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HomeMy WebLinkAbout164 - 11/20/1984 - RELATING TO THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS SERIES 1984 (THE EMPIRE LABORATORIE BOND ORDINANCE NO. 164, 1984 CITY OF FORT COLLINS , COLORADO INDUSTRIAL DEVELOPMENT REVENUE BONDS SERIES 1984 (TEE EMPIRE LABORATORIES, INC. PROJECT) ADOPTED: November 20 , 1984 TAELE 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 Patification of Project 5 ARTICLE II BCNDS Secticn 2 . 1 . Authorized Amount and Form of Bonds 6 Section 2. 2. The Bonds 12 Section 2. 3. Execution 12 Section 2 , 4 . Delivery of the Bonds i2 Section 2 .5 . Issuance of New Bonds 13 Section 2. 6 . Registration of Transfer 13 Section. 2. 7 . Mutilated, Lost or Destroyed Bonds 14 Section 2. 8 . Ownership of the Bonds 14 Section 2. 9 . Limitation on Bond Transfers 14 Section 2. 10. Additional Bonds 14 Section 2. 11. Establishment of Funds 16 (i) Page ARTICLE III PREPAY14ENT OF BONDS BEFORE MATURITY Section. 3 . 1. . Prepayment 16 Section 3 . 2. Termination of Interest 16 ARTICLE 1V GENERAL COVENANTS Section 1 . 1 . Payment of Principal and Interest 16 Section 4 . 2. Performance of and Authority for Covenants 17 Section 4. 3 . Nature of Security 17 ARTICLE V MISCELLANEOUS Section 5. 1 . Severability 17 Section 5. 2. Authorization to Fxecute Agreements 18 Section 5 . 3. Authority to Correct Errors , Etc. 18 Section 5. 4. Further Authority 18 Section 5 .5 . Repealer 19 Section 5. 6 . Ordinance Irrepealable 19 Section 5. 7. Recording and Authentication 19 SIGNATURES 19 EXHIBIT A (ii) STATE OF CCLORADO ) ) COUNTY OF LARIMER ) ss. CITY OF FORT COLLINS j 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, on Tuesday, the 30th day of October, 1984, at the hour of 5 : 30 p.m. The following persons were present: Councilmembers : Gerry Horak E. John Clarke John B. Knezovich William C. Elliot Kelly Ohlson Barbara Rutstein Ed Stoner City Manager: John Arnold City Clerk: Wanda M. Krajicek The following persons were absent: None Councilmember Clarke introduced the following Ordinance , which was read by title, copies of the full Ordinance having been available in the office of the City Clerk at least forty-eight (48) hours prior to the time said Ordinance was introduced for each Councilmember and for inspection and copying by the general public. (iii) ORDINANCE NO. 164, 1984 AN ORDINANCE RELATIN;C TO THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS UNDER THE PROVISIONS OF THE COLORALC COUNTY AND MUNICIPALITY DEVELOPMENT REVENUE BOND ACT; PPCVIDING FOR THE ISSUANCE AND SALE OF CITY OF FORT COLLINS , COLOPA.DC, INDUSTRIAL DEVELOPMENT REVENUE BONDS, SERIES 1.984 (TEE EMPIRE LABORATORIES, INC. PROJECT) IN THE PRINCIPAL AMOUNT OF $700 , 000 FOR THE PURPOSE OF LOANING FUNDS TO CHESTER C. SMITH AND MARJORIE J. SMITH TO FINANCE IMPROVEMENTS RELATING TO DEVELOPING, CONSTRUCTING AND EQUIPPING OF AN OFFICE AND LABORATORY BUILDING IN FORT COLLINS , LARIMER COUNTY, COIOR.ADG; APPROVING AND AUTHORIZING THE EXECUTION AND ASSIGNMENT OF A LOAN AGREEMENT AND NOTE BETWEEN CHESTER C. SMITH AND 111IRJORIE J. SMITH AND THE CITY; AND AUTHORIZING THE PREPARATION AND EXECUTION OF CE.P.':A1N RELATED DOCUMENTS AND INSTRUMENTS. Be it ordained by the Council of the City of Fort Collins, Colorado: ARTICLE I DEFINITIONS , LEGAL AUTI:ORIZATION AND FINDINGS 1. 1. Definitions The terms used herein, unless the context hereof shall require otherwise , shall have the following 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 thereof 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 Agreement. The assignment to be executed by the City ana the Lender assigning the City' s interest in the Loan Agreement to the Lender. 3. Bonds. The $700, 000 Industrial Development Revenue Bonds, Series 1984 (The Empire Laboratories, Inc. Project) to be issued by the City pursuant to this Ordinance. 4. Bond Counsel. The firm of Fischer, Brown, Huddleson, and Gunn, Fort Collins, Colorado. 5. Bond Register. The records kept by the City of Fort CO-3lins, Colorado to provide for the registration and transfer of ownership of the Bonds. 6. City. The City of Fort Collins, Colorado, its successors and assigns. 7. Collateral Assignments of Rents . The assignment to be executea by thc- C(unq)aliv assigning to the Lender as security for the Bonds the rents due the Company under a lease dated December 1 , 1984 with Empire Laboratories, Inc. , a Colorado corporation , and Drilling Engineers, Inc. , a Colorado corporation, and all other leases , rents and other income from the Project. S. Company. Chester C. Smith and Marjorie J. Smith, their successors and assigns, and any surviving, resulting or transferee person or business entity which may assume their obligations under the Loan. Agreement. 9 . Company Note. Means the note of the Company delivered tc 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 Dec-d of Trust to be executed by the Company in favor of the Lender securing payment of the Bond and interest thereon. 11. Guaranty. The Guaranty Agreement to be executed by Chester C. Smith and Marjorie a . Smith as security for the Bonds. 12. Improvements. The structures and other improvements , including any tangible pNrsonal property, to be constructed or installed on the Land in accordance with the Plans and Specifications and to be owned by the Company. 13 . Inducement Letter. The letter agreement from the Company to the City and the Lender dated December 21 , 1984. 14 . Land. The real property and any other easements and rights described it, Fxhibit 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 Agreement. 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 2 - 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 Nargin Factor shall be 1 . 0 so long as the Maximum Federal Corporate Tax Rate shall be 46%, and thereafter shall chance from time to time effective as of the effective date of any change in the Maximum Federal Corporate Tax Rate . 1S. i°aximum Federal Corporate Tax Rate means the maximum statutory rate of Federai income taxation imposed on the taxable income of corporations pursuant to Section. 11 (b) of the Code, as in effect from time to time (or, if as a result of a change in the Ccde the rate of income taxation imposed on corporations shall not be aFplicable to a bondholder, the maximum statutory rate of Federal income taxation which could apply to a bondholder) . 19 . Cffer to Purchase. The letter agreement from the Lender to the City , dated December 21 , 1984. 20 . Plans and Specifications. The plans and specifications for the constructicrn, and installation of the Improvements on the Land, which are approved by the Lender, together with such modifications thereof and additions thereto as are reasonably determined by the Company to be necessary or desirable for the completion of the Improvements and are approved by the Lender. 21 . Principal Balance. So much of the principal sum on the Bonds as from time to time remains unpaid. 22. Project. The Improvements and the Land. 23. Project Costs. All costs of the Project (i) which are capitalized expenditures under generally accepted accounting principles and which must he or with a proper election may be capitalized for Federal income tax purposes and (ii) for which the Bond proceeds may be 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 (including architectural, engineering and supervisory services with respect to any of the foregoing) . (b) To the extent that they shall not be paid by a contractor, payment of the premiums on all insurance - 3 - • required to he maintained prior to the date the Project is completed. (c) Payment of any taxes , assessments and other charges payable with respect to the Project prior to the date the Project is completed. (d) Payment of any fees and expenses for recording or filing such documents , instruments and financing statements which the Company, the Lender or the City may deem desirable to perfect or protect the rights of the City and the Lender under the Loan Agreement, the Company Note and the Assignment of the Loan Agreement. (e) Payment of any commitment or acceptance fee of the Lender and the legal, accounting and financial advisory fees and expenses , and all ether fees and expenses incurred in the preparation of related documents. (f) Interest accrued on the Bonds prior to completion of the Project. 24 . Ordinance. This Ordinance of the City, adopted November 20 , 1984 , 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 cn the representations of the Company, has heretofore determined and found, and does hereby determine and find, as follows: (a) In 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 - 4 - in the principal amount of 8700 , 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 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 (girth in the Loan Agreement which 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 proper insurance with respect thereto, no determination of the estimated cost of maintaining the Project need be made; and (f) Pursuant to Section 120 of the Act, the City hereby determines that the revenues of 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 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. 5 - ARTICLE II BONDS 2. 1. Authorized Amount and Form of Bonds The Bends issued pursuant to this Ordinance shall be in substantially the form set forth herein, with such appropriate variations , omissions and insertions as are permitted or required by this Ordinance, and in accordance with the further previsions hereof; and the total principal amount of the Bonds that may be outstanding hereunder is expressly limited to $700, 000. The Bonds shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF COLORADO CITY 01' FORT COLLINS, COLORADO INDUSTRIAL DEVELOPMENT REVENUE BOND (THE EMPIRE LABORATORIES, INC. PROJECT) SERIES 1984 December 1 , 1984 R-1 $700, 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 SEVEN HUNDRED THOUSAND DOLLARS ($700 , 000) (the "Principal Balance") , and to pay interest thereon from the date hereof in consecutive installments beginning January 1 , 1985, and on the first day of each succeeding month during the term hereof through and including December 1 , 2014 , at a per annum rate equal to 75 % 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 that the rate of interest on this Bond shall not be less than 6. 5% per annum or more than 13. 5% per annum, 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. 85185. The Margin Factor shall be 1 .0 so long as the Maximum Federal Corporate Tax Rate shall be 46% , and thereafter shall chance from time to time effective as of the effective date of any change in the Yaximum 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) . (a) The principal of this Bond shall mature and be repayable in 360 installments in the amounts and on the dates set forth on Bond Exhibit "A" . (b) This Bond shall be subject to redemption and payment in whole or in part prior tc waturity at the option of the City, upon instructions from Lender, within six (6) month-- 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 during the "Taxable Period" (defined in the Loan Agreement) if the Bond had borne interest during such Taxable Period at an interest rate equal to the Prine Rate plus 20 (200 basis points) per annum and (B) the interest actually paid on the Bond during such Taxable Period plus (iii) an amount equal to any interest, penalties or, overdue interest and additions to tax as referred to 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 (30%) percent per annum. (c) The Lender shall not have the option to elect to cause the Company to redeem this Bond after a Determination of Taxability as set forth in subparagraph (b) hereof, if the City , upon instructions from the Company, within 6 months of the date of the Determination of Taxability shall (i) pay to the Lender, its successors or registered assigns a sum equal to the difference between (A) the interest on the Bonds during the period such bonds were taxable and outstanding prior to the date of the Determination of Taxability (the "Prior Period" ) if the Bonds had borne interest during the Prior Period at a rate equal to the Prime Rate plus 2% (200 basis points) per annum and (B) the interest actually paid on the Bonds during the Prior Period, plus an amount equal to any interest penalties on overdue interest and additions to tax as referred to in Subchapter A of Chapter 68 of the Internal Revenue Code of 1954 , as 7 - amended, owed by the Lender; and (ii) elect, by giving the Lender written notice, that the rate of interest payable on this Bond from the date of the determination of Taxability through the Final Maturity Date shall be equal to the Prime Rate plus 2% (200 basis points) per annum. (d) This Bond is also subject to redemption and payment, without premium, prior to maturity at the option of the City, upon instructions from the Company, as a whole at anytime , or in part in $5 ,OCO multiples of principal on any interest payment in inverse order of maturity, plus accrued interest thereon to the date fixed for redemption and payment. (e) 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 December 1 , 1994, and December 1 , 20C4 , at a purchase price of 100% of the Principal Balance then outstanding, plus accrued interest thereon to the date fired 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 . (f) 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. (g) This Bond is also subject to mandatory redemption and 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 , 1985. (h) 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. - 8 - (i) On the first day following thirty year,.-; .,'tor the date hereof (such date to be the "Final 2?a.turity Date" ) , the- entire remaining Principal Balance and any interest. r.ccrued to the Final Maturity Date shall be due and payable . 2. Tnterest shall be computed on the basis ci a 360 day year , but charged for the actual number of days principal is unpaid. Anything in this Bond to the contrary notwithstandin.a, the obligations of the City under this Bond shall be subject to the limitation that payments of interest hereunder shall not he 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 the maximum rate of interest which may be charged cr collected by the Lender. 3. Principal and interest due hereunder shall be payable at the principal office of the render, or at such other place as the Lender may designate in writing. 4. This Bond is issued by the City to provide funds for a project, as defined in Section 103 of Article 3 , Title 29 , Colorado Fevised 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 , 1984, between the City and Chester C. Smith and Marjorie J. Smith (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 20, 1984 (the "Ordinance" ) 5 . This Bond is secured by (i) an assignment of the Loan Agreement anal 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, Chester C. Smith and Marjorie J. Smith, 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, Deer of Trust , Security Agreement, Collateral Assignment of Rents 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 ' - 9 - L 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 P uFr.premium, in whole , c the occuzrer_ce of certain events of damage to, or destruction or condemnation of the Project as specified in the Loan Agreement , the Deed of Trust and the Ordinance . 9. The monthly payments due under the first paragraph hereof shall continue to be due and payable in full- until the entire Principal Balance and accrued interest due on the Bond have been paid, regardless of any partial prepayment made hereunder . 10. As provided in the Ordinance and subject to certain limitations set forth therein, this Bond is transferable upon the books cf the City at the office cf 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 i:ur: or sums so paid, and the City shall not be affected by any notice to the contrary. il. THIS BOND AND INTEREST THEREON AND ANY PENALTY OR PREMIU11 DUE HEREUNDER ARE PAYABLE SOLELY FRCP: THE REVENUE'S 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 CR 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 NOT 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, as 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 - 10 shall occur; and the failure to exercise any such right or remedy shall in no event be construed as a waiver or release thereof. 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 exemption for such issuance; and accordingly the Bond may net be assignea or transferred in whole or part , nor may a participation interest ir. the Bond be given pursuant to any participation agreement, except in accordance with applicable registration 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, 1984. CITY OF FORT COLLINS, COLORADO ATTEST: By: Mayer City Clerk COUNTERSIGNED: By: Finance Director - 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 cf Registered Owner Clerk or Deputy 2. 2. The Bonds The Bonds shall be payable at the times and in the manner, anal 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 : 12 - 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, 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 Bons 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 dccumeias and opinions as Pond 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 expen.sP of the Lender , issue new Bonds , in aggregate outstanding principal amount caual 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 - 13 - of registration and the name and address of the new Lender in such record and in the registration b-a: '-, anrearing on the Bonds. 2 . 7. Mutilated, Lost or Destroyed pond 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 delivered, a new Bond of like outstanding principal amount, number and tenor in exchange and substitution for and upon cancellation of such mutilated Dond, 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 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 . Cwnership 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 nct be 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 the Loan Agreement. Such Additional Bonds shall be payable solely from 14 - 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 condemnation awards) . If the City, in its sole discretion, decides to issue such Additional bonds , the Additional Bonds of each such series shall be 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 Trust expressly 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 tire or times of payment of the interest thereon and the principal thereof , and the prepayment provisions, if any , with respect thereto , all shall be as provided in the supplemental ordinance , rather than as provided in this Ordinance , and may differ from the previsions with respect to the Series 1984 Bends set forth in this Ordinance. (b) A written opinion by an attorney or firm of attorneys at nationally recognized standing on the subject of municipal bonds, to the effect that the issua.r.ce 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 1984 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 1984 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 W the Loan Agreement and Company Note are in effect, (ii) there is no Default at the time of issuance under the Loan Agreement , the Company Note , the Deed of Trust or under this Ordinance, and (iii) all current City regulations are complied with. 15 - . ..... .... ...... .. ____. 2 . 11 . Establishment of Funds The City hereby establishes with the Lender two funds , to be called the "City of Fort Collins , Colorado The Empire Laboratories , Inc. Project Bond Fund" and the "City of Fort Collins, Colorado The Empire Laboratories , Inc. Project Construction Fund. " Accrued interest will be paid into the Bond Fund out of the proceeds of the Bonds and the remaining proceeds shall be deposited into the Construction Fund. The City hereby authorizes the Lender (a) to make disbursements --rom the Construction Fund in accordance with Section 3. 3 of the Loan Agreement, (b) to make the payments required by the Bonds to the Bondholders from the Bond Fund and (c) invest the moneys on deposit in the Funds in accordance with Section 3 . 7 of the Loan Agreement. ARTICLE III PREPAYMENT OF BONDS BEFORE t1ATURITY 3. 1 . Prepayment In the event of damage to or destruction of the Project or condemnation of the Froiect or any part thereof, the Bonds shall be subject to prepayment to the extent and in the manner .,et F c 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 previsions 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 hear 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 16 - 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 £or 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 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 give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers; and the City, its agents , officers and employees shall not be subject to any personal or pecuniary liability thereon. ARTICLE 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 circum- stances shall not have the effect of rendering the provision in 17 - 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 anv axtent whatever. The invalidity of any one or more phrases , sentences , clauses or paragraphs in this Ordinance, except Section 4 . 3 of Article IV hereof, shall not affect the remaining portions of this Ordinance or any part hereof. 5. 2 . Authorization to Execute Acreements The forms of the proposed Loan Agreement , the Assignment of Loan Agreement, the Company Note, the inducement Letter and the Otter 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 t:ayor 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 1,Iayor 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 City Attorney deem necessary or proper to accomplish the purposes of this Ordinance , the signatures of the Mayor and the City Clerk or other officer of the City described in Section 5. 2 hereof 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 , registra- tion 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 offi- cials, and each of them, are hereby authorized to execute and deliver for and on behalf of the City any and all additional 18 - certificates , documents and other papers ana to perfcrr. all other acts they may deem, necessary or appropriate in order to implement and carry out the matters herein authorized. 5. 5 . Lepeaier All ordinances or parts thereof in conflict with this Ordinance are hereby repealed. S. G . Ordinance Irrepealable After said bonds are issued this Ordinance shall be and remain irrepealable until said bonds and the interest thereon shall have been fully paid, satisfied and discharged. 5 . ' . 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. Introduced, considered favorably on first reading and ordered published this 30th day of October, and to be presented for final passage on the 20th day of November, 1984. Mayor (SEAL) ATTE City Clerk TQ Passed and adopted on final reading on this 20th day of November, 1984. Mayor TTlS^1 : City Clerk - 19 - e Councilmember Clarke moved that the foregoing Ordinance heretofore introduced and read by title be approved on first reading. Ccuncilmember Knezovich seconaed the motion. The question being upon the approval on first reading of the Ordinance , the roll was called with the following results : Councilmembers voting "AYE" : Gerry Horak E. Jchn Clarke John B. Knezovich William C. Elliot Kelly Ohlson Barbara Rutstein Td Stoner 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 duly approved on first reading. Thereupon the Mayor ordered said Ordinance published once in full together with a notice giving the date when said Ordinance will. be presented for final passage in The Coloradoan, a newspaper of general circulation published in the City, at least seven (7) days before presentation for final passage. After consideration of other business to come before the Council, the meeting was adjourned. Plavor l City of Fort Collins, Colorado ATTEST: City clerk City of Fort Collins, Colorado - 20 - 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, on Tuesday , the 20th day of November, 1984 , at the hour of 5: 30 p.m. The following persons were present: Councilmembers: Gerry Horak E. John Clarke John B. Knezovich Wj 33-i ate-E-.--B33--i of Kelly Ohlson Barbara Rutstein Ed Stoner City Manager: John Arnold City Clerk: Wanda M. Krajicek The following persons were absent: William Elliott, Councilmember The Mayor informed the Council that Ordinance No. 164 , which was introduced, approved on first reading, and ordered published once in full at a regular meeting of the Council held on October 30, 1984 , was duly published in The Coloradoan, a newspaper of general circulation published in the City, in its issue of November 4 , 1984. Councilmember Knezovich then read said Ordinance by its title. - 21 - Thereupon, Councilmember Knezovich moved the final passage cf Ordinance No. 164 , and the question being upon the final passage of said Ordinance , the roll was called with the following results : Councilmembers voting "AYE" : Councilmembers : Gerry Horak E. John Clarke John B. Knezovich 441 I-14-aw-Er-E 1 i34t Icelly Ohlson Barbara Rutstein Ed Stoner 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 of the Ordinance in The 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 adjourned. • � Mayor City of Fort Collins, Colorado ATTEST: City Clerk QS City of Fort Collins, Colorado 22 - r STATE OF COLORADO ) ss. COUNTY OF LARIMER ) ) CITY OF FORT COLLINS ) I , Wanda L. Krajicek, City Clerk of the City of Fort Collins , Colorado, do hereby certify that the attached copy of Ordinance No. 164, 1184 , 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, the regular meeting place thereof , on Tuesday, the 30th day of October, 1984 , that said Ordinance was finally passed on second -reading by said Council at o regular meeting thereof held at 300 Laporte Avenue , Fort Collins , Colorado, the regular meeting place thereof, on Tuesday, the 20th day of November, 1984 , that a true copy of said Crdinance 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 my office; and that said Ordinance was duly published once in full together with a notice giving the date when Laid Ordinance would be presented for final passage and once by number and title only together with a notice stating the date when said Ordinance would be presented for the final passage thereof, in the The Coloradoan, a newspaper of general circulation published in the City, in its issues of November 4 , 1984 , and December 8 , 1984 , as evidenced by the certificates of the publisher attached hereto at pages 24 and 25 . I further certify that the foregoing pages I through 22, inclusive, constitute a true and correct copy of the record of the proceedings of said Council at its regular meetings of October 30 , 1984 , and November 20 , 1984 , 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 show. IN S7ITNESS WHEREOF, I have hereunto sat my hand and the seal of the City of Fort Collins , Colorado this loth day of December 1984 City Clerk City of Fort Collins , Colorado (Attach affidavit of publication in full of Ordinance and notice giving date when Ordinance to be presented for final passage. ) EMP1 : 17 23 - The Coloradoan STATE OF COLORADO ) COUNTY OF LARIMER )ss. AFFIDAVIT OF PUBLICATION _ Teresa�_c_,_ e...+-' .gn being first duly sworn upon oath, deposes and says: That said is the Leara I 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 1973, 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 I successive week-9-an- _ ri0y ofeaoh-successive week; that the first publication of said legal notice or advertisement was in the regular and entire edition of said newspaper on the 4th day of November , A.D. 19 84 ; that the last publication of said legal notice or advertisement was in the regular and entire edition of said newspaper on the 4 t h _ day of November , A.D. 1944, 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. Z-98 Subscribed and sworn to before me, at and within the County of Larimer, State of Colorado this -- d+h day of Novomh-r A.D. 1984 My commission expires 1212 Rive d� Fort C:;:ii7 gp *'Qot;al ublic City Clerk Delivered to _— t The Coloradoan STATE OF CCLORADO COUNTY OF LARI\fER )ss. AFFIDAVIT OF PI'131AC_1TION I _Terese .R. Anderson___.. _ ..__ _ ____ . being first duly sworn upon oath, deposes and says: That said is the __Legal Clerk._-__ ___-__ ._. _ _ of The Coloradoan: NOTICE IicHEREBvcIVE, that said has personal knowledge of all facts set forth in this affidavit: that The Coloradoan on Tuesday, November 20, 198 passed and adopted the foltowin is a public daily newspaper of general circulation, having its principal office and place of erdinan es on second reading: business situated in said County of Larimer; that said Coloradoan is printed and published ORDINANCE NO. 162, 19U AN T daily; that said Coloradoan is a daily newspaper, duly qualified for the purpose set forth THE ORDINANCE SSUA CER ING OF TINDU' TRIAL DEVELOPMENT REVI within the meaning of Chapter 109, Article 1, Sections 1-1 to 1-8 inclusive of Colorado NUE BONDS UNDER THE FRI VISIONS OF THE COLORAD Revised Statutes 1973, and any amendment thereof passed prior to the date hereof; that COUNTY AND MUNICIPALIT ENT REVE said newspaper had, prior to January 1, 1936, and has ever since said date been admitted to BOND A°CTMPROVIDING FO the United Stales Mails as second class matter under the provisions of the Act of March 3, CITYOF FORT COLLINS,COLTHE ISSUANCE AND SALE °( RADO, INDUSTRIAL DEVEI 1879, and any amendments thereof, that said newspaper is printed in whole in said County OPMENT REVENUE BOND'. SERIES 1994 (THE COMRIDGi of Larimer and has a general circulation therein; that said newspaper has been so printed PROJECT) IN THE PR I NCIPA AMOUNT OF S1,500.000 FOR THi and published as a public daily newspaper of general circulation In said County of i.ar- PURPOSE OF LOANING FUN❑ imer, uninterruptedly and continuously, during the period of more than fifty-two consecu- MPROVEMENTSTORE Ai11N TO ACQUIRING. IM PROVIN( tive weeks next prior to the first issue thereof containing the annexed legal notice of INSTALLING AND EDUIPPIN, OF AN OFFICE AND MAN) advertisement; that said annexed legal notice or advertisement was published in the FACTURING BUILDING I FORT COLLINS, LARIME regular and entire editions of said newspaper for COUNTY, C O L O R A D O APPROVING AND AUTHORIi ING THE EXECUTION AN ASSIGNMENT OF A LOA AGREEMENT AND NOT. BETWEEN COMRIDGE AN THE CITY:ANOAUTHORIZ,N THE PREPARATION AND E%I CUTION OF CERTAI 1_ successive weeksbrl- _ day Bt-eaL l-St16 e@6fi1-V2 ii(6eaSr that the RELATED DOCUMENTS AN -- INSTRUMENTS. first publication of said legal notice or advertisement was in the regular and entire edition ORDINANCE NO. 160,1984 of said newspaper on the 8th day of _December A.D. 19 84; that the last AN ORDINANCE RELATINGT THE ISSUANCE OF INDU publication of said legal notice or advertisement was in the regular and entire edition Of TRIAL DEVELOPMENT REVI 8th December 84 NUE BONDS UNDER THE PRI said newspaper On the day of A.D. 19_ _, and that VISIONS OF THE COLORAD COUNTY AND copies of each number of said paper in which said notice or advertisement was published DEVELOPME TU NPALIT REIVENU were delivered by carriers or transmitted by mail to each of the subscribers of said paper, THEE°ISSUANCE AMID Ise E O CITY OF FORT COLLINS,COLT according to the accustomed mode Of business in this office. RADO, INDUSTRIAL DEVE OPMENT REVENUE BOND' B-70 CORPORATIONES 19MA T PROJECT) I THE PRINCIPAL AMOUNT 0 $2.000.000 FOR THE PURPOS OF LOANING FUNDS TO SYI GENE CORPORATION T ✓Ii(. hLY �11 4WL FINANCE IMPROVEMENT RELATING TO CON ING, IMPROVING, O I FNSTA A ING AND EQUIPPING B A BULLOFFICE,RESEARCH,LA TORY AND N FORT COLLIN .. BUILDING IN FORT CO MINERMER COUNTY, COLT COI) Subscribed and sworn to before me, at and within the County of Lorimer, State of Colorado UO APPROVING AN AUTHORIZING THE E%ECI this __ 8 t h day Of _ noroMhor A.D. 19 84,_. TION LOAN AGREEMENT TAGRASSIGNMENT EEMENT OF AN 7 My commission expires j y otar Public - N I Delivered to C i t y ,C I e r k _