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19-86-.a0TOWNOFESTESPARK,COLORADOORDINANCENO.19—85SERIESOF1986ANORDINANCEPROVIDINGFORTHEAUTHORIZATIONOFASUPPLEMENTALINDENTUREWITHREGARDTOTHETOWNOFESTESPARK,COLORADO,INDUSTRIALDEVELOPMENTREVENUEBONDS,(STANLEYVILLAGESHOPPINGCENTERPROJECT),SERIES19853INTHEAGGREGATEPRINCIPALAMOUNTOF$4,600,000WHEREAS,TheTownofEstesPark,LarimerCounty,Colorado(theuTownil),isauthorizedbyTitle29,Article3,Part1,ColoradoRevisedStatutes,asamended(theAct”),toissuerevenuebondsforthepurposeoffinancingoneormoreprojects,includinganyland,buildingorotherimprovementsandallrealorpersonalpropertiessuitableorusedfororinconnectionwithamanufacturing,industrial,commercial,agriculturalorbusinessenterprise,andtoenterintoaLoanagreementwithauserprovidingforpaienttotheTownofrevenuessufficientforthepaymentoftheprincipalofandinterestontheBonds;andWHEREAS,byaResolutionNo.39—84dulyadoptedonNovember23,1984,asextendedbyResolutionNo.19—85,dulyadoptedonOctober22,1985,(the“InducementResolution”),theTowndeclareditsintentiontoauthorizeitsindustrialdevelopmentrevenuebondsinanaggrecateprincipalamountnottoexceed$9,500,000inaccordancewiththeprovisionsoftheActforthepurposeofpayingthecostoffinancingaretailshoppingcenteratStanleyVillageShoppingCenter;andWHEREAS,theTownauthorizedandissueditsTownofEstesPark,LarimerCounty,Colorado,IndustrialDevelopmentRevenueBonds,(StanleyVillageShoppingCenterProject),Series1985B,intheaggregateprincipalamountof54,600,000(the“Bonds”);andWHEREAS,theproceedsoftheBondissuewi’llbeloanedtoStanleyCommercialDevelopment,Ltth,aColoradolimitedpartnership,(tht“Partnership”)fortheacquisition,constructionandinstallationofPhaseIIofStanleyVillageShoppingCenter(the“Project”)providedthePartnershipsatisfiescertainconditions;andWHEREAS,untilsuchtimeastheproceedsoftheBondissueareloanedtothePartnership,theproceedsarebeingheldintheEscrowAccountoftheProjectLoanFund,asdefinedintheTrustIndenture(the“Indenture”)betweentheTownandCentralBankofDenver,abankingcorporation,inDenver,Colorado(the“Trustee”);andWHEREAS,theIndenturelimitsinvestmentofthemoneysinsaidEscrowAccounttoGovernmentSecurities,asdefinedintheIndenture;and-2- 0WHEREAS,thePartnershiphasadvisedtheTownthatsuchmoneyscouldbeinvestedatahigherinterestrateiftheexistinglimitationwereremoved;andWHEREAS,theIndentureprovidesfortheexecutionanddeliveryofsupplementalindenturesdeemednecessaryordesirablebytheTownforthepurposesofmodifying,altering,amending,supplementingorrescinding,inanyparticular,anyofthetermsorprovisionscontainedinsaidIndenture;andWHEREAS,itisdeemednecessaryanddesirabletoauthorizeasupplementalindenturetoallowinvestmentofthemoneysintheEscrowAccountinadditionaltypesofinvestmentsandtoapprovetheformandauthorizetheexecutionofsaidsupplementalindenture,BEITORDAINEDBYTHEBOARDOFTRUSTEESOFTHETOWNOFESTESPARK,COLORADO:Section1.ApprovalsandAuthorizations.Theform,termsandprovisionsoftheSecondSupplementalTrustIndenture(the“SupplementalIndenture”)intheformpresentedtotheBoardofTrusteesareherebyapproved.TheMayorandtheClerkareherebyauthorizedanddirectedtoexecutetheSupplementalIndentureandaffixthesealoftheTownthereto,andfurthertoexecuteandauthenticatesuchotherdocuments,instrumentsorcertificatesasaredeemednecessaryordesirablebybondcounselinordertoeffecttheintentofthisOrdinance.Suchdocumentistobeexecutedinsubstantiallytheformhereinaboveapproved,providedthatsuchdocumentmaybecompleted,correctedorrevisedastheMayoroftheTownshallapproveinordertocarryoutthepurposesofthisOrdinance,theMayor’sexecutionthereofbeingdeemedconclusiveofhisapprovalofsuchcompletion,correctionorrevision.Copiesofallofthedocumentsshallbedelivered,filedandrecordedasprovidedtherein.Theapprovalherebygiventothedocumentreferredtoaboveincludesanapprovalofsuchadditionaldetailsthereinasmaybenecessaryandappropriatefortheircompletion,includingdatesandsuchmodificationsthereto,deletionstherefromandadditionstheretoasmaybeapprovedbybondcounselpriortotheexecutionofthedocuments.TheexecutionofanyinstrumentbytheappropriateofficersoftheTownhereinauthorizedshallbeconclusiveevidenceoftheapprovalbytheTownofsuchinstrumentinaccordancewiththetermshereof.Section2.Ratification.AllactionsheretoforetakenbytheTownandbytheofficersthereofnotinconsistentherewithdirectedtowardthefinancingoftheProjectandtheissuanceandsaleoftheBondsareherebyratified,approvedandconfirmed.Section3.Repealer.Allacts,orders,ordinances,orpartsthereof,takenbytheTownandinconflictwiththisOrdinanceareherebyrepealed,exceptthatthisrepealershallnotbeconstruedsoastoreviveanyact,order,ordinance,orpartthereofheretoforerepealed. 1*.0Section4.Severability.IfanypartorpartsofthisOrdinanceareforanyreasonhe’)dtobeinvalid,suchdecisionshallnotaffectthevalidityoftheremainingportionshereof.TheBoardherebydeclaresthatitwouldhavepassedthisOrdinanceandeachpartorpartshereof,irrespectiveofthefactthatanyonepartorpartsbedeclaredinvalid.Section5.DirectiontoTakeAction.TheappropriateofficersandmembersoftheBoardofTrusteesareherebyauthorizedanddirectedtotakeallotheractionsnecessaryorappropriatetoeffectuatetheprovisionsofthisOrdinance,including,butnotlimitedto,theexecutionofsuchcertificatesandaffidavitsasmayreasonablyberequired.Section6.Emeroency,RecordingandAuthentication.TheBoardofTrusteesherewithfinds,determinesanddesignatesthatthisOrdinanceisnecessaryfortheimediatepreservationofpublicpeace,healthandsafetyinviewofthepotentiallyundesirableeffectontheTown’seconomy;anemergencyisdeclaredtoexist;andthisOrdinanceshalltakeeffectandbeinforceimmediatelyafteritspassage,adoptionandsignatureoftheMayor.ThisOrdinance,imediatelyonitspassage,shallbenumberedandrecordedintheofficialrecordsoftheTownkeptforthatpurposeandshallbeauthenticatedbythesignaturesoftheMayorandTownClerk.ThisOrdinanceshallbepublishedinalegalnewspaperofgeneralcirculationintheTown.INTRODUCED,READAPPROVED,ADOPTEDANDORDEREDPUBLISHED,this12thdayofAugust,1986.(SEAL)__MayorATTESTED:4’‘.(L&TownClerk-4-