , by any act of omission or commission , to have waived any of its rights or remedies hereunder unless such waiver is in writing and signed by the Lender, and then only to the extent specifically set forth in writing . A waiver with reference to one event shall not be construed as continuing or as a bar to or waiver of any right or remedy as to a subsequent event . 14 . This Bond has been issued without registration under state or federal or other securities laws , pursuant to an - 10 - exemption for such issuance ; and accordingly the Bond may not he assigned or transferred in whole or part , nor may a participation interest in the Bond be given pursuant to any participation agreement , except in accordance with applicable reqistration requirements or an applicable exemption from such registration requirements , and the City Clerk may require an opinion of qualified counsel as to the existence of such an exemption before transferring this Bond on the books of the City. Furthermore , this Bond may not be transferred or exchanged except with such disclosure as may be appropriate under the circumstances or facts material to the investment decision of a prudent investor documented to the reasonable satisfaction of the City and its counsel . IT IS HEREBY CERTIFIED AND RECITED that all conditions , acts and things required to exist , happen and be performed precedent to or in the issuance of this Bond do exist , have happened and have been performed in regular and due form as required by law. IN WITNESS WHEREOF, the City has caused this Bond to be duly executed in its name by the manual signature of the Mayor of the City , to be sealed with the Seal of the City , to be signed and attested with the manual signature of the City Clerk and to be countersigned with the manual signature of the Finance Director of the City and has caused this Bond to be dated December 1 , 1985 . CITY OF PORT COLLINS , COLORADO ( SEAL) By Barbara S . Rutstein , ?layor ATTEST: City Clerk COUNTERSIGNED: 3y : Dir ctor of Finance - 11 - PROVISIONS AS TO REGISTRATION The ownership of the unpaid Principal Balance of this Bond and the interest accruing thereon is registered on the books of City of Fort Collins , Colorado, in the name of the holder last noted below. Date of Name and Address Signature of City Registration of Registered Owner Clerk or Deputy 2. 2. The Bonds The Bonds shall be payable at the times and in the manner , and shall be subject to such other terms and conditions as are set forth in the form thereof included as Section 2. 1 of this Ordinance. The net effective interest rate on the Bonds shall not exceed twenty percent ( 20% ) per annum, unless there shall have been a " Determination of Taxability, " in which case the net effective interest rate on the Bonds shall not exceed Thirty percent ( 30% ) per annum. Subject to the foregoing , the Bonds shall bear interest at the rate set forth in the form thereof included as Section 2. 1 of this Ordinance. 2 . 3 . Execution The Bonds shall be executed on behalf of the City by the manual signature of the "Mayor of the City, shall bear the seal of the City , shall be signed and attested with the manual signature of the City Clerk , and shall be countersigned with the manual signature of the Finance Director of the City. In case any officer whose signature shall appear on the Bonds ceases to be an officer before delivery of the Bonds to the Lender , such signature shall nevertheless be valid and sufficient for all purposes , the same as if he had remained in office until delivery. 2 . 4 . Delivery of the Bonds Before delivery of the Bonds there shall be delivered to the City Clerk the following items : 1 . Executed copies of the Loan Agreement , Company Note , the Assignment of. the Loan Agreement , the Deed of Trust , the Security Agreement , the Collateral Assignment of Rents , the Inducement Letter , the Offer to Purchase and the Guaranty ; - 12 - 2. An opinion of Counsel for the Company in scope and substance satisfactory to Bond Counsel as to the authority of the Company to enter into the transaction and other related matters ; 3 . An opinion of Counsel for the Issuer in scope and substance satisfactory to Bond Counsel as to the authority of the Issuer to enter into the transaction , issue the Bonds and other related matters ; and 4 . The opinion of Bond Counsel as to the validity and tax exempt status of the Bonds ; and 5 . Such other documents and opinions as Bond Counsel may reasonably require for purposes of rendering its opinion required in subsection ( 4 ) above or that the Lender may require for the closing . 2 . 5 . Issuance of New Bonds Subject to the provisions of Section 2. 9 hereof , the City shall , at the request and expense of the Lender, issue new Bonds , in aggregate outstanding principal amount equal to that of the Bonds surrendered , and of like tenor except as to number , principal amount and the amount of the monthly installments payable thereunder, and registered in the name of the Lender or such transferee as may be designated by the Lender . 2. 6. Registration of Transfer The City will cause to be kept at the office of the City Clerk a record of the Bond or Bonds outstanding upon and subject to which it will provide for the registration of transfers of ownership of the Bonds . The Bonds shall be transferable by the registered owner in person or by its attorney duly authorized in writing , upon surrender of the Bonds together with a written instrument of transfer , duly executed by the Lender or its duly authorized agent , a legal opinion as to exemption from registration satisfactory to the City Clerk and evidence of compliance with all of the provisions of Section 3 . 2 of the Loan Agreement . Upon such transfer the City Clerk shall note the date of registration and the name and address of the new Lender in such record and in the registration blank appearing on the Bonds . 2 . 7. mutilated , Lost or Destroyed Bond In case any Bonds issued hereunder shall become mutilated or be destroyed or lost , the City shall , if not then prohibited by law, cause to be executed and deli,. ered , a new Bond of like outstanding principal amount , number and tenor in exchange and substitution for and upon cancellation of such mutilated Bond , or in lieu of and in substitution for such Bond destroyed or lost , upon the Lender ' s paying the reasonable expenses and charges of the City in connection therewith , and in the case of a Bond- destroyed or lost , the filing with the City of evidence - 13 - satisfactory to the City that such Bond was destroyed or lost , and furnishing the City with indemnity satisfactory to it . If the mutilated , destroyed or lost Bond has already matured or been called for redemption in accordance with its terms it shall not be necessary to issue a new Bond prior to payment . 2 . 8 . Ownership of the Bonds The City may deem and treat the person in whose name the Bond is last recorded as the absolute owner of such Bond for the purpose of making payment of or on account of the Principal Balance , prepayment price and interest and for all other purposes whatsoever , and the City shall not he affected by any notice to the contrary. 2. 9 . Limitation of Bond Transfers The Bonds have been issued without registration under state or other securities laws , pursuant to an exemption for such issuance ; and accordingly the Bonds may not be assigned or transferred in whole or part , nor may a participation interest in the Bonds be given pursuant to any participation agreement , except in accordance with applicable registration requirements or an applicable exemption from such registration requirements and on such terms and subject to such conditions as the Issuer and its counsel may require . 2. 10 . Additional Bonds So long as the Loan Agreement is in effect and subject to Lender' s prior written consent , which shall not be unreasonably withheld , one or more series of Additional Bonds may be issued , authenticated and delivered for the purpose provided in Lhe Loana Agreement . Such Additional Bonds shall he pyable solely from the amounts payable under the Loan Agreement ( except to the extent paid out of moneys attributable to the proceeds derived from the sale of the Additional Bonds or to income from the temporary investment thereof and , under certain circumstances , to proceeds from insurance and condemn-ition awards ) . If the City, in its sole discretion , decides to issue such Additional Bonds , the Additional Bonds of each such series shall :-)e delivered to or upon the order of the purchasers thereof , but only upon there being filed with the City : ( a) Original , executed counterparts of a Supplemental Ordinance , an amendment of the Loan Agreement and Note and an amendment of the Deed of Trusr_ xpressly providing that , for all purposes of this Ordinance , the Loan Agreement and the Deed of Trust , the Project shaLL include any facilities being financed by the Additional Bonds . The date or dates of the Additional Bonds , the rate or rates of interest on the Additional Bonds , the time or times of payment of the interest thereon and the principal thereof , and the prepayment provisions , if any , pith respect thereto, all - 14 - shall be as provided in the Supplemental Ordinance , rather than as provided in this Ordinance , and may diffar from the provisions with respect to the Series 1985 Bonds set forth in this Ordinance . ( b ) � ,;ricten opinion by an attorney or firm of attorneys of nationally recognized standing on the subject of municipal bonds , to the effect that the issuance of the Additional Bonds and the execution thereof have been duly authorized , all conditions precedent to the delivery thereof have been fulfilled , and that the exemption from federal income tax of the interest on the Series 1985 Bonds and any Additional Bonds theretofore issued will not be affected by the issuance of the Additional Bonds being issued . Each series of Additional Bonds issued pursuant to this Section shall be equally and ratably secured under this Ordinance with the Series 1985 Bonds and all other series of Additional Bonds , if any, theretofore issued pursuant to this Section, without preference, priority or distinction of any Bonds over any other thereof . Notwithstanding anything herein to the contrary, no Additional Bonds shall be issued unless ( i ) the Loan Agreement and Company Note are in effect , ( ii ) there is no Default at the time of issuance under the Loan A(ar-ement , the Companv Note , the Deed of Trust or under this Ordinance , and ( iii ) all current City regulations are complied with. 2 . 11 . Establishment of Funds The City hereby establishes with the Lender two funds , to be called the "City of Fort Collins , �'i)I�)rado - 1'he 'Mountain avenue Plaza Associates Project Bond Fund " _nd the "City of Fort Collins , Colorado - The lountair: '. . . nu Plaza ',ssociates Project Construction Fund . " rVCCrued intl'r-11 :11Ll r- ' pala into the Bond Fund out of the proceeds of the Bonc:s and the remaining proceeds shall be deposited into the Construction Fund . The City hereby authorizes the Lender ( a ) to . i ;;hursements from the Construction Fund in accordance �ection of the roan Agreement , ( b) to make the pavments r ;;, fired by the Bonds to the Bondholders from the Bond Fund ,and ic ) invest the moneys on deposit in the Funds in accordance :. ir_h Section 3 . 7 of the Loan Agreement . ARTICLE : I PREPAYMENT OF BONDS EFORE MATURITY 3 . 1 . Prepayment 1 . In the event of damage to or destruction of the Project or condemnation of the Project or any part thereof , the Bonds shall be subject to prepayment to the extent and in the manner - 15 - set forth in Article V of the Loan Agreement and in the Deed of Trust . 2. The Bonds may be otherwise prepaid in accordance with the provisions of the Bonds . 3 . 2 . Termination of Interest Upon payment of any prepayment amount to the Lender and the giving of requisite notice , if any , the principal amounts prepaid shall , after such date , cease to bear interest . ARTICLE IV GENERAL COVENANTS 4. 1. Payment of Principal and Interest The City covenants that it will promptly pay or cause to be paid the principal of and interest on the Bonds at the place , on the dates , from the source and in the manner provided herein and in said Bonds . The principal and interest are payable solely from and secured by revenues and proceeds derived from the Project and payable pursuant to the Loan Agreement , the Company Note , the Guaranty, the Collateral Assignment of Rents and the Deed of Trust ; and nothing in the Bonds or in this Ordinance shall be considered as assigning , pledging or otherwise encumbering any other funds or assets of the City. 4 . 2. Performance of and Authority for Covenants The City covenants that it will faithfully perform at all times any and all covenants , undertakings , stipulations and provisions contained in this Ordinance , the Loan Agreement , in the Bonds executed , authenticated and delivered hereunder and in all proceedings of the City Council pertaining thereto ; that it is duly authorized under the Constitution and laws of the State of Colorado , including particularly and without limitation the Act , to issue the Bonds authorized hereby, pledge the revenues and assign the Loan Agreement and endorse the Company Note in the manner and to the extent set forth in this Ordinance , the Bonds and the Loan Agreement and Assignment of Loan Agreement ; that all action on its part for the issuance of the Bonds and for the execution and delivery thereof has been duly and effectively taken; and that the Bonds in the hands of the Lender are and will be a valid and enforceable obligation of the City according to the terms thereof . In making these representations , the City relies upon the opinion of Bond Counsel as to the truth of matters asserted and the efficacy of actions taken. 4. 3. Nature of Security . Notwithstanding anything contained in the Bond , the Deed of Trust , the Loan Agreement or any other document referred to in - 16 - Section 2. 4 of this Ordinance , the Bonds shall never constitute the debt or indebtedness of the City within the meaning of any provision or limitation of the constitution or statutes of the State of Colorado or Charter of the City of Fort Collins , Colorado and shall not constitute nor live rise to a pecuniary liability of the City or a charge ac;ainst its general credit or taxing powers ; and the City , its :�(- onts , officers and employees shall not be subject to any personal or pecuniary liability thereon . �RTICL,F' V MISCELLANEOUS 5 . 1. Severability If any provision of this Ordinance , except Section 4 . 3 of Article IV, hereof , shall be held or deemed to be , or shall , in fact , be , inoperative or unenforceable as applied in any particular case in any jurisdictions or in all cases because it conflicts with any provisions of any constitution or statute or rule or public policy , or for any other reason , such circumstances shall not have the effect of rendering the provision in question inoperative or unenforceable in any other case or circumstance , or of rendering any other provision or provisions herein contained invalid , inoperative or unenforceable to any extent whatever. The invalidity of any one or more phrases , sentences , clauses or paragraphs in this ordinance , except Section 4. 3 of Article IV her—oE , shall not ::tfeut the remaining portions of this Ordinance or any part hereof . 5 . 2 . Authorization to Execute Agreements The forms of the proposed Loan Agreement , the Assignment of Loan Agreement , the Company Note , the Inducement Letter and the Offer to Purchase are hereby approved in substantially the form presented to the City Council ; and the Mayor and the City Clerk are authorized to endorse the Company Note and execute the Loan Agreement , the Assignment of Loan Agreement , the Inducement Letter and the Offer to Purchase in the name of and on behalf of the City and such other documents as Bond Counsel considers appropriate in connection with the issuance of the Bonds . In the event of the absence or disability of the Mayor or the City Clerk , such officers of the City as , in the opinion of the City Attorney, may act in their behalf , shall without further act or authorization of the City Council do all things and execute all instruments and documents required to be done or executed by such absent or disabled officers . 5. 3. Authority to Correct Errors , Etc . The Mayor and the City Clerk are hereby authorized and directed to make or agree to any alterations , changes or additions in the instruments hereby approved as the Mayor and the - 17 - City Attorney deem necessary or proper to accomplish the purposes of this Ordinance , the signatures of the "Mayor and the City Clerk on the instruments to be conclusive evidence of such approval ; provided , however, no alteration , change or addition shall be made which shall alter the maximum net effective interest rate , denomination , date , maturities , form, interest rates , registration privileges , manner of execution , places of payment or terms of prepayment of the Bonds or which shall increase the aggregate principal amount of the Bonds authorized by the City Council or in any way give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers with respect to the Bonds . 5 . 4. Further Authority The Mayor and the City Clerk and other proper City officials , and each of them, are hereby authorized to execute and deliver for and on behalf of the City any and all additional certificates , documents and other papers and to perform all other acts they may deem necessary or appropriate in order to implement and carry out the matters herein authorized . 5 . 5 . Repealer All ordinances or parts thereof in conflict with this Ordinance .are hereby repealed . 5 . 6 . Ordinance Ir_reoealable After said bonds are issued this Ordinance shall be and remain irreoealable until said bonds and the interest thereon shall have been fully paid , satisfied and discharged . 5. 7 . Recording and Authentication This Ordinance , as adopted by the City Council , shall be numbered and recorded , and the adoption and publication shall be authenticated by the signatures of the Mayor and City Clerk and by the certificate of the publisher , respectively. - 18 - Introduced , considered favorably on first. reading rin(l ordered published this 5th day of November , 1985 , ind to he presented for final passage on the 19th day of November , 1985 . M or ( SEAL) ATTEST: y City Clerk Passed and adopted on final reading on this 19th day of November , 1985. ayor ATTEST: City Clerk Councilmember Knezovich -roved that the foregoing Ordinance heretofore introduced and read by title he approved on first reading . Councilmember Estrada seconded the motion. The question being upon the approval on first reading of the Ordinance , the roll was called witn the following results : Councilmembers votinq "AYE" : Councilmembers : Barbara Rutstein , r-layor Kelly Ohlson , assistant Mayor Gerald C. Horak E. John Clarke John i3. Knezovich Larry Estrada Ed Stoner City Attorney : John H . Huisjen City Clerk : Wanda M. Krajicek - 19 - Councilmembers votinq "NAY" : (done The Mayor thereupon declared that , a majority of the Councilmembers present havinq voted in favor_ thereof , the motion was carried and the Ordinan^e duly ionrcved on first reading . Thereupon the Mayor ordered said Ordinance published once" full together with a notice qivinq the date when said Ordinance ^ will be presented for final passage in Color.adoan , 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 . ayor City of Fort Collins , Colorado ATTEST: City Clerk City of Fort Collins , Colorado STATE OF COLORADO ) COUNTY OF LARIMER ) CITY OF FORT COLLINS ) The Council of the City of Fort Collins , Colorado , held a regular meeting at 300 LaPorte Avenue , Fort Collins , Colorado 80521 , on Tuesday, the 19th day of November , 1985 , at the hour of 6 : 30 P.M. The following persons were present : Councilmembers : Barbara Rutstein , layor_ Kelly Ohlson , Assistant Mayor Gerald C. Horak E. John Clarke John B. Knezovich Larry Estrada Ed Stoner City Attorney: John H. Huisjen - 20 - City Clerk : Wanda M. Krajicek The following persons were absent: None The Mayor informed the Council that Ordinance No. 136, 1985 , which was introduced, approved on first reading, and ordered published once in full at a regular meeting of the Council held on November 5 , 1985 , was duly published in Coloradoan, a newspaper_ of general circulation published in the City, in its issue of November 10 1985 . Councilmember Clarke then read said Ordinance by its title. Thereupon, Councilmember Clarke moved the final passage of Ordinance No. 136, 1935 and the question being upon the final passage of said Ordinance , the roll was called with the following results : Councilmembers voting "AYE" : Councilmembers: Barbara Rutstein, Mayor Kelly Ohlson , Assistant Mayor Gerald C. Horak E . ,John Clarke John 13 . Knezovich Larry Estrada Ed Stoner City Attorney: John H. Huisjen City Clerk : Wanda 'I. Krajicek Councilmembers voting "NAY" : None The Mayor thereupon declared that a majority of the Councilmembers present having voted in favor thereof , the motion was carried and the Ordinance finally passed. Thereupon the Mayor ordered said Ordinance published by number and title only together with a notice of the final passage - 21 - of the Ordinance in Coloradoan , a newspaper of general circulation published in the City , within five ( 5) days after said final passage .After consideration of other business to come before the Council the meeting was <ic ourneri . Mayor City of Fort Collins , Colorado ATTEST: City Clerk City of Fort Collins , Colorado STATE OF COLORADO ) ss . COUNTY OF LARIMER ) CITY OF FORT COLLINS ) I , Wanda M. Krajicek , City Clerk of the City of Fort Collins , Colorado, do hereby certity that the attached copy of Ordinance No . 136, 198,5 is a true and correct copy ; that said Ordinance was introduced and approved on first reading by the Council of the City of Fort Collins , Colorado , at a regular meeting thereof held at 300 LaPorte Avenue , Fort Collins , Colorado 80521 , the regular meetinc place thereof , on Tuesday, the 5th day of November , 1985 , that s<iid Ordinance was finally passed on second reading by said Council at a regular meeting thereof held at 300 LaPorte -Avenue , Fort Collins , Colorado 80521 , the regular meeting place thereof , on Tuesday, the 19th day of November , 1935 , that a true copy of said Ordinance has been authenticated by the signatures of the Mayor of said City and myself as recorded in a book marked "Ordinance Record" kept for such purpose in :i_y office ; and that said Ordinance was duly published once in full together with t notice giving the date when said Ordinance would be presented for final passage and once by number and title only together pith a notice stating the date when said Ordinance would be present�2.i for the final passage thereof , in the Coloradoan , a newspaper of general circulation published in the City , in its issuE-�s ->t tdovenber 10 , 1985 , and November 24 , 1985 , as evidenced by t certificates of the publisher attached hereto at Pares ;; i and 22 . I further certify that the foregoing pages 1 througn 19 , inclusive , constitute a true and correct copy of the record nt the proceedings of said Council at its regular meetings of "]ovember 5 , 1985, and November 19 , 1985 , insofar as said proceedings relate to said Ordinance ; and that said proceedings were duly had and taken , that the meetings were duly held ; and that the persons were present at said meetings as therein shown. - 22 - IN WITNESS WHEREOF, I have hereunto set my hand and the seal of the City of Fort Collins , Colorado this 25th day of November , 1985 . City Clerk City of Fort Collins , Colorado STATE OF COLORADO ) COUNTY OF LARIMER ) ss . CITY OF FORT COLLINS ) (Attach affidavit of publication in full of Ordinance and notice giving date when Ordinance to be presented for final passage . ) MAP16 - 23 - 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. 1989; that the last publication of said legal notice or advertisement was in the regular and entire edition of said newspaper on the 1 Crh day of Nnvomhar , A.D. 1985, 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 11 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 15, 1987 My commission expires 1212 Ewersiue, CO 86524 t r I!is, City Clerk Notary Public Delivered to "I Iti Py GIVEN that the For Collins City Council, on Tuesday, November 6, )985 Passed and adopted the Following ordinances)on first reading and 'ordered their pub lica lion by title only,with said o'of ance(s)to be Presented for final passage on November 19,1985.The full text of Said ordinance(s) 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 DEVEL OPMENT REVENUE BONDS, SERIES 1985 (THE MOUNTAIN AVENUE PLAZA ASSOCIATES PROJECT) IN THE PRINCIPAL AMOUNT OF 5600,000 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 )_INS,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 )ZING THE PREPARATION AND E%E CUTION OF CERTAIN RELATED DOCUMENTS AND INSTRUMENTS. ORDINANCE NO. 137, 1985 AN ORDINANCE RELATING TO THE ISSUANCE OF INDUS- 1RIAL 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 RADIO, INDUSTRIAL DEVEL OPMENT REVENUE BONDS, SERIES 1785 (THE TULAKES ASSOCIATES PROJECT) IN THE PRINCIPAL AMOUNT OF $920,000 FOR THE PURPOSE OF LOANING FUNDS TO TULAKES ASSOCIATES TO FINANCE IMPROVEMENTS RELATING TO CONSTRUCTING AN ADDI- TION TOAN EXISTINGOFFICE 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 ASSOCIATES AND THE CITY; AND AUTHORIZING THE 'PREPARATION AND EXECU TION OF CERTAIN RELATED DOCUMENTS AND INSTRU MEN TS. ORDINANCE NO. 140, 1985 AN ORDINANCE AUTHORIZ ING THE ISSUANCE OF A CITY OF FORT COLLINS, COLO- RADO.GREENBRIAR SPECIAL IMPROVEMENT DISTRICT NO. 67, SPECIAL ASSESSMENT BOND, DATED DECEMBER 15, 1985, IN THE PRINCIPAL AMOUNT OF S1,640,000; PRES 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 ), 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,SERIES 1904A, 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 1985, DATED NOVEMBER 1, 1985, IN THE AGGREGATE PRINCIPAL AMOUNT OF$30,715,D00. Wanda M. Kraiicek The Coloratloan, R95, City ClerkNovember 10, 7985 i 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. 19L5__; that the last publication of said legal notice or advertisement was in the regular and entire edition of said newspaper on the 24rh day of *TovPmhar A.D. 1989, 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 JC.C. I KfL / O ��P✓ 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 r City Clerk % �' Notary Public Delivered to NOTICE IS HEREBY GIVEN! that the Fort Collins City Council, on Tuesday, November 19, 1905, ORDINANCE NO. IJB, 1985 passed and adopted The following I OF THE COUNCILOF 111E CITY ordinances on second reading I OF FORT COLLINS BEING AN ORDINANCE NO.134, 1985 ORDINANCE AMENDING THE OFTHECOUNCILOF THECITY I ZONING ORDINANCE OF THE OF FORT COLLINS APPROPRI-I CITY OF FORT COLLINS BY ATING UNANTICIPATED REV '. CHANGING THE ZONING Cl-AS ENUE IN THE CULTURAL SER I SIFICATION FOR CERTAIN VICES FUND I PROPERTY KNOWN AS THE ORDINACE NO. 135, 1985 CENTER FOR ADVANCED OF THE COUNCILOF THE CITY I TECHNOLOGY REZO IJ ING OF FORT COLLINS VACATING ORDINANCE NO. 139, 1985 ALL EASEMENTS ON THE OF THECOUNCILOF TIIECIIY REPLAT OF LOTS I AND 2 OF FORT COLLINS RELATING TIMBERLINE APARTMENTS' TO CREATION AND ORGAN I ZA PUD TION OF THE GREENBRIAR ORDINANCE NO. 136, 1985 SPECIAL IMPROVEMENT DIS AN ORDINANCE RELATING TO TRICE NO.87 AND PROVIDING THE ISSUANCE OF INDUSI FOR THE CONSTRUCTION OF TRIAL DEVELOPMENT REVE IMPROVEMENTS THEREOF. NICE BONDS UNDER THE PRO ORDINANCE NO. 140, 1985 VISIONS OF THE COLORADO AN ORDINANCE AUTHORIZ- COUNTY AND MUNICIPALITY ING THE ISSUANCE OF A CITY DEVELOPMENT REVENUE ' OF FORT COLLINS, COLO BOND ACT; PROVIDING FOR RADO,GREENBRIAR SPECIAL THE ISSUANCE AND SALE OF I IMPROVEMENT DISTRICT No CITY OF FORT COLLINS,COLO 87, SPECIAL ASSESSMENT RADO, INDUSTRIAL DEVEL BOND, DATED DE CT'MBER I5, OPMENT REVENUE BONDS, 1985, IN THE PRINCIPAL. SERIES 1985 (THE MOUNTAIN AMOUNT OF 51,640.OW: PRES AVENUE PLAZA ASSOCIATES CRIBING THE FORM OF 1HEI PROJECT) IN THE PRINCIPAL BOND: AND PROVIDING FOR AMOUNT OF$600,000 FOR THE THE PAYMENT OF THE BONDI PURPOSEOF LOANINGFUNDS A N D T H E I N I F R F S TI TO MOUNTAIN AVENUE THEREON. PLAZA ASSOCIATES TO ORDINANCE NO. lel, 1985 FINANCE IMPROVEMENTS OFTHECOV NCIL OF THE CITY RELATING TO ACQUIRING, OF FORT COLLINS APPROPRI CONSTRUCTING, EQUIPPING ATING UNANTICIPATED REV AND RENOVATING COMMER I ENUE IN THE STREET OVER CIAL BUILDINGS IN FORT COL I SIZING FUND FOR 1 TRANSFERLINS,LARIMER COUNTY,COL TO THE CAPITAL PROJECTS', ORADO; APPROVING AND FUND AND APPROPRIATING AUTHORIZING THE EXECU UNANTICIPATED REVENUE TION AND ASSIGNMENT OF A IN THE CAPITAL PROIFCI'S LOAN AGREEMENT AND FUND NOTE BETWEEN MOUNTAIN ORDINANCE NO. 142. 1985 AVENUE PLAZA ASSOCIATES AN ORDINANCE AUTHORIZ AND THE CITY;AND AUTORIZ ING THE ISSUANCE_ OF CITY ING THE PREPARATION AND OF FORT COLLINS,C.OLORADOI EXECUTION OF CERTAIN DOWNTOWN DEVELOPMENT RELATED DOCUMENTS AND AUTHORITY TAX INCREMENT INSTRUMENTS PEFUNDING BONDS SERIES ORDINANCE NO. 137. 1985 1%11 DATED DECEMBER I, AN ORDINANCE RELATING TO 19B5, IN THE AGGREGATE THE ISSUANCE OF INDUS PRINCIPAL AMOUNI OF TRIAL DEVELOPMENT REVE S8,BB5.Df10. FOR THE PURPOSE NUE BONDS UNDER THE PRO OF REFUNDING THE CITY OF VISIONS OF THE COLORADO FORT COLLINS. COLORADO COUNTY AND MUNICIPALITY DO'r'INTOWN DEVFLOPMENT DEVELOPMENT REVENUE AUTHORITY TAX INCREMENT BOND ACT. PROVIDING FOR BONDS. SERIES 1784A THE ISSUANCE AND SALE OF ORDINANCE NO UT, 1985 CITY OF FORT COLLINS,COLO AN ORDINANCE AVIHORIZ RADO, INDUSTRIAL DEVEL ING THE ISSUAN(F. OF CITY OPMENT REVENUE BONDS, OF FORT COLLINS, COLO- SERIES 1985 THE TULAKES RADO, SEWER REVENUE ASSOCIATES PROJECT) IN REFUNDING AND %iPROVF- THE PRINCIPAL AMOUNT OF MENT, BONDS, SEPIE5 19B5,. $920.000FOR THE PURPOSE OF DATED NOVEM13ER L 1985, IN LOANING FUNDS TO TULAKES I THE AGGREGATE PRINCIPAL'. ASSOCIATES TO FINANCE AMOUNT OF S10.715.ON IMPROVEMENTS RELATING Wanda M. Krajice), TO CONSTRUCTING AN ADDI City Clerk TION TO AN EXISTING OFFICE The Coloradoan. R 57. Novembers AND MAN OF ACiV RING 24, 1985 FACILITY IN FORT COLLINS. LARIMER COUNTY, COLO RADO; APPROVING ANDI AUTHORIZING THE EXECU TION AND ASSIGNMENT OF A LOAN AGREEMENT AND NOTE BETWEEN TULAKES ASSOICATES AND THE CITY; ' AND AUTHORIZING THE PREPARATION AND EXECU TION OF CERTAIN RELATED) DOCUMENTS AND INSTRU MENTS.