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HomeMy WebLinkAbout053 - 05/03/1983 - AUTHORIZING THE ISSUANCE OF CITY TAX INCREMENT BOND ANTICIPATION NOTES, DATED APRIL 1, 1983, IN THE ORDINANCE NO. 53 , 1983 AN ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF FORT COLLINS , COLORADO, TAX INCREMENT BOND ANTICIPATION NOTES , SERIES APRIL 1 , 1983 , DATED APRIL 1 , 1983 , IN THE AGGREGATE PRINCIPAL AMOUNT OF $3 , 100 ,000 . WHEREAS , on April 21 , 1981 , the City of Fort Collins, Colorado (the "City" ) adopted Ordinance No. 46 , 1981 , establish- ing the Fort Collins, Colorado Downtown Development Authority (the "Authority") ; and - WHEREAS , the Authority is a body corporate duly created, established and authorized to transact business and exercise its powers, all under and pursuant to the Downtown Development Authorities act of the State of Colorado, Section 31-25-801 et seq. , C.R.S. 1973 , as amended (the "DDA Act") , and the powers of the Authority include the power to plan and propose development and redevelopment of public and private property within the central business district of the City hereinafter defined (the "District" ) ; and WHEREAS, the Authority' s Plan of Development was approved by the City on September 8 , 1981 , pursuant to which the Authority now proposes to undertake the acquisition of real property and land assembly, demolishing of existing structures, conducting investiaations and studies , and making and constructing public improvements within the District, all in furtherance of and pursuant to the Plan of Development (the "Project" ) , which Project. includes the projects described in Exhibit A hereto; and WHEREAS , on June 1 , 1982 , a special election was held pursuant to Section 31-25-807 (b) of the DDA Act approving the issuance by the City of up to $25 ,000 ,000 in tax increment obligations to finance projects of the Authority; and WHEREAS, the City is empowered by its Charter and the provisions of the Bond Anticipation Note Act of the State of Colorado, Section 29-14-101 et seq. , C.R.S. 1973 , as amended (the "BAN Act" ) , to issue bond anticipation notes in anticipation of the issuance by the City at a later date of tax increment bonds pursuant to the DDA Act or other municipal bonds to be issued by the City at or prior to maturity of the Notes on April 1 , 1986 , or any bond anticipation notes issued in substitution for the tax increment bond anticipation notes , and to make such ta;> increment bond anticipation notes payable from the proceeds of the sale of such bonds or additional bond anticipation notes; and WHEREAS , the bond anticipation notes will be secured by a pledge of certain incremental ad valorem property taxes collected within the District, as authorized by Section 31-25-807 (3) (a) of the DDA Act; provided, however, no ad valorem taxes of the City shall be used or pledged for such purposes except to the extent such ad valorem taxes constitute a part of the Pledged Revenues; and WHEREAS , the Council of the City (the "Council" ) hereby determines that it is reasonable, necessary and prudent at this time to issue bond anticipation notes in order to acquire, purchase, construct and carry out the Project and further to provide for the payment of such notes as hereinafter provided; and WHEREAS, the City has received a proposal for the purchase of such notes upon terms favorable to the City, and the Council has determined to accept the same. BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS , COLORADO, AS FOLLOWS: Section 1 . Definitions. As used in this Ordinance, the following terms shall have the following meanings , unless the context otherwise requires: (a) "Anticipated Bonds" means tax increment bonds issued pursuant to the DDA Act or other municipal bonds issued by the City at or prior to maturity of the Notes on April 1 , 1986 , the proceeds of which are deposited in the Note Fund and used to pay the principal of and interest on the Notes. (b) "Authority" means the Fort Collins, Colorado, Downtown Development Authority. (c) "BAN Act" means the Bond Anticipation Note Act of the State of Colorado, Section 29-14-101 et seq. , C.R.S. 1973 , as amended. (d) "City" means the City of Fort Collins, Colorado. (e) "DDA Act" means the Downtown Development Authorities Act of the State of Colorado, Section 31-25-101 et seq. , C.R. S. 1973 , as amended. (f) "District" means the area described in the Authority' s Plan of Development approved by City' s Ordinance No. 46 , 1981 , on September 8 , 1981 , as amended by the City' s Ordinance No. 162 , 1981 and Ordinance No. 2 , 1983 , and as may be further amended from time to time in compliance with the DDA Act. (g) "Federal Securities" means (to the extent the following are lawful investments for funds of the City) direct obligations of the United States of America or obligations unconditionally guaranteed by the United States of America. 2 - (h) "Fiscal Year" means the year period beginning on any January 1 and ending on the next following December 31 . (i) "Note" or "Notes" means the Series April 1 , 1983 , Tax Increment Bond Anticipation Notes of the City authorized to be issued pursuant to Section 6 hereof. (j ) "Note Fund" means the City of Fort Collins Downtown Development Authority Tax Increment Bond Anticipation Notes, Note Fund established pursuant to Section 9 hereof, including the Principal and Interest Account and the Development Account therein. (k) "Noteholder" or Holder of Notes , " or any similar term, means any person who shall be the holder of any outstanding Note. For the purpose of Noteholders ' voting rights or consents, Notes held for the account of the City, directly or indirectly, shall not be counted. (1) "Opinion of Counsel" means a written opinion of an attorney or firm of attorneys of national reputation in the field of municipal bond law. Any opinion of such counsel may be based upon, insofar as it relates to factual matters , information which is in the possession of the City as shown by a certificate or opinion of, or representation by, an officer or officers of the City, unless such counsel knows, or in the exercise of reasonable care should have known, that the certificate or opinion or representation with respect to the matters upon which his opinion may be based, as aforesaid, is erroneous. (m) "Ordinance" means this Ordinance, as from time to time amended in accordance with Section 18 hereof. (n) "Paying Agent" means any paying agent or paying agents provided by the City pursuant to this. Ordinance. (o) "Plan of Development" means the plan adopted by the City by Ordinance No. 46 , 1981 , including the projects described in Exhibit A hereto. (p) "Pledged Revenues" means, for each Fiscal Year, that portion of ad valorem property taxes produced by the levy at the rate fixed each year by or for each public body having taxing power over all or any portion of the District upon that portion of the valuation for assessment of all taxable property within the District which is in excess of the valuation for assessment of all taxable property within the District on the Property Tax Base Dates , all in accordance with Section 31-25-807 (3) (a) (II) of the DDA Act; provided, however, that such amount shall be reduced by the amount of any collection fees lawfully payable to the City or Larimer County for services rendered in connection with 3 the collection of such ad valorem property taxes; and provided, further however, that in the event of a general reassessment of taxable property in the City, the valuation for assessment of taxable property within the District on the Property Tax Base Dates will be proportionately adjusted in accordance with such reassessment to the extent required by the DDA Act or other applicable law. (q) "Project" means the acquisition of real property and land assembly, demolishing of existing structures, conducting investigations and studies, and making and construction of public improvements within the District, all in furtherance of and pursuant to the Plan of Development, including the projects described in Exhibit A hereto. (r) "Property Tax Base Dates" means September*' 15 , 1980 , with respect to the District described in the City' s Ordinance No. 46 , 1981 , and means September 15 , 1981 with respect to the area added to the District by virtue of the City' s Ordinance No. 162 , 1981 , and means September 15 , 1982 with respect to the area added to the District by virtue of the City' s Ordinance No. 2 , 1983 , and means the applicable date pursuant to the DDA Act with respect to such areas as may be added to the District by appropriate legislative action of the City. (s) "Replacement Notes" means any bond anticipation notes issued by the City in substitution for the Notes. Section 2 .:_ Amount, Issuance and Purpose of Notes. Under and pursuant to the DDA Act, the BAN Act, the City' s Charter, and this Ordinance, Notes of the City in a principal amount of not to exceed $3 ,100 ,000 , shall be issued by the City to aid in the financing of the Project and for other activities and operations related thereto as hereinafter provided. The proceeds of any Notes shall be used solely to finance development activities of the Authority within the District, including the Project, to provide for interest during acquisition, development and construction of the Project, and to pay the Authority' s and the City' s costs in connection with the issuance of the Notes. The City hereby approves and authorizes the commencement of the Project, including the projects described in Exhibit A hereto, subject to such further terms and conditions as the City or the Authority may require in their sole discretion. The Notes shall be a special and limited obligation of the City and shall be payable and collectible as to principal and interest solely out of the Pledged Revenues , or the net proceeds of tax increment bonds issued pursuant to the DDA Act or other municipal bonds (other than bonds payable as to principal and interest in whole or in part from the proceeds of ad valorem 4 - taxes, unless such bonds are issued in conformity with Section 20 . 2 of Article V of the Charter of the City, or any similar provisions in effect at the time of issuance thereof) to be issued by the City at or prior to maturity of the Notes on April 1 , 1986 (the "Anticipated Bonds" ) , or any bond anticipation notes issued in substitution for the Notes (the "Replacement Notes" ) , which proceeds and other moneys shall be deposited in a special fund for such purposes as hereinafter provided. The Notes shall not constitute a debt or an indebtedness of the City within the meaning of any constitutional or statutory provision or limitation of the State of Colorado or of the Charter of the City and shall not be considered or held to be a general obligation of the City. Except for the Pledged Revenues, no ad valorem taxes, water or sewer revenues, or sales and use taxes of the City are pledged to the payment of the principal of or interest on the Notes. The City may, however, at any time, at its option, deposit in the Note Fund any additional unpledged moneys legally available for such purpose. Neither the members of the Council nor any persons executing the Notes shall be liable personally on the Notes. The validity of the Notes is not and shall not be dependent upon: (i) the completion of the Project or any part thereof, or (ii) the performance by anyone of any obligation relative to the Project, or (iii) the proper expenditure of the "Proceeds of the Notes . Nothing in this Ordinance shall preclude: (i) the payment of the Notes from the proceeds of refunding bond !.;issued pursuant to law, or (ii) the payment of the Notes from::!any legally available funds including the proceeds derived by 'the City or the Authority from the leasing, sale or other disposition of real property within the District. There is hereby irrevocably pledged to the payment of the principal of and interest on the Notes, the Pledged Revenues, as and when received; provided, however, ad valorem taxes of the City shall not be used or pledged for such purposes except to the extent such ad valorem taxes constitute a part of the Pledged . Revenues, and moneys and Federal Securities in the Note Fund. The Pledged Revenues , as received by the City, shall immediately be subject to the lien of the pledge hereof, without any physical delivery thereof, any filing or any further act, the lien of such pledge and the obligation to perform the contractual provisions made in this Ordinance shall have priority over all other obligations and liabilities of the City, and the lien of such pledge shall be valid and binding as against all persons having claims of any kind in tort, contract or otherwise against the City, irrespective of whether such persons have notice thereof. 5 - In addition, there is hereby irrevocably pledged to payment of the Notes the proceeds of any refunding obligations issued by the City, and designated therefor. Section 4 . Note Execution and Details. The Notes shall be issuable only as coupon notes in the denomination of $5 ,000 . Title to any Note and to any coupon shall pass by delivery. The City and any Paying Agent may treat the bearer of any coupon as the absolute owner thereof, whether such coupon shall be overdue or not, for the purpose of receiving payment thereof and all other purposes whatsoever, and may treat the bearer of any Note as the absolute owner thereof, whether the Note shall be overdue or not, for the purpose of receiving payment of the principal thereof and for all other purposes whatsoever except for the purpose of receiving payment of coupons. All such payments to any such bearer shall be valid and effectual to satisfy and discharge the liability upon the Note to the extent of the sum or sums so paid, and neither the City nor any Paying Agent shall be affected by any notice to the contrary. If (i) any mutilated Note or Note with a mutilated coupon appertaining thereto is surrendered to the City or any Paying Agent, or the City or any Paying Agent shall receive evidence to their satisfaction of the destruction, loss or theft of any Note or coupon, and (ii) there is delivered to the City and any Paying Agent such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the City or any Paying Agent that such Note or coupon has been acquired by a bona fide purchaser, the City shall execute and deliver, in exchange for any such mutilated Note or Note with mutilated coupon, or in lieu of any such destroyed, lost or stolen Note, or in exchange for (upon surrender of such Note with all appertaining coupons not destroyed, lost or stolen) , a new Note of like tenor and principal amount, bearing a number not contemporaneously outstanding, with coupons corresponding to the coupons appertaining to such surrendered Note or destroyed, lost or stolen coupon appertains. The City shall thereupon cancel any such mutilated Note or coupon so surrendered. In case any such mutilated, destroyed, lost or stolen Note or coupon has become or is about to become due and payable, the Paying Agent and the City in their discretion may, instead of issuing a new Note or coupon, pay such Note or coupon. Upon the issuance of any new Note under the preceding paragraph, the City may require the payment of a sum sufficient to cover any tax, fee or other governmental charge that may be imposed in. relation thereto and any other expenses , including counsel fees , of the City or any Paying Agent, connected therewith. Each new Note with its coupons issued pursuant to the preceding paragraph in lieu of any destroyed, lost or stolen Note, and each new coupon issued pursuant to the preceding paragraph in lieu of any destroyed, lost or stolen coupon, shall constitute an additional contractual obligation of the City 6 - whether or not the destroyed, lost or stolen Note and its coupons , if any, shall at any time be enforceable by anyone, and shall be entitled to all the benefits of this ordinance equally and proportionately with any and all other Notes and coupons duly issued under this ordinance. All Notes and coupons shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes and coupons , and shall preclude (to the extent lawful) all other rights or remedies with respect to the replacement or payment of mutilated, or destroyed, lost or stolen Notes or securities. The Notes shall be signed by and on behalf of the City with the facsimile signature of the Mayor, shall bear a facsimile of the seal of the City, shall be signed and attested with the facsimile signature of the City Clerk, and shall be countersigned with the manual signature of the City Finance Director. Each of the interest coupons shall be signed with the facsimile signature of the Mayor. Should any officer whose facsimile or manual signature appears on the Notes cease to be such officer before delivery of the Notes to the purchasers thereof, such facsimile or manual signature shall nevertheless be valid and sufficient for all purposes. The facsimile signatures provided for herein shall be placed on the Notes in the manner set forth in Section 11-55-101 et sue. , C.R.S. 1973 , as amended. Notwithstanding the foregoing, the Notes may be issued in temporary form, as one or more fully registered notes, in any denomination or denominations. Such temporary Notes shall otherwise be in the form herein provided, and executed and authenticated as herein provided. Temporary Notes shall be exchanged for Notes in definitive form without charge as soon as practicable, at which time the City shall cancel all temporary Notes surrendered for definitive Notes . Section 5 . Form of Notes and Interest Coupons. The Notes ~, and the interest coupons attached thereto shall be in substantially the following form: oil 7 - i [Form of Note] UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF LARIMER CITY OF FORT COLLINS DOWNTOWN DEVELOPMENT AUTHORITY TAX INCREMENT BOND ANTICIPATION NOTE No• $5 ,000 The City of Fort Collins, in the County of Larimer and State of Colorado, for value received, hereby promises to pay to the bearer hereof, solely from the special fund provided therefor and hereinafter specified, the principal sum of FIVE THOUSAND DOLLARS as hereinafter set forth, on the 1st day of April, 1986 , and to pay solely from said special fund interest hereon from the date hereof to the maturity date hereof at .the rate of six and one-half percent (6 .50%) per annum, payable October 1 , 1983 , and semiannually thereafter on the April 1 and October 1 of each year. The principal of and interest on this Note are payable in lawful money of the United States of America, without deduction for exchange or collection charges , out of the special fund hereinafter specified, but not otherwise, at the principal corporate trust offices of First Interstate Bank of Fort Collins , N.A. , Fort Collins, Colorado, or any other Paying Agent duly appointed by the said City, upon presentation and surrender of said coupons and this Note as they severally become due. If upon presentation at maturity payment of this Note is not made as provided herein, interest shall continue hereon at the interest rate specified herein until the principal hereof is paid in full . 8 - The Notes of this issue are not redeemable prior to their maturity date. This Note is one of a series issued by the Council of the City of Fort Collins, Colorado, on behalf of said City and the Fort Collins , Colorado Downtown Development Authority, in the aggregate principal amount of $3 , 100 , 000 , dated April 1 , 1983 (the "Notes" ) for the object and purpose of defraying, in whole or in part, the cost of certain projects of the said Authority, including the cost of acquiring real property and land assembly, demolishing existing structures, conducting investigations and studies and making and constructing public improvements, together with all necessary incidental and appurtenant properties, facilities, equipment and costs, in anticipation of the receipt of the net proceeds of tax increment bonds or other municipal bonds which may be legally issued by the City at or prior to the maturity of this Note, or any bond anticipation notes issued in substitution herefor, and certain Pledged Revenues hereinafter described; provided, however, ad valorem taxes of the City shall not be used or pledged for such purposes except to the extent such ad valorem taxes constitute a part of the Pledged Revenues , to be paid into the said special fund, pursuant to, by virtue of, and in full conformity with the Constitution of the State of Colorado, and the Bond Anticipation Note Act of the State of Colorado, Section 29-14-101 et sea. , C.R.S. 1973 , as amended, the Downtown Development Authorities act of the State of Colorado, Section 31-25-801 et seq. , ' C.R.S. 1973 , as amended, the Charter of the City, and all other laws of the State of Colorado thereunto enabling, and pursuant to an ordinance of the Council of the City duly adopted prior to the issuance of this Note; and it is hereby recited, certified and warranted that all the requirements of law have been fully complied with by the proper officers of the City in issuing this Note. This Note and the interest coupons pertaining hereto are special and limited obligations of the City payable solely out of and secured by an irrevocable pledge of the net proceeds of the 9 - aforesaid tax increment bonds or other municipal bonds which may be legally issued therefor or any bond anticipation notes issued in substitution therefor, and the Pledged Revenues hereinafter described; provided, however, ad valorem taxes of the City shall not be used or pledged for such purposes except to the extent such ad valorem taxes constitute a part of the Pledged Revenues , deposited in the special fund. Payment for the principal of and interest on this Note shall •be made solely from, and as security for such payment there is irrevocably and exclusively pledged, pursuant to the ordinance authorizing the issuance hereof (the "Ordinance" ) , a special fund thereby created and identified as the "City of Fort Collins Downtown Development Authority Tax Increment Bond Anticipation Notes , Note Fund, " into which fund the City has covenanted in the Ordinance to pay the net proceeds of the aforesaid tax increment bonds or other municipal bonds or bond anticipation notes, and the aforesaid Pledged Revenues; provided, however, ad valorem taxes of the City shall not be used or pledged for such purposes except to the extent such ad valorem taxes constitute a part of the Pledged Revenues, deposited in the aforesaid special fund. Moneys in said Note Fund shall be used solely to pay principal and interest on the Notes. It is hereby recited, certified and warranted that for the payment of this Note and of the interest hereon, the City has created and will maintain said special fund and will deposit therein the net proceeds of the aforesaid tax increment bonds or other municipal bonds which may be legally issued therefor or bond anticipation notes, and the aforesaid Pledged Revenues; provided, however, ad valorem taxes of the City shall not be used or pledged for such purposes except to the extent such ad valorem taxes constitute a part of the Pledged Revenues, and out of said special fund, as an irrevocable charge thereon, will pay this Note and the interest hereon. The Ordinance permits the City to issue additional notes or other obligations payable in whole or part out of the Pledged 10 - Revenues or the Note Fund which stand on a parity or -equality with this Note. "Pledged Revenues" means, for each Fiscal Year (as defined in the Ordinance) , that portion of ad valorem property taxes produced by the levy at the rate fixed each year by or for each public body having taxing power over all or any portion of the District (as defined in the Ordinance) upon that portion of the valuation for assessment of all taxable property within the District which is in excess of the valuation of assessment of the taxable property within the District on the Property Tax Base Dates defined in the Ordinance; provided, however, that such amount shall be reduced by the amount of any collection fees lawfully payable to Larimer County or the City for services rendered in connection with the collection of such ad valorem property taxes; and provided further, however, that in the event of a general reassessment of taxable property in the City, the valuation for assessment of taxable property within the District on the Property Tax Base Dates , will be proportionately adjusted in accordance with such reassessment. The City covenants and , agrees with the holder of this Note and with each and every person who may become the holder hereof that it will keep and will perform all of the covenants contained in this Note and the Ordinance authorizing the issuance hereof. In the Ordinance the City has covenanted that it shall in good faith make every reasonable effort to sell a sufficient amount of its tax increment bonds or other municipal bonds or bond anticipation notes , at one time or from time to time, so that on or before April 1 , 1986 , there will be or have been sufficient net proceeds from such bond or note sales, together with other funds accumulated in the Note Fund, to pay in full this Note and the interest hereon. The Ordinance provides, however, that the City may issue and sell on or before April 1 , 1986 , tax increment bonds or other municipal bonds which may be legally issued therefor or bond anticipation notes other than those which it has pledged to sell in order to secure the payment - 11 - of this Note and the interest hereon and may apply the proceeds of such bonds or notes for any lawful purpose determined by the Council, even though all or a portion of the principal of or interest on the Notes of the series of which this is one may then be outstanding and unpaid. Reference is hereby made to the Ordinance of the Council of the City authorizing the issuance of this Note for a description of the provisions, terms and conditions upon which this Note is issued and secured, including, without limitation, the nature and extent of the security for this Note, provisions with respect to the custody and application of the proceeds of this Note, the collection and disposition of the proceeds charged with and pledged to the payment of the principal of and interest on this Note, a description of the special fund referred to above and the nature and extent of the security and pledge afforded thereby for the payment of this Note and the interest hereon and the manner of enforcement of said pledge, and the rights, duties , immunities and obligations of the City and the members of its Council and also the rights and remedies of the holders of the Notes. This Note- and the coupons hereto attached are negotiable instruments and shall be negotiable by delivery and the City shall be entitled to treat the bearer hereof as the owner of this Note for all purposes . It is hereby recited, certified and declared that any and all acts, conditions and things required to exist,. to happen and to be performed precedent to and in the issuance of this Note exist, have happened and have been performed in due time, form and manner as required by the Constitution and laws of the State of Colorado. IN TESTIMONY WHEREOF, the Council of the City of Fort Collins, Colorado, has caused this Note to be signed by and on behalf of the City with the facsimile signature of the Mayor of the City, to be sealed with a facsimile of the seal of the City, to be signed and attested with the facsimile signature of the City Clerk of the City, and to be countersigned with the manual signature of the Finance Director of the City, and has caused the interest coupons attached hereto to be signed with the facsimile - 12 - signature of the Mayor of the City, all as of the 1st day of April, 1983 . CITY OF FORT COLLINS , (FACSIMILE) By: (Facsimile Signature) (SEAL) Mayor ATTEST: (Facsimile Signature) City Clerk Countersigned: (Manual Signature) Finance Director [End of Form of Note) 13 - l [Form of Interest Coupon] Coupon No. $162 .50 April On the 1st day of October, 198 the City of Fort Collins , in the County of Larimer and State of Colorado, will upon presentation and surrender of this coupon pay to bearer the amount shown hereon in lawful money of the United States of America, without deduction for exchange or collection charges, at the principal corporate trust offices of First Interstate Bank of Fort Collins, N.A. , Fort Collins, Colorado, or any other Paying Agent duly appointed by the said City, solely from and secured by and pledge of the special fund described in the Note to which this coupon pertains, being the interest then due on its City of Fort Collins Downtown Development Authority Tax Increment Bond Anticipation Note, Series April 1 , 1983 , bearing Note No. Facsimile signature) Mayor City .of Fort Collins , Colorado [End of Form of Interest Coupon] 14 - Section 6 . Issuance and Description of Notes. The Notes shall be issued in the principal amount of $3 , 100 ,000 and shall be designated "City of Fort Collins Downtown Development Authority Tax Increment Bond Anticipation Notes, Series April 1 , 1983 . " The Notes shall be numbered consecutively from "1" upward. The Notes shall be dated April 1 , 1983 , and shall bear interest from their date at the rate of six and- one-half percent (6 . 500 ) per annum, and shall mature on April 1 , 1986 . In addition, the City shall pay interest on overdue installments of principal and interest at the rate of interest borne by the Notes , or at such maximum lower rate to the extent then permitted by law. Interest on the Notes shall be payable semiannually on October 1 , 1983 and on April 1 and October 1 of each year thereafter until maturity. Each Note shall bear interest until the principal sum thereof has been paid; provided, however, that if funds are available for the payment thereof in in full accordance with the terms of this Ordinance, the Notes shall then cease to bear interest. Interest coupons attached to the Notes shall be numbered in consecutive numerical order from " 1" upward. The Notes and the interest thereon shall be payable in lawful money of the United States of America and shall be payable at the principal office of the City or at the offices of any Paying Agent. The maximum net effective interest rate authorized for the Notes is eight percent (8%) per annum. The actual net effective interest rate for the Notes is six and eighty-six hundreds percent (6 . 86%) per annum. Section 7 . No Redemption of Notes Prior to Maturity. The Notes may not be redeemed prior to their maturity date. Section 8 . Sale of Notes , Disposition of Note Proceeds. The Note shall be sold to Boettcher & Company at a price of ninety-eight and nine-tenths percent (98 . 9%) of par plus accrued interest from April 1 , 1983 , to the delivery date, as set forth in the Note Purchase Agreement attached hereto as Exhibit B. The Finance Director of the City is hereby authorized and directed to execute and deliver the Note Purchase Agreement for and on behalf of the City in substantially the form attached to this Ordinance as Exhibit B, but with such minor changes thereto as are consistent with this Ordinance and as are approved by the Finance Director. The execution of the Note Purchase Agreement by the Finance Director shall constitute conclusive evidence of the approval of the form and content thereof for and on behalf of the City. Upon receipt of the purchase price established above, the Notes shall be delivered by the City to Boettcher & Company and the proceeds thereof shall be applied as follows: 15 - (a) The accrued interest paid with respect to the Notes shall be deposited to the credit of the Principal and Interest Account of the Note Fund. (b) The balance of the proceeds shall be deposited to the credit of the Development Account of the Note Fund, after payment of all costs of issuing the Notes. Section 9 . Creation of the Funds and Accounts. There are hereby created with the City a special fund called the "City of Fort Collins Downtown Development Authority Tax Increment Bond Anticipation Notes , Note Fund. " The Note Fund shall contain two separate accounts described as the "Principal and Interest Account" and the "Development Account. " So long as any of the Notes herein authorized, or any interest thereon, remain unpaid, the moneys in the foregoing Note Fund shall be used for no purpose other than those required or permitted by this Ordinance. Section 10 . Use of Moneys in Development Account. There shall be deposited in the Development Account the sums set forth in Section 8 (b) hereof. The moneys set aside and placed in the Development Account shall remain therein until from time to time expended by the City solely for the purpose of financing all or a portion of the cost of the Project, other costs related thereto including undertakings set forth in the DDA Act, and the necessary expenses incurred in connection with the issuance and sale of the Notes and fees of any Paying Agent, as well as the payment of the principal of and interest on the Notes to the extent of any deficiency of funds in the Principal and Interest Account. If any sum remains in the Development Account after the full accomplishment of the objects and purposes for which the Notes were issued, as determined by the City, said sum shall be transferred to the Principal and Interest Account. . Section 11 . Principal and Interest Account Fund. There shall be deposited in the Principal and Interest Account the sums set forth in Section 8 (a) hereof. In addition, all Pledged Revenues and other moneys designated by the City, except as hereinafter provided, shall be deposited as received by the City in the Principal and Interest Account. Such Pledged Revenues so accumulated in the Principal and Interest Account Fund shall be used solely for the purposes of paying the principal of and interest on the Notes and for no other purpose so long as any Notes remain outstanding and unpaid. The net proceeds received from time to time of the Anticipated Bonds or the Replacement Notes shall be deposited in the "Principal and Interest Account" of the Note Fund to be applied to the payment of the Notes. 16 - Section 12. Deposit and Investment of Moneys in Note Fund. Subject to the provisions of Section 15 hereof, all moneys held by the City in any Note Fund shall be invested by the City in any lawful investments for funds of the City. Such investments shall be also subject to the following restrictions: (a) Moneys in the Development Account shall be invested only in the obligations which will by their terms mature or are redeemable at the option of the City not later than the date the City estimates the moneys represented by the particular investment will be needed for withdrawal from said Account. (b) Moneys in the Principal and Interest Account shall be invested only in obligations which will by their terms mature or are redeemable at the option of the City on such dates as to insure that before each interest and/or principal payment date there will be in such Account, from matured obligations and other moneys already in such Account, cash equal to the interest and principal payable on such date and available therefor. Section 13 . Issuance of Notes; Parity Notes. The City may issue additional notes or other obligations payable in whole or part out of the Pledged Revenues or the Note Fund which stand on a parity or equality with the Notes. Nothing contained in this Ordinance shall be construed or interpreted to limit, encumber or otherwise restrict the City from issuing bonds, notes or other obligations payable from sources other than the Pledged Revenues. Section 14 . Covenant Regarding Anticipated Bonds and Replacement Notes. The City shall in good faith make every reasonable effort to sell a sufficient amount of Anticipated Bonds or Replacement Notes (other than bonds payable as to principal and interest in whole or in part from the proceeds of ad valorem taxes, unless such bonds are issued in conformity with Section 20 . 2 of the Charter of the City, or any similar provisions in effect at the time of issuance thereof) , at one time or from time to time, so that on or before April 1 , 1986 , there will be or have been sufficient net proceeds from such bond or note sales, to pay in full the Notes and the interest coupons pertaining thereto. Nothing herein shall be construed to prohibit the City from issuing and selling on or before April 1 , 1986 , any revenue bonds other than the Anticipated Bonds or any bond anticipation notes other than the Replacement Notes or from applying the proceeds of such bonds or notes for any lawful purpose determined by the Council, even though all or a portion of the principal of or interest on the notes may then be outstanding and unpaid. Section 15. Covenant Regarding Arbitrage Bonds. The City shall make no investment or other use of the proceeds of the 17 - Notes at any time during the term thereof which, if such investment or other use had been reasonably expected on the date the Notes are issued, would have caused the Notes to be arbitrage bonds within the meaning of the Code and the regulations promulgated thereunder, unless, under any provision of law hereafter enacted, the interest paid on the Notes (a) shall be excludible from the gross income of a recipient thereof for federal income tax purposes without regard to whether the Notes are arbitrage bonds, or (b) shall be exempt from all federal income taxation. Section 16 . Concerning the Paying Agents. The City hereby appoints First Interstate Bank of Fort Collins, N.A. , Fort Collins, Colorado, as Paying Agent for the Notes, and may at any time or from time to time appoint one or more other Paying. Agents or a successor Paying Agent. Such appointment shall be evidence by an agreement in writing executed on behalf of the City by the Mayor or any Assistant Mayor. The Mayor or any Assistant Mayor of the City is hereby authorized to execute and deliver any such agreement with one or more Paying Agents for and on behalf of the City. Section 17 . Defeasance. When all of the principal of and the interest on the Notes have been duly paid, all obligations hereunder shall thereby be discharged, and the Notes shall no longer be deemed to be outstanding. There shall be deemed to be such due payment when the City has placed Federal Securities in escrow or in trust with a trust bank located within or without the State of Colorado in an amount sufficient (including the known minimum yield available for such purpose from said Federal Securities in which such amount may wholly or in part be initially invested) to meet all principal and interest requirements of the Notes as the same become due on the maturity date of the Notes. The Federal Securities shall become due prior to the respective times at which the proceeds thereof shall be needed in accordance with a schedule established and agreed upon between the City and such bank at the time of the creation of the escrow or trust, or the Federal Securities shall be subject to redemption at the option of the holder thereof to assure availability as needed to meet such schedule. The proceeds of the Federal Securities and other moneys so held in escrow shall be deposited in the "Principal and Interest Account" of the Note Fund for the payment of the Notes at maturity or upon prior redemption. Section 18 . Amendments. This Ordinance and the rights and obligations of the City and of the Holders of the Notes and coupons issued hereunder, may be modified or amended at any time by supplemental ordinance adopted by the City: (a) without the consent of Noteholders, if such modification or amendment is for the purpose of curing any ambiguities, defects or inconsistent provisions in this Ordinance or to insert such provisions clarifying matters or questions arising under this Ordinance as are necessary and desirable to accomplish the same, and/or (b) with the written consent of Noteholders holding 67% in 18 - aggregate principal amount of the outstanding Notes , exclusive of Notes , if any, owned by the City; provided, however, that no such modification or amendment shall, without the express written consent of the Holder of the Note affected, reduce the principal amount of any Note , reduce the interest rate payable thereon, extend its maturity or the times for paying interset thereon or change the monetary medium in which principal and interest is payable, or reduce the percentage of consent required for amendment or modification. Any act done pursuant to a modification or amendment so consented to shall be binding upon the Holders of all of the Notes and interest coupons, whether such coupons be attached to Notes or detached therefrom, and shall not be, deemed an infringement of any of the provisions of Ordinance or of the DDA Act or the BAN Act, whatever the character of such act may be, and may be done and performed as fully and freely as if expressly permitted by the terms of this Ordinance, and, after such consent relating to such specified matters has been given, no Noteholder detached therefrom shall have any right or interest to object to such action or in any manner to question the propriety thereof or to enjoin or restrain the City or any officer thereof from taking any action pursuant thereto. Section 19 . Proceedings Constitute the Contract; Events of Default and Remedies of Noteholders. The provisions of this Ordinance and of any other ordinance supplementing or amending this Ordinance shall constitute a contract among the City, the Authority and the Noteholders, and the provisions hereof and thereof shall be enforceable by any Noteholder for the equal benefit and protection of all Noteholders similarly situated by mandamus, accounting, mandatory injunction or any other suit, action or proceeding at law or in equity that is now or may hereafter be authorized under the laws of the State of Colorado in any court of competent jurisdiction. Said contract is made under and is to be construed in accordance with the laws of the State of Colorado. The following provisions shall not limit the generality of the foregoing. A. Events of Default and Acceleration of Maturities. If one or more of the following events ("events of default") shall happen: (1) if default shall be made in the due and punctual payment of the principal of any Note when and as the same shall become due and payable, whether at maturity as therein expressed, by declaration or otherwise; (2) if default shall be made in the due and punctual payment of any installment of interest on any Note when and as such interest installment shall become due and payable; (3) if default shall be made by the City in the observance of any other of the covenants, agreements or conditions on its part in this Ordinance or in the Notes - 19 - s contained, and such default shall have continued for a period of 30 days; or (4) if the City shall file a petition or answer seeking reorganization or arrangement under the federal bankruptcy laws or any other applicable law of the United States America, or if a court of competent jurisdiction shall approve a petition, filed with or without the consent of .the City, seeking reorganization under the federal bankruptcy laws or any other applicable law of the United States of America, or if, under the provisions of any other law for the relief or aid of debtors, any court of competent jurisdiction shall assume custody or control of the City or of the the whole or 10% of its ,property; then, and in each and every such case during the continuance of such event of default, the Holders of not less than 25% in aggregate principal amount of the Notes at the time outstanding may declare the principal of all of the Notes then outstanding, and the interest accrued thereon, to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable, anything in this Ordinance or in the Notes contained to the contrary notwithstanding. This provision, however, is subject to the condition that if, at any time after the principal of the Notes shall have been so declared due and payable, and before any judgment or decree for the payment of the moneys due have been obtained or entered: (i) the City shall deposit with any Paying Agent a sum sufficient to pay all principal on the Notes matured prior to such declaration (if any) and all matured installments of interest (if any) upon all the Notes, with interest thereon at the rate borne by the respective Notes or at such maximum lower rate to the extent then permitted by law on any overdue installments of principal and interest, so that the City is currently in compliance with all payment, deposit and transfer provisions of this Ordinance, and (ii) the City shall deposit with the Paying Agent a sum sufficient to pay the reasonable expenses of the Paying Agent and to cure any and all other defaults known to the Paying Agent (other than in the payment of principal of and interest on the Notes due and payable solely by reason of such declaration) , and (iii) the City shall have made good or cured to the satisfaction of the Paying Agent or made provisions deemed by the Paying Agent to be adequate to make good or cure each and every other default, then, and in every such case, the Holders of not less than a majority in aggregate principal amount of the Notes then outstanding, by written notice to the City and to the Paying Agent, may, on behalf of the Holders of all of the Notes, rescind and annual such declaration . and its consequences. However, no such rescission and annulment shall extend to or shall affect any subsequent default, or shall impair or exhaust any right or power consequent thereon. '20 _ B. Application of Funds Upon Acceleration. All of the Pledged Revenues and all sums in the Note Fund upon the date of the declaration of acceleration as provided in paragraph A above, and all sums thereafter received by .the Paying Agent hereunder, shall be applied by the Paying Agent in the following order upon presentation of the several Notes and coupons , and the stamping thereon of the payment if only partially paid, or upon the surrender thereof if fully paid-- First, to the payment of the costs and expenses of the Noteholders in declaring such event of default, including reasonable compensation to its or their agents, attorneys and counsel; and Second, to the payment of the whole amount then •.owing and unpaid upon the Notes for principal and interest, with interest on the overdue principal and installments of interest at the rate borne by the respective Notes or at such maximum lower rate to the extent then permitted by law on any overdue installments of principal and interest, and in case such moneys shall be insufficient to pay in full the whole amount so owing and unpaid upon the Notes , then to the payment of such principal and interest without preference or priority of principal over interest, or interest over principal, or of any installment of interest over any other installment of interest, ratably to the aggregate of such principal and interest. C. Other Remedies of Noteholders. Any Noteholder shall have the right, for the equal benefit and protection of all Noteholders similarly situated: (1) by mandamus, suit, action or proceeding, to compel the City and its members, officers, agents or employees to perform each and every term, provision and covenant contained in this Ordinance and in the Notes, and to require the carrying out of any or all such covenants and agreements of the City and the fulfillment of all duties imposed upon it by the BAN Act or the DDA Act; (2) by suit, action or proceeding in equity, to enjoin any acts or things which are unlawful, or in violation of any of the Noteholders ' rights; or (3) upon the happening of any event of default (as defined in this Section) , by suit, action or proceeding in any court of competent jurisdiction, to require the City and its members and employees to account as if it and they were the trustees of any express trust. D. Nonwaiver. Nothing in this Section or in any other provision of this Ordinance, or in the Notes or in the coupons , shall affect or impair the obligation of the City to pay the principal of and interest on the Notes to the respective Holders of the Notes and coupons at the respective dates of maturity, - 21 - from the special fund herein provided, or affect or impair the right, which is absolute and unconditional, of such Holders to institute suit to enforce such payment by virtue of the contract embodied in the Notes and coupons. No remedy conferred hereby upon any Noteholder is intended to be exclusive of any other remedy, but each such remedy is cumulative and in addition to every other remedy and may be exercised without exhausting and without regard to any other remedy conferred by the DDA Act or the BAN Act or any other law of the State of Colorado_ No waiver of any default or breach of duty or contract by any Noteholder shall affect any subsequent default or breach of duty or contract or shall impair any rights or remedies of said subsequent default or breach. No delay or omission of any Noteholder to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed as a waiver of any such default or acquiescence thereon. In case any suit, action or proceeding to enforce any right or exercise any remedy shall be brought or taken and should said suit, action or proceeding be abandoned, or be determined adversely to the Noteholders, then, and in every such case, the City and the Noteholders shall be restored to their former positions, rights and remedies as if such suit, action or proceeding had not been brought or taken. Every substantive right and every remedy conferred upon the Noteholders may be enforced and exercised as often as may be deemed expedient, to the extent permitted by law. E. Rights and Immunities. Except as herein otherwise expressly provided, nothing herein expressed or implied is intended or shall be construed to confer upon or to give to any person, other than the City, the Authority and the Holders from time to time of the Notes, any right, remedy or claim under or by reason hereof or any covenant, condition or stipulation hereof. All the covenants, stipulations, promises and agreements herein contained by and on behalf of the City and the Authority shall be for the sole and exclusive benefit of the City, the Authority and the Holders of the Notes. No recourse shall be had for the payment of the principal of and the interest on the Notes or for any claim based thereon or otherwise upon this Ordinance or any other instrument pertaining thereto against any individual member of the Council, or any officer or other agent of the City, past, present or future, either directly or indirectly through the City, or otherwise, whether by virtue of any constitution, charter, statute or rule of law, or by the enforcement of any penalty or otherwise, all such liability, if any, being by the acceptance of the Notes and as a part of the consideration of their issuance specially waived and released. F. General. After the issuance and delivery of the Notes, this Ordinance, and any supplemental ordinances hereto, shall be irrepealable, but shall be subject to modification or amendment - 22 - to the extent and in the manner provided in this Ordinance, but to no greater extent and in no other manner. CUSIP identification numbers may, but need not, be imprinted on the Notes , but such numbers shall not constitute a part of the contract evidenced by the Notes , and no liability shall hereafter attach to the City or any of the officers or agents thereof because of or on account of said numbers. Any error or omission with respect to said numbers shall not constitute cause for refusal by any person to accept delivery of and pay for the Notes. Section 20 . Ratification. All action not inconsistent with the provisions of this Ordinance heretofore taken by the City or its officers and otherwise by the City directed toward •the issuance and delivery of the Notes is hereby ratified, approved and confirmed. Section 21 . Facsimile Signatures. Pursuant to the Uniform Facsimile Signature of Public Officials Act of the State of Colorado, Section 11-55-101 et seq. , C. R. S. 1973 , as amended, the Mayor and the City Clerk of the City shall forthwith, but in any event prior to the time the Notes are delivered to the purchasers thereof, file with the Colorado Secretary of State their manual signatures, certified by them under oath, using a suitable Facsimile Signature Certificate for such purpose. Section 22. Authorized Action. The officers of the City are hereby authorized and directed to enter into such agreements and take all action necessary or appropriate to effectuate the provisions of this Ordinance and to comply with the requirements of law, including without limiting the generality of the foregoing: A. The execution of the Note Purchase Agreement between the City and Boettcher & Company or _its agent; B. The printing of the Notes and coupons; C. The execution of such certificates as may reasonably be required by the purchasers of the Notes relating to the signing of the Notes; the tenure and identity of the City officials; if in accordance with the facts , the absence of litigation, pending or threatened, affecting the validity of the Notes, the Anticipated Bonds or the Replacement Notes; receipt of the Notes and the purchase price therefor; using a suitable Signature Certificate, General and No-Litigation Certificates, a Delivery Certificate; a No Arbitrage Certificate and a Use of Proceeds Certificate and such other certificates and documents as are necessary to effectuate a closing of the issuance of the Notes; 23 - D. The making of various statements, recitals, certifications and warranties provided in the form of Note set forth in this Ordinance; E. The payment of the interest on the Notes as the same shall accrue and the principal of the Notes at maturity or upon prior redemption without further warrant or order; and F. The execution of such documents between the City and the Authority as may be reasonably necessary and appropriate to carry out the purposes of this Ordinance and the Project. Section 23 . General Repealer. All acts, orders., resolutions, ordinances or parts thereof taken by the City in conflict with this Ordinance are hereby repealed, except that this repealer shall not be construed so as to revive any act, order, resolution, ordinance or part thereof heretofore repealed. Section 24 . . Ordinance Irrepealable. This Ordinance is, and shall constitute, a legislative measure of the City, and after the Notes are issued, sold and outstanding, this Ordinance shall constitute a contract between the City and the holders of the Notes and shall be and remain irrepealable until the Notes and the interest accruing thereon shall have been fully paid, satisfied and discharged. Section 25 . . . Severability. If any paragraph, clause or provision of this Ordinance is judicially adjudged invalid or unenforceable, such judgment shall not affect, impair or invalidate the remaining paragraphs, clauses or provisions hereof, the intention being that the various paragraph, clauses or provisions hereof are severable. INTRODUCED, READ, APPROVED ON FIRST READING, AND ORDERED PUBLISHED ONCE IN FULL THIS 19th day of April , 1983 . CITY OF FORT COLLINS , COLORADO (CITY) By:M (SEAL) tl.L ATTEST: City Clerk The foregoing Ordinance will be presented for final passage at a regular meeting of the Council to be held at Council Chambers, City Hall , 300 LaPorte Avenue, Fort Collins, Colorado, on Tuesday, the 3rd day of May, 1983 , at 5 :30 p.m. - 24 - EXHIBIT A TO THE ORDINANCE OF THE CITY OF FORT COLLINS, COLORADO AUTHORIZING THE ISSUANCE OF $3 , 100 ,000 OF TAX INCREMENT BOND ANTICIPATION NOTES , SERIES APRIL 1 , 1983 The Project shall include and the proceeds of the Notes shall be spent to defray the cost of all or a portion of the following facilities: Purchase of Parking Lot 57 (57 cars) in 100 block of South Mason and improvements to the lot Creation of Linden Street Plaza (100 Block of Linden Street) and landscaping of north side of East Mountain (100 & 200 blocks) and south side of Walnut (100 & 200 blocks) Traffic improvements at College and Walnut, and Mountain and Walnut Purchase of land in 100 block of Remington (42 , 000 square feet) and demolition of buildings Sidewalk right-of-way and alley utility improvements in relationship to property purchased above Purchase of land for parking Removal of railroad tracks & new street construction Traffic, parking and development studies related to downtown Legal and finance fees Together with such additions and substitutions as are consistent with the DDA Act and as may be approved from time to time by the City and the Authority. 25 - EXHIBIT B TO THE ORDINANCE OF THE CITY OF FORT COLLINS, COLORADO AUTHORIZING THE ISSUANCE OF $3 , 100 , 000 OF TAX INCREMENT BOND ANTICIPATION NOTES, SERIES APRIL 1 , 1983 (BOETTCHER & COMPANY LETTERHEAD) April , 1983 NOTE PURCHASE AGREEMENT Mayor and Members of the City Council City of Fort Collins City Hall Fort Collins, CO 80522 RE: $3 , 100 , 000 CITY OF FORT COLLINS, COLORADO BOND ANTICIPATION NOTES , SERIES APRIL 1 , 1983 Mayor and Members of the Council: We hereby offer to purchase your $3 ,100 ,000 legally issued Bond Anticipation Notes (the "BANS" ) to be delivered to us in Denver, Colorado, dated April 1 , 1983 , and to mature and bear interest as follows: Maturity Principal Amount Coupon Yield April 1 , 1986 $3 , 100 , 000 6 .50% Said BANS are to be in $5 ,000 denominations, bearing interest at the rate stated above, payable semi-annually on April 1 and October 1 , beginning October 1 , 1983 , with principal due at maturity. We will pay $3 ,065 ,900 and accrued interest from the date of the BANS to the delivery to us subject to the following conditions: 1 . Prior to our accepting delivery of said securities, you agree to furnish a certified transcript of all legal proceedings requisite to their issuance and delivery, including a signature and non-litigation certificate in the customary form, evidencing the legality of said securities and the security provisions relating thereto to the satisfaction of the Kutak Rock & Huie and Fischer, Brown, Huddleson & Gunn, Co-Bond Counsel , whose unqualified approving legal opinion in the customary form shall accompany said securities at delivery. 2 . These BANS are to be delivered to us on or before June 7 , 1983 , or thereafter at our option. 26 - 3 . The cost of the printing of the BANS and the fees of the approving attorney will be paid by the City. 4. The BANS are not redeemable prior to maturity. The net effective interest cost to the City on the Bond Anticipation Notes is 6 .86% . This contract to purchase is effective as of this date. Respectively submitted, - BOETTCHER & COMPANY General Partner Accepted by and behalf of the City of Fort Collins this day of April , 1983 . By: Title : Finance Director - 27 - Council Member Clarke moved that the foregoing Ordinance heretofore introduced and read by title be approved on first reading. Council Member Elliott seconded the motion. The question being upon the approval on first reading of the Ordinance, the roll was called with the following results: Council Members voting "AYE" : John Knezovich Gerry Horak E. John Clarke William Elliott Gary Cassell Kelly Ohlson Barbara Rutstein Council Members voting "NAY" : None The Mayor thereupon declared that, a majority of the Council Members present having voted in favor thereof, the motion was carried and the Ordinance duly approved on first reading. Thereupon the Mayor ordered said Ordinance published once 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 lease seven (7) days before presentation for final passage. After consideration of other business to come before the Council, the meeting was adjourned. (CITY) Ma r _ (SEAL) Ci of Fort Collins , Colorado ATTEST: City Clerk City of Fort Collins, Colorado - 28 - STATE OF COLORADO ) COUNTY OF LARIMER ) ss. CITY OF FORT COLLINS ) The Council of the City of Fort Collins, Colorado, held a regular meeting at Council Chambers, City Hall, 300 LaPorte Avenue, Fort Collins, Colorado, on Tuesday, the 3rd day of May, 1983 , at the hour of 5: 30 p.m. The following persons were present: Council Members : John Knezovich, Mayor Gerry Horak, Assistant Mayor William Elliott V"pu"gmz Kelly Ohlson Barbara Rutstein City Manager: John Arnold City Clerk: Wanda Krajicek The following persons were absent: E. John Clarke, Councilmember Gary Cassell , Councilmember The Mayor informed the Council that Ordinance No. 53 1983 , which was introduced, approved on first reading, and ordered published once in full at a regular meeting of the Council held on April 19 , 1983 , was duly published in The Coloradoan, a newspaper of general circulation published in the City, in its issue of April 24 , 1983 . Council Member Elliott then read said Ordinance by its title. Thereupon, Council Member Elliott moved the final passage of Ordinance No. 53 1983 . Council Member Rutstein seconded the motion, and the question being upon 29 - the final passage of said ordinance, the roll was called with the following result: Council Members voting "AYE" : John Knezovich Gerry Horak UXX9b1+MX&9Wxk William Elliott w"XWAwn Kelly Ohlson Barbara Rutstein Council Members voting "NAY" : None The Mayor thereupon declared that a majority of the Council Members present having voted in favor thereof, the motion was carried and the Ordinance 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. Ma (CITY) Ci y of Fort Collins, Colorado (SEAL) ATTEST: City Clerk City of Fort Collins, Colorado - 30 - STATE OF COLORADO ) COUNTY OF LARIMER ) ss. CITY OF FORT COLLINS ) I , Wanda M. Krajicek, City Clerk of the City of Fort Collins, Colorado, do hereby certify that the attached copy of Ordinance No. 53 , 1983 , 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 Council Chambers, City Hall , 300 LaPorte Avenue, Fort Collins, Colorado, the regular meeting place thereof, on Tuesday, the 19th day of April , 1983; that said Ordinance was finally passed on second reading by said Council at a regular meeting thereof held at Council Chambers, City Hall, 300 LaPorte Avenue, Fort Collins, Colorado, the regular meeting place thereof, on Tuesday, the 3rd day of May, 1983; that a true copy of said Ordinance has been authenticated by the signatures of the Mayor of said City and myself as City Clerk thereof, sealed with the seal of the City, and numbered and recorded in a book marked "Ordinance Record" kept for that purpose in my office; and that said Ordinance was duly published once in full together with a notice giving the date when said Ordinance would be presented for final passage and once by number and title only together with a notice of the final passage thereof in The Coloradoan, a newspaper of general circulation published in the City, in its issues of April 24 , 1983 , and May 8 , 1983 , as evidenced by the certificates of the publisher attached hereto at pages 32 and 33 . I further certify that the foregoing pages 1 through 30 , inclusive, constitute a true and correct copy of the record of the proceedings of said Council at its regular meetings of April 19 , 1983 , and May 3 , 1983 , insofar as said proceedings relate to said Ordinance; that said proceedings were duly had and taken, that the meetings were duly held; and that the persons were present at said meetings therein shown. IN WITNESS WHEREOF, I have hereunto set my hand and the seal of the City of Fort Collins, Colorado, this 9th day of May, 1983 . (CITY) City Clerk (SEAL) City of Fort Collins, Colorado 31 - ` a STATE OF COLORADO ) COUNTY OF LARIMER ) ss . CITY OF FORT COLLINS ) (Attach affidavit of publication in full of Ordinance and notice giving date when Ordinance to be presented for final passage. ) 32 - Y t S STATE OF COLORADO ) COUNTY OF LARIMER ) ss. CITY OF FORT COLLINS ) (Attach affidavit of publication of Ordinance by number and title only and notice of final passage thereof. ) - 33 - - r ORDINANCE NO. 53 , 1983 AN ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF FORT COLLINS , COLORADO, BOND ANTICIPATION NOTES, SERIES APRIL 1 , 1983 , DATED APRIL 1 , 1983 , IN THE AGGREGATE PRINCIPAL AMOUNT OF $3 , 100 ,000 . READ, ADOPTED ON SECOND READING, AND ORDERED PUBLISHED ONCE BY NUMBER AND TITLE ONLY this 3rd day of May, 1983 . CITY OF FORT COLLINS, COLORADO (CITY) ' �!�✓ (SEAL) a or ATTEST: 37Y City Clerk 34 - CERTIFIED RECORD OF PROCEEDINGS OF THE COUNCIL OF THE CITY OF FORT COLLINS , COLORADO RELATING TO AN ORDINANCE AUTHORIZING THE ISSUANCE OF ITS DOWNTOWN DEVELOPMENT AUTHORITY TAX INCREMENT BOND ANTICIPATION NOTES SERIES APRIL 1 , 1983 DATED APRIL 1 , 1983 IN THE AGGREGATE PRINCIPAL AMOUNT OF $3 ,100 , 000 STATE OF COLORADO ) ) COUNTY OF LARIMER ) ss. CITY OF FORT COLLINS ) The Council of the City of Fort Collins, Colorado, held a regular meeting at Council Chambers , City Hall, 300 LaPorte Avenue, Fort Collins , Colorado, on Tuesday, the 19th day of April , 1983 , at the hour of 5 : 30 p.m. The following persons were present: Council Members: John Knezovich, Mayor Gerry Horak, Assistant Mayor E. John Clarke William Elliott Gary Cassell Kelly Ohlson Barbara Rutstein City Manager : John Arnold City Clerk: Wanda Krajicek The following persons were absent: None Council Member Clarke introduced the following Ordinance, which was read by title, copies of the full Ordinance having been available in the. office of the City Clerk at least forty-eight (48) hours prior to the time said Ordinance was introduced for each Council Member and for inspection and copying by the .general public: