HomeMy WebLinkAbout1986-129-08/05/1986-IDRB INDUSTRIAL DEVELOPMENT OLD TOWN PROJECT II REVENUE BONDS D6343
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CERTIFIED RECORD
OF
PROCEEDINGS OF THE COUNCIL OF
THE CITY OF FORT COLLINS, COLORADO
RELATING TO A RESOLUTION
AUTHORIZING THE EXECUTION AND DELIVERY OF
A FIRST SUPPLEMENTAL INDENTURE OF TRUST
AND
A FIRST AMENDMENT TO FINANCING AGREEMENT
RELATING TO
THE CITY OF FORT COLLINS, COLORADO
INDUSTRIAL DEVELOPMENT REVENUE BONDS
SERIES 1983
(OLD TOWN FORT COLLINS PROJECT II )
OUTSTANDING IN THE AGGREGATE PRINCIPAL AMOUNT OF
$6, 970,000
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 West
LaPorte Avenue, Fort Collins, Colorado, on Tuesday, the 5th day
of August, 1986, at the hour of 6: 30 p.m.
The following persons were present:
Council Members: Kelly Ohlson, Mayor
Larry Estrada, Assistant Mayor
Gerald C. Horak
Barbara Liebler
Barbara S. Rutstein
Ed Stoper
Susan Kirkpatrick
City Manager: Steven C. Burkett
ActingFinance Director: Alan Krcmarik
City Clerk: Wanda M. Krajicek
City Attorney:' John H. Huisjen
The following persons were absent:
None
The following Resolution was introduced and read by
title:
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RESOLUTION 86- 129
RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY
OF A FIRST SUPPLEMENTAL INDENTURE OF TRUST AND A
FIRST AMENDMENT TO FINANCING AGREEMENT AND OTHER
DOCUMENTS NECESSARY IN CONNECTION THEREWITH
RELATING TO THE CITY"S INDUSTRIAL DEVELOPMENT
REVENUE BONDS, SERIES 1983 (OLD TOWN FORT COLLINS
PROJECT II ) , OUTSTANDING IN THE AGGREGATE
PRINCIPAL AMOUNT OF $6, 970, 000.
WHEREAS, pursuant to the Colorado County and
Municipality Development Revenue Bond Act, part 1 of article 3 of
title 29, Colorado Revised Statutes, as amended (the "Act" ) ,
Ordinance No. 83-155 (the "Bond Ordinance" ) passed, adopted and
approved by the City Council (the "Council" ) of the City of Fort
Collins, Colorado (the "City" ) on November 23 , 1983 , and an
Indenture of Trust, dated as of December 1 , 1983 (the
"Indenture" ) , between the City and United Bank of Fort Collins,
National Association, as Trustee (the "Trustee" ) , the City has
heretofore issued its Industrial Development Revenue Bonds,
Series 1983 (Old Town Fort Collins Project II ) in the aggregate
principal amount of $7,020, 000, presently outstanding in the
aggregate principal amount of $6,970, 000 (the "Bonds" ) and
pursuant to a Financing Agreement, dated as of December 1, 1983
(the "Financing Agreement" ), between the City and Old Town
Partners II , a limited partnership existing under the laws of the
State of Wisconsin (the "Partnership" ) , the City has loaned the
proceeds of the Bonds to the Partnership for the purpose of
financing the Project (as defined in the Financing Agreement) ;
and
WHEREAS, Continental Casualty Company, an insurance
company organized under the insurance laws of the State of
Illinois ( "CCC" ) delivered its irrevocable Surety Bond No. 1667
111-2, dated December 28, 1983 (the "Surety Bond" ) , to secure the
payment of the principal of, interest and premium, if any, on and
the repurchase price for the Bonds under circumstances described
in the Surety Bond and the Indenture; and
WHEREAS, the Partnership has requested that certain
provisions of the Indenture and the Financing Agreement be
amended by the City and the Trustee entering into a First
Supplemental Indenture of Trust dated as of its date of execution
and delivery (the "First Supplemental Indenture" ) and by the City
and the Partnership entering into a First Amendment to Financing
Agreement dated as of its date of execution and delivery (the
"First Amendment to Financing Agreement" ) in order to make
certain changes which will facilitate for the Partnership the
proposed refunding of the Bonds, proposed forms of the First
Supplemental Indenture and the First Amendment to Loan Agreement
having been submitted to the Council and filed in the Office of
the City Clerk and are there available for public inspection; and
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WHEREAS, pursuant to Article X of the Indenture, the
City is authorized to enter into the First Supplemental Indenture
and the First Amendment to Financing Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE
CITY OF FORT COLLINS, COLORADO:
The forms of the First Supplemental Indenture and the
First Amendment to Financing Agreement are hereby approved. Upon
the execution and delivery of a new surety bond of CCC in
substitution for the Surety Bond in form satisfactory to bond
counsel , the Mayor and the City Clerk are hereby authorized and
directed to execute the First Supplemental Indenture and the
First Amendment to Financing Agreement and affix the seal of the
City thereto and the Mayor and the City Clerk are further
authorized and directed to execute such other documents,
instruments or certificates as are deemed necessary or desirable
by bond counsel in order to effectuate the execution and delivery
of the First Supplemental Indenture and the First Amendment to
Financing Agreement. The First Supplemental Indenture and the
First Amendment to Financing Agreement are to be executed in
substantially the forms hereinabove approved, provided that such
documents may be completed, corrected or revised as deemed
necessary or convenient by the parties thereto in order to carry
out or assist in carrying out the purposes of this Resolution.
The approval hereby given to the First Supplemental
Indenture and the First Amendment to Loan Agreement includes the
approval of such additional details therein as may be necessary
and appropriate for their completion and such modifications
thereof, deletions therefrom, and additions thereto as may be
approved by bond counsel prior to the execution of the documents.
The execution of any instrument by the appropriate officers of
the City herein authorized shall be conclusive evidence of the
approval by the City of such instrument in accordance with the
terms hereof.
PASSED AND ADOPTED this 5th day of August, 1986.
CITY OF FORT COLLINS, COLORADO
By: i�--
(CITY) M yor
(SEAL)
ATTEST:
AML L .'�t
City Clerk
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Council Member Rutstein moved that the foregoing
Resolution heretofore introduced and read by title be passed and
adopted. Council Member Stoner seconded the motion.
The question being upon the passage and adoption of the
Resolution, the roll was called with the following result:
Council Members voting "AYE" :
Kelly Ohlson
Larry Estrada
Gerald C. Horak
Barbara Liebler
Barbara S. Rutstein
Ed Stoner
Susan Kirkpatrick
Council Members voting "NAY" :
None
The Mayor declared that, a majority of the Council
Members present having voted in favor thereof, the motion was
carried and the Resolution duly passed and adopted.
After consideration of other business to come before
the Council, the meeting was adjourned. Oe
00
May r
(CITY) City of ort Collins, Colorado
(SEAL)
ATTEST:
&4
City Clerk CS
City of Fort Collins, Colorado
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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
Resolution 86-129 is a true and correct copy; that the Resolution
was introduced, passed and adopted by the Council of the City of
Fort Collins, Colorado, at a regular meeting thereof held at
Council Chambers, City Hall, 300 West LaPorte Avenue, Fort
Collins, Colorado, the regular meeting place thereof, on Tuesday,
the 5th day of August, 1986; that a true copy of the Resolution
has been authenticated by the signatures of the Mayor of the City
and myself as City Clerk thereof, sealed with the seal of the
City, and numbered and recorded in a book marked "Resolution
Record" kept for that purpose in my office; I further certify
that the foregoing pages 1 through 4, inclusive, constitute a
true and correct copy of the record of the proceedings of the
Council at its aforesaid regular meeting, insofar as the
proceedings relate to the Resolution; that the proceedings were
duly had and taken, that the meeting was duly held; and that the
persons were present at the meeting as therein shown.
IN WITNESS WHEREOF,° I have hereunto set my hand and the
seal of the City of Fort Collins, Colorado, this6th day ofAg st ,
1986.
(CITY) City Clerk
(SEAL) City of Fort Collins, Colorado
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