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HomeMy WebLinkAbout005 - 01/20/2004 - APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A FIRST AMENDMENT TO TRUST INDENTURE RELATIN ORDINANCE NO. 005, 2004 AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A FIRST AMENDMENT TO TRUST INDENTURE RELATING TO THE CITY OF FORT COLLINS, COLORADO MULTIFAMILY HOUSING REVENUE BONDS (COUNTRY RANCH II LIMITED PARTNERSHIP PROJECT) SERIES 1998; AND AUTHORIZING THE PREPARATION AND EXECUTION OF RELATED DOCUMENTS WHEREAS, the City of Fort Collins, Colorado (the "City") is authorized by Part 1 of Article 3 of Title 29, Colorado Revised Statutes, as amended (the "Act"), to issue revenue bonds for the purpose of financing projects to the end that business enterprises will bring affordable housing to the City of Fort Collins, to enter into financing agreements with others for the purpose of providing revenues to pay such bonds, and further to secure the payment of such bonds; and WHEREAS, the City has, pursuant to the Act, previously issued its Multifamily Housing Revenue Bonds (Country Ranch II Limited Partnership Project) Series 1998 in the original aggregate principal amount of $6,509,000 (the "Bonds") pursuant to a Trust Indenture (the "Indenture") dated as of December 1, 1998 between the City and Chase Bank of Texas, National Association, as trustee (the "Trustee"); and WHEREAS, the City now desires to amend the Indenture, at the request of AIG Retirement Services, Inc. (formerly, AIG SunAmerica, Inc.), as the Funding Facility Issuer under the Indenture, to (i) change the interest mode on the Bonds to a Term Rate Mode in which the interest will be calculated on a weekly basis and will be determined on the basis of an index (BMA plus 20 basis points) and (ii) modify the mandatory sinking fund schedule for the Bonds; and WHEREAS, there has been presented to the Council of the City (the "Council') and filed in the office of the City Clerk of the City (the "Clerk"), the proposed form of First Amendment to Trust Indenture, dated as of January 1, 2004 (the "First Amendment') by and between the City and the Trustee; BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS, COLORADO: Section 1. The proposed form of First Amendment is in all respects hereby approved, and the Mayor and the City Clerk are authorized to execute such First Amendment in the name of and on behalf of the City and such other documents as in the opinion of the City Attorney are necessary to effect the transactions contemplated thereby and are not inconsistent therewith. 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 on their behalf, shall without further act or authorization of the Council do all things UT DOCS A#1145458 v1 S-1 and execute all instruments and documents required to be done or executed by such absent or disabled officers. Section 2. Counsel for the City is hereby authorized and directed to make or agree to any alterations, changes or additions in the instruments hereby approved as it deems necessary or proper to accomplish the purposes of this Ordinance. Section 3. 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. Section 4. If any provision of this Ordinance shall be held or deemed to be or shall, in fact, be illegal, inoperative or unenforceable, the same shall not affect any other provision or provisions herein contained or render the same invalid, inoperative or unenforceable to any extent whatever. Section 5. All provisions of prior ordinances, or parts thereof, in conflict with the provisions of this Ordinance are, to the extent of such conflicts, hereby repealed. Section 6. This Ordinance shall be in full force and effect on the tenth day following its passage. INTRODUCED, READ, APPROVED ON FIRST READING AND ORDERED PUBLISHED BY NUMBER AND TITLE ONLY this 6th day of January, A.D. 2004. CITY OF FORT CO S, COLORADO By: Mayor (SEAL) ATTEST: City Clerk READ, FINALLY PASSED ON SECOND READING AND ORDERED PUBLISHED BY NUMBER AND TITLE ONLY this 20th day of January, A.D. 2004. CITY OF FORT COLLINS, COLORADO By: ` MayorPro Tem (SEAL) ATTEST: ImLk City Clerk