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HomeMy WebLinkAbout141 - 10/16/1984 - AUTHORIZING THE ISSUANCE OF CITY SPECIAL IMPROVEMENT DISTRICT NO. 80, SPECIAL ASSESSMENT BONDS DATED ORDINANCE NO. 141 , 1984 AN ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF FORT COLLINS, COLORADO, LANDMARK SPECIAL IMPROVEMENT DISTRICT NO. 80, SPECIAL ASSESSMENT BONDS DATED NOVEMBER 1 , 1984, IN THE AGGREGATE PRINCIPAL AMOUNT OF $315,000. 00 ; PRESCRIBING THE FORM OF SAID BONDS, PROVIDING FOR THE PAYMENT OF SAID BONDS AND THE INTEREST THEREON AND AUTHORIZING THE APPROPRIATE OFFICERS OF THE CITY TO ENTER INTO AN ESCROW AGREEMENT IN ORDER TO FURTHER SECURE SAID BONDS. WHEREAS, the Council ( the "Council" ) of the City of Fort Collins , Colorado ( the "City" ) pursuant to the Charter and Chapter 16 of the Code of the City of Fort Collins ( the "Code" ) relating to local improvements and the financing thereof has heretofore created the Landmark Special Improvement District No . 80 ( the "District" ) by Ordinance No . 132, 1983, and authorized the con- struction and installation of certain local street, water , sanitary sewer and storm drainage improvements ( the " Improvements" ) therein ; and WHEREAS , pursuant to the Code and the Ordinance creating the District,, the City Manager has entered into an agreement with Landmark Apartments , Ltd . ( the "Owner" ) the sole property owner in the District, providing for the management of the acquisition , construction, and installation of the Improvements in the District by the Owner, including all bidding for work on the Improvements and awarding of contracts therefor, and WHEREAS, the City desires to sell the special assessment bonds of the District ( the "Bonds" ) in the principal amount of $315, 000. 00 ; and WHEREAS, a proposal for the purchase of said Bonds on terms favorable to the City has been received from First Interstate Bank of Fort Collins , N.A. ( the "Purchaser" ) , which the Council has determined and does hereby determine to accept; and WHEREAS, the construction and installation of the Improve- ments in the District has conferred and will confer general benefits on the City and special benefits on the assessable property in the District; and WHEREAS, the Council has determined that the cost of the construction and installation of the Improvements to be assessed against the property within the District will not exceed $315, 000. 00 and that special assessment bonds of the City for the District shall be issued in said amount; and WHEREAS, the Owner has agreed to furnish collateral security for the payment of the principal of and interest on said Bonds; and a form of escrow agreement ( the "Escrow Agreement" ) dated as of November 1 , 1984, among the City, the Owner, and the United Bank of Fort Collins , N.A. (the "Escrow Agent" ) , providing for the custody and application of such collateral security will be filed in the office of the City Clerk; and WHEREAS, the Council has determined and does hereby declare that it is necessary and for the best interests of the City and the District to authorize the issuance of said Bonds and to provide for the repayment thereof. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS, COLORADO, AS FOLLOWS: Section 1 . All action (not inconsistent with the provisions of this Ordinance ) heretofore taken by the City, the Council , and the officers of the City, directed toward the creation of the District, the acquisition , construction , and installation of the Improvements therein , the authorization and sale of its public local improvements special assessment Bonds and the levy of assessments for that purpose is hereby ratified , approved and confirmed . Section 2 . For the purpose of defraying the entire cost and expense of making the Improvements, including all such proper incidental expenses , there shall be issued in the name of the City, fully registered ( i .e. , registered as to both principal and interest, in compliance with Section 103 (j ) of the Internal Revenue Code of 1954, as amended, and the regulations of the Secretary of the Treasury thereunder) , special assessment Bonds designated "City of Fort Collins, Colorado, Landmark Special Improvement District No . 80, Special Assessment Bonds, Series 1984" (the "Bonds" ) in the aggregate principal amount of $315,000. 00 , consisting of 63 bonds , numbered consecutively from 1 to 63, both inclusive , in the denomination of $5,000.00 each, dated as of the 1st day of November, 1984, and payable to the registered owner thereof in regular numerical order on the 1st day -2- of November, 1991 , and bearing interest from November 1 , 1984, until maturity, payable semiannually on the 1st days of May and November in each year , commencing on the lst day of Mav, 1985, and the Bonds being numbered and bearing interest at the rates herein- below designated as follows : Bond Numbers Interest Rate (All Inclusive) ( Per Annum) 1 - 63 10 . 10% both principal and interest being payable in lawful money of the United States of America. The principal of any bond shall be payable to the reqistered owner as shown on the registration books kept by the City Clerk of the City of Fort Collins in Fort Collins , Colorado, as registrar ( the "Registrar" ) , upon maturity thereof and upon presentation and surrender at the office of the Director of Finance of the City in Fort Collins , Colorado ( the "Paying Agent" ) . Payment of interest on any Bond shall be paid to the reqistered owner thereof by check or draft mailed by the Paying Agent on or before each interest pavment date (or if such interest payment date is not a business day, on or before the next succeeding business day) , to his address as it last appears on the registration books kept by the Registrar. If, upon presentation of any Bond at maturity payment is not made as therein provided , interest thereon shall continue at the same rate per annum until the principal thereof is paid in full . If the Reqistrar or Paying Agent initially appointed here- under shall resign , or if the City shall reasonably determine that said Registrar or Paying Agent has become incapable of fulfilling his or her duties hereunder, the City may, upon notice mailed to each registered owner of Bonds at the address last shown on the registration books, appoint a successor Registrar, Paying Agent , or both . Every such successor Registrar or Paying Agent shall be a bank or trust company located in and in good standing in the State of Colorado and having a capital in surplus of not less than $5, 000 ,000. 00. It shall not be required that the same institution serve as both Registrar and Paying Agent hereunder, but the City shall have the right to have the same institution serve as both Registrar and Paying Agent hereunder. The proceeds of the Bonds received as accrued interest on the Bonds shall be deposited in a separate fund to be designated "City of Fort Collins , Colorado, Landmark Special Improvement District No . 80, Special Assessment Bonds , Series 1984, Interest and Bond Retirement Fund" (the "Bond Fund" ) and , additionally, the principal amount of the Bonds shall -3- be deposited in the account to be established for the District in the City ' s Capital Projects Fund and shall be used to pay the cost and expense of making said improvements in the District, including all such proper incidental costs. There is hereby appropriated the sum of $315,000. 00 in the Capital Projects Fund for the construction of the Improvements and associated costs . Section 3 . All of the Bonds shall be subject to redemption prior to maturity in regular numerical order at any time , subject to the provisions of the following sentence, from available funds in the Bond Fund at the option of the City, at a price equal to the principal amount thereof with accrued interest to the redemption date . within thirteen ( 13 ) months of receipt of monies initially deposited in the Bond Fund (other than from bond proceeds) , it shall be the duty of the Director of Finance to call in , and the duty of the paying agent to pay, a suitable number of any Bonds outstanding, provided that the Bond Fund (except for amounts initially deposited therein from bond proceeds ) shall be depleted at least once a year except for a reasonable carry-over amount not to exceed the greater of one year ' s earnings on the Bond Fund , or one-twelfth ( 1/12 ) of annual debt service on the bonds . Notice of prior redemption shall be given by the Director of Finance in the name of the City by mailing copy of such notice by registered mail at least forty-five ( 45) days and not more than sixty ( 60 ) days prior to the designated redemption date to the initial purchaser and to each registered owner of anv Bonds designated for redemption at their addresses as the same shall last appear upon the registration books kept by the Registrar . Such notice shall specify the number or numbers of the Bonds to be so redeemed and the date fixed for redemption , and shall further state that on such date there will become and be due and payable upon each bond so called at the Paying Agent the principal amount thereof with accrued interest to the redemption date , and that from and after such date interest shall cease. Notice having been given in the manner hereinabove provided , the Bond or Bonds so called shall become due and payable on the date so designated , and upon presentation thereof at the Paying Agent, the City will pay the Bond or Bonds so called . Section 4. The Bonds herein authorized to be issued may be refunded in accordance with and under the conditions imposed by the laws that the State and the City in force at the effective date of this Ordinance and not otherwise. -4- Section 5. Upon their execution and prior to their delivery, the Bonds shall be registered for the purpose of payment of principal and interest in the office of the City Clerk as Registrar. Thereafter, the Bonds shall be transferable only upon the registration books of the City at the office of the City Clerk by the registered owner thereof or by his or its duly authorized attorney in fact or legal representative . The City Clerk shall accept a Bond for registration or transfer only if the registered owner is to be an individual , a corporation, a partnership, or a trust. Bonds may be transferred upon surrender of the Bonds together with written instruments of transfer duly executed by the registered owners or their duly authorized attorneys in fact or legal representatives with guarantee of signature satisfactory to the City Clerk containing written instructions as to the details of the transfer of such Bonds, along with the social security numbers or federal employer identification numbers of such transferees and , if such transferee is a trust , the names and social security numbers of the settlor and beneficiary of the trust . Transfers shall be made without charge , except that the City Clerk may require payment of a sum sufficient to defray any tax or other governmental charge that may hereafter be imposed in connection with any transfer of Bonds . No registration of any Bond shall be effective until entered on the registration books . Concurrently with the entry of the required information on the registration books , the City Clerk shall enter the required information on the registration panel pertaining to each bond . The City Clerk shall not be required to transfer ownership of any Bond during the five ( 5 ) days prior to the first publication of any notice of redemption or to transfer ownership of any Bond selected for redemption on or after the date of the first such publication . Section 6. The Bonds shall be executed in the name and on behalf of the City with a facsimile signature of the Mayor of the City , shall bear a facsimile of the seal of the City, shall be attested by the facsimile signature of the City Clerk of the City, and shall be countersigned with the manual signature of the Finance Director of the City. Should any officer whose manual or facsimile signature appear on the Bonds cease to be such officer before delivery of the Bonds to the Purchaser , such manual or facsimile signature shall nevertheless be valid and sufficient for all purposes. Section 7. Except as herein stated, the Bonds authorized by this Ordinance and the interest thereon shall be payable solely -5- from the Bond Fund , consisting only of monies collected (princi- pal , interest, and penalties , if any) from the assessments to be levied to pay for the improvements; provided that any proceeds from the sale of the Bonds remaining in the account for the District in the City' s Capital Projects Fund after the payment or reimbursement to the City of all costs and expenses of making the improvements shall be deposited in the Bond Fund and used for Bond redemption . Any assessments in the Bond Fund remaining after the Bonds , both principal and interest, are paid in full , shall be deposited in the Surplus and Deficiency Fund referred to in Section 11 hereof . Immediately upon the collection of any assess- ments, the monies therefrom shall be deposited in the Bond Fund; and the Bond Fund is and will continue to be irrevocably and exclusively pledged for the payment of the principal of and the interest on the Bonds . The City , as well as redeeming the Bonds with any such surplus bond proceeds and with assessments collected during thirty ( 30 ) days after the publication of the assessment ordinance following its final passage, shall redeem the Bonds as herein provided from the remaining assessments payable in seven ( 7 ) substantially equal annual installments of principal and from annual payments of interest thereon to the extent monies are available therefor in the Bond Fund as herein provided . Section 8. The Bonds issued pursuant to this Ordinance shall not be a debt of the City and the City shall not be liable thereon , nor shall it thereby pledge its full faith and credit for their payments , nor shall the Bonds be payable out of any funds other than the special assessments and other monies pledged to the payment thereof, as herein authorized. Each Bond issued under this Ordinance shall recite in substance that said Bond and the interest thereon are payable solely from the special assessments and other monies pledged to the payment thereof . The payment of Bonds is not secured by an encumbrance , mortgage , or other pledge or property of the City, except for such special assessments and other monies pledged for the payment of Bonds. No property of the City, subject to said exceptions , shall be liable to be forfeited or taken in payment of the Bonds. Section 9. The Bonds and the registration panel pertaining thereto shall be in substantially the following form: ( FORM OF BOND) UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF LARIMER -6- CITY OF FORT COLLINS, COLORADO LANDMARK SPECIAL IMPROVEMENT DISTRICT NO. 80 SPECIAL ASSESSMENT BOND SERIES 1984 NO. R- _ $5,000.00 The City of Fort Collins ( the "City" ) , in the County of Larimer and State of Colorado , for value received hereby promises to pay solely out of the special funds available for the purposes hereinbelow set forth, to the registered owner hereof whose name, address, and identification number appear on the registration panel attached hereto , the principal sum of FIVE THOUSAND DOLLARS in lawful money of the United States of America on the 1st day of November , 99 1 1 , with interest hereon at the interest rate of 10 . 10% per annum, such interest being payable commencing on the 1st day of May, 1985, and semiannually thereafter on the 1st days of May and November in each year . The principal of this Bond shall be payable to the registered owner hereof as shown on the registration books kept for that purpose at the office of the City Clerk of the City of Fort Collins , Colorado , as Registrar, or her successor (the "Registrar" ) , upon maturity and presentation and surrender of this Bond at the office of the Director of Finance of the City of Fort Collins , Colorado as Paying Agent or his successor ( 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 . This Bond is one of the series subject to prior redemption in regular numerical order by the City at its option at any time at a price equal to the principal amount thereof, with accrued interest to the redemption date. Redemption shall be made upon -7- giving prior notice by mailing a copy of such notice to the registered owner of each Bond to be redeemed at the address shown on the registration books not less than forty-five ( 45 ) days nor more than sixty ( 60 ) days prior to the redemption day in the manner and upon the conditions provided in the ordinance authoriz- ing the issuance of this Bond . This Bond is one of the series of neqotiable special assess- ment bonds numbered consecutively from 1 to 63 , both inclusive, issued by the City of Fort Collins and payable in regular numerical order, all of which are of like denomination , date and designation, and which are in the aqgreqate principal amount of $315, 000 . 00. Said Bond series is issued in payment for local improvements made and to be made in the CITY OF FORT COLLINS, COLORADO LANDMARK SPECIAL IMPROVEMENT DISTRICT NO. 80 pursuant to and in accordance with the Charter of the City, with Chapter 16 of the Code of the City, and in accordance with the ordinance creating the District and all laws and proceedings thereunto pertaining. Pursuant to the ordinance authorizing the bonds , reference to which is made for further details , the principal of and the interest on the Bonds of the series of which this is one , except as hereinbelow stated , shall be payable solely from a special fund designated "City of Fort Collins, Colorado, Landmark Special Improvement District No. 80, Special Assessment Bonds , Series 1984, Interest and Bond Retirement Fund" the ( "Bond Fund" ) con- sisting only of monies collected by the City from the special assessments (principal , interest , and penalties, if any) to be levied against all the assessable tracts and parcels of land in the District; provided that any proceeds from the sale of the bonds remaining after payment of all the costs and expenses of making the local improvements shall be deposited in the Bond Fund and shall be used for Bond redemption. The Bond Fund is irrevocably and exclusively pledged for the full and prompt payment of all the Bonds to the extent monies therein are avail- able therefor, as provided in the ordinance authorizing the Bonds . As collateral security for the payment of the principal on the Bonds of this issue, the owner to be assessed for the cost of the District Improvements has deposited in escrow with United Bank -8- of Fort Collins , rational Association , for the full term of the Bonds , an irrevocable letter of credit with instructions that said letter of credit be delivered to the City and drawn to pay principal on the Bonds of this issue , if under specified circum- stances said owner or successor in title fails to pay when due any assessments levied against its property. The Bonds, together with similar securities of other special or local improvement districts in the City, shall be additionally secured and their payment shall be supplemented by monies, if any , in the City' s Surplus and Deficiency Fund ( the "Surplus and Deficiency Fund" ) . Whenever there is a deficiency in the bond Fund to meet the payment of outstanding Bonds , principal and interest, as the same become due , the deficiency shall be made up from the Surplus and Deficiency Fund . Whenever three-fourths ( 3/4 ) of the Ponds of the series of which this is one have been paid and cancelled and for any reason the remaining assessments therefor are not paid in time to redeem the remaining Bonds of the District and interest due thereon , the City shall pay such remaining Bonds when due and interest due thereon, levy additional ad valorem taxes necessary therefor , and reimburse itself by collecting the unpaid assessments due the District . The assessments to be levied in the District shall constitute a lien in the several amounts to be assessed against each assess- able tract or parcel of land assessed from the date of the final publication of the assessment ordinance . The lien for such assessments shall be prior and superior to all other liens, claims, encumbrances and titles , whether prior in time or not, and shall constitute such a lien until paid , provided , however: ( 1 ) Any assessment lien is coequal with the lien for general ( ad valorem) taxes but is subject to extinguishment ( unless redeemed ) by the sale of any property on account of the nonpayment of general taxes; ( 2) Any assessment lien on any tract or parcel of land is prior and superior to any assessment lien thereon subsequently levied ; and ( 3 ) Any assessment lien is possibly coequal with some liens imposed by the State of Colorado or any subdivision thereof and may be subordinate to certain liens and claims in favor of the -9- United States of America or any agency or instrumentality thereof. It is hereby certified, recited , and declared that the Bonds are issued by approval of the City Council ; and that the principal amount of the Bond does not exceed the amount authorized by law to be issued ; and that the proceedings taken to date with regard to issuing the Bonds and making such local public improvements have fully complied with all applicable laws; that all prerequisites to issuing the Bonds have been performed ; and that all acts , condi- tions , and thinqs essential to the validity of this Bond have been properly done, all in due time , form and manner as required by law. This Bond is transferable (subject to certain terms and conditions set forth in the ordinance authorizing its issuance ) by the registered owner hereof in person or by his duly authorized attorney on the registration books kept at the office of the Registrar upon presentation of this Bond together with a duly executed written instrument or transfer satisfactory to the City Clerk, or her successor , as Registrar. Such transfer shall be noted on such registration books and on the Bond . The City , the Registrar, and the Paying Agent may deem and treat the person in whose name this Bond is registered as the absolute owner hereof, whether or not this Bond shall be overdue, for the purpose of receiving payment and for all other purposes . This Bond shall not be valid or obligatory for any purpose until the Registrar shall have manually signed the provision for registration herein . IN TESTIMONY WHEREOF, the City Council of the City of Fort Collins, Colorado, has caused this Bond to be executed in the name and on behalf of the City and to bear the facsimile signature of the Mayor of the City, to be countersigned by the manual signature of the Director of Finance , to be sealed with a facsimile of the seal of the City, and to be attested by the facsimile signature of the City Clerk, all as of the lst day of November, 1984. CITY OF FORT COLLINS, COLORADO By: (Facsimile Signature) Mayor -10- ( SEAL) COUNTERSIGNED: (Manual Signature ) Finance Director ATTEST: (Facsimile Signature ) City Clerk ( End of Form of Bond ) -11 - ( Form of Registration Panel ) This Bond is registered in the office of the City Clerk of the City of Fort Collins , Colorado, as registrar, or her suc- cessor , in the name of the owner listed below, and the principal of and interest on this Bond shall be payable only to such owner, all in accordance with the ordinance authorizing the issuance of this Bond . No transfer of this Bond shall be valid unless made on the registration books kept by the Registrar, by the registered owner or his duly authorized attorney, and noted in the registra- tion blank below. Name, Address, and Date of Identification Number of Signature of Registration T Registered Owner r Registrar ( End of Form of Registration Panel ) -12- Section 10. As collateral security for the payment of the principal on the Bonds of this issue , the owner to be assessed for the cost of the District Improvements shall deposit in escrow with the Escrow Agent pursuant to the Escrow Agreement an irrevocable letter of credit in the initial principal amount of $315 ,000. 00 issued by Colorado National Bank - Exchange of Colorado Springs, Colorado . The Mayor , the City Clerk, and the Finance Director are hereby authorized and directed to execute the Escrow Agreement and to perform all such acts as the City is required thereunder to perform for the benefit of the registered owners of the Bonds . Section 11 . The Bonds herein authorized , together with bonds of other special or local improvement districts within the City, are and continue to be additionally secured by monies deposited in the Surplus and Deficiency Fund of the City ( the "Surplus and Deficiency Fund" ) , which consists of monies remaining to the credit of special or local improvement districts , the bonds of which have been paid in full , both principal and interest . When- ever there is deficiency in the Bond Fund to meet the payment of principal or interest on the Bonds as the same become due, the deficiency shall be paid by, transferring monies from the Surplus and Deficiency Fund of the Bond Fund . Section 12 . Whenever three-fourths ( 3/4 ) of the Bonds authorized herein to be issued for the District have been paid and cancelled and for any reason the remaining assessments are not paid in time to redeem the remaining Bonds and to pay the interest thereon, the City shall pay the remaining Bonds and the interest thereon when due . The City shall levy additional ad valorem taxes necessary therefore and reimburse itself by collecting the unpaid assessments due the District. Section 13 . When the Bonds have been duly sold , executed , and registered , the Director of Finance shall deliver them t h g , em o the Purchaser upon receipt of the purchase price. The proceeds derived from the sale of the Bonds shall be deposited as herein described and shall be used exclusively for the purposes stated herein; provided , however, that any portion of such proceeds may be temporarily invested pending such use in securities or obliga- tions which are lawful investments for the City with such temporary investments to be made consistent with the covenant hereinafter made concerning arbitrage bonds . Neither the Purchaser nor the registered owner of any Bond shall be in any way responsible for the application by the City or any of its officers of any of the Bond Funds derived from the sale thereof. -13- Section 14 . The Council shall cause the assessments to be levied and collected as provided by law for the benefit of the registered owners of the Bonds . All assessments made, together with all interest thereon and penalties for default in payment thereof, shall be a lien in the several amounts assessed against each property from the date of the publication of the assessing ordinance . The lien for such assessment shall be prior and superior to all other liens, claims , encumbrances , and titles , whether prior in time or not , and shall constitute such a lien until paid , provided , however: ( 1 ) Any assessment lien is coequal with the lien for general ( ad valorem) taxes but is subject to extinguishment ( unless redeemed ) by the sale of any property on account of the nonpayment of general taxes; ( 2 ) Any assessment lien on any tract or parcel of land is prior and superior to any assessment lien thereon subsequently levied ; and ( 3 ) Any assessment lien is possibly coequal with some liens imposed by the State of Colorado or any subdivision thereof and may be subordinate to certain liens and claims in favor of the United States of America or any agency or instrumentality thereof. Section 15 . The City covenants that it shall make no invest- ment or other use of the proceeds of the Bonds or investment income therefrom, or of any monies in the Bond Fund or any other monies treated as proceeds of the Bonds, for federal income tax purposes ( including any money reasonably expected to be used to pay principal of or interest on the Bonds) , which would cause the bonds to be "arbitrage bonds" under Section 103 (c) of the Internal Revenue Code of 1954 as amended , and the regulations promulgated thereunder, unless under any provision of law hereafter enacted the interest paid on the bond shall be excludable from the gross income of a recipient thereof for federal income tax purposes without regard to whether or not the Bonds are arbitrage bonds or shall be exempt from all federal income taxation . Section 16. The City hereby covenants for the benefit of each owner of the bonds that the total cost of the Improvements in the District shall be apportioned , levied , and assessed against assessable tracts and parcels of land in the District , in accord- ance with the Charter and the Code , by ordinance to be hereafter - 14- adopted upon completion of the Improvements in the District . All monies received from such assessments, except as provided in Section 12, hereof , shall be placed in the Bond Fund , and said monies shall be used as soon as they are available for the purpose of paying the principal of and interest on the Bonds and for no other purpose whatsoever, and as security for such payment said fund is hereby exclusively pledqed. Section 17 . If any Bond shall have been lost, destroyed , or wrongfully taken, the City shall provide for the replacement thereof in the manner set forth and upon receipt of the evidence, indemnity bond , and reimbursement for expenses provided in Ordinance No . 80, 1984. Section 18. So lonq as any of the Bonds remain outstanding,b the City will keep or cause to e kept by Larimer County, Colorado ( the "County" ) , true and accurate books of records and accounts showing full and true entries covering the collection and disposi- tion of the assessments and any delinquencies in the collection thereof, covering deposits and disbursements in each of the special funds herein designated , covering the redemption of the bonds , both principal and interest , and covering disbursements to defray the costs and expenses of the improvements , including incidental expenses, and the City will permit an inspection and examination of all books and accounts at all reasonable times by a representative of the owner of the Bonds. If any such books covering collection and disposition of the assessments and any delinquencies in the collection thereof are kept by the County, the City shall arrange to receive from the County notice of any delinquency in the payment of any assessment levied against the owners ' lots or tracts of land within the District to enable the City promptly to exercise any rights and duties it may have under the Escrow Agreement . Section 19 . Any registered owner of any one or more of the Bonds may, either at law or in equity, by suit, action, mandamus , or other appropriate proceedings in any court of competent juris- diction , protect the liens created by this Ordinance on the proceeds of said assessments and the monies in each of said special funds and may by suit, action, mandamus, or other appropriate proceedings enforce and compel the performance of any duty imposed upon the City by the provisions of this Ordinance or anv ordinance heretofore or hereafter adopted concerning the District , including without limiting the generality of the fore- going , the segregation of special assessments and taxes, proceeds -15- and revenues for said funds , the proper application thereof, and the appointment of a receiver . Section 20. This Ordinance is a legislative measure of the City . After the Bonds have been issued , sold , and outstanding , this Ordinance shall constitute a contract between the City and the reqistered owners of the Bonds , and shall be and remain irrepealable until the Bonds and the interest accruino thereon shall have been fully paid , satisfied , and discharged . Section 21 . Pursuant to the Uniform Facsimile Signature of Public Officials Act , Part 1 of Article 55 of Title 11 , Colorado Revised Statutes, 1973, as amended , the Mayor and the City Clerk of the City shall forthwith, but in any event prior to the delivery of the bonds to the Purchaser , file with the Colorado Secretary of State their manual signatures and an impression of the seal of the City, certified by them under oath . Section 22. The officers of the City be , and they hereby are , authorized and directed to take all action necessary or appropriate to effectuate the provisions of this Ordinance , includinq without limiting the generality of the foregoing, the printing of the Bonds and the execution of such certificates as may reasonably be required by the initial Purchaser thereof relating , inter alia, to the execution of the Bonds , the tenure and identify of the municipal officials, the absence and existence of factors affecting the exemption of interest on the Bonds from federal and state income taxation , the accuracy of property descriptions , the delivery of the Ponds, and the absence of litigation pending or threatened affecting the validity of the Bonds as such is in accordance with the facts . Section 23. If any section, paragraph, clause, or provision of this Ordinance shall for any reason be held to be invalid or unenforceable , the invalidity or unenforceability of such section, paragraph, clause, or provision shall not affect any of the remaining provisions of this Ordinance. Section 24. All acts, orders , resolution , and ordinances and parts thereof, in conflict with this ordinance be and the same hereby are rescinded; provided that to the extent that any provi- sion of this Ordinance might be deemed inconsistent with any provision of the Code or the ordinance creating the District, this Ordinance shall supersede any such inconsistent provision, only to the extent of such inconsistency. -16- INTRODUCED, READ, APPROVED ON FIRST READING, AND ORDERED PUBLISHED ONCE IN FULL THIS 2nd DAY OF OCTOBER, 1984. CITY OF FORT OLLIN , COL DO By : V; Assistant yo ( SEAL) ATTEST: CitPC �— 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 16th day of October, 1984, at 5 : 30 p.m. READ, FINALLY PASSED ON SECOND READING, AND ORDERED PUBLISHED ONCE BY NUMBER AND TITLE ONLY THIS 16th DAY OF OCTOBER, 1984 . CITY OF FORT COLLINS , COLORADO By : Mayor 61 ( SEAL) ATTEST: Citv Clerk � -17-